I bet you did not know these things about Bitwage \ stacker news ~bitcoin

I bet you did not know these things about Bitwage

3029 sats \ 43 comments \ @bitwage 12 Aug 2023 bitcoin

Any person can get paid in Bitcoin, regardless of who they work for. Airbnb, Youtube ads, 9-5 job, remote work, government check, Upwork, Fiverr, etc. Who you work for or who is paying you, does not matter. No permissions need as they do payments normally, while you get any percentage as Bitcoin, and the rest is sent to a banking account as a local deposit. You set your own distribution.

So why us, why Bitwage?!

== INDIVIDUALS == -We are global -Accepting USD, EUR, GBP & CAD as inputs -No limits on the number/size of the tx -Fully non-custodial -We send it to any wallet -No miner fees to get the funds -Focused exclusively on the payroll since 2014. -Funds in multiple wallets sent at once -We are not a bank -More private than custodial systems -Unable to do fractional reserve or make money off your balances -Your employer does not have to be registered

== COMPANIES == -Use us to pay salaries internally based on everyone's distribution -Invoice other companies -Fund salaries with Bitcoin, or a mix of BTC, stablecoins, and fiat -Run payroll without having bank accounts at all -Automation -No overhead -Reporting tools -Easier salary accounting -Payroll Integrations With 23 US Payroll Providers -If your employer is onboarded, you do not have to do KYC

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208 sats \ 5 replies \ @DarthCoin 12 Aug 2023

I am a BItwage user from the beginning... 2015 All good! https://darthcoin.substack.com/p/be-paid-in-bitcoin-using-bitwage

41 sats \ 1 reply \ @chaoticalHeavy 12 Aug 2023

Thanks @DarthCoin , that article is the reason I started using @BitWage.

0 sats \ 0 replies \ @nemo 12 Aug 2023

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10 sats \ 1 reply \ @nemo 12 Aug 2023

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0 sats \ 0 replies \ @badabing 12 Aug 2023

Valid concerns.

0 sats \ 0 replies \ @cryotosensei 26 Sep 2023

You are a pioneer

60 sats \ 12 replies \ @bitwage OP 12 Aug 2023

We salute you @DarthCoin ! Are you using our referral program, so we give love back? We would love to enroll you and anyone willing to contribute. Please reach out to https://twitter.com/Bitwage so we make contact.

@nemo We are fully non-custodial. We do not keep either fiat or BTC. We just process it. Using the USA, for example, if you are in the US, you might end up with more BTC vs. you getting your fiat USD payment to your bank account, sending it to exchange, buying it there yourself, withdrawing, and paying fees. And we are not even counting on the time invested. And you have to do that every 2 weeks or whenever you get paid, while our system is Set it and forget it. And you get to keep more of your privacy by using our service.

Yes, we are US based, but we are NOT A BANK, and that means more privacy for you vs. other custodial options. It means also, that we cannot lose your funds, as we do not keep them in the first place. And the benefits do not stop there.

When you use our service as an INDIVIDUAL, you do KYC in order to get paid in Bitcoin. When your employer is onboarded and they invite you, you do not have to do KYC. Using our service, you get access to all our banking infrastructure, used to receive fiat payments from across the globe.

Glad you brought up VPN services as a comparison, during the years many kept saying that they do not keep logs, as that is a popular sale angle, but the reality is often quite different. What is a log in that scenario, and is hashed IP address considered a log, while they tell you that they do not keep logs!? There is no small print with us when we say No tx too big, no limit on the number of transactions, and so on.

Due to us giving you access to all of our banking infra that you can use to receive fiat payments, which then get converted based on your set distribution, it is logical that information has to be recorded and that when you are signing up as an individual, without asking for permission from your employer, that some rules have to be followed, or else we would not be able to provide you with banking accounts in the first place. If you can get your employer to pay you in Bitcoin directly, then we salute you as well. But the chance of that happening are so slim, that they are not even worth discussing. There is just too much overhead and companies are not willing to do it unless they sign up for our service and then we help them run payroll through us - and then it is super easy and has no overhead for them.

