(Entrepreneur) Why It Might Make Sense to Pay Your Employees in Bitcoin

(Entrepreneur) Why It Might Make Sense to Pay Your Employees in Bitcoin

Geoff Weiss May 21, 2015 If your company regularly pays wages to international workers, then incorporating Bitcoin into the payroll process could be a major c

Geoff Weiss May 21, 2015

If your company regularly pays wages to international workers, then incorporating Bitcoin into the payroll process could be a major cost saver.

At least, that is the conceit of Bitwage, which bills itself as the world’s first Bitcoin-based payroll service. In order to circumvent the costly fees associated with transferring money internationally, as well as the time it takes for such funds to move from bank to bank, payments made via Bitcoin can save both money and time for employers and employees alike, explains Bitwage’s founder and COO, Jonathan Chester.

“By using technologies like Blockchain,” says Chester -- a public, chronological ledger of all Bitcoin transactions -- “you can actually see exactly where the money is throughout the process.”

The Bitwage platform can receive wages from employers and then pay these wages to employees in each of their respective local currencies, Chester added, using Bitcoin as a kind of temporary middleman to rapidly facilitate the transfer.

A handful of businesses already using the service include Wisconsin-based coffee company Colectivo and real-time Internet marketing company Rockerbox, but Bitwage envisions itself eventually servicing multitudes -- from unbanked workers in developing countries to the world’s biggest earners.

For more about Bitwage, check out this short video.

Full article available here.

Bitwage Makes Paying Global Teams Easy.

Workers choose to get paid in their preferred mix of local and crypto currencies. Ready to get started?

You might also like

USDT vs USDC for Payroll: Which Stablecoin Is Right for Your Business?

USDT vs USDC for Payroll: Which Stablecoin Is Right for Your Business?

Explore the pros and cons of USDT and USDC for payroll. Determine which stablecoin suits your business needs.

From Bank Wires to Blockchain: How Crypto Payroll is Changing Global Compensation

From Bank Wires to Blockchain: How Crypto Payroll is Changing Global Compensation

Explore the differences between crypto and traditional payroll systems, including speed, cost, compliance, and accessibility, helping you understand how blockchain is reshaping compensation.

Why Stablecoins Like USDT, USDC, and DAI Are the Future of Global Payroll

Why Stablecoins Like USDT, USDC, and DAI Are the Future of Global Payroll

Stablecoins like USDT, USDC, and DAI are transforming global payroll by enabling faster, lower-cost, and more transparent cross-border payments. In this article, we examine the limitations of traditional payroll systems, the mechanics of stablecoin-backed payments, and practical steps for integrating stablecoins into payroll processes, with a focus on compliance, automation, and employee flexibility.