Bitwage Announces Release of First Formal Bitcoin Payroll Service
The future of payroll is here. As of July 21st, Bitwage has released its private Bitcoin Payroll Alpha Service. This service combines a user-friendly portal for employers and employees with enterprise quality Bitcoin storage and distribution systems, thereby providing a Bitcoin Payroll service and streamlining the traditional payroll process. The Alpha Service has been designed for smaller businesses, such as startups; it minimizes the time, effort and room for human error in Bitcoin payroll. Using Bitcoin Payroll is easy for both domestic and international employees; simply sign up your employees, and let Bitwage take care of the rest. With payroll taken care of, founders and employees of small businesses can focus on development and generating sales. Based out of Palo Alto, Bitwage is now working with companies inside of the US, with plans to expand internationally in a number of countries that show high demand for Bitcoins. Please contact us at [email protected] to be involved. Follow us on twitter for up to date Bitcoin and Payroll industry knowledge. 4 Benefits of Using Bitcoin Payroll As technologies continue to advance the quality of information and comfort, the traditional financial system remains slow, inefficient and costly. As a result, companies, governments and people alike lose billions of dollars every year. Payroll is no exception to the major financial processes that have been hampered by inefficient financial intermediaries. Processing payroll through banks and the ACH system takes money away from employers and employees through 2-4 day processing periods and cumbersome fees. With the advent of Bitcoin, payroll processors can take advantage of financial efficiencies such as faster and cheaper transactions, creating huge savings for everyone involved. Here are the 4 benefits of using Bitcoin Payroll: 1) Increasing Employer Efficiency and Productivity As an Employer, your goal is to increase productivity and efficiency within the workplace. Bitcoin Payroll promotes both elements by decreasing the time it takes employers to pay their employees and increasing the payroll administrator’s time for more innovative and profit generating tasks. With the use of a Bitcoin Payroll Company, employers reduce the time it takes for an employee to be paid through banking institutions from 2-4 business days to just 10 minutes. That is a reduction of over 57,600%! Increasing productivity is an important function of business and one of the ways to increase this is to outsource repetitive tasks to a third party. When offering Bitcoin wages, spending time on all the legal components and accounting tasks of paying employees in Bitcoin is working-hours that a startup founder or a payroll administrator could instead use to grow the business. A Bitcoin Payroll company removes this friction from growth and takes on the task of paying employees, freeing up time for founders and administrators to focus on projects that increase sales and revenue. 2) Paying International Employees Easier, Faster, and Cheaper Our world is becoming increasingly connected with each passing day. Companies located in the U.S, employing workers in places such as Argentina and India, have a rising necessity to lower foreign exchange risk and penalties for paying international workers in an easy, fast, and affordable fashion. With the traditional system, transferring currencies requires sending a wire transfer from the employer’s bank through a series of channels that can include up to 3 banks, or more, and an exchange rate in favor of the exchanging institution. The average wire transfer fee alone for sending between only 2 financial intermediaries is $45 per transfer. The various charges on international payroll transactions consume large percentages of the employees’ overall wage, and may take 4-6 business days for the employee to gain access to the funds, unless the employer wants to pay a fee to make it faster. Bitcoin Payroll completely bypasses this system, reducing transfer fees and waiting periods from traditional payroll companies to near zero. With Bitcoin Payroll, not only is the waiting time reduced, the cost for conversion is reduced as well. Traditional Payroll Companies have to go through banks that normally charge 2-3% to convert the employer’s local currency to the employee’s local currency. By using Bitcoin, instead of banks, as the underlying protocol to pay international employees, the employer can pay in one fiat currency, the employee can receive pay in another fiat currency and the currency conversion rate will be dramatically reduced. This way, employers and employees, who have no relation or understanding of Bitcoin, can reap the benefits of Bitcoin without even realizing it. 3) Employers and Employees no Longer Need to Use Bank Accounts The requisite of a bank account for the payments of goods and services tacks on unnecessary charges in the form of transaction fees and time. For