HomeNewsTinkl crypto platform: accepts bitcoin payments and receives euros 6 July 2022 Blockchain DLT, News The crypto platform Tinkl.it allows you to pay for a Ferrari or a supply of raw materials in bitcoin and receive euros. The brokerage platform allows you to cut commissions and reduce bureaucracy related to crypto. That’s how.
The crypto platform Tinkl.it
The practice is niche, also due to the tax complexities that a bitcoin payment raises. Without a law governing the taxation of bitcoin for individuals, it is indeed difficult to operate with cryptocurrencies. However, the European legislator has started negotiations on the subject on the business side, even if there are still gray areas. Therefore, as long as the way in which to treat bitcoins on the balance sheet is not transparent, it is often given up a priori. But in this way we also renounce to simplify processes and, in international transactions, to incentivize business opportunities. To facilitate bitcoin payments, make them neutral within the company balance sheet and not pay commissions, it arrives Tinkl.it. The brokerage platform is updated that allows you to accept bitcoin payments without commissions, without exchange risk or the worry of accounting for a complex reading asset. The stages of mining: setting a goal and cryptocurrency. Find out more Designed for retailers, professionals, eCommerce and corporate B2B, the crypto platform Tinkl.it allows you to extend your business outside the Sepa area. In fact, accepting payments in bitcoin, in some cases, generates interesting advantages for companies. In particular in terms of cost cutting (impacting with credit cards and debit cards) and the certainty of payment that once issued cannot be canceled or revoked. Furthermore, the transaction occurs between subjects with offices in different financial areas that do not dialogue on the currency front: in these cases, paying in bitcoin enables a transaction that would otherwise hardly materialize. To take advantage of the benefits, avoiding the bureaucratic complications of taxation, the services of tinkl.it, dedicated to retail, with small street shops, therefore come to the rescue; to eCommerce operators and B2B activities.
How does it work
The buyer pays in bitcoins and the seller can convert the crypto payment into euros before paying it to the seller, via a wire transfer, without charging any fees. Just an app that works like a credit card Pos. The merchant only has to indicate the amount in euros to be collected. Tinkl.it relieves the customer of administrative and tax burdens. Furthermore, by converting into euros, it prevents the company from exposing itself to the bitcoin exchange rate. Indeed, a loss may not be sustainable, but even a rise would force the merchant to pay tax on the capital gain, creating a new bottleneck. Instead Tinkl.it earns on the bitcoin exchange rate and collects a commission from whoever makes the payment in cryptocurrency. In fact, tinkl.it is an intermediary that places itself at the center between buyer and seller and deals with the management of all-round collection, making sure that the company formally never comes into contact with bitcoins. Finally, the platform is in charge of verifying the origin of the bitcoin funds. Each transaction is subjected to forensic analysis, thus identifying any suspicious sources.
The rules for detention
According to international accounting principles and those of other countries, cryptocurrencies are classified as inventories. However, they must be held for purposes related to ordinary business activities, or as intangible assets that can produce economic benefits in the future, if held for investment reasons. A bill filed in the Senate seems to confirm the interpretation of the Revenue Agency which considers cryptocurrencies as foreign currencies (the yield of which is taxable at 26% for amounts exceeding 51 thousand euros, if held for more than 7 days). Today in Italy there is no clarity regarding the tax treatment of bitcoin.
When the Tinkl crypto platform is convenient
In order to avoid administrative ordeals, the Tinkl crypto platform is worthwhile in the event of: a trade between a European company and a non-Sepa area company; transaction from South America, Southeast Asia or Africa to the Sepa area; in eCommerce, because bitcoin does not offer the possibility of chargeback by the payer, possibilities inherent in credit cards and even in modern and innovative Fintech payment systems. DIGITAL360 Semiannual 2022: discover all the news Administration / Finance / Control The payment in bitcoins, on the other hand, from the moment of issue, cannot be canceled and the receipt takes a few minutes. The conversion into euros and the transfer to the seller on the company current account does not exceed 24 hours and therefore if the transaction is aimed at the sale of a supply, the goods can leave immediately.