Bitcoin Q&A: Accepting bitcoin in my business



What are the safest practices for accepting bitcoin at my business? Why is it important to maintain custody and use open-source solutions? Is it possible to accept donations via Lightning? What are invoiceless payments? How could an auditor explore records of Lightning network payments, such as for tax purposes? Capital gains reporting is difficult.

Buy awesome custom t-shirts with bitcoin! https://aantonop.com/shop/

These questions are from the September monthly patron session, the fifth session of MOOC 12, and the October monthly patron session, which took place on October 11th, and October 26th 2019, respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in Bitcoin. He is the author of “Mastering Bitcoin,” “The Internet of Money” series, and “Mastering Ethereum.”

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9

Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/

THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ

Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
German, ‘Das Internet des Geldes’ (v1) – https://amzn.to/2LEiyqO
German, ‘Das Internet des Geldes’ (v2) – https://amzn.to/2VCzse5
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang

MASTERING ETHEREUM: https://amzn.to/2xdxmlK

Music: “Unbounded” by Orfan (https://twitter.com/grassfedbitcoin)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)

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30 Comments

  1. Best channel and best content to educate and create awareness of blockchain technology. I'm always telling people and my viewers about this channel.

  2. One of the best things about these is that there is absolutely no fluff/ intro at all straight to the questions

  3. When cheap electricity arrives with fusion energy, how would this affect the price of Bitcoin?

  4. Business should accept coins like Monero. And nobody will know your truth wealth. Because if you know wealth you can confiscate using KYC and etc.

  5. In practice wouldn’t it be safer to reuse an address for a frequent customer making large transactions so there is never any possibility of confusion as to what address to use? Ie: client sends payment using their uncompromised system and you confirm receipt of it. A few weeks later their system is compromised with malware that replaces BTC addresses in their web browser with a hacker’s BTC address, your invoice’s BTC address is now the hacker’s BTC address.

    Wallet makers should implement some sort of GUI security mechanism for checking that 2 addresses go to the same wallet without having to give your entire extended public key to a customer. I guess you could use signatures in some way? Send the address and a signature with a reoccurring secret message that only the client knows?

  6. how maby bitcoin addresses can be created, is there a limit?
    can we run out of addresses?

  7. My business accepts BTC since 2014 (yep, I am glad today that I tried it "just for fun" at that time 😉 Starting "all manually" in the beginning for just one customer. Today we always have like 10000 vanity addresses created in advance. So an ordinary malware at the customers PC cannot easily replace those addresses.

  8. Dear Andreas, LN just sounds so complicated and not user friendly. I would prefer a onchain solution

  9. Are there BTC burner wallets?
    Or..
    Could BTC be nested as meta-data in a crypto transaction?

    Stashed in a wrapped-crypto-kitty maybe.

    I can see some sort of “suspended in transit”
    way of safekeeping,

    Also a similar way to go to paper transfer.
    (via nft)

  10. TBC is spendable today, and it holds value! Speed of Growth is increasing within every measurement, including how many REAL MERCHANTS are joining everyday now. Expect the Speed of Growth to continue to increase dramatically! Soon TBC Merchants will be handy and close to all of us all around the world. TBC is REAL! Be proud of YOUR Super Power to turn people into TBC Millionaires.

  11. someone also asked the same question:

    Owain Edwards

    1 hour ago

    Why should we not use the same address to receive BTC?

  12. Nice Video. Can you review Nimiq Coin? I hear good things about their dev team

  13. What type of camera 🎥 this dude have? I don’t think bitcoin helping him🤦‍♂️🤦‍♂️🤦‍♂️😂

  14. We are ready and prepared and are willing to assist others to position themselves! Check out our channel and let's connect!

  15. Andreas how do I get my private keys from my trezor are so that I can write them down and keep them with my public keys

  16. What if I reused my address? I did this once on ledger nano s.

  17. I usually don't care about "not reusing addresses" especially to receive bitcoin because it is not unsafe to do so. It only exposes all of your transactions and the account could be linked to you more easily. Am I right that it is only a privacy issue? Once I heard that there had been a bug in the bitcoin protocol and that it was unsafe to reuse addresses to send bitcoin (but not to receive). I have a few addresses that I use and are linked to my hardware wallet. All these addresses that I have used so far have been only used to receive. I have used bitcoin to make payments but directly from hot wallets for small amounts so far

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