- Bitrefill has added an option to pay bills in cryptocurrency to its platform
- Cryptocurrency holders can pay the value of the bill to Bitrefill and the company will pay the bill itself
- The new service means that digital nomads can pay their way without needing to involve a bank
Bitrefill has added the option to pay 20,000 different kinds of household bills in cryptocurrencies without having to involve their bank to its platform. The new service allows U.S. customers to pay any bill or other expense in over 50 cryptocurrencies, including BTC, ETH, DOGE, and USDT, to hundreds of service providers that cover everyday necessities. The service removes the need for those who get paid in cryptocurrencies to withdraw funds to their bank every month to pay their bills – instead, they send Bitrefill enough crypto to cover the bill and Bitrefill pays it. The new service is great news for those who get paid in cryptocurrencies, but it puts pressure on new companies in the same sector, such as Metamouse, whose entire premise is based on this concept.
Today we announce one big step towards truly living on crypto.
— Bitrefill (@bitrefill) April 28, 2022
Digital Nomads Rejoice
The digital nomad lifestyle has birthed a generation of people who are paid in the cryptocurrencies in which the projects they work for have raised funds. In order to pay their bills, these individuals must send their payments to an exchange, swap it for their local currency, then withdraw it to their bank account.
Not only is this process time consuming, banks are also famously fickle when it comes to accepting withdrawals from cryptocurrency exchanges, meaning that this option may be withdrawn without notice, leaving these individuals in a difficult position when it comes to paying their bills.
Bitrefill Bridges an Important Gap
The ability to pay bills through a service such as Bitrefill therefore takes the middleman out of the equation, meaning that cryptocurrency recipients are not reliant on the compliance of their banks to pay their bills. This new service will be launched in collaboration with a regulated financial partner and will require users to have an ID-verified account with a US residency, meaning that those who want to make use of it will have to undergo KYC.
Bitrefill initially launched its bill paying service in El Salvador where it says it has seen bill paying volume in the country increase at a “jaw dropping” 100%-200% per month, each and every month, since the Bitcoin law was launched last September. It expects a similar level of popularity in the U.S., where it has asked interested parties to add their names to a waitlist, which opens today.