Topic: Help me take [btc] at my wood oven pizza restaurant in Brooklyn NY (Read 1567 times)

"Definitions of User, Exchanger, and Administrator

            This guidance refers to the participants in generic virtual currency arrangements, using the terms "user," "exchanger," and "administrator."6 A user is a person that obtains virtual currency to purchase goods or services.7 An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency.

Users of Virtual Currency

            A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN's regulations.8 Such activity, in and of itself, does not fit within the definition of "money transmission services" and therefore is not subject to FinCEN's registration, reporting, and recordkeeping regulations for MSBs.9

Administrators and Exchangers of Virtual Currency

            An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person.10 FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means."11

            The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.12 FinCEN has reviewed different activities involving virtual currency and has made determinations regarding the appropriate regulatory treatment of administrators and exchangers under three scenarios: brokers and dealers of e-currencies and e-precious metals; centralized convertible virtual currencies; and de-centralized convertible virtual currencies."

http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

Hey Rawted

 Please explain
 Who is tracking this? If I settled all the Btc to "account" and at the end of the shift was responsible for this USD amount, whos to say I'm doing anything wrong?

 What if someone came in the restaurant with a painting, or a bucket of apples and said I want to trade these for dinner? Could I not pay for his dinner and keep the apples?

 I understand that currency is different, but since Btc isn't even recognized as a currency, how can the USGovt regulate its trade?

http://bitcoin.stackexchange.com/questions/4514/is-it-possible-to-cancel-an-unconfirmed-transaction

I think your forgetting the main reason people are told to wait for 3 confirmed blocks (20min typically) or more before releasing merchandise. Transactions are "reversible" because of the way change is handled. Sure you'll see a payment incoming, "Ok you can go" walks out the door hits command essentially reversing trans action or making your payment mico-cents.

Why do I warn of this? that is exactly how a friend of mine got "robbed" when he was selling his $200 head phones in person. Tried to go to the cops buy they have not f-ing clue what this digital currency is fact once they were explained it they started asking questions like what HE(friend) was doing was illegal.

Illegal in the US according to fincen's march report on AMLs. The only way it would even work is with a company credit card (thus ruling out all personal benefit from you), and even then your pizza place would have to register and get licensed as a money transfer agent. Have them pay directly or with bitpay, and have your POS people set you up with an extra payment field called 'bitcoin' or 'other' (so you can accept ltc down the road!) and paste the TX id into that field for record keeping.

You will not be able to get proprietary software vendors to add/edit their platforms without a very generous investment.

guys you realize that bitpay requires no confirmations so it will take less then 3 seconds to complete yourr tranactions 0.0

Hahaha you missed it. Some guy bought a pizza for 10K bitcoins not too long ago.

I'm not so sure about the time delay, does it really take that long for a person to person transaction? I've only done a single large one, ~BTC3 and it was nearly instant.

I understand smaller miner fees are pushed down the list.

I also doubt we'd have too many dine and dashes, since we NEVER have them in the first place, and because even though users are anonymous, they are in the restaurant, on camera, and anyone trying to support Btc by eating pizza isn't much of a criminal mastermind 

And I think by closing them all "to account" we are in effect making a separate payment file, with total and tips, that can be easily accounted for.

At the end of the day, the BTC can be converted back to dollars using coinbase or purchased personally and held.

This is the best bet until someone like bitpay can roll all this into one device

Actually you will probably want to have them pay for a Gift card via BTC because you don't want them hanging around 20mins for the transaction confirmations.
That way if the transaction bounces you can just invalidate the Gift card balance.

Otherwise your going to want them to pay before they eat or it will become easy to dine and dash.

