Most people active in the Bitcoin ecosystem will have heard of Bitwage by now. Bitwage is a company that allows users to receive their [monthly] wages in the form of Bitcoin, without the sender having to do anything special. Improving this new payroll service is a key element to its success, in the long run, which is why a new Extended Public Key Import feature has been added.
Also read: European Interest in Contactless Payments Creates Bitcoin Adoption Opportunities
Bitwage Adds New Feature For Convenient Payroll Privacy
Conducting payroll services through traditional means can be quite a hassle as there is a lot of administration involved in the process. Especially when dealing with employees living abroad, things can get very complicated fast. Not to mention, there are quite hefty fees involved when sending international bank wires.
Bitwage looks to alleviate some of that stress, as they allow recipients to receive their wage in Bitcoin. This method works for either full or partial amounts, as all they need to do is give the new bank account information to their employer. For people active in the Bitcoin community, using Bitwage makes a lot of sense, although there is always room for improvements.
One of those improvements comes in the form of additional privacy enhancements. One of the previous updates made to the platform introduced Address Lists, which lets users upload a maximum of 100 addresses to fulfill transfers to. However, there was a huge demand from users for extended public key support.
Enabling such a feature allows infinite Bitcoin address to be used on the Bitwage platform, as well as transmit more convenient address information. The way it works is rather simple: users upload their BIP 32 wallet’s extended public key, of which 100 addresses will be derived. Once those addresses have all been used, Bitwage will automatically derive the next 100 addresses from the list.
What makes this feature, even more, interesting is how this process is compatible with both Ledger and Trezor extended public keys. Both of these Bitcoin hardware solutions have seen a huge increase in popularity in recent months, and platforms are starting to integrate these solutions one by one.
Source: Bitwage Blog
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