How do I open an account?
Jonathan Chester, CEO of BitwageExplains how the use of cryptocurrencies can be a viable alternative to these times of change and adaptation to new technologies. “If someone receives a payment from an offshore company or client as a freelancer or even as part of the normal payroll of an offshore company, they can definitely open an account with Bitwage. Once the registration process is approved, you can generate an invoice for the business owner or customer on our platform, and then We will provide you with a local bank account (from the US, UK or EU). Then they will be able to receive said payment in cryptocurrencies in the wallet owned by the user, thus getting direct access to their fees in a private, fast and secure way. The whole process is very fast and is capped at just 24 to 48 hours, from the time the funds are marked as received.”
All a freelancer needs is for an overseas employer or client to pay from a commercial bank account, a verified Bitwage account, and a cryptocurrency wallet address or a local bank account.
“Bitwage is responsible for making the most of traditional financial services with transparency and speed in different technologies such as blockchain and different cryptography available. This has positioned Bitwage as the true solution for the self-employed in the new post-pandemic era, especially in countries where measures are impacting Centralization of powers over a large portion of companies and people working remotely when it comes to exporting .foreign services”, notes Chester.
A, B, C will collect your fees in Cryptocurrencies
Once the account is approved, you must first configure your distributions, i.e. how you want to receive the fee. Depending on this setting, the user will receive funds, be able to choose to pay in stable currencies such as USDC or DAI, in BTC or can also choose to receive payments in local currency through Ripio.
Then, they will have to generate an invoice for their employer on the platform and finally Bitwage will hand over the bank details to send to the payer thus making a traditional transfer.
In addition, companies that wish to give their crypto collaborators the advantage of charging their crypto collaborators can also rely on our service, which will help them save costs and time for their company because Bitwage will be responsible for automating the distribution between the entire payroll, avoiding manual payment1 to 1,” the Bitwage CEO added.
In addition to the official dollar, the blue dollar, and the MEP dollar, there is the cryptodollar (stablecoins), which is a quote based on stable cryptocurrencies that align with the dollar – such as the aforementioned DAI or USDC -. Therefore, once you receive the funds in your crypto wallet, you will be able to exchange them on personal (P2P) platforms or in increasingly proliferating crypto caves with a value close to the blue.
What is the cost of using the service?
The cost may vary. It can be taken from a flat fee of 2% for stable currencies and a spread of 4.5% for other currencies. There is also the possibility of obtaining a premium service that reduces costs and payment times.
Although they do not provide tax advice to their users because they are not located in Argentina – the company is headquartered in California – they always recommend consulting a trusted accountant on how to file taxes locally. “We are meeting more and more Argentine accounting professionals who specialize in crypto and who will know how to provide them with the best up-to-date information. We are also organizing various activities so that our users have more information,” Chester said.
According to Chester, Bitwage has grown more than 20 times since the start of Covid-19 and has grown by 50% since June 2021 in Argentina. The company continues to highlight the benefits of cryptocurrency for the self-employed and businesses, among others. “Faced with the current situation, where remote work is the new way to stay and will continue to grow around the world, we created this simple solution, offering accounts in multiple banks and the ability to offer cryptocurrency as a form of payment. Many workers today are choosing to receive their wages. or part of it in Bitcoin or stablecoins as a way to support value for their income. Our goal is to help them by facilitating access and lowering the cost of financial services that are too high in traditional banking systems,” they added.
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