Bitcoin PayBits: Your Coin Your Way
Nigel Dollentas · @https://twitter.com/nigeldollentas | Aug 17, 2014 | 21:52
If you want an automated way to convert a portion of your paycheck to Bitcoin, Paybits is just for you. PayBits is just exactly what I just went over, it is a service that allows you to send a portion of your paycheck that will automatically become converted to Bitcoin.
1. What is the service you are offering?
Paybits offers an employee-controlled payroll-to-bitcoin service. With Paybits any employee in any company can get some of their pay in bitcoin. It is a unique offering because it doesn’t require the direct participation of either your company or payroll service provider.
2. Why would someone use this service to acquire Bitcoin if they could use Coinbase, or something along those lines?
The Paybits model allows an individual to acquire bitcoin on a dollar cost averaging basis. Additionally, it is different from exchanges because A) Paybits doesn’t have access to your entire checking account; B) The bitcoins are sent to an address you control (elimination of counter party risk); and C) You don’t have to think about buying bitcoin; they just show up like your paycheck!
3. How is Paybits in its current state?
We are currently wrapping up our Alpha release and expect to move to our Beta release in the next few weeks.
4. Do you charge any fees when it comes to converting fiat to BTC?
Paybits charges a flat $5.00 monthly fee for the service. We exchange the USD to Bitcoin at the Bitstamp 24 hour weighted average price.
5. How does it work?
Here’s a graphic about how it works – http://www.paybits.net/#how-section
You sign up with Paybits. We do standard KYC document validation. We then issue you a special account number. You take the account number to your payroll department and tell them how much you want deposited every pay period into the account. Paybits then sweeps the account and converts the fiat to Bitcoin and sends it to an address you control.
6. Future development plans?
YES! We have some very exciting developments which will change the way people think about spending Bitcoin. But, for now I want to focus on a successful launch of our first product!
For more information: http://www.paybits.net/
Photo Source: Paybits
