How do I open an account?
Jonathan Chester, CEO of Bitwage, explains how the use of cryptocurrencies can be a valid alternative for these times of change and adaptation to new technologies. “If someone receives a payment from a company or client abroad as a freelancer or even as part of the regular payroll of a company abroad, they can certainly open an account with Bitwage. Once the registration process is approved, you can generate the invoice for your employer or client on our platform, and then we will provide you with a local bank account (from the United States, United Kingdom or EU). Then they will be able to receive said payment in crypto in the wallet that the user has, thus obtaining direct access to their fees in a private, fast and secure way. The whole process is very fast and is credited in just 24 to 48 hours, from when the funds are marked as received ”.
All a freelancer needs is to have an overseas employer or client pay from a business bank account, a verified Bitwage account, and a cryptocurrency wallet address or local bank account.
“Bitwage is in charge of making the most of traditional financial services with the transparency and speed of different technologies such as blockchains and the different cryptos available. This has positioned Bitwage as the true solution for freelancers in the new post-pandemic era, especially in countries where centralized measures from the authorities affect a large part of companies and people who work remotely when it comes to exporting. foreign services ”, remarked Chester.
The a, b, c collect your fees in cryptocurrencies
Once the account is approved, you must first configure your distributions, that is, how you want to receive the fees. According to this setting, the user will receive the funds, being able to choose to be paid in stablecoins such as USDC or DAI, or in BTC or they can also choose to receive payment in local currency through Ripio.
Then, they will have to create an invoice for their employer on the platform and finally Bitwage will deliver the bank details to be sent to the payer and thus make a traditional transfer.
“In addition, those companies that want to give their collaborators the benefit of charging their collaborators in crypto can also count on our service, which will help them save costs and time for their company since Bitwage will be in charge of automating the distribution among the entire payroll, avoiding manual payment 1 to 1 ”, added the CEO of Bitwage.
In addition to the official dollar, the blue, the MEP dollar, there is the crypto dollar (stablecoins), a price based on stable cryptocurrencies that go hand in hand with the greenback – such as the aforementioned DAI or USDC -. Therefore, once the funds are received in your crypto wallet, you will be able to exchange them on person-to-person (P2P) platforms or in the increasingly proliferating crypto caves at a value close to blue.
What is the cost of using the service?
The cost may vary. It can be taken from a fixed fee of 2% for stable currencies and a spread of 4.5% for other currencies. There is also a possibility of having 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 based in California – they always recommend that they consult a trusted accountant on how to file taxes locally. “We are meeting more and more Argentine accounting professionals who are specializing in crypto who will know how to give them the best up-to-date information. We are also organizing various activities so that our users have more information, ”said Chester.
According to Chester, Bitwage has grown more than 20 times since the start of Covid-19 and grew by 50% since June 2021 in Argentina. The company continues to highlight the advantages of cryptocurrencies for freelancers and companies, among others. “Faced with the current situation, where remote work is the new modality that is here to stay and will continue to grow around the world, we created this simple solution, offering accounts in several banks and being able to offer cryptocurrencies as a form of payment. Many workers today are choosing to receive their wages or part of them in Bitcoin or stablecoins as a way of supporting value to 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.