Hey! Tony here from Incoin. You're right in that taxes are the hardest part. We're only launching in California and are working hard in compliance for this state to get this working.
The biggest and newest part about Incoin, though, is payroll distribution. You can split your wages up amongst any of your savings, checkings, and bitcoin accounts for free.
Say you want 80% in checking, 10% in savings, and 10% in bitcoin — that's possible for you to configure as an employee. And the employer doesn't have to touch a thing; we handle the entire distribution and BTC aspect (and trust me, running BTC payroll manually is horrible).
We're hoping this is great for both increasing the amount of money that people save and increasing the uptake of BTC.
Rather than having this tied to my employer, and requiring reconfiguring if I ever leave them, wouldn't it be a better idea to just get the money in one lump sum from my employer, and handle this kind of detail myself?
We had exactly the same thought. We're working on a new feature so you can sign up independently from your employer, too. It's not quite ready and there's more legal matters to consider, though it's in the pipeline.
The distribution sounds like a genuinely cool feature so I don't want to take away from that... but it seems one must buy payroll as a complete package. We couldn't even consider a solution that isn't able to do all our taxes and bonus payments.
You're right. We understand that and are offering our beta customers help doing the tax portion of things. We still have a lot to do, but we're just getting started!
The biggest and newest part about Incoin, though, is payroll distribution. You can split your wages up amongst any of your savings, checkings, and bitcoin accounts for free.
Say you want 80% in checking, 10% in savings, and 10% in bitcoin — that's possible for you to configure as an employee. And the employer doesn't have to touch a thing; we handle the entire distribution and BTC aspect (and trust me, running BTC payroll manually is horrible).
We're hoping this is great for both increasing the amount of money that people save and increasing the uptake of BTC.