Reimburse Reports with Bitcoin
Introduction to Bitcoin
Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. It uses peer-to-peer technology to operate without a central authority. It depends on the same cryptography that secures websites to ensure the validity of the currency and payments.
Before sending or receiving Bitcoins, you will need to establish a Bitcoin wallet. The wallet, either stored locally on your computer or on a website, will have an address assigned to it that you will use to send or receive Bitcoins.
- We Use Coins – An introductory video and website
- Bitcoin Wiki – Detailed information on many topics
- Bitcoin.org – Development website
- Transferring money into Bitcoins is like transferring money into a foreign currency. As with any other currency, the value of Bitcoins may increase or decrease in value relative to your original currency.
- Reimbursements with Bitcoin are made directly from the reimburser to the submitter. Expensify is not a party to the transaction, and a Bitcoin reimbursement cannot be canceled or reversed once initiated.
Getting Reimbursed With Bitcoin
Once you’ve set up your Bitcoin wallet, you’re ready to receive Bitcoin reimbursements. When submitting reports, you have the option to request Bitcoin reimbursement.
If this box is checked, you will be asked to enter your Bitcoin address. You can have this box be pre-filled with a default Bitcoin address by going to Settings > Reimbursement.
If you don’t check the “Request Bitcoin reimbursement” box and your employer tries to reimburse an expense report with Bitcoin you will receive an email asking you to enter a Bitcoin address. This email will include a link to enter this address. To convert Bitcoin you have received to another currency, see the Exchanging Bitcoin section below.
Reimbursing Reports With Bitcoin
Before reimbursing reports, you will need Bitcoins in your wallet. To purchase Bitcoin with other currency, see the Exchanging Bitcoin section below.
- Once the report is final approved, click Reimburse > Via Bitcoin.
- If the submitter has not added a Bitcoin address to the report, you will see the option to send them an email notification requesting that they do so. After they add the address, you can continue from Step 3.
- If the submitter has already added a Bitcoin address to the report, you will see a dialog presenting the amount of Bitcoins to send (calculated at the current exchange rates) and the address to send to.
- After reimbursing the report, click the “Mark as reimbursed.” button. This will change the report state to reimbursed, and includes the Bitcoin address and amount sent.
Exchanging Bitcoin To and From Other Currency
The easiest and most common way to buy Bitcoins is to go through the largest Bitcoin currency exchange, Mt.Gox. After creating your account at mtgox.com, you’ll need to fund your account. Funds can be transferred via bank wire, via Dwolla (an internet payment system similar to PayPal), via direct payment using BitInstant, and other services. For additional information, please refer to the documentation provided by these services.
Any bank set up to do international wire transfers can fund a Mt.Gox account. This is also the most expensive option.
Dwolla requires some additional personal verification of your mtgox.com account before you can use it to transfer funds to the exchange, but is much cheaper than paying wire transfer fees.
BitInstant partners with retailers all over the country to provide local purchase of BitCoin coupons that can be used to add funds to your Mt. Gox exchange account.