Support for Cryptocurrencies

Alex_on_WaveAlex_on_Wave Member Posts: 3

Our business accepts payments from customers in cryptocurrencies as well as traditional payment methods such as credit card and PayPal transactions.

Your current multi-currency support does not include any cryptocurrencies.(Bitcoin, Ethereum, Litecoin, Zcash, etc.) so I cannot create an account to track holdings or expenses and am forced to maintain two ledgers (One for fiat currency and one for crypto). Even creating a manual conversion takes too much effort within Wave because the currency value fluctuates and I would need to update manual USD equivalent for each transaction.

Would be great if you implemented an exchange rate table for popular cryptocurrencies.

Likewise would be amazing if you could add major bitcoin exchanges like Coinbase/GDAX and Kraken to synch transactions into Wave.

Comments

  • RbergRberg Member Posts: 2

    I like the idea. Crypto is becoming more and more common, at least the main ones Bitcoin, Ethereum, Zcash it would be nice to have it implemented.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Alex_on_Wave and @Rberg.

    Adding cryptocurrency support isn't currently on our roadmap, but I do see how it could mean a lot to some of our users. I wouldn't write it for the future, but it isn't in the plans right now.

  • AccUsrAccUsr Member Posts: 1

    Can you just add in Currencies the feature to create our own currencies? This way we can add as many as needed. Cryptocurrencies are going to stay.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @AccUsr.

    Thank you for adding your voice to this. Do you use cryptocurrencies a lot in your day-to-day?

  • Alex_on_WaveAlex_on_Wave Member Posts: 3

    We use cryptocurrencies both as a mechanism to accept payments from clients and also to pay some of our vendors. Crypto transactions are becoming more and more mainstream.

    There are lots of APIs out there to easily pull conversion rates from, including XE for Bitcoin.

    Would love to see this as a feature on your roadmap.

  • JohanJohan Member Posts: 1

    What would be the best way to record payments in crypto with Wave? I send out invoices in EUR and some of my clients send me the amount in BTC. I don't always withdrawal the full amount to fiat straight away, which complicates things. Curious if @Alexia or anyone else has recommendations for this specific case.

    edited March 15, 2018
  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Johan. It currently isn't possible to do it at all, since no cryptocurrencies are currently supported on Wave. The only way to account for a cryptocurrency on Wave would be to first exchange them for a currency that is supported by Wave.

  • EdwardResoNovaEdwardResoNova Member Posts: 5

    @Alex_on_Wave and @Johan

    I work for a company that does all of their business in Bitcoin. It is a challenge but there are some good sites that can help you convert all those values into USD equivalents. To make matters more challenging, they use an HD wallet as their main account so all of the following solutions work with Xpub addresses.

    You will need to make 4 ledger entries for each expense (the transmitted value, short-term gain/loss, miner fee, and another short-term gain/loss). Unfortunately, this requires the use of 5 different websites (I'm including Wave as 1) and an additional 1 for payroll distribution and another for invoicing. The good news is they are all free to use. The payroll and invoicing sites charge a 0.5% fee on each transaction.

    It is a shame that supporting the future of accounting, finance, and ledgers is not a priority or even on the roadmap of what seems to be a scrappy contender in the accounting space.

    I just created my account today so I'm not sure if I'm able to share links yet. I will put them in my next post in case it gets me blocked. Feel free to reach out to me in a direct message.

    edited May 4, 2018
  • EdwardResoNovaEdwardResoNova Member Posts: 5

    Here are the links I'm using:

    Notification:
    https://www.blockonomics.co/blockonomics#/addresswatcher

    Information (Date/Time):
    https://blockchain.info

    Information (Transaction / Miner Amount):
    https://www.node40.com/accounting/

    Calculation / Translation:
    https://www.cointracker.io/transactions

    Accounting / Validation:
    https://next.waveapps.com/

    Payroll:
    https://coinsplit.io/

    Invoicing (Creation):
    https://coinsbank.com/app/
    https://www.coinpayments.net/merchant-tools-request

    Invoicing (Link Shorter):
    https://app.bitly.com/

    Freelancers:
    https://www.cryptogrind.com/freelancers

    edited May 10, 2018
  • EdwardResoNovaEdwardResoNova Member Posts: 5

    My workflow as follows,

    I receive an email notification from Blockonomics.

    Then I check the Blockchain.info wallet ledger and copy/paste the date/time stamp of the transaction into CoinTracker.info as their date/time format is perfectly compatible with one another. (MANUAL ENTRY ONLY, DO NOT LINK AUTOMATIC IMPORTS IN COINTERACKER AS THEY DO NOT BREAK OUT THE MINER FEES).

    I then pop over to Node40, import the transactions, then expand the info on the transaction at the bottom of the cell to get the breakdown of the exact amount transmitted to the end address and what was sent to the miner. (DO NOT USE NODE40 TO CALCULATE SHORT-TERM GAINS/LOSSES, THEIR FORMULAS ARE BROKEN).

    I first paste the BTC sent to the end address in CoinTracker and then next the Miner Fee. CoinTracker will now have calculated your USD values on all 4 entries you need to track in Wave. (Do not enter the cost basis amount in Wave).

    First I enter the transmitted value and then I enter the gains/losses as "Gain (or loss) on Foreign Exchange" in Wave followed by the miner fee and then another Foreign Exchange entry.

    If you want to save some time and money on payroll, you can use CoinSplit to send payroll to 1 address and it will distribute it to other addresses according to the percentages you designate it to. Instead of paying miner fees on each transaction, you only pay fees on the 1 send. (You will need to enter these by hand into CoinTracker as well and get the proper USD equivalent for what was sent to the contractors).

