Posted 2 weeks ago | by Catoshi Nakamoto
On this channel we’ve talked about crypto adoption; receiving and buying crypto, even getting paid in crypto; then using it in everyday life. Today, we’re talking Bills dreaded second only to taxes: utilities, car payments, insurance, the robux your kids “accidentally” bought on your credit card… that’s right those bills. This is one of the biggest questions about adoption: how do we use crypto easily in everyday life? Let’s explore some groundbreaking payment systems and tech that make crypto assets even more useful.Read More
Let’s get it.
Welcome to Bit Boy Crypto; home of the bitsquad, the largest crypto community in all the interwebs. My name is Ben. Everyday on this channel I show you how to make money in crypto. If you like money and crypto make sure to hit that subscribe button. In this video we break down the top platforms you can use to pay bills with crypto.
Bity.com is a company out of Switzerland that allows you to make online crypto transactions and bill payments. On the website bill payments are broken down into seven steps: log in to your account then add your biller’s bank account details. From there it works like any online bill payment system where you select the company or person you want to pay on the buy/sell page. Send them ETH or Bitcoin from a linked wallet, and the order is confirmed. The Bity platform will then convert the crypto payment into fiat and deposit it in the payee’s account. The platform works in Europe and converts the funds into either the Swiss Franc or the Euro. Overall this program looks like it would work well if you want to do as many of your transactions in crypto as possible. Some people get paid in crypto and want to keep the funds in crypto. So for all of you Squad members with vacation homes in Europe, this site is for you.
Canada. America’s neighbor northern neighbor that for some reason is still simping for colonial rule has a company called Bitcoin Well a site that allows users to enter payee bank account information, and like Bity, the platform exchanges the crypto for Canadian dollars and pays the bill within two to four business days. Users of the Bitcoin Well platform can use many different crypto assets to make payments including Bitcoin, Litecoin, Ethereum, or Bitcoin cash, and it charges a five percent fee to make a transaction. The website boasts ninety-nine percent of Canadian bill payees are available to pay using Bitcoin Well, and all major credit cards can be paid using the platform. It’s not just igloo expenses you can pay down in Canada, it’s any bill or major credit card; making it easy to put your money in crypto and keep it there. Wait did I say igloo? I’m sorry, I know you guys don’t live in Igloos in Canada….. Do you?
In Austrailia, Cointree is a good bet to pay bills using crypto assets. This platform allows users to make payments in Bitcoin, Ethereum and the hundred other altcoins it allows its users to pay with. To easily pay bills users top up their cointree account with any crypto asset, go to the pay bill tab and select a payee. The platform also allows users to make payments to major credit cards. Cointree will then convert the payment to the Australian Dollar, and you’re off to the Races! Or more likely… the Melbourne Cup.
In the US, Americans can use the site Coin Transfer to make any online payment imaginable. The site uses a different strategy for converting crypto to fiat and paying bills; they receive payments from users in crypto and they make payments on their behalf with a credit card. With coin transfer you can pay for subscriptions, bills and make online purchases. To pay a bill you add a payee, and Cointransfer will email a payment link. From there crypto can be paid directly to coin transfer; and they will take care of the bill. I can think of a few situations where this would work; definitely for the unbanked in the USA, or anyone who is receiving crypto paychecks and has limited need for fiat banking. A usable solution that isn’t refined but could work depending on your situation.
Crypto OG DASH Coin has launched it’s own bill pay app DASH DIRECT. We love to see crypto’s that are first and foremost a CURRENCY, actually doing what they set out to do. Previously known as XCoin, Dash coin is a privacy centric coin that has been around since 2014. The Dash Direct app allows you to use your crypto at over 155,000 locations across the United States. Want some Buffalo Wild Wings? Use Dash Direct. Need to swing by Home Depot, American Eagle, Staples? Use Dash Direct. You can save up to 12% on your purchase. All Dash payments with DashDirect are optimized to be instant, and secure. DashDirect is non-custodial, users control and manage 100% of the Dash they own with no third-parties involved. The official Dash wallet is used to facilitate Dash transactions to send a payment from a users Dash wallet from their available balance easily with user verification to approve the use of funds. There’s no waiting and no fees. It still stays within the privacy ethos; Dash Direct is a non-custodial wallet that you fully control. Spend your DASH coin with the new Dash Direct app that you can download NOW for iOS and Android.
A Bitsquad favorite option for paying bills in crypto in the USA is a crypto asset credit card. Crypto credit cards are nothing new, crypto.com offers a prepaid visa card that can be topped up with fiat or crypto through the linked app. To apply for the card you have to stake Crypto.com tokens or CRO for a locked one hundred and eighty day period. CRO tokens are currently trading at about eleven cents. The credit card rewards you get are based on the amount of CRO tokens staked; which means that loading the card up with the equivalent of four hundred thousand dollars USD will earn an eight percent reward, and gets a free membership to Netflix, Amazon Prime and Spotify; as well as other discounts. The amount staked, or the amount of funds loaded on to the card, can be less than that; and the rewards decrease accordingly. The pros of the card are that there’s no annual fee and you don’t need a credit pull to get one. There are no ATM fees and generous cash back bonuses. The cons of the card are the high amount of CRO needed to stake for a higher tier card, and low monthly ATM limits for lower-tier cards.
Another way is to use a visa card and pay it off directly using crypto. In early March Visa announced that it will now be possible to pay off your credit card bill directly with Crypto assets. According to the New York Post, Visa has launched a payment program with crypto.com, and payments can be made in USD coin. USD coin is a stable coin that is pegged to the US dollar and runs on the Ethereum, Algorand and Solana blockchains. USDC was launched in 2018 by Circle, and the company claims that each USDC is backed by one US dollar. The move for Visa is an interesting one because it eliminates the need to convert crypto to fiat to pay off the balance. Currently if a customer uses a crypto.com credit card, crypto assets are converted to fiat within the crypto.com wallet and it is then wired to Visa at the end of the day to settle transactions. This of course creates a fee, which makes the whole transaction less efficient. This new partnership deal will allow payments and transactions to be made without the need to convert from crypto to fiat; creating a much smoother and overall better crypto asset transaction.
Crypto is getting closer to mass adoption and we are seeing that with all the platforms helping people to send, receive, and use crypto. Paying bills is one of those daily tasks that everyone has to do; and now we can do it all with Crypto. Comment down below, how have you used crypto assets in your daily life? Would you use crypto to pay your bills and what method would you use to do it? And speaking of bills,help us pay some of ours, and smash up that like button! It helps out the channel and gets the message out to the youtube algorithm that our content is great and you want to see more of it.
That’s all I got! Be blessed, Bitboy out.