Payroll for the Un-Banked
Many of my friends do not trust putting there money in the bank. Banks also have the ability to garnish fees when they want to from your account. And this is not good. Moving over to the unbanked.
Life is not easy without having a bank account or credit card. You also pay fees to cash your checks. Welcome to Bitwage. Bitwage allows you to create a Direct deposit account that converts to bitcoin and puts the converted bitcoin into your wallet. So this is cool. The account is protected with 2 step authentication and allows you to generate reports of you transactions. They provide you a direct deposit account number that you setup with your employer to send either all or a percentage of your paycheck to. When you are payed, Bitwage will convert your money to bitcoin and send it to your wallet. The bad part of this is you generally do not get the best rates. So I figure this is where they are making there money. I find that you will get a rate at about 10.00 more then the current rate of bitcoin. But then again this is Bitcoin and often times by the next day you have surpassed that 10.00. Overall It is pretty cool. I have been using the service for about a year without any problems. For someone unbanked this is awesome. I use it in connection with Coinbase and Shift payment this way you can pay for what you want using your shift debit/credit card.
