Crypto Bill Pay Services: Shop Wisely and Watch Out
Bill with crypto
Paying your bills isnt usually a fun experience. You probably handle and pay several recurring bills every month. Since its becoming easier to pay bills with crypto, you may wish to investigate the pros and cons of doing so. Crypto bill pay services come with a wide range of pricing structures, ranging from mild to wild. One service even lays claim to the distinctive title of no fees at all. Heres a brief look at four contestants in the crypto bill pay universe.
Pay Bills with Crypto
Were talking about paying bills here, not necessarily paying for a consumer item at a store or online. For those transactions, any number of crypto-linked debit cards can handle that task for you. In this article, the focus is on whether or not paying your bills with crypto makes financial sense – or not.
Lets say you have to pay for utility, cell phone, cable, internet, property taxes, car and health insurance at the end of a given month. How do you take a portion of your Bitcoin, Ethereum, etc. and use it to pay your monthly bills? There are numerous crypto bill-pay services that can easily handle this for you.
For example, at Coinbills.com you can pay any bill from any company in the USA.
Convenience Comes at a Price
That certainly sounds wonderful, but the fees involved are anything but. Look at the charge for paying your hypothetical $120 electric bill. Its a whopping 15 percent, or $18. So now your electric bill is up to $138. Maybe you want to pay your annual property tax. The tax folks want $2,900, preferably on-time. Coinbills will charge you a 5 percent fee to pay it, thus boosting your effective tax bill to $3,045. Thats a $145 charge, just to pay a bill with Bitcoin.
But if you have a regular bank account or checking account, writing a check or paying the bill online with a debit/credit card might mean few if any fees at all. Even a simple ACH-based bill pay routine at many banks is free, and payments are usually completed within one to three business days.
Litebills.com appears to be a sister company to Coinbills. Here, you can perform the same bill pay function using Litecoin. However, the fees are identical to those charged by Coinbills.
Coinbills fees range from 5 to 15 percent, depending on the size of your bill. Image: You can pay any bill from any company in the US with this service. Image: Coinbill.com website as of December 29, 2018.Fee-Free in the Land Down Under
If youre an Aussie, you can use Living Room of Satoshi(LROS) to cover all of your bills via crypto. According to the LROS website:
There are no separate fees, the calculated exchange amount you see on the homepage is all-inclusive, and is the only amount you ...Read full story on CoinCentral