Vault Accountants now accepts Qoin and has joined in the digital currency revolution and now allows its clients to pay using Qoin for any of our services. The team at Vault Accountants have decided to embrace Qoin as our latest payment method while businesses across the world adapt to changes caused by the covid-19 pandemic.
Over the past year there has been an increase in Australia’s using Qoin as a payment for services and goods. For this to happen, a business must be registered to accept Qoin as a payment method.
Qoin is a digital currency that was created on the Gold Coast, Australia. According to the about section on Qoin’s website “participating merchants will accept Qoin as payment for real goods & services. The purchasing power of a Qoin token within the ecosystem of participating merchants, is described as Qoin’s ‘value’.
Vault Accountants now accepts Qoin
Qoin is also able to be traded on Block Trade Exchange Limited (BTX), this means that Qoin tokens have a daily buy or sell price. The daily buy or sell prices represent how much the Qoin tokens can be traded for on BTX, and are different to the ‘value’ of Qoin. For this reason, the value may be different to the buy or sell price on BTX.
Qoin was invented via blockchain technology just like bitcoin. This means that transactions are transparent and safe. Qoin was created with the purpose to offer both businesses and consumers an opportunity to transact and as well acquire digital assets that have huge amounts of potential for future liquidity and growth.
Here are some tips for businesses who are thinking about using Qoin as a form of payment in their business.
The Benefits of Qoin
There are many advantages for both businesses and customers who decide to acquire Qoin. Firstly, Qoin is a fee-free payment solution. This means that there is no extra fees associated with having to either accept Qoin, pay for goods and services with Qoin or to even hold Qoin. The blockchain technology it was created with is secure and easy to use.
Signing up to Qoin can also give your business a whole customer base, as the currency as a free online directory and marketplace that will advertise your business. That’s why Vault Accountants now accepts Qoin.
The value of Qoin partly depends on the number of users and that number is quickly increasing and has over 7,500 members as of August 2020 despite only being released in January 2020.
Qoin also enables users to accept an additional income stream in the form of a new digital currency that like bitcoin has the capacity to grow in value over time.
Qoin Has A Floating Value
Because Qoin has a floating value this means that 1 quoin doesn’t necessarily mean one dollar. Having a floating value means that there is usually a focus on the “rising” value of a Qoin. This also means that Qoin has the potential to fall in value.
If you are selling an item for $50 and you accept Qoin as payment, you should be aware that your stock and other business bills such as wages, will need to be paid for in hard cold dollars. If Qoin falls in value, how do you pay the bills each month? If you are in a position where you can afford to speculate with the money you receive for your goods and services, then perhaps you can consider accepting some Qoin as payment, but it would generally be very unwise for someone to accept Qoin as payment for goods and services if they do not have the cash in the bank to cover their expenses.
Capital Gains Tax and Income Tax
Capital Gains Tax is another thing you should consider. If you accept Qoin as payment for a $100 service, the first thing you must do is you must record the value of the Qoin that is offered as payment on the day of the transaction. This is due to the fact that the ATO requires for you to have the value in dollars recorded in your books for accounting purposes.
Assuming you accept Qoin for payment for a $100 service. In 4 weeks’, time, when you are paying your accounts, you need to sell some Qoin to generate the cash needed to pay your bills. The sale price of the Qoin could lead to either a capital gain or a capital loss, or in a trading sense, could be simply viewed as additional income.
This means that every time Qoin is accepted as payment for goods or services, or Qoin are cashed or used for the payment of suppliers or services of any sort, you will need to record the value of the Qoin on that day in dollars. Every transaction needs to be recorded in dollars.
Most business owners are seeking simplicity in the bookkeeping or admin tasks in general. The use of Qoin will require additional tasks. This includes the recording of the value of the Qoin at the time of each and every transaction. Business wishing to accept Qoin as a form of payment will need to take into consideration the costs business owners will need to spend for the cost of a professional bookkeeper.