FREQUENTLY ASKED QUESTIONS

The links below lead to a list of frequently asked questions around the Get Paid In Bitcoin service.

If you find that your particular question isn’t answered below, please use the contact page to get in touch.

General | Fees | Security & privacy | Deposits | Employer | Dashboard

 

GENERAL QUESTIONS

 

Are there any tax implications of receiving some of my wage in bitcoin?

Our system utilises after tax pay. Our advise is that there are no tax implications for your employer or yourself by opting to receive some of your wages in bitcoin or one of the other cryptocurrencies.

Can I salary sacrifice?

This may be an option but it would raise some additional tax implications. We recommend using the system as designed with after tax income.

Can I change the amount I get paid in bitcoin?

Easy, just login into the GPIB Dashboard and update the amount that you would like to get paid in bitcoin.

We will then email you a new pay instruction sheet to send to your pay office.

is my bitcoin pay private?

We respect your privacy and collect as little information as possible. All we need is the name of your employer, a bitcoin address and a dollar amount of bitcoin you would like to receive each payday.

What is a Bitcoin Wallet?

A bitcoin wallet is a program that runs on your phone or computer. This app contains your bitcoin wallet and addresses.

There are numerous crypto wallets online and in your phones App Store. We recommend selecting one with good reviews and a high star rating.

What happens if I lose my Bitcoin Wallet Password?

Cryptocurrency requires you to be responsible for your internet and password security. Please keep your passwords and crypto wallet access information secret and secure.

Can we use this service to send funds to our children?

We encourage people to use this facility for personal use only. Once you receive the bitcoin is is very straightforward to send that money to whom ever you wish.

 

FEES QUESTIONS

Why is there a dollar fee?

We think a fixed fee of $1 is the simplest fee structure we can use for full transparancy.

What exchange rate do I get if my payment is delayed?

You will receive the published exchange rate for the day that your cleared funds are received in our bank account.

When is the exchange rate calculated?

The exchange from dollars to bitcoin is done daily at the market price.

What happens if the bitcoin price suddenly drops?

All deposited pays are processed in bulk and at the same time.

The prevailing bitcoin price at that time is used.

A lower price simply means that you will receive more bitcoin.

 

SECURITY AND PRIVACY QUESTIONS

Can I make my bitcoin pay more private?

We will soon be implementing HD support for our bitcoin pay.

Simply provide GPIB with a seed, and we will generate a new public key each week to send bitcoin to.

Account Information Security

You should keep all of your account information received from GPIB to yourself and your employer.

This will ensure that all your transactions remain private.

Compromised account?

If you think that someone is trying to use your account details, notify us, and we can setup a new account.

Suspicious transactions?

Any transactions that go through your account are deemed to have been made by you.

We will report any suspicious transactions to the relevant authorities.

Registration problems

In order for the ‘Registration’ process to work properly, you must enable cookies on your browser.

 

DEPOSITS QUESTIONS

What are your deposit limits?

Our maximum deposit is currently $1,000.

This will increase over time.

We recommend not making deposits for small amounts, as there is a $1 fixed fee on ALL deposits regardless of amount.

Can I salary sacrifice?

You would need to talk to your pay office about specific information like this.

Can I change the amount I get paid in bitcoin?

Easy, just login into the GPIB Dashboard and update the amount that you would like to get paid in bitcoin.

We will then email you a new pay instruction sheet to send to your pay office.

Can we use this service to send funds to our children?

We encourage people to use this facility for personal use only.

Can my friends use my account?

We encourage people to use this facility for personal use only.

I am self employed. Can I still use your service?

Yes, register with us and we will send you specific instructions to use with your business bank account.

When do I get the Bitcoin?

On the day that cleared funds appear in our bank account, we process all cash deposits into Bitcoin.

The bitcoin are then remitted to the individuals designated bitcoin address.

Do you exchange bitcoin into Australian Dollars?

No. Our service is exclusively for exchanging a portion of your dollar pay into bitcoin.

When will my pay get to your Get Paid In Bitcoin bank account?

Depending on the bank that your employer uses, your pay may be received on the same day.

Otherwise it will be generally be received within 1 to 3 business days.

As we process all daily transactions at the same exchange rate. We process all deposits in a batch at the beginning of each day and immediately send the funds out to our clients bitcoin addresses.

Multiple bitcoin pay addresses

GPIB can split the bitcoin portion of your pay into several different bitcoin addresses.

Just add extra addresses in our portal and the percentage of your bitcoin pay you would like sent to that address.

Banking Partner

Our banking provider is ING Direct

 

EMPLOYER QUESTIONS

What happens if I change job?

Easy. Login to your GPIB dashboard and update your details with your new employers details.

We will then email you the new payment instructions to give to your pay office.

 

DASHBOARD QUESTIONS

Bitcoin Address

This is your own personal bitcoin address. This is the address where we will send your bitcoin pay.

What does Percentage relate to?

At GPIB we realise you may want to utilise bitcoin for several things such as spending money, savings etc.

We therefore allow you to split the bitcoin portion of your pay between several bitcoin addresses. The percentage allocation to each address can then be specified.

Percentage examples

Bob has two bitcoin addresses. One on his phone for daily spending and a cold wallet for savings. Bob has the percentages split 60% and 40%.

What is ‘Typical Deposit Amount’?

This is your choice. It is the dollar value that you would like converted into bitcoin from your after tax pay. i.e. Every week I receive $1,000 in nett pay. I would like to receive $100 of that in bitcoin. $100 is my ‘Typical Deposit Amount’.

What is ‘Percent’?

At GPIB we realise you may want to have the bitcoin portion of your pay split up several ways.

If you have two addresses entered in the dashboard, you may want to split the bitcoin 50/50 or 80/20.

What information is required?

We collect the minimal amount of information to enable our systems to be able to identify your pay.

This includes your name, bitcoin address and employers name.