As the global workforce expands, some, like this bitcoin platform, are looking for ways to power international wages. Based in San Francisco, Bitwage believes the cryptocurrency could be used as payroll for contractors and employees who are located in different countries. More specifically, they provide software either individuals or companies can use to set up the payroll system. For individuals, this looks like a digital wallet that can exchange local currency.
The bitcoin platform is speedier than more traditional wire transfers, which can take several business days to be completed. With Bitwage, users can receive bitcoin payments same or next day at a 1% cost (compared to the average 8% with international bank wire transfers).
What's Driving This Trend
- Global Payroll Crypto
- The trend towards using cryptocurrency as payroll for global workforces could disrupt the traditional international payroll industry.
- Efficient Wage Transfers
- The trend towards using bitcoin for payroll transfers could disrupt the traditional wire transfer industry by providing faster and cheaper options.
- Digital Wallet Usage
- The trend towards using digital wallets for payroll could disrupt traditional currency exchange methods by providing a more convenient and borderless solution.
Who This Affects Most
- International Payroll
- The international payroll industry could face disruption as more companies explore the use of cryptocurrency for payroll transfers.
- Wire Transfer
- The wire transfer industry may face disruption by bitcoin-based payroll solutions offering a faster and cheaper alternative.
- Currency Exchange
- The currency exchange industry could be disrupted by the trend towards digital wallet usage for payroll transfers, allowing for borderless and instantaneous currency exchange.
