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Most major companies don’t accept bitcoin, and even though there are now startups that help bitcoiners spend their coins in popular marketplaces such as Amazon, living on bitcoin is still a huge challenge. Companies such as Uber and Netflix didn’t yet embrace bitcoin and the advantages it brings to the table and, as such, other payment methods are required.
If someone wants to pay the bills using the cryptocurrency, for example, that person is out of luck as in most cases there is no way to do so – even though bitcoin is slowly taking over the world. Bitcoiners are, as such, forced to use centralized, less secure fiat currencies.
In Canada, however, things are different, as YesToBitcoins, a startup owned by French Canadian company Ideas on That Inc. that was launched back in June 2014 offers a service that allows Canadians to pay their credit card bills using bitcoin. Darwin Ramon, YesToBitcoins.com’s founder, said the idea came from wondering why he was unable to pay for his own credit card bills using bitcoin.
The company started off allowing Canadians to purchase gift cards from leading retailers such as Zara and Starbucks using bitcoin, but soon evolved into a more sophisticated service that gives users the option to pay for their credit card bills using bitcoin.
In 2015, when the company first launched credit card payments, it’s business model was analyzed for over a month by the Financial Transactions and Report Analysis Centre of Canada (FINTRAC), which concluded the company could continue to offer the service under present Canadian legislation.
Helping Bitcoin Grow
In order to use the service, all users have to do is select a specific credit card brand – Visa, MasterCard or American Express – and specify the amount to be paid, as well as some information that will help secure the transaction.
YesToBitcoins works with Bitpay to process bitcoin payments, and with a Canadian bank to take care of credit card payments.
The company’s ultimate goal is to provide Canadians with tools that will simplify the use of bitcoin in their daily lives, effectively helping the cryptocurrency gain acceptance in the country. As Darwin Ramon puts it:
“If bitcoins can be spent, bitcoins are useful. It is my goal to facilitate the inclusion of bitcoin in the established economy.”
Facilitating the use of bitcoin is a task that will help the cryptocurrency grow in popularity. If you are interested in using the service, or if you want to support the company and help bitcoin gain wider acceptance, find out more at YesToBitcoins.com.
Featured image from Shutterstock.