Bitwage, one of the only Bitcoin services to allow salaries to be paid via crypto, has announced its intentions to expand into the British markets. Allowing employers to use Bitcoin to pay their workers, it has taken advantage of the cryptocurrency infrastructure to allow fast and cheap payments of wages.
The Bitwage service allows employers to integrate Bitcoin into their payment methods for their workers. Allowing workers to split up their wages between Bitcoin and fiat, users can decide exactly how much or how little to invest in Bitcoin. Not only has this provided a platform for responsible investment, it has allowed many to dabble with the concept of digital currencies without considerably risking their assets while introducing them to the markets.
“For workers in the UK, this now means you are able to have more diversity in how you would like to receive your wages. You can split your wages at any percentage between many different bank accounts and digital wallets,”
Bitwage founder and President Jonathan Chester
To conclude, the Bitwage project is one of the first to allow salaries and wages to be paid using the cryptocurrency. The application has been explored very little with many projects simply focussing on the retail and fintech side of cryptocurrencies. Allowing Bitcoin to be adopted by a vast new user base, the project aims to increase exposure for cryptocoins in general to many who may not have encountered such technology, considering cryptocurrencies still have limited penetration on a daily basis. Overall the project represents many possibilities for the future of Bitcoin, as considering cryptocurrencies allow for instant transactions and cheap transfers, the implications for companies wanting to pay international employees, too has been considered with much potential.