Is Getting Paid in Bitcoin the Next Big Thing for Canadian Startups?

paidinbitcoin15 Aug 2014 / Tech Vibes – The bitcoin landscape is evolving so rapidly these days it’s hard to keep up.

That said, despite some bumps in the road, the winds of change are certainly blowing in a positive direction for the digital currency.

World leader in currency news Coindesk’s recently published “State of Bitcoin Q2 2014” reveals a dramatic uptick in consumer adoption, with a 7X rise in the number of bitcoin wallets held, from 765,000 in June 2013 to 5.3 million in June 2014. In addition, Coindesk reports some 63,000 businesses are now reported to accept the currency, with established brands such as Dish and Expedia announcing their willingness to accept payment in bitcoin.

It is inevitable, then, that employers and their employees turn their thoughts and attention to the potentials for the currency. Bitcoin-based job sites such as Coinality are experiencing a 25 percent increase in site traffic from job seekers looking to apply for roles paid in bitcoin. For instance, in April of this year, an Irish electronics repair firm called GSM Solutions announced it would begin paying five of its employees partly in bitcoin.

Technology startups in Canada are also giving the concept serious consideration. Bitcoin as a payment option has garnered “surprising” acceptance, says Shrad Rao, founder and CEO of Wagepoint, a Waterloo-based provider of online payroll and the first payroll provider in the world to offer a bitcoin payment option. The feature, which is available to customers today within the Wagepoint application, started out as an experimental hack, explains Rao.

“Like others in the tech community we were attracted to the whole idea of a virtual currency, but honestly we didn’t think it would gain the traction it has,” admits Rao. “Adding bitcoin payment started as a fun side project for our team, but has taken off with customers.  Our small business clients—many startups themselves—share our passion for bitcoin and are loving the option.”….. Read more


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