What is paybtc?
Simply put, paybtc is a service which allows you to instantly pay bills or pay bank accounts with Bitcoin. As the number of people who hold Bitcoin grow along with its dollar value, people will start to choose to use their Bitcoin savings to pay some of their bills or fiat denominated debt. One of the prevailing narratives of Bitcoin is that you should never spend it or sell it, however logistically for most people this isn’t feasible. Based on the simple principle that most people will need some kind of off-ramp, so we built the fastest and most efficient one in Australia.
As early stage Bitcoiners, one of the big questions that is usually fantasized about is “what will true widespread adoption look like?”. Bitcoin has already begun its creep into the traditional financial world, and this will only pick up momentum as more big names, companies, and even governments start to add it to their balance sheets. The amazing fact about this phenomenon is that it will become a positive feedback cycle where more large names accumulate BTC as it’s mainstream acceptance grows to which others don’t want to miss out. The collective consciousness of large institutions is starting to mirror that of the early adopters, fueling the next wave of ‘Bitcoinisation’.
The adoption of Bitcoin will present an interesting challenge for traditional legacy banking in the fiat world. It is entirely possible that some banks will welcome Bitcoin with open arms (caution advised), and may even slowly migrate to a ‘Bitcoin Bank’ custodial model. On the other hand, many banks will probably still mandate business is done in fiat in a bid to hold face while their entire model crumbles beneath them. In whatever case, the use of Bitcoin to pay for fiat denominated debt, bills, and services will increase as the majority of people migrate into Bitcoin to escape fiat.
When it all comes down to it, holding less fiat is one of our primary motivators as inflation (and hyperinflation) is a cruel process which typically has catastrophic effects on populations before they understand that their wealth is being taken from them at an ever increasing rate. As Bitcoiners we understand the fragility of fiat, and as things ramp up it becomes even more crucial to hold larger reserves of sound money (ie Bitcoin).
How to use paybtc
Linking back to the importance of building an efficient infrastructure around Bitcoin, it is very crucial to us that our user experience is as smooth and easy as possible. After The following 3 step process outlines just how easy it is to use our service:
1 - Enter your payment details.
2 - Confirm your email address.
3 - Send your Bitcoin to the address provided.
Done! Your funds will be in your account in just 1 block confirmation (about 10 minutes).
How to Send Bitcoin
If you are a new user of the Bitcoin network, the process to send your Bitcoin may seem a little strange at first. Rest assured, we have all been there. Most wallets or exchanges have a similar procedure which will become quite easy to remember after the first time. The following steps outline the basic process:
- Locate “send Bitcoin” or something similar, and notice there should be a “recipient address” text field.
- Obtain the address you would like to send to. Bitcoin addresses come in two main forms, being a QR code or a string of random letters and numbers.
- Enter the address and send your Bitcoin. At this stage, you may be presented with a “fee” selection. Fees are paid to the miners in order to help process your Bitcoin transaction, which may be slower or faster depending on the amount paid. Most exchanges have a standard fee.
- Double check your address and send. One of the easiest mistakes that can be made is sending your Bitcoin to the wrong address. Double or triple checking that you are sending to the right address is crucial, as the transaction can not be reversed.
If you would like a little more assistance or help with the process, feel free to send us an email via the “Help” section of our website.
Paybtc consists of 5 core team members with one thing in common: a belief that Bitcoin will change the world for the better. All of us have fallen down the rabbit hole, but still have varying degrees of expertease/time in the Bitcoin space. We have all been beginners at one point, so there is a shared passion between us to help and assist people on their individual Bitcoin journeys.
One of the main traits that we pride ourselves on is the feedback we receive about our responsiveness and quality of our customer service. No matter what the enquiry is, we are here to assist in helping our customers. Whether you are a Bitcoin veteran or just beginning your journey, we are more than happy to assist. The beauty of the Bitcoin system is that as the number of users grows and becomes more involved, the entire network inherently also becomes more robust and attractive for more people to join.