[Idea]: Create a guide for Businesses on how to go about accepting cryptocurrency as payment for goods and services


#1

[Idea]: Create a guide for Businesses on how to go about accepting cryptocurrency as payment for goods and services.

My idea is that Horizen could have an advantage with businesses if we collaborated with a few experts in accounting and legal in order to give some basic information for a business owner to run with. Questions such as how they should record a sale paid for in cryptocurrency. What kind of records are they required to keep? What are some best practices to avoid trouble from the IRS, etc. etc.

For example, online business owners who use the Shopify platform can to my knowledge easily add the CoinPayments Beta payment processor and begin to accept a coin such as ZEN. If the above questions were confidently answered, and this type of information highlighted above was presented in an informative document I would bet that we could see a significant increase in businesses accepting crytpocurrency and more importantly ZEN. This, however, would require a few professionals or people more knowledgeable than myself to write out this guide and therefore I present this as an Idea that I hope the Horizen Business Development team may feel compelled to take up.


#2

Hi @avataraustin,

thank you for your interesting idea.

Currently we have accounting and legal departments with excellent experts so they could participate. The problem is the guide can be written for specific countries. It won’t work in general over all countries. I have experience from two of my resident countries and businesses based on Shopify and the process of accepting crypto, bureaucracy related to this topic etc. were completely different.

You’ve mentioned IRS, so you’re resident country must be USA. May I ask you if this idea is just an idea from your side or do you want to contribute on this for case of USA and help Horizen team?

I just want need to clarify this topic before we start the process of reviewing.

Thank you and have a nice day!

Kind regards,
Kamila
Community Project Manager of Horizen


#3

I am interested in this information being available for US businesses in particular. Unfortunately I do not have the background myself to create the guide myself. I am approaching this from the perspective of someone who also has some Shopify experience and would love to create more stores that focus on using crypto currency as payment, however, I am too daunted by the rules and regulations that may be involved when accepting cryptocurrency as a business in the U.S… I know for a fact that myself and other business owners (in the U.S. and probably elsewhere) would be much more inclined to accept Crypto such as ZEN if we had a expert guide of some kind giving the basics.

I see this is a good opportunity for Horizen to potentially come out with a little guide and could be a means of increasing business use and adoption.


#4

Hi @avataraustin,

understand your reasons. I think it’s really interesting idea, completely out of box and it could match to our future plans.

Nevertheless, it’s not easy idea and I need to discuss this topic with many of our departments. We will definitely discuss this and I will let you know as soon as I can.

Thank you for your amazing enthusiasm and ideas! Keep it up :+1:

Kind regards,
Kamila
Community Project Manager of Horizen


#5

Thanks, I look forward to hearing what comes of it.


#6

Hi @avataraustin,

I’m sorry for delayed response. This topic isn’t easy and we had to have many meetings to discuss it. Despite of doing my best to push it through, I wasn’t successful. It’s a great idea and I have to admit that the entire team can see the potential of the guide. Unfortunately the market conditions force us to work harder on our main goals and some of the great idea must be postponed. This doesn’t mean we want to reject it. On the contrary we put it on our list and this item will be there waiting for better market conditions.

I hope you understand our situation. I will do my best to make this idea real in the future and I hope you will want to help me because we’re more than happy for any kind of help😉

Thank you very much for your absolutely great idea and see you very soon!

Have a nice day!

Kind regards,
Kamila
Community Project Manager of Horizen