Pay Your Credit Card Bills with Bitcoin in Canada

[mynhpark]

YesToBitcoins, a startup owned by French Canadian company Ideas on That Inc. that was launched back in June 2014 offers a service that allows Canadians to pay their credit card bills using bitcoin. In 2015, it’s business model was analyzed for over a month by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC), which concluded the company could continue to offer the service under present Canadian legislation.

Would you pay your credit card bills with Bitcoin?

[OmegaStarScream]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

[bamboylee]

This is a good service and a good way to use bitcoin. But for me, I think I will stick on paying fiat services with fiat and bitcoin service with bitcoin. I don't want to lose money on conversion from fiat to bitcoin while paying the credit card.

[Snorek]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

As long as not all bitcoin are mined price never become stable. Bitcoin was designed to be deflationary cryptocurrency,
and behavior of holders who refuse to spend even 1 satoshi, because they are afraid that some day 1 Satoshi will be equal $1 is making this situation even worse.

One clear-headed advice - if you earned your BTC today then it is probably fine to convert it to fiat. Don't feel robbed.
Because this feeling, that - 'I can get more for my BTC in the future' - will be the same as long as bitcoin will exist.

[iram3130]

This is a good service and a good way to use bitcoin. But for me, I think I will stick on paying fiat services with fiat and bitcoin service with bitcoin. I don't want to lose money on conversion from fiat to bitcoin while paying the credit card.

Me too, for me Bitcoin is more than currency, it's an investment so will be using it to strictly what it will benefit me with bitcoins. Fiat is good enough to pay my bills and Bitcoin is my future like it is for most of us here.

[mackenzied]

This is a good service and a good way to use bitcoin. But for me, I think I will stick on paying fiat services with fiat and bitcoin service with bitcoin. I don't want to lose money on conversion from fiat to bitcoin while paying the credit card.

Me too, for me Bitcoin is more than currency, it's an investment so will be using it to strictly what it will benefit me with bitcoins. Fiat is good enough to pay my bills and Bitcoin is my future like it is for most of us here.

I think bitcoin is just a means for us to generate income, so, I do not store a lot of bitcoin, I sell it as soon as I can

[Gens09]

This is a really great idea and i think many people would do this and many bitcoin user's because this can be a easy transaction for you if you can make a instant payment in your bills or paying your creadit card just using your bitcoins. Like many people like bitcoin user's would like to use bitcoins if they can pay many transaction with it and almost treated like a cash but this time bitcoin need a lot of development in partnerships.

[Kprawn]

Would you pay your credit card bills with Bitcoin?

Yes, I will ... and I will even buy Bitcoin with my credit card and then wait for the price to go up and then use that profit to pay back the money.

The interest on the credit has so far been much lower than the profit you would have  had to pay, if you take the last years prices. A year ago I

bought Bitcoin at $400 and today a year later... it was standing at $1300. Profit with the banks money. 

[Qartada]

As long as not all bitcoin are mined price never become stable. Bitcoin was designed to be deflationary cryptocurrency,

By your logic Bitcoin was designed to be inflationary.  Bitcoin being mined means an increase in supply, which in theory would cause a decrease in price.  The only reason Bitcoin is deflating is because of an influx of money into the new technology.  It's not naturally unstable, it's naturally much more stable than fiat and in the future would have very close to neutral price change (in theory).

Because this feeling, that - 'I can get more for my BTC in the future' - will be the same as long as bitcoin will exist.and behavior of holders who refuse to spend even 1 satoshi, because they are afraid that some day 1 Satoshi will be equal $1 is making this situation even worse.

Pretty sure most of them don't think that 1 satoshi will be worth $1, since that would require a Bitcoin price of 100 million, which would be more than all the money in the world.

[The_prodigy]

I think it could be done here also in my country we can pay bills or credit card bills using our bitcoin wallets just send a support for the support and they will give you details where tou will pay the ampunt dor the bills.

[Ayers]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

if you can use your fiat what is the difference in using your bitcoin? i mean with those fiat you could buy bitcoin instead of using it and with bitcoin you can dump if you need fiat immediately, i see no reason to hold if you need the money is it either bitcoin or fiat

I think it could be done here also in my country we can pay bills or credit card bills using our bitcoin wallets just send a support for the support and they will give you details where tou will pay the ampunt dor the bills.

yeah this is not new, bitbill.eu is a service that you can choose to pay bill, i think there are other like https://billpayforcoins.com/

[rajasumi3]

When the price of bitcoins is going higher and higher,then it would not be profitable to earn bitcoins.
Well i use bitcoins as a investment ,as i earn bitcoins through signature campaign and sell it as soon as the price of bitcoins goes up and enjoy it to the fullest.
 