All your information is safe with us. We are pioneers in the space, doing this since 2014.

Send us a DM at https://twitter.com/Bitwage and follow us. Ready to answer any follow-up questions.

0 sats \ 8 replies \ @nemo 12 Aug 2023

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60 sats \ 5 replies \ @DarthCoin 12 Aug 2023

I used for each month/payment received a new address. Sometimes from a different wallet (xpub). You can change it anytime you want.
I personally don't give a shit if Bitwage is collecting data. Once I got the BTC in my own wallet, nobody can say anything about them, take them or ask me why IK have BTC. FUCK ALL THE GOVS. I don't care.
I always move from that receiving address into LN channels and use the 3 levels of stash (as I explained several times in my guides)

Read more on my substack all kind of guides about using LN for "losing trace" of any income. I wrote at least 6 guides about this aspect (from a total of 70 guides about Bitcoin). Yes, indeed, it is a must to change your receiving address, for a better coin control.

If somebody comes to my door asking for my BTC, I will simply ask: who the fuck are you?

In the end, if you want to be 100% "under the radar" you will not use such service, but the question is, Why do you live in fear? From who? Govs asking you to pay taxes? Firstly they would have to prove to you they have any demand over your work (they don't).

I use Bitwage EXACTLY because I DO NOT PAY ANY TAXES FOR YEARS and I use it for those clients that still can't pay me in BTC directly (stubborn assholes). If you are statist that love to pay taxes, then stay in the fiat world, don't go earning BTC. Bitcoin is not for pussies.

0 sats \ 4 replies \ @nemo 12 Aug 2023

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20 sats \ 3 replies \ @DarthCoin 12 Aug 2023

I think is more about each country where they provide the service. Let's be clear: they are ramp between fiat banks and BTC, so they must obey each country legal circumstances.

The most important thing for me personally is that I DO NOT have to use a bank account in my name in order to receive BTC. My client is just paying in his currency he want to use, I receive BTC. I really don't care about how is done.

If the service were custodial (BTC were kept by Bitwage) then yes, could be some complications, but the fact that Bitwage is only a "taker" of the fiat and instant giver of the BTC, I am just happy that I get straight BTC into my own wallet.

Disclaimer: I live using only BTC, without any bank account from 2018. I closed them all. Fuck'em.

21 sats \ 1 reply \ @bitwage OP 12 Aug 2023

Using our service means that you can be living anywhere in the world, working for a US company (for example), and having 100% of your paycheck coming to you as Bitcoin. You don't even have to have a bank account.

Companies can run payroll without owning a bank account, by funding the salaries with Bitcoin for example. While everyone on the team gets paid based on their distribution.

0 sats \ 0 replies \ @nemo 12 Aug 2023

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0 sats \ 0 replies \ @nemo 12 Aug 2023

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21 sats \ 1 reply \ @bitwage OP 12 Aug 2023

In order to comply with all the laws and for you to have access to all our banking infrastructure, some rules have to be followed.

Please send an email to our support@bitwage.com with an exact and specific query regarding which data you are referencing, and we will respond. Email addresses, financial transactions, and some other types of data (might) fall under different categories, so that is why it is best to reach out and to be as specific as possible, to get you the best answer.

I hope that we have earned our reputation and integrity badge by now, by serving all people across the world starting from 2014. in order to allow them to get paid in Bitcoin. And for having customers always come first.

We truly want to add value to your flow and allow you to get more for your money.

0 sats \ 0 replies \ @nemo 12 Aug 2023

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0 sats \ 2 replies \ @Monotone 12 Aug 2023

Do you have any restrictions for users from Russia and Belarus? Can people from these countries register an account with you and use all the benefits of the platform?

0 sats \ 1 reply \ @bitwage OP 12 Aug 2023

We are a US company serving clients globally, with some exceptions. As there are different scenarios where a person from country X, is residing in country Y, which might not be the same as if he was living in country X.

