How companies pay in cryptocurrency and sleep well

Microsoft, Tesla, Amazon, Wordpress, Paypall, Dell, Time, Overstock, Steam, Virgin Galactic, Bloomberg, Square - these are just a few of the 100,000 organizations that use cryptocurrency daily in their calculations.



The reasons for such a rapid growth of cryptocurrency transactions in the business environment are quite obvious. Cryptocurrencies have become an integral part of the global financial landscape and a daily reality for many individuals. Today, most companies should adopt this financial tool in order not to lose competitiveness.



Calculations in cryptocurrencies have a number of fundamental advantages:



· Using cryptocurrency can help your business to enter global markets and increase efficiency, as well as bypass competitors who have yet to master digital transactions.

· Low transaction cost.

· Round-the-clock access to financial transactions: 24/7, and not when your bank has working days.

· High speed of transaction implementation (as a rule, no more than 10 minutes). As you know, any international corporate transfers can go from 3 to 10 days.

· Reliability: private and public keys, mathematical algorithms and enormous computing power are the key to system stability.

· Transboundary - uncontrollable political structures.

· Market pricing without the influence of central banks

· Exclusion of intermediaries from the settlement process, in the form of banks, brokers, correspondent banks, SWIFT systems, and others.

· Full control over your funds. Banks do not have the opportunity to use your assets and suddenly go bankrupt as Lehman Brothers (There is a cool film on this subject - “The Risk Limit.” We advise everyone), and governments will not be able to “confiscate” them, as happened with depositors of Cypriot banks in 2013.

How to use

The first thing you need to understand when you start using cryptocurrency is that all transactions must be transparent and properly reflected! Despite the fact that the regulation of cryptocurrency transactions is in its infancy, and the market is similar to the wild west, you should not use cryptocurrency transactions to conceal tax revenue.



Cryptocurrency transactions are the same commodity exchange transactions. The only difference is the method of payment. If you are planning or are already using cryptocurrency to violate the law - wait for problems.

Where to begin?

The main misconception of business is that cryptocurrency is illegal. Today, cryptocurrencies are banned in no more than 5 countries, and they may soon reconsider their position, as Thailand did. Details can be found here: Legality of bitcoin by country



First of all, you need to find out the legal status of cryptocurrency in your country. Depending on the jurisdiction, they may have a different classification:



· Means of payment

· Digital goods

· Private money

· Financial investments

· Foreign currency

· Virtual Currency



There are other, more specific terms, for example, in Spain, bitcoin is considered a thing, and barter regulation of transactions is used in exchange transactions.



According to official data, the Ministry of Finance of the Russian Federation plans in 2018 to equate cryptocurrency to foreign currency. If this happens, the cryptocurrency will fall under the same methods of accounting, regulation and taxation as all other foreign currencies.



After clarifying the legal status of cryptocurrencies, it is necessary to study the regulatory acts on this legal element. Now you can use cryptocurrency in your calculations. If we are talking about countries where the rule of law is firm, then you have nothing to fear.

Difficulties in using cryptocurrency

However, one cannot do without a spoon of tar: there are a number of obstacles and fears that prevent the widespread distribution of cryptocurrencies:



Openness of transactions: despite the fact that one of the key advantages of cryptocurrency is anonymity, it is irrelevant for organizations. Moreover, openness is a prerequisite for the use of cryptocurrency organizations, as an official means of payment. Cryptocurrency payments of individuals to companies can legitimately accept impersonal, but in the intercompany calculations, participants need to know "each other in person".



Financial instruments: organizations need a large set of financial instruments: letters of credit, loans, overdraft, factoring, collection, etc. In a cryptocurrency environment, there are still no services that can replace these tools. These options are required in an enterprise product that offers its services to organizations.



Compatibility: Integration of ERP / CRM systems with the payment service. As well as unloading information about transactions and their compatibility with ERP / CRM systems. In the XXI century, no one will transfer transactions to the accounting system manually.



Reliability of service: Daily news about fresh hacks appear in the information space, which create additional fears for business owners. In addition, the immaturity of the infrastructure creates problems for the implementation of smart contracts and cryptotographs in the business environment.



Legal support: What to expect if as a result of the transaction, in confirmation of the obligations, you only have a digitally signed file on your hands? What will this contract look like at the legal level? How to give cryptotransactions a legal status? And how will it be different in terms of legislation of different countries? How will the resolution of disputes in cryptomir look like? While the answers to these questions are unknown, an organization that does not have its own staff of lawyers will not begin to use the technology. A business is a very conservative environment, and the service that provides cryptocurrency accounts to it must also provide legal support.

Jincor

The above disadvantages of using cryptocurrency in business calculations lead us to the conclusion that to eliminate them requires an enterprise ecosystem that would provide organizations with all the necessary environment and functionality.



Jincor is a corporate blockchain-ecosystem that provides organizations with a secure and decentralized space for external and internal communications, and allows for secure decentralized transactions using cryptocurrencies and smart contracts.



Jincor allows businesses to take full advantage of blockchain technologies without the need to independently develop them and implement them in the workflow. These are cryptocurrency settlements, smart contracts of a different nature (labor, contracts with contractors, payment, property, etc.), annuity payments, etc.



How it works for calculations: The organization, registering on the platform, receives a unique digital ID, creates a public card for it (which can then be verified and linked to a real company), as well as one or more cryptocurrency accounts with which you can make payments, pay salary (a cryptocurrency account is also opened for each registered employee), dividends and other regular payments.



The development of the platform has been carried out by our team since May 2016 and at the moment the project is in the process of finalization and closed beta testing. To get beta access, you must complete a subscription to Jincor.com



Despite the fact that our ecosystem has the financial support of a number of investors, the Jincor team is aware of the need for additional funding for further development, international legal expertise, and access to the global market.



The basic value of JCR tokens issued during ICO will depend on the popularity of the platform in the business environment, and thus holders will have the opportunity to share the success of Jincor and ensure their progressive profitability. But the article is not about that, so the details are here:



Jincor Pre-ICO project starts on August 21. In order not to miss this event and buy JCR tokens with a 50% discount from ICO (which starts on November 1), sign up for notifications about holding an ICO on ico.jincor.com .



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