an employer who accepts Bitcoins, there are only three options with your Bitcoin reserves: investment, payment of goods on a small scale and conversion. With Bitcoin Payroll, employers are able to pay their employees as well as their payroll taxes with Bitcoins, thereby providing a new, large-scale option for employer Bitcoin reserves. This reduces the need to spend money on 1% conversions plus banking fees and the need to send payroll payments through the slow, costly banking systems. Not so long ago, employees received checks in the mail, which then had to be deposited into their bank accounts, costing employees time and money. Now, people have their wages sent directly into their bank accounts. These checks are analogous to the current process of obtaining Bitcoins. Employees currently need to put money into a bank account and then must find the right Bitcoin provider to accept the fiat currency and turn that money into Bitcoin. Bitcoin Payroll gets rid of the extra costs of the time associated with finding the right Bitcoin provider and sending money from a bank to the Bitcoin provider as well as the associated bank fees. 4) Reaching the Under-Banked The World Bank has released an infographic outlining the severity of the under-banked problem worldwide: “Approximately 2.5 billion people do not have a formal account at a financial institution.” Since Bitcoin Payroll removes the need for bank accounts, the under-banked all around the world now have access to the global digital market places and the opportunity to save and hold money digitally, instead of in their wallets or under their mattresses. According to TIME article “Why So Many Americans Don’t Have Bank Accounts”, in the US, almost 1/3 of the population is considered under-banked. Among businesses in the U.S that employ this segment of the population, such as Walmart and Taco Bell, there is a growing trend for using payroll cards issued from banks that charge a number of fees to use. These payroll card fees include withdrawal fees, balance inquiry fees, transfer fees, purchase fees, paper statement fees, and card replacement fees (as well as inactivity fees of $7.00). Payroll cards and other alternatives, such as check-cashing services, and money orders, cost $800-$900 on average a year out of an average of a $22,000 yearly budget. So how do the underbanked avoid the seemingly end-less penalties that traditional banking payroll companies want to charge? Being paid in bitcoins means that these under-banked people in the U.S and around the globe can avoid the entire payroll card, check cashing, and money order processes by distancing themselves entirely from the institutions that take a large percentage of their paycheck. Bitcoin Payroll offers a unique opportunity to solve a crisis that has seemed unsolvable for years by providing the under-banked access to a digital form of currency and a future that may finally take away what many deem as “the poverty tax”. Jonathan Chester, Founder and CSO Grant Kurz, Marketing Bitwage Bitcoin Payroll: made easy
Bitwage Releases Bitcoin Payroll for the Individual. Live your life in Bitcoin, with or without your Employer.
Bitwage Releases Bitcoin Payroll for the Individual, BP(i) and Enters Beta. Ways to spend Bitcoin have been growing rapidly since 2013 (Overstock, Gyft, TigerDirect, Expedia and soon PayPal, etc). However, ways of getting Bitcoins have not been growing as quickly, creating a downward pressure on the price of Bitcoin at the online exchanges and little demand for said merchants. There is quite a bit of friction involved in buying Bitcoin from an exchange, with lots of personal information and wait time required. How can we expect mainstream adoption with such high barriers to entry? *Enter Bitwage Payroll. * Earning Bitcoin during your day job minimizes friction of on-boarding, while at the same time reducing the number of steps and commission spreads. With Bitwage, there is now an easy way to obtain Bitcoins with Zero-Click Bitcoin Payrolls. We at Bitwage recognize that implementing Bitcoin Payroll may not be at the top of every employer’s list, leaving many who wish to receive a portion of their pay in Bitcoin wanting. This is why we are happy to announce that: Bitwage Releases Bitcoin Payroll for the Individual, BP(i) as of November 3rd Bitwage allows anyone, regardless of how big or small, Bitcoin-friendly or Bitcoin-hostile their employer is, to be able to receive a Bitcoin wage. If your employer offers direct deposits, there is no need to evangelize the employer about Bitcoin. Just switch to a bank account that happens to be Bitcoin-friendly. No need to go all-in to Bitcoin. Convert as much or as little of your paycheck to Bitcoin as you want, say 10%. This is a FREE Private Beta. Sign up at https://www.bitwage.co to get started! In addition, the Bitwage solution will allow for employees and employers alike to create their capital gains reports and file them through our partnership with Gocheto Financials with just a few clicks. So what are some of the implications of BP(i): Live Your Life in Bitcoin, Regardless of Your Employer Everyday, more and more people are looking for ways to minimize their reliance on the current financial system in exchange for a taste of the future. With the current methods, users have to rely on the inefficient banking systems to act as a conduit between the traditional sector and the digital sector. Now, with BP(i), you can live within this modern digital ecosystem without interfacing with a banking intermediary. From as small as 1% to as large as 100% of your paycheck, you can now live the way you want to live. Whether you are a new user looking at Bitcoin as an investment or you are looking for a way to move into the next generation of financial systems, now you can live your life in Bitcoin. Unbanked and Underbanked Now Have a New Way to Get Paid Through BP(i), the unbanked and underbanked in the United States now have a way to access modern financial tools, regardless of their employers. There are over 10 million unbanked residents in the US alone who either cannot keep a minimum balance to establish a bank account or do not trust the banks in general. Without bank accounts, this segment of the population are forced to deal with the fees and friction associated with the check cashing and prepaid cards industry. In 2012, Green Dot, a major prepaid card player, reported that there were more than 4.2 million active cards and $16.1 billion in gross dollar volume of funds loaded onto their cards that year. Netspend reported 2.1 million active cards with $11 billion in gross dollar volume. The costs associated with prepaid card include initiation fees, monthly fees, POS fees, cash withdrawal fees, balance inquiry fees, transaction statement fees, customer service fees, bill payment fees, fees to add or load funds, dormancy fees, fees to get remaining funds when closing the account and overdraft fees. On average, the fees on prepaid cards cost the unbanked and underbanked up to $30 a month depending on the card. In addition, there were over $31 billion in overdraft fees last year in the US alone. These costs are just for the ability to hold and send money. With BP(i), unbanked and underbanked now have a new opportunity to have access to these basic financial tools without all of the exorbitant costs related to the traditional financial system. Although Bitcoin payroll may initially act as an investment vehicle due to its volatile nature, as the ecosystem evolves and provides new tools to hedge against the volatility of Bitcoin, BP(i) provides new avenues to provide financial relief to those that need it most. Receiving International Contractor Payments Just Got Way Easier Over 2.6 million full-time jobs are outsourced from the United States alone. Millions of freelancers contract for companies in US and Europe from other countries, many of them without a reliable banking network or wire-transfer capabilities. Even after international contractors are paid, after all the delays, transfer fees and conversion fees (which total to about 8% on average), their local currency can be quite volatile and not a good store of value, such as the Ukraine Hryvnia, which lost over half its value against USD during 2014). What do citizens of countries with high (and under-reported) inflation rates such as Ukraine, Argentina and Venezula do to store the value of their wages? They exchange their local currency for dollars as soon and as often as possible. They often have to deal with currency controls and/or a real shortage of paper dollars in their region, and thus resort to doing business with back-street money changers, who charge a premium for their services, say 8 Argentinian Pesos for a Dollar, instead of the official rate of 5 Pesos. With the creation of BP(i), receiving international contractor payments is as easy as receiving Bitcoins. Use Bitwage to accept the payments in the US, thereby reducing costs for both you and your employer, and have Bitcoins sent straight to your wallet. By the end of the year, we will be offering fully transparent international payments between the US and the Philippines. This service will be expanded to other countries in early 2015. As we enter Beta, we will initially be keeping BP(i) and Automatic Zero-Click Bitcoin Payrolls free. Charges may apply for features such as non-automatic payrolls with Wire, ACH Debit, and Bitcoin, as well as 1099 Filings and Capital Gains Filings. Sign up at https://www.bitwage.co to get started in our FREE private beta. For more information, please follow us at https://www.twitter.com/bitwage Jonathan Chester, Founder and CSO Avram Kantorovich, Marketing Bitwage: Your Wage, Bit by Bit
