There are so many ways you can start earning your first pieces of a Bitcoin without even needing to purchase them from an exchange platform. Bitcoin faucets, forum signature programs, getting referrals to sign up for Bitcoin-related services, …. The possibilities are limitless. But what if you get [a part of] your monthly wage paid out in Bitcoin?
BitWage – The Bitcoin Payroll
BitWage is one of those unique, innovative companies who try to bridge the gap between receiving your monthly wage and having an easy way to access Bitcoins. Instead of waiting for your monthly wage to clear in your bank account, and then send a wire transfer to a Bitcoin exchange to buy digital currency, BitWage cuts out the middleman.
Any BitWage user around the world can have his/her monthly wage – or at least a part of it, depending on your preference – converted to Bitcoin automatically. And the best part is, your employer will take care of all the hard work, and not even know a thing about the conversion to digital currency taking place.
But what if you could get the Bitcoin part of your wage paid out directly to a debit card which can be used anywhere in the world? That would be the best of both worlds, wouldn’t it? Or, to be more precise, a debit card that is not linked to any of your existing bank accounts. This is where Xapo comes into this story.
Xapo – Bitcoin Debit Card
There are multiple services in existence which let you order a debit card that can be funded with Bitcoin. Instead of spending actual Bitcoin when using said debit card, the service owners convert the BTC to fiat currency value on the fly. In the case of Xapo – a service currently still in beta – that conversion is done without any fees. However, if you load your card with a certain fiat currency – EUR/USD/GBP – and you need to convert that balance to another currency, there will be a 3% surcharge.
While I like the idea of what Xapo offers in terms of their Bitcoin debit card, there are some things you need to take into consideration. First of all, if you live in the United States, they cannot send this card to you – even though it works fine within the US. Secondly, since this service is still in beta, you might need to wait a few months before receiving your card.
BitWage + Xapo = BitWage International Debit Card
Since BitWage and Xapo have agreed to a partnership, everyone who signs up for the BitWage service will receive a free debit card in the near future. This will enable contractors and employees to withdraw and spend fiat currency – USD/EUR/GBP – directly from the blockchain. Should you live outside the EU/US/UK, you can even be paid out in your local currency.
This partnership between Xapo & BitWage will have a huge impact where international employee payments are concerned. Instead of paying a ridiculous fee to send funds overseas – and the recipient having to wait up to 7-10 business days for funds to clear – operational efficiency will be increased by using the Bitwage service and their debit cards for your employees.
Benefits for the employer come in the form of using one single and simple payroll service to pay all of your employees, regardless of their location. On top of that, you can pay your employees a slightly higher wage as the associated fees with sending money overseas are minimal. In the end, this is a win-win situation for all parties involved.
As an employee, you will greatly benefit from this service as well. Instead of experiencing delays, issues, and a lower wage because of the current financial infrastructure and its silly fees, you can leverage the potential of the Bitwage International Debit Card to your advantage. And the best part is that your employer doesn’t even need to sign up to use this service. But it would be a good idea if they explored the option at least, for future reference.
Setting Up The Service
In order to make use of the BitWage International Debit Card, there are a few steps you need to take. First of all, you need to sign up for a BitWage account Once your details have been confirmed and you are logged in, click “”Xapo Card History” in the top right corner of your screen.
You will be asked to either create a new Xapo account or authorize BitWage to link to your existing account. After everything is linked, you have applied for this card automatically, and it will take roughly one week before your card has been approved. All that is left is setting up an Employer in your BitWage account.
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