The CryptoBill project provides an innovative solution for invoicing through the use of blockchain technology. The global electronic invoicing market being a multi-billion dollar industry, coupled with the decentralized and immutable nature of blockchains, opens up an entirely new frontier with massive growth possibilities.
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What is an invoice?
An invoice is a commercial document issued by a seller to a buyer containing the list and prices of goods sold or services provided. For example, when you go to a restaurant to eat, your bill after eating is a good example of an invoice.
What does an e-invoice entail?
An electronic invoice or e-invoice simply refers to an invoice in electronic format issued by the seller and transmitted over a predefined structured data exchange to the buyer.
The European Union has been a key driver for the use of e-invoicing in countries within the region. A series of legislation has been created and the deadline for EU Countries to include e-invoicing directives into their national laws and comply with the EU standard on e-invoicing was in April 2020.
What is CryptoBill?
CryptoBill is a decentralized platform that enables its users to send and receive invoices for cryptocurrency payments. This would bring accountability and more transparency to crypto payments.
The CryptoBill project believes that performing transactions alone with cryptocurrencies does not satisfy the needs of businesses or individuals to adopt crypto as a medium for payments, but businesses require a blockchain-based invoice system to request and track cryptocurrency transactions.
The e-invoice market currently accounts for about 20.4% of the invoice market equivalent to $11.2 billion (US dollars). According to a report the e-invoice market is projected to grow from 20.4% to 80% (~ 35.9 billion US dollars) by 2028. That is a cumulative annual growth rate(cagr) of 20.6% between 2022-2028.
Features of CryptoBill
- Blockchain technology: blockchain is a decentralized public network that enables users to send, receive and track transactions. CryptoBill utilizes blockchain technology for its e-invoicing services. Blockchain technology enables CryptoBill users to securely send and receive invoices for cryptocurrency payments. Through this individuals and businesses will be able to track payments and manage their finances better.
- Mobile application: the CryptoBill ecosystem is built on its mobile application, both available on the Google PlayStore and Apple store.
- Native cryptocurrency: CryptoBill ecosystem is powered by a native cryptocurrency called the CryptoBill token, with the ticker CRB. The token is issued both on the Binance SmartChain(BSC) and Ethereum blockchain(ETH).
- Support for multiple cryptocurrencies: the CryptoBill ecosystem supports multiple cryptocurrencies including Bitcoin, Ether, Litecoin, BNB, USDT, etc. Users can send and receive payments with any crypto of their choice.
Advantages of CryptoBill e-invoicing
1. User-friendly interface: the CryptoBill e-invoicing dashboard features a user-friendly interface that is easy to use and navigates.
2. Standardized e-invoice system: CryptoBill uses a standardized and professional e-invoice structure that is acceptable. These invoices are directly transferred to the recipient’s CryptoBill mobile application. But in cases where the recipient does not have the mobile application installed, the invoice will be sent directly to the recipient’s email with a link to download the CryptoBill application.
3. Low transaction fees: CryptoBill offers very affordable transaction fees through different subscription tiers starting from $5 per month. CryptoBill token holders also enjoy one of the lowest transaction taxes of 2%.
4. Tracking payments: through the use of blockchain technology, CryptoBill users can easily track payments using the transaction id of the crypto payment associated with an invoice.
CryptoBill users can receive notifications when their payments are delivered or when they receive a payment. This provides an extra layer of transparency.
CryptoBill provides an innovative solution to the problems associated with e-invoices including non-standardized structure, high transaction fees, non-friendly user interface, etc.
Through the mobile application individuals and businesses can send and receive invoices for cryptocurrency payments using a standardized structure via a user-friendly interface with low transaction fees.
The CryptoBill application we believe is a one-stop solution to these problems associated with e-invoicing.
For more information about the project, please check the following links below: