InsideBitcoins Summit in San Diego: Bitwage founder speaks

Today, we interviewed the founder of Bitwage, whose business is: employers of client companies send employees' salaries to Bitwage via email, and Bitwage sends employees' salaries to employees in the form of Bitcoin.

The company's operating process is very straightforward: Bitwage gives employees a bank account, the employee notifies the boss to email their salary to the above bank account, and then Bitwage will pay the salary to the employee in the form of Bitcoin.

What is Bitwage?

“Bitwage is the largest Bitcoin payroll service provider in the industry in terms of number of users. We make it extremely easy for users to send and receive wages in Bitcoin. We offer three main methods: individual payroll, employer payroll and international payroll.

Individual Payroll can provide any employee with the ability to receive their wages in Bitcoin, regardless of whether their employer is a Bitwage sign-up. Employer Payroll allows employers to enjoy the benefits of receiving their wages in Bitcoin.

International Payroll enables companies to run and provide Bitcoin-based payroll services to employees around the world, while saving employers, employees and freelancers more than 90% of international payment fees, making the entire payroll process as comfortable as using local currency.”

What are the benefits of receiving wages through Bitwage ?

“The average handling fee for international payroll is 8%. Under normal circumstances, the funds will be available within 5 working days, and no outsider knows where the funds are going. Bitwage is building the future of international payments, and we are working on one of the pillars of today's society. This is the product of creativity and time.

We use blockchain technology to enable cross-border fund transfers for our clients, replacing the old way of transferring funds through several intermediaries, thus avoiding the risk of being charged multiple fees, transaction delays and fund loss. "

Blockchain is a new revolutionary technology that has the potential to transform the entire financial industry in the same way that the Internet has transformed the telecommunications and publishing industries, enabling nearly free global money transfers at the touch of a button.

Because there is no middleman involved, customers can always know the movement of funds. The problem facing blockchain technology is how to go beyond local currency. Bitwage uses the magical technology of blockchain and allows customers to enjoy endless benefits while using it to transfer and receive funds between banks, cloud savings and debit cards.

Which countries ban Bitwage?

"The whole process involves the flow of money. Argentina is a good example. Due to the way their current financial system works, customers are required to pay a transaction fee of 30% to 40% of the transaction amount to operate this payment method in Argentina. This is mainly because the official exchange rate and the actual exchange rate are very different.

Non-Argentine nationals must more or less go through state restrictions when exchanging U.S. dollars for Argentine pesos and must exchange them at the official exchange rate.

However, the Argentine government does not consider Bitcoin to be a currency. This means that you can send Bitcoin to someone else, and the recipient can then "carry" the Bitcoin from the United States to Argentina and exchange it at a local exchange at the local exchange rate.

So, in this case, it is illegal to transfer US dollars directly to Argentine pesos, but it is legal to use Bitcoin to pay wages, and it also makes it convenient for employees to exchange Bitcoin at local exchanges in Argentina.

Currently, some freelancers are working on this project in conjunction with our cloud savings technology, which allows you to store your funds in more than 20 different currencies and precious metals, including US dollars and gold, and then spend Bitcoin from your account in the form of Argentine pesos as needed.”

How will Bitwage revolutionize the current payment system?

“Imagine being able to send wages to employees in the Philippines, Russia and Argentina at bargain prices as easy as sending a text message, and later that day, the Filipino employee can use his freshly received wages to buy his kid the jersey he’s always wanted.

Bitwage is working hard to create an alternative to the current banking system and payment methods. It aims to give people financial freedom.

Our system provides the most seamless and automated way for 2.5 billion people worldwide to make payments, bringing them into the digital financial system, and we are freeing employers, employees, and freelancers around the world from the slow, expensive, and inefficient international foreign exchange oligopoly.”

What is the future of Bitwage ?

“We are the only company that specializes in Bitcoin-based payroll. That means more privacy, local currency payouts, the ability to store funds in 20 different currencies and precious metals in a cloud account for our clients, debit cards, seamless mass payment systems, the ability to pay without the employer or employee being present, and the best Bitcoin payroll API.”

Bitcoin’s place in the society we live in has been rising since its inception. Bitcoin’s viability focuses on customer usage, not its price.

Bitwage is proof that Bitcoin can play a vital role in our lives and revolutionize the way we get paid for our work. Jonathan's vision for Bitwage is great and he spoke from the heart to us, namely at the San Diego Bitcoin Summit.