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~2.76%
Spread
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Name | Paid by Coins Cryptocurrency Bill Payment Platform |
---|---|
Spread | ~2.76% |
Platform fees | Spreads dynamically calculated based on current exchange rate |
Bill types |
BPAY Credit card Bank account |
Processing times | 1 hour payment processing before COB |
Paid By Coins is an Australian cryptocurrency bill payment service that lets you pay bills with 5 digital currencies:
How it works is straightforward:
Paid By Coins is a venture of the Lakeba Group, a Sydney-based tech company established in 2013. The bill payment service is also a member of the Australian Digital Commerce Association (ADCA).
Paid By Coins can be used to pay any bill that either:
This means you can use the service to pay a wide range of everyday bills, including:
Paid By Coins does not charge any transaction or payment fees. However, the service makes a profit on the spread, which is the difference between the price at which Paid By Coins buys and sells cryptocurrency. To get a true idea of how much it costs to pay a bill through this service, you'll need to check how the exchange rate you're quoted compares to the current market rate.
Paid By Coins says that it dynamically calculates the current exchange rate in real-time to make sure you get the best exchange rate.
As Paid By Coins doesn't charge any transaction fees, you'll need to check the exchange rate the service offers you to find out how much it'll cost you to pay a bill.
To do this, head to the Paid By Coins website and enter the details of the bill you want to pay. Once you've chosen your desired cryptocurrency, verified your email address and set up a 3-digit PIN, you'll be shown the exchange rate for your transaction.
For example, on 4 September 2018, the price of bitcoin was AUD$10,110.61. On the same date, Paid By Coins quoted us an exchange rate of 1 BTC = AUD$9,799.77. This means the platform charges a spread of approximately 3%. Compare this with the spreads of other bill payment services to find out whether it represents good value for money.
* This is a fictional, but realistic, example.
If you make a payment before 5pm on a business day, the payment will be sent on the same day. However, payments made after 5pm or during weekends will be received on the next business day. Please note that payment processing can take up to an hour in some cases.
The minimum bill amount you can cover using Paid By Coins is $30, while a $50,000 maximum limit applies to BTC and ETH transactions. A maximum limit of $2,000 applies when transacting other cryptocurrencies.
Paid By Coins allows Australian users to pay Australian bills.
Paid By Coins says that all transactions completed through its platform are entirely secured by crypto payments service Quixxi. It also promises that all information is kept confidential. You can also find the Paid By Coins privacy policy at the bottom of its website. Other than that, there's limited information provided about the security features on the platform.
If you've compared Paid By Coins with other bill payment services and decided that this is the right platform for you, click through to the Paid By Coins website to start the payment process. After entering the details of your first bill, you'll need to enter your email address and create a 3-digit PIN. Once you've verified your email address, you'll be shown the amount of digital currency you need to send and the correct transfer address.
Images: Shutterstock, Paid By Coins
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.