Cryptocurrency payroll service Bitwage wants to make it easier for companies to launch initial coin offerings (ICOs). The company announced on Tuesday that it has created a new advisory firm called Inwage, which seeks to help traditional companies develop and hold token sales. The company's platform includes modules for know-your-customer procedures, payment processing and dividends, as well as a customizable front page and an administrative portal, according to the startup. https://preview.redd.it/4bymb477t0111.jpg?width=1280&format=pjpg&auto=webp&s=5f08217cdb086b8350cdce1f54c36614bb11b4e0 In addition, Inwage will provide assistance with creating and auditing smart contracts, as well as website security. Clients can also get assistance with marketing and public relations through the new service. BitWage president Jonathan Chester said the creation of Inwage was prompted by individuals and companies who began asking for advice around the technical and marketing aspects of ICOs. He explained: "We started to build out an ICO technology that people can use without relying on a third party. People can license the InWage software and host it themselves. This is actually one of beautiful things about ICOs, the ability to sell a digital asset without the requirement of a third party." The company has already helped the GS Mining Company and Ethmint launch the token for a platform called Moria, Chester told CoinDesk, calling it "the world's first decentralized investment platform for precious metal extraction." The Moria token sale aimed for $30 million, but ultimately raised $50 million during its run, he added. Going forward, the firm hopes to work with other services that provide "regulatory compliance and investor channels to make ICOs accessible to companies of all shapes and sizes," Chester said. Source
Free Tickets to Miami Bitcoin Conference from Bitwage
We love the Bitcoin community and want the chance to meet everyone out on this subreddit. Since we will be heading out to the Miami Bitcoin Conference coming up, we wanted to give you all the chance to meet us there. We will be giving out 15 tickets to the Miami Bitcoin Conference, 5 General Admission tickets and 10 Saturday tickets, to 15 of our lucky customers. Everyone who is signed up to Bitcoin Payroll for the Employer (BP(e)) or Bitcoin Payroll for the Individual (BP(i)) by January 5th will have a chance to win free tickets to the Miami Bitcoin Conference. The conference hosts distinguished speakers from the Bitcoin Community, such as Bitcoin Core Developer, Jeff Garzik, Blockchain.info CEO, Nicolas Cary, Gyft CEO, Vinny Lingham, “Bitcoin Jesus”, Roger Ver, Ethereum Founder, Vitalik Buterin, Changetip CEO, Nick Sullivan, and much more. To sign up, just create an account at https://www.bitwage.co and apply under the payroll individual tab. We’re excited to see you in Miami. =) Happy Holidays! -John Lindsay & Jonathan Chester from Team Bitwage
Jonathan Chester San Francisco Contributor ... Earlier this year, we began our goal to encompass a greater part of the cryptocurrency ecosystem outside of Bitcoin by launching Ether payrolls. Anyone around the world could receive any percentage of their wages in Ether from US, EU and UK companies. Shortly after our launch and the following success, we took a survey to learn what else our ... Jonathan Chester – CEO at Bitwage – The Future of Payrolls. Posted on December 2, 2018 by 247 Bitcoin. 24 7 Bitcoin. Bitcoin News Search. 1 News -24 7 News -24 7 Bitcoin -1 Search. Search for: submitted by /u/BTC_Forever : 24 7 Bitcoin. Bitcoin News Search. 1 News -24 7 News -24 7 Bitcoin -1 Search. Search for: Posted in Bitcoin News, News, Reddit Tagged 247 Bitcoin, Bitcoin, Bitcoin News ... Jonathan Chester Jonathan has been in the Bitcoin industry since 2013, running Bitwage, the most popular payroll platform built on top of Bitcoin. He started contributing for Forbes on Blockchain in 2015. Jonathan Chester I am the Founder & President of Bitwage, the most popular payroll & invoicing solution built on top of the bitcoin blockchain. Bitwage allows companies to offer Bitcoin Jonathan Chester in Bitcoin 2 years ago. US Companies Can Now Fund W2 Payrolls & Payroll Taxes in Bitcoin and Ether. Since Bitwage started in 2014, there have always been conversations regarding “Closing The Loop” in the Bitcoin financial cycle. The financial loop works as such: Read more... 0 Comments. Jonathan Chester in Bitwage Blog 2 years ago. Bitwage Launches ICO Advisory Firm ...
Decentral Talk Live. Ep#26: Jonathan Chester of Bitwage
This video is unavailable. Watch Queue Queue. Watch Queue Queue Jonathan Chester is the CEO and cofounder of Crypto payroll company Bitwage. Bitwage now offers a public Bitcoin 401K plan with it's partners Gemini crypto exchange, Custodian Kingdom Trust and ... Interesting chat with Jonathan Chester, founder/president of Bitwage, payrolling with crypto money! At Chainges, 4th May 2018. Today on DTL: Ethan Wilding and Jeff Coleman talk to Jonathan Chester, founder of Bitwage (www.bitwage.co) Bitwage allows employees to both receive a wage and pay for goods and services in Bitcoin ... Interview: Bitwage CEO Jonathan Chester - Get Your Salary in Crypto - Bitcoin & Ether - XRP Possible - Duration: 19:42. Thinking Crypto 1,462 views