Europeans Can Now Receive Their Paycheck in Bitcoin

Coin Telegraph ^ | 11/9/15 | Joseph Young

[Another Post-American]

Europe-based bitcoinCT r: 3 services provider Cashila has recently released a Bitwage-like Euro-to-Bitcoin payroll system, allowing European employees to request their wages to be paid in bitcoin through a simple bank or SEPA payment.

The payment process of the sender or the employer will stay the exactly the same. On the Cashila platform, the receiver will create a payroll request with the inclusion of necessary bank details, including specific reference number, IBAN Bank account number, payment amount, etc.

Once completed, employees and freelancers can export the invoice as a PDF or send it via email to their employers and wait for the payment to be processed by the bank and Cashila.

The users of the platform may also receive bitcoin through a European bank account, by transferring bitcoins to the platform’s Euro Wallet, then immediately converting to Euros.

Through this service called “Reserve Cashila Feature,” the Cashilla team aims to help spur mainstream bitcoin growth in Europe, and protect freelancers and employees from bitcoin price volatility.

Cashila co-founder Jani Valjavec stated:

“This is a faster and cheaper version of banking as we know it. Your version.”

Cashila co-founder Jani Valjavec

Upon its launch, the service received criticism from the bitcoin community due to its inefficient payment setup. For example, one anonymous Cashila user explained that it is time-consuming and inefficient to generate a reference message for each transaction.

“Give me my own personal IBAN (my own not a catch-all one) with automatic conversion to bitcoin and automatic sending of the bitcoins to a wallet of my choice. That's what I want,” stated the user.

[Another Post-American]

Another service, Bitwage, has been offering a similar paycheck conversion service in the U.S. for a while now.

[Another Post-American]

Ping!

[knarf]

Did I miss the Rapture ?

[Another Post-American]

Not sure I understand the reference... but if it is linking bitcoin to the mark of the Beast and the buying and selling of things based on it, I would point out that bitcoin is decentralized. Not under any central government control. It is digital, which could relate to the mark, but so is all fiat at this point. So bitcoin fits less well than any given fiat currency if trying to relate it to end-times references.

[EEGator]

[knarf]

My reference WAS leaning that way

If it becomes the common currency, the digital world would then be the controlling factor of all life

It is now a great part of life, but people can still live off the grid

There might be 10 gardens in the USA that are sufficient to feed a family of four and completely hidden from prying eyes

warehousing and storage is limited

etc

It's the invented digital universe that will be on a chip somewhere on your body

[Another Post-American]

That would be more applicable for someone keeping their paycheck in fiat - and then being unable to access it due to capital controls, such happened in Greece. Or hyperinflation.

So long as you maintain basic security your bitcoin will be much more secure than fiat that is held by any 3rd-party institution. No one can block your access to your own bitcoin wallet the way governments and banks can with fiat. And it won’t hyper-inflate away.

[samtheman]

Backed by bitgold.

[Vermont Lt]

Not last week. Maybe this week.

[Vermont Lt]

There is a company that does that as well.

All the good ideas are taken.

[bert]

The question is not about the process but the currency

In America, if this were to happen, I could tell my employer or my clients to make the current direct deposits in Bitcoin rather than US$. At present I receive payments deposited electronically to my ledger at my bank. From there I make electronic payments to my ledgers on my credit card banks. Those banks in turn make payments to the electronic accounts of my vendors. Virtually all of my business is transacted electronically on ledgers of banks.

The question boils down to why use Bitcoin when the US$ system works quite well? So long as I don’t need to have international transactions involving exchange rate complications, the actual need for bitcoin is not really great. If there is such a problem, Paypal can handle it anonymously, easily and cheaply.

It is with large international transactions where Bitcoin is going to be useful, bypassing the various bank ledgers that now stand in the way of direct company to company international transactions. The retail use described is in fact more cumbersome than the present system of the local currency and electronic ledgers.

At present, there is no real currency. Even the pieces of paper are but physical representations of entries on an electronic ledger

[PAR35]

So they convert Euros to bitcoin, run it through their system and then convert it back to euros to go to the employee’s regular bank? “The users of the platform may also receive bitcoin through a European bank account, by transferring bitcoins to the platform’s Euro Wallet, then immediately converting to Euros. “ Sure this is going to be “a faster and cheaper version of banking”.

As for the employer, “Once completed, employees and freelancers can export the invoice as a PDF or send it via email to their employers” - employers will need to manually process each payroll transaction, rather than have computers automatically process the transactions. Anyone that thinks that won’t generate additional costs to the payroll processor ....

[knarf]

thanx .. I always appreciate people that will take the time to type out the words that thought formulated

My Feb 29th brain is such an oblique monster ... I'm lucky to make a cup of coffee the way I (think I) like it.