As the hype surrounding Bitcoin continues to increase, one Leeds-based company is leading the way by offering to pay members of its global workforce in the cryptocurrency.
This makes managing international payments to so many countries a rather difficult task.
As worldwide awareness of the rising value and potential applications of cryptocurrencies like Bitcoin continues to increase, it seems likely that more companies may offer to pay overseas workers in Bitcoin to avoid the fees associated with traditional banking.
He said: “As the connected global workplace evolves, new tools and technologies like Bitcoin are being created to provide people with greater individual control over resources including finance.
“We believe that cryptocurrency payments will have real benefits for the members of our global network and we expect to see developments in Blockchain technology having a profound effect on our industry in the near future.”
From the point of view of international beneficiaries, receiving payments in Bitcoin comes with far lower processing fees and much quicker receipt of payment than traditional banking methods.
Whilst the legislation surrounding cryptocurrencies is still unclear in many countries, Bitcoin and others including Ethereum and Monero are gaining in popularity all over the world.
Contrary to popular belief, payments made in Bitcoin are not anonymous and the funds can be exchanged for material goods, with everything from sushi to properties now being offered with a Bitcoin price.
Despite not being expected to replace traditional currencies, there is no escaping the phenomenal growth of cryptocurrencies and Blockchain.