THE BITCOIN BOOKKEEPER

FIRST P2P DIGITAL CURRENCY FOR THE GLOBAL INTERNET ERA

“Bitcoin is exciting me because it shows how cheap transactions can be” - Bill Gates

“Bitcoin is driving a revolution when it comes to inventing a new currency” - Richard Branson

100.000 TRANSACTIONS PER DAY

$400M OF VC INVESTMENT

7.9M WALLETS

DOING TAX REPORTS IS CUMBERSOME

ANONYMITY MAKES OVERVIEW DIFFICULT

NO TOOL FOR BOOKKEEPING

THE COYNO APP

WALLET ANALYTICS

AUTOMATIC BOOKKEEPING

PERSONAL FINANCE ANALYTICS

TAX REPORTS

PRIVATE USER

WALLET ANALYTICS

BOOKKEEPING

OVERVIEW & CONTROL TOOLS

MERCHANT

AUTOMATIC BOOKKEEPING

PAYMENT TRACKING

BOOKKEEPING

TAX REPORTS

RECORD-KEEPING TODAY

CUSTOMER ISSUES PAYMENT

BOOKKEEPERPARSES TX STATEMENTS

RECORDS META-DATA

CUSTOMER BANK CONFIRMS INTERNALLY

RETAIL BANKCONFIRMS

EXTERNALLY

MERCHANTRECEIVES PAYMENT

MERCHANT BANK CREDITS MERCHANT

RECORD-KEEPING TOMORROW

CUSTOMER ISSUES PAYMENT

BOOKKEEPERPARSES TX STATEMENTS

RECORDS META-DATA

BLOCKCHAINTX CONFIRMATION

MERCHANTRECEIVES PAYMENT

?

RECORD-KEEPING TOMORROW

CUSTOMER ISSUES PAYMENT

BOOKKEEPERPARSES TX STATEMENTS

RECORDS META-DATA

BLOCKCHAINTX FULFILLED

MERCHANTRECEIVES PAYMENT

THE MARKET

MARKET SIZE

€790M - €2.1B in 2019

See appendix for market estimation calculation.

Market for Bitcoin handling software estimated to be:

COMPETITORS

BOOKKEEPINGWALLET ANALYTICS

Tapeke

THE PLAN

BOOKKEEPER v2FINANCIAL CONTROL TOOLS

INVOICING

BOOKKEEPERACCOUNTINGTAX REPORTS

MVPWALLET ANALYTICS

PRODUCT PLAN

THE BITCOIN BOOKKEEPERBOOKKEEPING & ANALYTICS FOR ALL YOUR BITCOINS

APPENDIX

Visuals credits: @jakecaptive (Flickr), @msgolightly (Flickr), @pagedooley (Flickr), kearneysp (sxc.hu), Anna Simonsson (Flickr), FlatIcons.com, @tulanesally (Flickr), @oninnovation (Flickr), @gulltaggen (Flickr), @teegardin (Flickr)

MARKET ANALYSIS CALCULATION

Two methods to estimate market size

1. Merchant payment processing feesMerchants pay $48B in fees per year for payment-card use1. Assuming that blockchain-based technology takes 2%-5% of that market, it will be a potential market of $960M-$2.4B (€850M-€2.1B). Coyno’s tools will allow a merchant to replace the payment service provider by using Bitcoin on his own infrastructure.

2. Merchants using BitcoinAround 82,000 businesses now use Bitcoin2. With 8-10% avg. monthly growth in number of businesses accepting BTC3, the potential market will be around 3.3M-8M businesses in 2019. Assuming they spend an avg. of €240/year on payment-related bookkeeping software, potential market size is around €790M-€1.9B (payment processing fees not considered).

1. SOURCE: http://www.bloomberg.com/news/2014-01-22/bitcoin-targets-giants-visa-to-jpmorgan-with-lower-cost-payments.html 2. SOURCE: Coindesk “State of Bitcoin Q2 2014 Report” 3. SOURCE: www.coinmap.com & http://cointerest.org/

TECHNOLOGIES

WEB APP BLOCKCHAIN EXTRACTION HARDWARE INTEGRATION

OUTPUT

MOBILE APP

EXAMPLES OF BITCOIN TAX EVENTS

User action... … leads to tax event

Customer pays merchant 10$ worth of BTC Merchant buys 10$ worth of BTC from customer

Merchant sells 20$ worth of BTC for fiat Merchant sells 20$ worth of BTC and possibly realises gain from investment in BTC

Merchant buys 20$ worth of goods with BTC Merchant sells 20$ worth of BTC to other merchant and possibly realises gain from investment in BTC

As can be seen, the relevant tax event is not a straight-forward calculation as with fiat currency.

Different jurisdictions require different approaches and techniques for bookkeeping and tax reporting.