A New Way to Obtain Bitcoin

apps17 Jan 2014 / Energy And Capital – If you’re like us, you’re watching with fascination as Bitcoin slowly works its way into all parts of the American economy. You can do something as simple as buy housewares on Overstock.com with it, or you can do something unusual like book a flight on Virgin Galactic with it. On Thursday, the Sacramento Kings became the first professional sports franchise to accept Bitcoin.

Clearly, businesses of all types are willing to accept the hot new currency.

Pretty soon, companies will even start paying their employees with Bitcoin.

Up to this point, there hasn’t been a cohesive solution for employers to do so. But this week, BitPay, the virtual payment processor that made that famous Tesla S Bitcoin purchase possible, has released its Bitcoin Payroll API.  The interface allows companies to integrate Bitcoin transactions into their payroll systems, and distribute the famous cryptocurrency in a way anyone can understand.

Currently only in beta testing in Georgia, South Carolina and “licensed payroll providers nationwide,” the Bitcoin Payroll API lets employers aggregate employee Bitcoin requests, transmit that batch to BitPay, and fund the batch either on or before the effective date.

There are two major things that make this an important development. First, it completes the Bitcoin puzzle for use by merchants and online retailers. With a payroll API, BitPay now offers a back to front solution for merchants to utilize Bitcoin that includes retail sales, e-commerce, billing, and payroll.

Secondly, and perhaps the most importantly of all, it means people won’t have to do anything unusual to obtain Bitcoin. No longer will people confusedly punch in “How to obtain Bitcoin” into Google. This very question, and ones similar to it saw a huge spike in searches last November when the value of Bitcoin was skyrocketing.

The answer will soon be simple: You earn them at work….. Read more


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