Did you know you can be paid by your employer in the cryptocurrency of your choice? With Bitwage, Uphold’s API partner, you can!
At Uphold, we’re proud to partner with innovators who are making cryptocurrency accessible to the masses! Bitwage is a company dedicated to giving you the opportunity to be paid in bitcoin and other cryptocurrencies. Using Bitwage, you can receive wages and income from your employer via direct deposit that automatically converts the money into cryptocurrency.
This handy guide will give you more information about Bitwage and how to use it with Uphold to receive your paycheck in BTC, DASH and more.
What Is Bitwage?: Crypto-denominated Direct Deposit
Bitwage was founded in 2014 with the mission of helping you avoid the trouble of manually converting your earnings into crypto every time you get paid.
The California based start-up partnered with Uphold to set-up direct deposit so that you can split your paycheck between various forms of currency (both crypto and fiat).
You determine the percentage of your paycheck that will be allocated to cryptocurrencies and convert into the currency you choose and apply the market rate at the time of conversion (minus applicable fees). Your cryptocurrency holdings are then transferred to your Uphold account.
This feature is accessible to anyone with a verified Uphold account!
Enabling Bitwage for Payroll on Uphold: A Step-by-Step Guide
If you’re ready to start getting paid in crypto, follow the directions in this step-by-step guide. First, you will need to set up direct deposit on Bitwage. Then you will connect with your Uphold account, so the part of your paycheck you choose to receive in cryptocurrencies is deposited in your digital wallet.
Setting Up Bitwage Direct Deposit
To get started, make sure you sign up for BitWage following the quick and easy instructions on the Bitwage website.
Once your Bitwage account is approved for direct deposit, log in to worker.bitwage.com.
After you log in, check to see you have the correct view by looking at the top right hand corner. You should see your name and Direct Deposit.
Now select “Contracts” at the top of your screen. Click “+Contract” and you’ll be able to add information about your current employer and payroll provider. Don’t forget to press “Save” after you enter the info.
(Note: If you don’t know your company’s payroll provider or bank, you can just enter your company’s information again in the payroll provider section.)
Next, you will need to click the contract to review it. Press Get Bank Details and then fill in the amount of earnings you want to receive via Bitwage. We recommend doing fixed numeric amounts rather than an actual percentage. You can also send your entire paycheck to your Bitwage account and then divide your money between fiat currency and cryptocurrency on Bitwage.
In the contract field, you will also submit an employment contract or pay stubs to confirm your paycheck is accurate.
Once you have set up your Bitwage account to receive direct deposit, you will still need to complete a direct deposit form with your employer including instructions to send a certain amount or percentage of your paycheck to Bitwage.
Connect with Your Uphold Account
Using Uphold Connect, Bitwage users can save their paycheck in their Uphold digital wallet. Here’s how it works:
- On your Bitwage account, connect your Uphold account under Profiles & Accounts. Then click Distributions which will be at the top of your screen. This is where you will select Uphold as the location where you will receive your paycheck.
- Press “+ Distribution” to and then select Digital Currency to add your Uphold Account for any of cryptocurrencies in which you will be receiving payment from your employer. Currently, you can get your paycheck in Bitcoin, ETH, and Dash with this connection. Make sure you add cards for the cryptocurrencies you will be receiving to your Uphold Card.
- If you want to be paid in bitcoin, add a Bitcoin Card to your Uphold account. If you prefer dash, add a Dash Card to your Uphold account, or you can add an Ethereum Card and you’ll have all three!
You’re Ready to Go!
Now you’re ready to receive your paycheck in cryptocurrencies, without even having to let your employer know you’re being paid in crypto! If you want to find out additional details on how Bitwage’s direct deposit service operates, click here.