Bitcoin Forum

Hello All!

Would you like to receive some or all of your pay in bitcoin??

I'm working with a company creating payroll-to-bitcoin service. Essentially, it takes your direct deposit, turns it into bitcoin, and then sends the bitcoin to an address you control.

We're trying to get some initial feedback and we've create a super short survey.

http://paybits.net (http://paybits.net)

Cheers!

Yeah that's pretty slick. Can you guys also create a bitcoin bill payment system?

Bill payment would be very cool, but initially we want to do one little thing (direct deposit to bitcoin) and make it really great!

sounds very interesting..

i certainly would, but im in health care field

hope your fully regulated and your bank account is a business bank account with all the red tape covered. otherwise i would have to warn people not to link their direct deposits to this as they could be shut down anytime.

so please prove me wrong by revealing evidence of the government red tape.

i would dox you myself tom, but in a fair and ethical business, its best they do it themself, just to show some transparency and honour

no need to reply with negative comments. all that is needed is company registration details with your state and financial registration numbers and your golden

I guess the question is, what is the point?  We can already take any portion of our pay and purchase bitcoins with it, no need to set up direct deposit and all that. 
Perhaps more importantly, bitcoin is simply too unstable for this at this time.  Speculating in bitcoin is all well and good, but I don't know that too many people want to gamble say, their next mortage payment on it. 

I had a dream of starting a billpay company that uses multisig pull requests... Have I been spending too much time in bitcoinland?

where i live i can pay my rent in bitcoin, food and other things. so having my pay directly converted to btc has its advantages.

no one is saying that it should b something everyone uses. i think only 1% of people (well under 8k people out of the known 800k bitcoiners would find it useful)

but im more concerned with if they are legit with all the T's crossed and i's dotted in regards to handing peoples bank deposits.

after all as you say it could be someones mortgage or rent payment they are messing with if they suddenly had to 'close shop'

I have to agree that regulatory risk is often overlooked, and is ultimately as important as security when dealing with bitcoin. We currently are not offering any services, we're simply gathering information. However, the company, Paybits LLC, is a Nevada LLC (NV20131463848) and Paybits is registered as a MSB (Registration number 31000038663928).

Cheers!

pull requests... i think you have been spending too muc time in FIAT land and have not yet conceived that push requests work better and tailoring your system as such. EG if customer does not push bitcoins to you. their bill simply is not paid.. end of.

the beauty of bitcoin is that people manage their own funds and dont/shouldnt rely on third parties taking funds away from them at any time.

its good to see that before even setting up shop you have the red tape being tied up nicely*.. that is a good win in many bitcoiners eyes to have done this already.

so before i double check*, i will just say i trust you to be a great and useful service for americans that want it, and i hope the business prospers into something big in the future, goodluck

edit: *just checked, good work so far for licences that cover montana, south carolina and utah

The volatility of bitcoin is one of the reasons I wanted to be involved with a payroll-to-bitcoin service. By purchasing smaller amounts of bitcoin over time you lessen the risk of investing a large amount in a single investment at the wrong time.

The idea is that you would not take all of your pay in bitcoin, but only the portion you wanted to invest.

I own a virtual services corporation that does telephone and online customer service work for some pretty big companies. I have been thinking about bringing on some work at home agents to work as contractors paid in bitcoin. If you do get this off the ground I might be one of your first customers.     

It is an interesting idea, I'm just not sure how it would be received by the employers point of view.  Not that it would be a problem just might be something worth taking into consideration.  I'm sure this type of thing has pop'd in your mind before but I figure it is worth mentioning.

Hi! Great question.We're trying to make this as seamless and easy as possible. So, for your employer it will function just like you are splitting your pay into two separate accounts. Your employer will put in after-tax dollars and you will get bitcoin. But your employer just sees it as another account.

Multisig pull requests - think about that, the company requests I pay a bill of Xx amount, and I simply sign the transaction when the bill is pushed to me.  Probably a more elegant way to do it than using a throwaway billpay multisig address, but do you at least get what I'm sayin, now?

Thanks everyone for your responses! I truly appreciate your time. The survey is still up if you're interested (http://paybits.net/survey.html).

We've also added some more information about our service offering here (http://paybits.net).

Cheers!