[bitbunnny]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

It could raise but it could fall also. I wouldn't be so against paying for bills in Bitcoins because the higher the price, the less coins you need for paying the bill so at the end you might be even in better position. And the amount you have spent for paying bills you could replace by trading and investing.

[Zadicar]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

Yep,its not ideal to use actively your bitcoin on just paying up the bills on your credit card instead of using bitcoin better use the old ways which is fiat because its very ideal to save up bitcoin than spending it too much because same as you said price is very unstable which means it would possibly grow or go down.If the price would go up then bitcoin is really a good investment but we should still remember the risk on having it. Its a good news by the way which they are already accepting bitcoin.

[BitcoinPanther]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

As long as not all bitcoin are mined price never become stable. Bitcoin was designed to be deflationary cryptocurrency,
and behavior of holders who refuse to spend even 1 satoshi, because they are afraid that some day 1 Satoshi will be equal $1 is making this situation even worse.

One clear-headed advice - if you earned your BTC today then it is probably fine to convert it to fiat. Don't feel robbed.
Because this feeling, that - 'I can get more for my BTC in the future' - will be the same as long as bitcoin will exist.

I agree, especially if the main source of income is from a job that pays BTC,  converting it to fiat for the daily needs is certainly fine.  Besides, where would the person get his fiat if his job payment is all Bitcoin?  So I guess paying bills etc. with Bitcoin is fine as long as we save part of our Bitcoin to make sure that we won't be left out when price of it goes to the moon.

[Chris!]

This is good to know about. I'll be looking into their fees though. I don't need to get gouged when I'm the one offering a superior currency . Sometimes I buy things that I know I'll need to sell bitcoins to pay for so it gives me a buffer to put it on a credit card. I do much prefer hanging onto my bitcoins though as others have said because I've seen a 500% rise on my initial investment. Not bad in my books.

[avikz]

YesToBitcoins, a startup owned by French Canadian company Ideas on That Inc. that was launched back in June 2014 offers a service that allows Canadians to pay their credit card bills using bitcoin. In 2015, it’s business model was analyzed for over a month by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC), which concluded the company could continue to offer the service under present Canadian legislation.

Would you pay your credit card bills with Bitcoin?

That is a good news that FINTRAC allowed the company to continue their service under the currency legislative structure of CANADA. However, I doubt how much popularity it will gain. Bitcoin is considered as an investment to many and these set of people will never use the service of this company to pay the Credit card bill.

However, if anyone is earning bitcoin for fun and experience, then probably that person will use bitcoin for daily expenditure and bill payment. But those who are looking for a long term investment, they will not be using this service.

[Catmony]

I would prefer to pay my credit card bills with fiat rather than with bitcoin. When you compare what you can earn by simply holding a bitcoin for a year with what you have to pay to your bank for a year long loan. You can see a huge margin, i will be happy to pay interest for those credit card loans with whatever profit i will make in a year.  

However this is good news to attract few new people towards bitcoin.

[Wesimon]

If we take in consideration that bitcoin price is not stable and could raise more over the years? I wouldn't use it to buy or pay for anything honestly. I rather continue to use it as an investment and use fiat for paying bills etc. When the price become more stable at some point, that would be another story of course.

As long as not all bitcoin are mined price never become stable. Bitcoin was designed to be deflationary cryptocurrency,
and behavior of holders who refuse to spend even 1 satoshi, because they are afraid that some day 1 Satoshi will be equal $1 is making this situation even worse.

One clear-headed advice - if you earned your BTC today then it is probably fine to convert it to fiat. Don't feel robbed.
Because this feeling, that - 'I can get more for my BTC in the future' - will be the same as long as bitcoin will exist.

So are you saying that if all bitcoins are mined, the 21 million bitcoins, then bitcoin's price will stabilized? I ought to disagree. If that happens then we will have a fixed supply but the demand will increase over time. So bitcoin's value will still fluctuate. Bitcoin price stability is not in the picture. Well I do not know either in what situation will stabilize.

[SvenBomvolen]

I like this idea to pay bills on my card by bitcoins. But in the case if it asks some higher fees than ordinary withdrawing I would prefer this "classic" way.