What we can suggest to anyone, is signing up and taking it from there.

There are no costs to sign up. Once you sign up and onboard, there are no costs regarding keeping the account or maintaining it, so anyone can give it a go and see how they like it.

0 sats \ 0 replies \ @davidw 13 Aug 2023

Do you have any plans to open a subsidiary company elsewhere?

Like South America for example, should U.S. regulations get onerous & OTT?

10 sats \ 1 reply \ @davidw 13 Aug 2023

Wonder if you have any thoughts on this..

If BitWage were willing to work with a banking provider, I believe the user experience could become 5x more compelling using lightning.

Those people on a fixed salary each month could receive a small payday loan that gets paid off each month on that payday. Bitwage is simply the rails but think of it like a credit card that gets paid down every month, where rewards are thrown in. Except the reward for bitcoiners is to not be waiting around for payday each month. And to constantly see those payments stream in.

This is the type of experience that gives us a preview into the future (where as we know satoshis will eventually be sent in more regular intervals throughout the entire flow, no FX or batching needed).

It’s what we need to show that our ancient systems are just that, ancient. We’re going to laugh in 10 years time at the idea of being paid once a month. Just like we’re going to laugh about taking worthless currency out of a hole in the wall (an ATM).

Each and every second, hour, day or period of their choosing for example, people can be paid in REAL-TIME for their work.

Salaries streamed straight to their Lightning wallet. That’s the type of thing that would onboard you the masses to use your service. Far more than those that are looking to DCA and avoid exchanges.

You could also do this without credit, except the end users would have an inferior experience, delaying their payday. And you would need to work with banking providers in any case to custody funds over that period.

10 sats \ 0 replies \ @bitwage OP 13 Aug 2023

Since 2014, we've been trailblazing new paths in the realm of payment methods, and our commitment to innovation remains unwavering. The future holds exciting possibilities, and we're eagerly anticipating the journey ahead.

Lightning PoC we did: https://bitcoinmagazine.com/business/bitwage-processes-worlds-first-lightning-payroll

2 sats \ 3 replies \ @otx 13 Aug 2023 freebie

So if a US user receives funding through direct deposit to a BitWage routing number, to have BitWage convert it USD and send it to a BTC address, there is 0% spread in the BTC price, and 0% fees. Is that correct?

If so, what exchange is being used for the spot price?

0 sats \ 1 reply \ @eggos 14 Aug 2023

Based product

Incredible offerings

Keep it up

We all love what you're doing

0 sats \ 0 replies \ @bitwage OP 14 Aug 2023

Thank you. Glad you like what we do.

0 sats \ 3 replies \ @gunson 13 Aug 2023

Hey guys - am considering signing up, but a few things I don't understand:

How is this more private than if I get paid into my normal bank, and then DCA with a bitcoin only exchange? (Who I withdraw from manually so I don't have to share my xpub)
"No miner fees", okay, but what are your spreads and fees overall in comparison to me doing DCA and withdrawing to my own wallet?

0 sats \ 2 replies \ @bitwage OP 13 Aug 2023

Thank you for that question. It is a good one. When you use us, you can receive Bitcoin, and nothing needs to touch your bank account.

In your, I Will Wire Money To Exchange Myself scenario:

your bank knows
third parties linked with the bank know
exchange knows
parties linked to the exchange know

It is clear that by using Bitwage, you get more privacy on top of getting more Bitcoin.

We do not charge miner fees or any fees in that regard (to get it to your wallet). We do have a spread. If you are a USA person, for example, using us vs. your flow, you will end up with more Bitcoin by using us, as our spread should be 1% for Bitcoin in USA scenario.

So you not only get more Bitcoin, but you get to have more privacy. Reach out to: https://twitter.com/Bitwage privately so we see if there are any onboarding gifts or something extra that we could do for you. Would be our pleasure. We could also schedule a call with one of our team members with you, prior signing up, to answer all your questions. We are here, Saturday or Sunday, it does not matter, and we are available for our clients.

