Bitwage, the San Francisco-based company that lets people receive part of their earnings in Bitcoins, has now expanded its portfolio of services as it has partnered with Bitreserve to offer cloud saving services. The company informs that it works pretty simply as here the user delegates a portion of each paycheck to the Bitwage account, and in return he is credited with Bitcoins to any wallet he chooses.
Talking about the launch of the service, Bitwage COO Jonathan Chester said that there are three kinds of customers looking to use Bitwage at the moment. The first are the ones who are just looking to build steadily up Bitcoin, long-term holders. Then, there are those who are looking to take the funds and use them in the short-term; thirdly, there are those who are looking to trade with the funds.
Cloud Savings, according to the company is a way of retaining the users’ value and possible profit via Bitreserve. The way that the new cloud savings product will work is that the user delegates how much in Bitcoins he would like to preserve. This is then held against other assets, and when the user goes to cash out, he gets the amount he expects.
It has come to notice that there are competing services that achieve much of the same goals as Bitreserve; one of them is Coinapult. However, Bitreserve has set itself apart by offering various assets such as gold and oil for the user to invest. Nevertheless, the latest partnership between the two firms is further going to build trust among users.
Easy and Fast Way to Process
Elaborating the partnership Chester also admitted that his company is all about helping people get Bitcoins who might find it difficult or too time-consuming otherwise. He informs that regular working people, that is, who haven’t the time to figure out how to use an exchange or buy Bitcoins, will be benefitting the most from it.
According to Chester they might get a slightly better rate if they were to go that route, but in the end, the savings wouldn’t match the time that Bitwage saves its customers. Nonetheless, Bitwage is a faster and an easier process where users don’t have to go every single time to buy Bitcoins; rather, just get a little bit, over time, just dollar cost averaging in the easiest way possible.
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