The Bitcoin Asia conference held in Hong Kong on May 9 and 10, 2024, showcased a groundbreaking milestone in the adoption of bitcoin as a legitimate medium of exchange. The event highlighted the seamless integration of bitcoin transactions for goods and services through the utilization of BTCPay Server, a self-custodial payment processing system.
Over the course of the two-day conference, a total of 212 Bitcoin transactions were processed, involving four vendors and totaling 7,714,253 sats, equivalent to 36,974.63 HKD. The average transaction amount was approximately 36,560 sats (about 175 HKD), with the system maintaining full operational uptime and zero failures in both bitcoin base chain and lightning network transactions.
BTCPay Server, a free and open-source bitcoin payment processor, enables businesses and individuals to receive payments directly without relying on third-party services. Unlike traditional payment processors, BTCPay Server does not custody funds and does not charge any transaction fees, offering a highly adaptable and customizable payment processing experience.
The conference also utilized Blink as a liquidity provider to ensure seamless transactions and employed a price hedging solution to mitigate bitcoin price volatility risks for vendors. Physical point-of-sale machines from Bitcoinize and Bolt Cards were deployed to simplify bitcoin access for attendees, further enhancing the overall transaction experience.
A training session was conducted for vendors before the conference to familiarize them with using BTCPay Server, resulting in minimal questions and smooth operation of the payment system throughout the event.
The success of utilizing BTCPay Server at the Bitcoin Asia conference underscores the potential for wider adoption of bitcoin in everyday commerce. The event serves as a testament to the efficacy of self-custodial payment processing systems in facilitating secure and efficient digital transactions. Consider incorporating such solutions for your next event or within your local economy to experience the benefits of decentralized payment processing.