0 sats \ 1 reply \ @SpaceHodler 13 Aug 2023

If you are a USA person, for example, using us vs. your flow, you will end up with more Bitcoin by using us, as our spread should be 1% for Bitcoin in USA scenario.

But how is that more? For example, Kraken charges 0.16% for maker orders and 0.26% for taker orders, so your 1% fee is nearly 4x as much even in the 'impatient', taker case.

Is the 1% spread in addition to the "1% fee for local currency wage distribution*" in the Standard plan?

I'm a bit confused by the FAQ page https://support.bitwage.com/bitwage-exchange-rate-spreads . Under "International Transactions" it says "Additional base spread of 1.00%", which is followed by a table of countries. Is that "additional base spread" in addition to what's in the table? It would be clearer if you had a calculator that showed the total fees and their composition.

0 sats \ 0 replies \ @bitwage OP 13 Aug 2023

@SpaceHodler Thank you for bringing this up. While there might be exchanges with potentially lower fees, many people prefer mainstream options due to convenience and popularity. Despite varied methods, our service ensures a competitive spread and even covers fees, offering a hassle-free experience.

If you are a USA citizen for example, and you choose to get 100% in Bitcoin, then the spread for you would be around 1%. There will be no other fees on top of that.

0 sats \ 2 replies \ @SpaceHodler 12 Aug 2023

IIRC the bank details for the payer include a reference. Many payers don't support that. E.g. I can't instruct Airbnb to make a bank transfer with the specified reference, and they may require that the recipient's name match the name on my Airbnb account.

Please correct me if I'm wrong.

0 sats \ 0 replies \ @bitwage OP 13 Aug 2023

Reach out to us on support@bitwage.com with the subject: AIRBNB and we will give you all the information that you need for proper setup so that you can collect Bitcoin from Airbnb and/or rest sent to your bank acc as local deposit.

0 sats \ 0 replies \ @bitwage OP 13 Aug 2023

Depending on specific banking accounts and details you want to use, there are different scenarios. Airbnb for example, works without a problem. You can get paid in Bitcoin from Airbnb, without waiting for Airbnb to implement Bitcoin. Please take a look at: https://twitter.com/search?q=%40bitwage%20airbnb&src=typed_query I will extend the offer to you as well: reach out to: https://twitter.com/Bitwage privately so we see if there is anything else we could do for you. Would be our pleasure.

0 sats \ 7 replies \ @2bithits 12 Aug 2023

AUD?

0 sats \ 6 replies \ @bitwage OP 13 Aug 2023

@2bithits We are working right now on trying to increase the number of local outputs we are able to serve. Were you asking about us receiving AUD from your employer, or part of your payment going to your bank as AUD? Hopefully, sooner than later, we increase our local payouts, as that is something that is being worked on actively.

0 sats \ 5 replies \ @2bithits 13 Aug 2023

That would be good. I'd have to look into it more.

Do we give you an xpub or just continually submit new BTC addresses?

0 sats \ 4 replies \ @bitwage OP 13 Aug 2023

How would your flow look? We have been doing this since 2014. So yes, we have perfected the Get paid in Bitcoin, regardless of who you work for. You input either a single address that you can change before each payment, or you can input multiple fresh addresses, that are used with each payment, as they come. So you can have each payment as a separate UTXO, for better management and again, more privacy.

0 sats \ 3 replies \ @2bithits 13 Aug 2023

My job at the moment pays every week. But if I need to pay the onchain fee I could probably manage 1 per month.

Not sure if you are already doing it but lightning payments might be better

21 sats \ 2 replies \ @bitwage OP 13 Aug 2023

You DO NOT have to pay any MINER FEES to get the Bitcoin to your address. That is covered by us, and it is free for you. So you can be getting paid every day, makes no difference. Let's have you onboarded, as there is no reason not to give it a try.

21 sats \ 1 reply \ @bitwage OP 13 Aug 2023

The latest regarding AUD, upon checking is "AUD in the upcoming weeks" so it is looking good and on track so far.