(NewsBTC) Bitwage Announces Payment-verified Reputation System
JP BUNTINX | SEPTEMBER 23, 2016 | 1:00 PM
Bitwage continues to make a name for itself in the payroll business. The company has announced the launch of their new “My Employment” feature. This new offering lets users create a payment-verified professional profile, and creates a reputation system for Bitwage users. This should help freelancers and other remote workers increase their [international] client base.
For a lot of people, the Bitwage service is a solution to a lingering problem. Getting paid, especially when contacted by someone over the internet, is not an easy feat. A lot of workers deal with delayed payments, or they end up losing a lot of money due to intermediary fees. Using Bitcoin for this type of business is a no-brainer, and Bitwage has been merging the two worlds since July of 2014.
While the company makes it a lot easier for workers to receive payments at cheaper rates, it did not solve a bigger problem. A lot of freelance workers struggle to find new clients to work for. Since none of the existing Bitcoin-oriented platforms offers a viable reputation system for paid work, Bitwage has come up with a solution.
The Bitwage “My Employment” Feature
The “My Employment” feature lets users set up a reputation based payment account. Companies and entrepreneurs looking for freelancers will see if users have been paid successfully in the past for completing specific tasks. Moreover, this new platform will show potential clients payment-verified information of the worker. Since Bitcoin is used as a payment method, that information is logged on the immutable Bitcoin blockchain.
There are two different types of reputation systems in the world.Review-based reputation does not tell the entire story, as it is easy to manipulate these records. Payment-verified reputation, however, is impossible to manipulate, as money has to be sent before reputation is earned.
What is rather intriguing is how existing Bitwage users can leverage their previous payment history as reputation. Their profiles can also list past employers, and the amounts of money they have been paid in the past. All of this information can be made as public or private as the user wants, though.
Users will be given access to their own personal URL which contains all of the relevant information. Public profiles will be listed on a dedicated page, which is accessible to the public. Employers can directly contact workers and offer them a new job through this new system.
More Payment Options For Several Countries
But there is more good news, as Bitwage also announced additional payment outputs. Local currency payouts are coming to the US, Europe, India, Vietnam, and Argentina. Moreover, they no longer have to sign up for the platform’s invoicing solution to receive these native payments. A very exciting development which will put this Bitcoin company on the global radar.
The company has also hit a new milestone where payment processing is concerned. In September of 2015, Bitwage had processed over US$1m in payroll transactions. Fast forward to today and the growth is spectacular. The company processed US$1m worth of transactions in August alone, which goes to show there is a huge demand for their services.
Full article available here.