Bitcoin BillPay?

[Elwar]

Are there any services now or upcoming that will offer a bill pay service?

I am thinking something like, I fill in a form with address and account number with the date and amount to send. Then I get the amount of BTC into the BTC address by that date and it gets sent out as a check.

I would be willing to pay 1% for that. With over $3k in bills every month that would be an easy $30 per month per person for a company to set up.

[MemoryDealers]

Bitinstant is working on exactly this.

[Elwar]

Bitinstant is working on exactly this.

Sweet. So I will be able to have a BitInstant credit card for day to day spending of my BTC, and a BitInstant bill pay for paying my bills.

And if I wanted to I could get my pay check in paper form and cash it at Walmart only to turn around and deposit that cash at Walmart to BitInstant turning it into Bitcoins.

Why use a bank anymore?

[Killerpotleaf]

Bitinstant is working on exactly this.

Sweet. So I will be able to have a BitInstant credit card for day to day spending of my BTC, and a BitInstant bill pay for paying my bills.

And if I wanted to I could get my pay check in paper form and cash it at Walmart only to turn around and deposit that cash at Walmart to BitInstant turning it into Bitcoins.

Why use a bank anymore?

once i had my bank card cloned and about 700$ was charged on it

the bank saw right away what was happening called me, and asked me to fill out a paper to get my money back.

until bitcoin can offer the same kind of comfort... I'm still going to have a bank account

[Elwar]

Bitinstant is working on exactly this.

Sweet. So I will be able to have a BitInstant credit card for day to day spending of my BTC, and a BitInstant bill pay for paying my bills.

And if I wanted to I could get my pay check in paper form and cash it at Walmart only to turn around and deposit that cash at Walmart to BitInstant turning it into Bitcoins.

Why use a bank anymore?

once i had my bank card cloned and about 700$ was charged on it

the bank saw right away what was happening called me, and asked me to fill out a paper to get my money back.

until bitcoin can offer the same kind of comfort... I'm still going to have a bank account

Would you feel comfortable having a multisig/encrypted wallet somewhere on the Internet where you are required to enter a password any time you need to put money on your card?

With a bitcoin debit card the only way I could see someone stealing $700 is if you are about to purchase something worth $700, you transfer the BTC to your card and then someone who cloned it swipes the card before you.

[citboin]

Do banks have any policies against using billpay to pay out people who sent you bitcoin?

[kokojie]

I'm not sure if there's a demand for this service, since bank billpay is pretty easy and free.

[Philj]

I'm not sure if there's a demand for this service, since bank billpay is pretty easy and free.

There is plenty of demand. If I have bitcoins and need to pay my gas/water/electric/whatever bill, then I either need a BTC billpay service, or I need to convert BTC to fiat, get that into my bank, then use the bank bill pay. I would much rather pay 1.5% for someone to accept BTC and pay my bill rather than either take a lot of time to get money in my bank, or pay 1.5% and have to do a bit of leg work to get BTC into cash, then that cash deposited.

[Yankee (BitInstant)]

I'm not sure if there's a demand for this service, since bank billpay is pretty easy and free.

There is plenty of demand. If I have bitcoins and need to pay my gas/water/electric/whatever bill, then I either need a BTC billpay service, or I need to convert BTC to fiat, get that into my bank, then use the bank bill pay. I would much rather pay 1.5% for someone to accept BTC and pay my bill rather than either take a lot of time to get money in my bank, or pay 1.5% and have to do a bit of leg work to get BTC into cash, then that cash deposited.

Should be ready pretty soon

[Phinnaeus Gage]

I'm not sure if there's a demand for this service, since bank billpay is pretty easy and free.

There is plenty of demand. If I have bitcoins and need to pay my gas/water/electric/whatever bill, then I either need a BTC billpay service, or I need to convert BTC to fiat, get that into my bank, then use the bank bill pay. I would much rather pay 1.5% for someone to accept BTC and pay my bill rather than either take a lot of time to get money in my bank, or pay 1.5% and have to do a bit of leg work to get BTC into cash, then that cash deposited.

Should be ready pretty soon

[kokojie]

I'm not sure if there's a demand for this service, since bank billpay is pretty easy and free.

There is plenty of demand. If I have bitcoins and need to pay my gas/water/electric/whatever bill, then I either need a BTC billpay service, or I need to convert BTC to fiat, get that into my bank, then use the bank bill pay. I would much rather pay 1.5% for someone to accept BTC and pay my bill rather than either take a lot of time to get money in my bank, or pay 1.5% and have to do a bit of leg work to get BTC into cash, then that cash deposited.

You are assuming that the guy has his entire liquid asset in Bitcoins and not much money in the bank. I can certainly see a few people doing this, but I don't think most people here has their entire liquid asset in Bitcoins.

[FreeMoney]

I'm not sure if there's a demand for this service, since bank billpay is pretty easy and free.

There is plenty of demand. If I have bitcoins and need to pay my gas/water/electric/whatever bill, then I either need a BTC billpay service, or I need to convert BTC to fiat, get that into my bank, then use the bank bill pay. I would much rather pay 1.5% for someone to accept BTC and pay my bill rather than either take a lot of time to get money in my bank, or pay 1.5% and have to do a bit of leg work to get BTC into cash, then that cash deposited.

You are assuming that the guy has his entire liquid asset in Bitcoins and not much money in the bank. I can certainly see a few people doing this, but I don't think most people here has their entire liquid asset in Bitcoins.

Total or relative balances of either aren't that important for this. If you have bitcoins you want to get rid of and bills to pay it could work for you.

[justusranvier]

You are assuming that the guy has his entire liquid asset in Bitcoins and not much money in the bank. I can certainly see a few people doing this, but I don't think most people here has their entire liquid asset in Bitcoins.

Having a service like this available would make people more willing to hold liquid assets in bitcoins.