Founded by self-proclaimed bitcoin enthusiast, Darwin Ramon, the startup, YesToBitcoins.com now allows users to settle payments on all Canadian credit cards.
The cards included in the payments scheme include four types of American Express cards, 23 MasterCards and 33 different VISA credit cards, otherwise only payable via fiat currencies.
“The idea came from asking, why can’t I use bitcoins to pay my credit card bill?,” said Ramon. “The technology is already here, so why do I have to wait until the banks catch up?
Launched in June of this year, YesToBitcoins.com started as an online service that allows the use of bitcoins to purchase gift cards from retailers and global brands.
Now that the service includes credit card payments, users select the specific type of credit card, whether it is Visa, American Express or MasterCard, and the amount to be paid. The bitcoin payment is done via Bitpay and the credit card payment itself, is done from PC Financial Bank. All bitcoins transactions are securely handled by bitpay.com, which also calculates the bitcoin parity with the Canadian dollar.
"If bitcoins can be spent, bitcoins are useful," says Ramon. "It is my goal to facilitate the inclusion of bitcoins in the established economy."