Can I pay my providers in Cryptocurrency?
We’ve received several questions that can be summarized as, “Can I pay my Ourglass providers in cryptocurrency?”. Given COVID-19 upending the world’s economy, it’s a valid question to say the least. We’ve seen ups and downs of cryptocurrencies’ valuations over many years. Now with the uncertainty of the US economy and all other US dollar-dependent economies, bitcoin is on the rise yet again. The direct answer to this cryptocurrency-meets-Ourglass question is that Ourglass currently does not have any specific integrations to process cryptocurrency transactions.
However, there are some creative ways to use Ourglass with cryptocurrency.
First, some context: cryptocurrency was originally designed to make improvements in transaction dependability, availability, and speed through technology and decentralization. The single biggest challenge in the adoption of crypto in everyday transactions is the limited businesses who accept crypto directly. As a new business, we too face this challenge because our core competency is improving paid video calls for people; innovation within banking is not our core focus. Fortunately, for the crypto-curious, there are debit cards that allow cryptocurrency to be exchanged for fiat currency at point of sale. Let’s take a look at some of the best ones we’ve found:
Wirex is a U.K.-based company established in 2014. They offer a multi-currency Visa card that supports conversion from several major cryptos available for use by their 30+ million customers in 130+ different countries. One of the great perks of the card is it gives users a 0.5% BTC reward on all in-store purchases through its Cryptoback Program. In addition to that, the card also has its own built-in utility token (WXT). For users who hold more than 500,000 WXT tokens, the Cryptoback rewards are increased to 1.5% BTC. So utilizing this card with Ourglass comes with benefits and is best suited for clients outside of the USA as the card is not yet available domestically.
Our runner up is one of the longest running crypto card services, Plutus. This London startup began in 2015 and has its own loyalty token (PLU) which is awarded to users every time you use their debit card. Currently the only cryptocurrencies available are Etherium ETH and their own PLU token. The card can have funds added by way of GBP or EUR as it is only available in Europe. Usable outside in almost 200 countries, they also have a virtual bank account available in the European Economic Area for free.
Bitpayis arguably the best option for U.S. residents. In fact, it is exclusive to U.S. citizens. The card costs $9.95 and funds can be added using eight fiat currencies from the Bitpay wallet. From there the card can conveniently be used anywhere that accepts Visa. Bitpay’s currency conversion fee is 3% of each transaction. Other less frequently applicable fees & limitations include $3 every time you use an ATM outside the U.S, daily transaction limits of $10,000, and $1,500 per day & $5,000 per month withdrawal ceilings.
These cryptocurrency debit cards are bridges to using Ourglass with crypto that ensure Ourglass clients can operate in the fiat currency of their choice. Given that the cryptocurrency usage continues to increase over time, we do foresee Ourglass working directly with cryptocurrencies, but for now we are focusing on helping people make more money in less time via paid video calls. For an extended list of potential crypto debit cards that might suit your needs, please check out [ Cryptowisser: Cryptocurrency Debit Card List ].