Bitwage is a service that allows any employee to get paid in bitcoin. It’s an international payroll and wage payment platform. Here’s our Bitwage review.
What Is Bitwage?
Bitwage is a bitcoin payroll and international wage payment service that allows users to be paid (or pay wages in) bitcoin and other alternative payment methods – like local currencies and/or commodities. Employees and employers can use Bitwage to reduce costs, increase transparency, and boost the speed of international wage payments.
The company is headquartered in San Francisco, with offices in Dublin and Amsterdam. They launched in 2013, with a beta version appearing online in 2014.
How Does Bitwage Work?
Bitwage originally launched as a payment platform allowing employees and freelancers to receive their wages in bitcoin without requiring their employers or clients to sign up. Over time, the platform has evolved into a full-fledged international payroll service.
With that in mind, there are two core Bitwage services available today:
Bitcoin Payroll Services:
Bitcoin’s payroll services allow employers to pay employees in bitcoin. Meanwhile, employees and freelancers have the ability to receive wages in bitcoin without needing their employers or clients to sign up. The process is simple: Bitwage gives users a bank account number. Users tell employers to send any percentage of their payroll deposit to that number. Then, Bitwage sends bitcoin to users the day after the deposit.
International Payroll Services:
Bitwage’s international payroll services make payments faster, cheaper, and easier by leveraging bitcoin and blockchain technology. Meanwhile, it allows employers and employees to still receive payments in local currency. In other words, you can enjoy the benefits of bitcoin (low transaction fees and fast, easy international payments) without the downsides (holding on to bitcoin and being subject to its volatility).
How can Bitwage transfer money in bitcoin while still paying you in local currencies? Bitwage has formed partnerships with banks and payment services around the world.
In the Philippines, for example, Bitwage has partnered with Coins.ph, which means Bitwage users enjoy Philippine Peso payouts from the United States through bank transfers, mobile payments, ATM withdrawals, and cash deliveries in under 24 hours. Or, with a partnership with Bitreserve, Bitwage has a cloud savings account available in 20+ currencies and 4 commodities.
Employees and freelancers can use the Bitwage Android/iOS app or online platform to manage payrolls or transfer funds between savings accounts and debit cards.
Bitwage Jobs Platform
Bitwage originally launched as a payment platform. Today, however, the website also features a jobs platform where professionals and freelancers can find jobs worldwide.
So far, 13,000+ workers have signed up for the platform. The jobs platform lets you discover jobs, post jobs, and search for jobs across multiple platforms. Core features include:
Get Jobs: Bitwage recruiters and partners send handpicked jobs with warm introductions based off your skills and interests.
Discover Jobs: Bitwage lets you discover jobs using machine learning algorithms. These algorithms send every job posted to social media straight to your inbox, based on your skills and interests.
DIY Job Board: You can find jobs yourself from the Bitwage job board, which sources the remote jobs posted on Twitter, Reddit, and other platforms.
Bitwage is headquartered in San Francisco, but maintains offices in Dublin and Amsterdam. The company was founded in 2013 by John Lindsay and Jonathan Chester. By July 2014, the company had rolled out its beta platform.
Bitwage launched as part of the Plug and Play Financial Technology Accelerator, and is currently part of the Orange Fab Accelerator, led by French telecommunications giant Orange S.A.
As of June 2016, Bitwage had processed over $4.5 billion in payroll transactions. The platform is used by Google, Airbnb, Facebook, Uber, the World Health Organization, and other major players, all of which pay some of their workers through Bitwage.
Overall, Bitwage promises to be the best way for professionals to receive salaries from abroad. It’s a bitcoin-based payment platform that allows you to access money in your local currency. You can gain access to your money in a number of different ways – like through cash deliveries, ATM withdrawals, or prepaid VISA cards.
Ultimately, whether you’re an employer, an employee, or a freelancer, Bitwage can significantly lower transaction fees and let you access the benefits of bitcoin (fast, secure, cheap international transactions) – with none of the downsides (like volatility).