1. First of all, I think you should tell us what BillPayForCoins is all about.
BillPayforCoins is a service that allows its users to pay any bill using virtual currency. Actually BillPayforCoins’ goal is to make it easier for anyone to pay any bill in the United States.
One of our initial goals is to bring the ability to pay with Bitcoin to over 50,000 Billers. A critical challenge that cryptocurrency has is that it can be difficult to use for everyday needs like paying utilities, rent, credit cards, home, auto & student loans, insurance premium, tuition, fees, fines and taxes. This challenge contributes to slowing the everyday householder’s pace of adoption.
BillPayforCoins does two things: It enables the average householder to use the service to pay bills and provide services that assist users with bill payment. Many of our existing features and scheduled releases facilitate bill payment in ways that we believe will contribute to accelerating virtual currency adoption.
2. It seems like BillPayForCoins has a long history in the bitcoin space. How did you come to where you are today?
Mark and I knew about the BillPayforCoins website and thought it was a great service!
Both Mark and I took a close look at the service and the website and recognized the need for the service and the opportunity to build a world class offering. We wanted to fine tune the model, integrate more automation and forge new relationships that would bring value to customers. We wanted to build something truly unique and meaningful and most importantly trustworthy for our customers. Late last year Mark and I started to lay out a development road map. As we started to release our product ideas, the response was overwhelmingly positive.
3. Could you tell us a little about the new features that people will be able to use in the revamped BillPayForCoins?
Sure, we didn’t simply want to add Bill Payment, we wanted to enable customers to make any everyday activity, that can sometimes feel lonely, become an experience where you realize that there’s support. Today our system accepts Bitcoin, Dogecoin and Litecoin. The last two have been recently added as payment options. We also are working on integration with a number of popular wallets.
In order to give something back, we created a referral program that allows our users to earn unlimited bitcoins for the next few months. Both the referrer and the invitee will be able to earn $3 in bitcoin.
We’re building functionality for mobile and have plans to release that soon.
One of the most exciting features that we are releasing is our payment support option. It can sometimes be difficult to get your hands on all of the cryptocurrencies needed to meet your obligations today. This might be the case for a variety of reasons such as limitations on the exchange, market volatility or having to wait for transactions’ confirmations. Sometimes, you’re just plain short on bitcoin.
The first phase of our payment support release provides our customers with a unique new service: Coin A Friend™ which enables our users to ask a family member, spouse, or friend for help with paying a bill with bitcoin. The user can make the request during a payment session. Each payment is applied to the final balance which subsequently pays the invoice in full.
Our next release will enable our customers to take small 15, 30 or 45 days loans at reasonable rates. We’ve read a lot about how bitcoin can help the average consumers. We think enabling them to pay their bills is a great way to attract users and accelerate Virtual Currency adoption.
We have one more tool that we believe will change the way bills are paid for years to come and will excite the Virtual Currency community but it is still in development so we’ll save that for a later date.
4. Most cryptocurrency users enjoy the simplicity of p2p transactions. With that said, I think that you should give us a hint about what’s the standard procedure someone would have to follow to pay a bill using your services.
Actually it’s quite easy. Once you’ve enrolled and added your billers to pay, the process is not far removed from any other web-based bitcoin transaction. What we mean by this is that the system pops a QR code that your phone can scan, or you can pay via a computer based wallet. Here’s a video:
And this one explains how to use Coin A Friend™:
5. With the cryptocurrency industry growing rapidly, where do you see bitcoin in a few years?
We see wider adoption both within the United States and abroad. Wider adoption cannot be achieved without greater utility. This is exactly what BillPayforCoins is working towards: wider adoption through greater utility.
6. How could someone find out more about BillPayForCoins?
Our website has both a FAQ page as well as a number of video tutorials to watch. We’re also very good about responding to customers e-mails and communicating through the payment process. If our customers have any questions they are welcome to reach out to us.
7. Lastly, is there anything upcoming about BillPayForCoins that our readers may be interested to hear about?
We have several partnerships in the works that will bring new features to our users – unfortunately we cannot go into details but our goal is to make bitcoin as accepted as the dollar in the United States in 2015. For example, we would like to add a tax module to help people track that aspect of the currency, perhaps extending it to businesses for Schedule C and Schedule D generation.