    To get a proper USD payment (or possibly a little over) on your company's invoices, I recommend using CoinPayments CoinsBank to generate invoices that allow your customer to pay with quite a few different coins/currencies Bitcoin or Litecoin and it constantly refreshes with the latest exchange rate until the invoice is paid. I create the invoice in Wave (which looks amazing) and then include the payment link in the description. after running it through Bit.ly so I can track CoinsBank tracks if it has been viewed. For recurring invoices, you will need to make a new invoice with CoinPayments CoinsBank each time and go back in and edit your recurring invoice each payment cycle.

    edited May 10, 2018
  • EdwardResoNovaEdwardResoNova Member Posts: 5

    The company I am working for is currently programming a product to automatically handle all of the notification, information importing, calculation and entry of that data into an accounting program. If Wave has the proper API's available (I'm not a programmer so I couldn't tell you if they do or not) we will be able to plug that insane process into your regular ledger. I will update with a link to our product once complete.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thanks for offering all of this information, @EdwardResoNova! We really appreciate the work you put in there!

  • EdwardResoNovaEdwardResoNova Member Posts: 5

    @Alexia said:
    Thanks for offering all of this information, @EdwardResoNova! We really appreciate the work you put in there!

    You're welcome. I hope it helps my fellow trailblazers on this journey.

    I'm not always quick to reply, but I will eventually answer any questions or comments you all may have.

  • RbergRberg Member Posts: 2

    @Alexia , If we could create our own currency it would help us. We don't need automatic rate to USD as we can control this manually.
    And yes, Crypto is becoming more and more common so I think you should at least add it to your roadmap. We know it is not that complicated.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thank you for your feedback, @Rberg.

    While I can't make any promises, feedback from Wavers has a significant impact in deciding what we build next for Wave, so thank you for taking the time to provide yours.

  • OlegOleg Member Posts: 1

    Hello, any update on this? We are a hosting company and software developer running half of the operations on BTC, as banks in EU treats software development as a higher risk business (without physical stock)
    We are seeing MASSIVE turn to blockchain, and companies like BitPay allows payments while Skrill, Neteller and Wirex are issuing MasterCard and Visa card to withdraw BTC in EUR.
    This is mainstream already, please at least let some callback API for crypto - they are here to stay for a long time now.
    Moire and more businesses that does something different than physical buy-sell are finding their bank accounts frozen (we have 24k EUR suspended because of charges for softweare development and we need to go to the bank and show our job to them to get PROMISE that they will CONSIDER unblocking)

    Please do something about AT LEAST allowing callback API for paid invoice or just implement crypto like basically all major panels(WHMCS, Magenta, Presto etc). This is not going anywhere any soon.

    edited July 5, 2018
  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @Oleg.

    Thanks for adding your voice to this discussion. More information about your own experience with cryptocurrency is really helpful in giving us a better understanding of how a feature like this would help our users.

    With that said, adding support for cryptocurrencies in Wave isn't currently in the works. I can tell you that feedback from Wavers has a significant impact on what we do decide to build next for Wave. So while we can't make any promises, we are paying attention.

  • koekskoeks Member Posts: 1

    Better integrate with BitPay or someone then! Of course merchants want to accept as many payment options as possible.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @koeks.

    Thanks for your suggestion! I would be surprised if we did integrate a way to accept cryptocurrencies in Wave before our accounting platform can use those cryptocurrencies at all. With that said, merchants are always welcome to use whatever payment processing platform they prefer to handle getting their invoices paid for. They'll just have to handle the conversion into the currency they use on Wave for the purpose of their accounting after the fact.

  • byronyasgurbyronyasgur Member Posts: 1

    We only recently started accepting crypto but it's clear that in the near future it's going to be a must have aspect of any accouning software we use ... mainly because crypto it's so much simpler to use ... at least that's my initial view of it.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thank you for adding your voice to this discussion, @byronyasgur. Can you tell me a bit more about your business? In what field do you work? What prompted the decision to accept cryptocurrencies? Which currencies do you accept?

  • arbarb Member Posts: 2

    As a start create the common crypto curriencies, eg bitcoin, or better uBTC. Then a bank/wallet can be set up to trade and also have income from mining.
    Exchange to other currencies can come later.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Thank you for the suggestion, @arb!

  • DjcabreraDjcabrera Member Posts: 2

    I have an engineering company, doing business worldwide nowadays means using cryptocurrencies, we need a way to add them to our accounting system.
    Part of our company reserves are in bitcoin, how can we account for those here?

  • JamieDJamieD Administrator Posts: 1,122 admin

    @Djcabrera. Wave currently doesn't have a bitcoin tracking functionality at the moment I'm afraid. One thing that you can do though, is setup a bitcoin account.. but it would be treated as the base currency of your business (which might not be accurate and throw off the numbers). Again, this could be something that's implemented in the future, but it's likely not going to be.

  • DjcabreraDjcabrera Member Posts: 2

    @JamieD said:
    @Djcabrera. Wave currently doesn't have a bitcoin tracking functionality at the moment I'm afraid. One thing that you can do though, is setup a bitcoin account.. but it would be treated as the base currency of your business (which might not be accurate and throw off the numbers). Again, this could be something that's implemented in the future, but it's likely not going to be.

    Thanks for the reply, that's really unfortunate to hear, even quickbooks implemented cryptocurrrencies in their platform... Being an asset readily used for payments and remittances it should be a priority to have it on a platform dedicated to accounting.

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