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0 sats \ 3 replies \ @gunson 13 Aug 2023 \ on: I bet you did not know these things about Bitwage bitcoin
Hey guys - am considering signing up, but a few things I don't understand:
  1. How is this more private than if I get paid into my normal bank, and then DCA with a bitcoin only exchange? (Who I withdraw from manually so I don't have to share my xpub)
  2. "No miner fees", okay, but what are your spreads and fees overall in comparison to me doing DCA and withdrawing to my own wallet?
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0 sats \ 2 replies \ @bitwage OP 13 Aug 2023
Thank you for that question. It is a good one. When you use us, you can receive Bitcoin, and nothing needs to touch your bank account.
In your, I Will Wire Money To Exchange Myself scenario:
  1. your bank knows
  2. third parties linked with the bank know
  3. exchange knows
  4. parties linked to the exchange know
It is clear that by using Bitwage, you get more privacy on top of getting more Bitcoin.
We do not charge miner fees or any fees in that regard (to get it to your wallet). We do have a spread. If you are a USA person, for example, using us vs. your flow, you will end up with more Bitcoin by using us, as our spread should be 1% for Bitcoin in USA scenario.
So you not only get more Bitcoin, but you get to have more privacy. Reach out to: https://twitter.com/Bitwage privately so we see if there are any onboarding gifts or something extra that we could do for you. Would be our pleasure. We could also schedule a call with one of our team members with you, prior signing up, to answer all your questions. We are here, Saturday or Sunday, it does not matter, and we are available for our clients.
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0 sats \ 1 reply \ @SpaceHodler 13 Aug 2023
If you are a USA person, for example, using us vs. your flow, you will end up with more Bitcoin by using us, as our spread should be 1% for Bitcoin in USA scenario.
But how is that more? For example, Kraken charges 0.16% for maker orders and 0.26% for taker orders, so your 1% fee is nearly 4x as much even in the 'impatient', taker case.
Is the 1% spread in addition to the "1% fee for local currency wage distribution*" in the Standard plan?
I'm a bit confused by the FAQ page https://support.bitwage.com/bitwage-exchange-rate-spreads . Under "International Transactions" it says "Additional base spread of 1.00%", which is followed by a table of countries. Is that "additional base spread" in addition to what's in the table? It would be clearer if you had a calculator that showed the total fees and their composition.
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0 sats \ 0 replies \ @bitwage OP 13 Aug 2023
@SpaceHodler Thank you for bringing this up. While there might be exchanges with potentially lower fees, many people prefer mainstream options due to convenience and popularity. Despite varied methods, our service ensures a competitive spread and even covers fees, offering a hassle-free experience.
If you are a USA citizen for example, and you choose to get 100% in Bitcoin, then the spread for you would be around 1%. There will be no other fees on top of that.
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