That way you just use your existing system to pay with gift cards and waiters can still use traditional methods for tips. Handle the BTC-> $ taxes via bit pay some how. (really getting taxes involved is going super messy considering semi legal status). Probably automatically give waiters 10% of the sale of cards that way they can push them for you. If they want to tip bitcoins and waiter wants them I'm sure they'll have their own address that a QR code can be created for them and added to their name badge.

yah i know nothing does........



anyways this is what i meant which is why i thought this  would work best sent you a pm with what i have going on here

Yeah, softtouch is another OS, and like I said earlier, my tech guys had no idea, but they admittedly aren't the architects, but really just the support desk.

I'm cool with the pizza offer sitting, or I can send you the coins to buy yourself a pizza wherever you are (not that it compares to Brooklyn)

 

https://bitpay.com/bitcoin-for-retail#point-of-sale



OK thanks it may sit for a while though

Awesome. Thanks for the suggestion.

I just signed up with bitpay, they didn't have my POS as an option but I clicked custom and emailed them the specs.

See if it works.. and I'll let you know, and if it does, uhnonamiss there's a pizza in it for you

ok thats great




simply sign up for bitpay      after they approve you  they will give you  a api key which you  will be able to add to your pos as another service having trouble simple call ms or bitpay( i have almost no knowledge on pos systems) after you get that set up you'll have a nifty shortcut that you click on and then can generate a transaction i would assume that a qr code would be   printed on a  receipt for customers to send funds to.     


have fund when i get back to ny all be visiting this place for sure

Hey uhnonamiss

 they do connect to the internet, running Restaurant Manager v1.70

 Other than that its a Posiflex KS 6700 series

hay man i might be able to help out can you give me the exact model and this is very important can it connect to the internet ?

jballs

 $18 a piece stamps are not the answer. Plus servers have a hard enough time bringing pens to work. 

 Also, we can't void the transaction, because then it becomes tax fraud and messes with the books, unreported income.

 Best bet would be to have the manager with a device, make addresses for each server and go to the table ourselves when they want to pay Btc I guess, but that gets us back to where when I'm off, or at lunch when there is just one server running the place, it can all go wrong or not go at all.

  Settle the Btc transactions to "Account" and then pay that off nightly or weekly? either by selling Btc or paying out of pocket and holding them

Hey lbr

 I dont think theres a crime. We are still paying taxes and reporting income. Just transacting in Btc not USD

As to personally doing this on my credit card, I might get some flags from Master Card, but I regularly make small purchases here already.

They would be concerned for points, and the restaurant would be bearing the weight of the CC transaction fees still

Thanks  Walking Glitch, I understand crap forums, I long ago got into the habit of selecting all and copying before I post.. so when it crashes i can ctrl-v it back into life.

 What about exchange rate? perform a live calculation? hate to let the knuckleheads that work here mess that one up.

 I like the idea about the giftcard route or so on, but ours has giftcard baked in though our credit card merchant processor, but I'm sure there is a way to set up an alternative payment option, ie "settle to btc", but then its one more thing to balance at cashout

 We have 8 to 10 servers on a day, so what happens if they all take a Btc transaction? Ideally they would each have a separate wallet address, generated each day when they login, but that's more deep integration.

 If they all pay into a single wallet, we'll have to assume all the combined Btc payments to 8 servers are correct, or go back find each transaction "settled to btc" and recalculate the price and payment.

 Otherwise a server could just hit "settle to btc" when the transaction is cash and pocket the cash.. or screw things up in a 100 other ways..

 

 
 

 

OP,

I had this same question yesterday and came up with this

https://www.google.com/search?q=qr+code+stamp&rlz=1C1CHNG_enUS323US324&oq=qr+cod+st&aqs=chrome.5.69i57j0l5.8647j0j8&sourceid=chrome&espv=210&es_sm=93&ie=UTF-8#es_sm=93&espv=210&q=qr+code+stamp&safe=off&tbm=shop


Just order a QR code stamp.

Would also suggest all of your servers have their own stamps and their own btc wallets for their tips.

Done, aside from voiding or clearing the ticket from the register.

If it wouldn't work I don't know why. If they want to pay with bits just have posted conversion rate on the ticket.