Bitcoin adoption will be an interesting trend to keep an eye on over the years to come. Not just from a merchant perspective, because we have plenty of those already, but rather from an everyday consumer point of view. Even though we cannot pay for everything in Bitcoin just yet, each and every one of us can start getting their paycheck converted to Bitcoin right now, thanks to BitWage.co.
What is BitWage?
BitWage.co is a pretty unique Bitcoin-oriented platform, which will be of great service to push Bitcoin adoption and wareness to all new levels over the next few years. Lots of Bitcoin enthusiasts would like nothing more than to see the salary of their “real life job” converted into Bitcoin in some way.
Perhaps not the entire sum, as we still need fiat currency for way too many things at the moment, but it would be nice if we could set aside some money and convert it into Bitcoin automatically. This is where BitWage.co comes in, as they will handle that conversion for you.
What impresses me most about BitWage.co, even though it is still in open beta testing right now, is the fact it is available to Bitcoin enthusiasts from all over the world. In order to create your BitWage account, all you need to do is enter your personal information, and a valid mobile phone number from the country you live in.
BitWage Security & 2FA
The mobile phone number serves two purposes: first, you will be sent a BitWage Access Code in order to confirm your account sign up, which you will then also need to verify by clicking a link in the email you received. once all oft hat has been completed, BitWage’s two-factor authentication will also come in the form of an SMS for every time you try to access your account.
Furthermore, all BitWage users can add an additional layer of security to their account by enabling Google Authenticator. This step can be done by either scanning the QR code with the Google Authenticator app, or manually typing in the long key associated with your account. Personally, I scanned the QR code with Barcode Scanner, and it accepted it immediately.
While BitWage.co is still in beta, certain features are not enabled, which counts as an extra security layer in its own right. Changing your email address or phone number is not possible from your account page at this time, and requires you to email BitWage support. At this time, it is a bit unclear on whether or not this feature will be enabled in the near future, but we will get in touch with BitWage to get an official answer.
Getting Started With BitWage Payroll
As an employee: There are two options to start using BitWage as an employee. First of all, sign up for PayRoll Individual, which is completely free of charge as of this writing. Option two is to invite your Employer, which means BitWage.co will get in touch with them in order to work out a deal between them and your Employer.
You will need to fill in a small form, asking standard information such as your Employer Name and Website, the Payroll Provider Name and Website, the PayRoll Frequency, Date of Next Payroll and the last four digits of your Social Security Number (USà/ National ID (everyone else).
As an employer : Contact BitWage Support to access the short onboarding form.
Who is this service for?
The easy answer would to say “any Bitcoin enthusiast”, but that would be rather shortsighted. As the service is still in beta, BitWage could be an interesting platform for those of us who have a “second” job which is paid in fiat currency; or a main job where you can have your paycheck deposited over multiple accounts.
BitWage.co does seem to offer Bitcon enthusiasts a way to cut most, if not all ties with the current banking system. Selling Bitcoins for fiat currency can be done without a bank account through sites such as LocalBitcoins, or even selling them to friends. Whether or not you should exchange your entire paycheck to Bitcoin every time, depends entirely on your situation.
Personally, I could never do that here in Belgium unfortunately. Given my current unemployment status, and the fact that I have a mortgage to pay off, the bank requires “paycheck” payments to be deposited into my bank account every month. If I ever were to get a “real life job” again, BitWage would be an interesting option to consider, assuming my employer will let me split the payout across multiple bank accounts that is.
Website : http://bitwage.co
Do you have any experience with BitWage? Or are you planning to use the service in the near future? Let us know in a comment below!