New Feature: Bitcoin Reimbursement!

Ryan Schaffer —  March 27, 2013 — 19 Comments

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Maybe you’ve heard of Bitcoin recently in the media. It’s quickly gaining popularity and we believe we are the most mainstream company to implement it with an actual business implication. We’ve hinted that it’s coming, but today we are excited to announce Expensify has added Bitcoin as a reimbursement option for your expense reports. Fans of digital, decentralized, crypto-currencies rejoice!

We see Bitcoin as more than just a gimmick. It is a great solution to a real world problem facing businesses today – international reimbursement. We think this is a big deal. Previously, our US companies with international employees or contractors were incurring currency conversion or wire transfer fees to the tune of 4% in some cases. To this end, Bitcoin is a great tool for minimizing the cost of reimbursing companies outside of the US. As a plus, transfers are secure and instant – no more waiting multiple business days for your ACH to clear!

We’ve set up our Bitcoin help page to walk you through getting set up with Bitcoin. If you have any questions about Bitcoin reimbursement or Expensify in general, please don’t hesitate to contact us at help@expensify.com. You can view the press release here: http://prn.to/11MzPwj.

Ryan Schaffer

Posts

Expensify Marketing Team Lead

19 responses to New Feature: Bitcoin Reimbursement!

  1. 

    Except it isn’t going to work. Companies trying to use Bitcoin to send money overseas will have to get money into an exchange and buy some Bitcoin first. Getting money into an exchange can cost money, especially if you don’t want to wait for an ACH. Then, the company at the other end has to go to a Bitcoin exchange in their country and pay fees to get their money out.

    The concept of Bitcoin international transfers would work better if the Bitcoin economy was big enough that you didn’t need to convert to local currency anywhere in the world.

  2. 

    Expensify is one of the first outfits on the periphery of fiat money universe looking to connect Bitcoin users to the real world. There wil be more companies trying to make Bitcoin “backward compatible” with the massive fiat money inftrastructure. Thousands of these small companies will allow the Bitcoin network to grow like a tumor and eventually replace the current, outmoded exchange media. I can already imagine going into some grocery store to buy a bag of peanuts, and on the way out simply waving my smartphone at the cashier machine, instantly paying in micro-Bitcoins instead of U.S. dollars!

  3. 

    Actually, the cost to exchange on both ends is still far less than the cost to transfer with Paypal or other options. Though I agree it works even better as the Bitcoin economy itself grows.

  4. 

    Expensify is one of the first outfits on the periphery of fiat money universe looking to connect Bitcoin users to the real world. There wil be more companies trying to make Bitcoin “backward compatible” with the massive fiat money inftrastructure. Thousands of these companies will allow the Bitcoin network to grow like a tumor and eventually replace the current, outmoded exchange media. I can already imagine going into some grocery store to buy a bag of peanuts, and on the way out simply waving my smartphone at the cashier machine, instantly paying in micro-Bitcoins instead of U.S. dollars!

  5. 

    Since bitcoin is not controlled and anyone can trade, the spreads in the market will be very small and exchange into other currencies will be fast and cost-less. Easy to sea modern peer to peer matkerts and financial services that will charge close to zero so they can take advantage of network effects and promote massive markets. If the transfer and exchange where regulated by governments and controled by traditional financial institutions then they would eliminate competition and bitcoin would be pointless.

  6. 

    You can place a sell order and name the price that you want.
    The block forming part of a longer chain is
    taken to bbe the authentic one. Transaction fees can be charged depending on the service provider you choose.

Trackbacks and Pingbacks:

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