expensify

Today, Expensify – software provider that makes, “expense reports that don’t suck” –  announced that they will now support Bitcoin (BTC) as a reimbursement option. David Barrett, Expensify’s CEO, told us in an email that this is no gimmick or a means of promotion. Rather, “Bitcoin is an amazing technology for international money transfer, which is a very real pain point for international contractors. With Coinlab and Silicon Valley Bank recently taking over the USD market, I’m convinced it’s here to stay — and will play an increasing role for legitimate international business.” As Bitcoin is being increasingly viewed as a legitimate and safe means of exchange, it makes a lot of sense that services like Expensify fold in support for the digital currency.

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What is Bitcoin? Bitcoin is a nearly infinitely divisible, decentralized digital currency. Bitcoin  transfers are insanely secure, by the standards of traditional currency transfers, and are practically free, with only a transfer fee of 0.0005 BTC per 1000 exchanged. By being nearly infinitely divisible, and with there being a hard-limit on the total number of Bitcoins to ever be created, it is by its very nature a deflationary currency.

How are Bitcoins created/mined? Rather than piecing together my wholly incomplete understanding of the production/mining of Bitcoin, here are some good links:

As mainstream companies such as Expensify, and large banks are beginning to adopt Bitcoin as a means of exchange, the digital currency’s future looks bright. While there are many skeptics out there, Bitcoin appears to have a solid foothold in the digital economy, and the broader economy as a whole. The utility of the currency can not be overstated. You can quickly and easily transfer Bitcoins to the other side of the world, with a maximum possible transfer fee of 0.0005 BTC.

Expensify is on Facebook and @expensify