Paying to an IBAN… in Bitcoin

There is a way to transfer money directly to a bank account by sending a BTC transaction: the Bull Bitcoin service.

Despite it being possible to exchange goods and services in bitcoin since its early years, its adoption as a payment method remains still limited. What Bitcoin is facing, and will have to continue to face in the coming years, is the process of monetary evolution.

Today, in fact, there are still few businesses that directly accept bitcoin payments. In most cases, bitcoiners find themselves forced to convert their funds into fiat currency to be able to make daily payments. However, this barrier is starting to fade thanks to the emergence of new services.

Over the years, the market has witnessed the birth of various services specialized in facilitating bitcoin payments. Among the pioneers in the sector stands out Bitrefill, a platform that allows purchasing gift cards and topping up services using bitcoin directly. Over time, similar solutions have developed that allow paying for various goods and services.

Last January, when Bull Bitcoin extended its services to the European market, a new possibility was made available. The Canadian broker, known for its Bitcoin-only philosophy and strictly non-custodial approach, offers a solution that allows paying any service or entity that accepts bank transfers in euros using bitcoin directly. This means being able to make payments to suppliers, public entities, companies, individuals and even top up debit cards linked to an IBAN, all without ever having to manually convert bitcoin into fiat currency.

The process for making payments through Bull Bitcoin is simple and intuitive. Here is the step-by-step procedure:

1. Account creation

The first step consists of registering on Bull Bitcoin. The process is as follows:

• visit the Bull Bitcoin website;
• click on “Sign up”;
• enter the required data (email and password);
• confirm the email and complete the account verification.

2. Access to the “Send fiat payments” function

Once you have logged into your verified account:

• navigate to the main menu;
• click on “Send fiat payments“;
• this function will allow you to use your bitcoins for payments in euros to any European IBAN.

3. Entering recipient data

The system will require you to enter the beneficiary’s information:

• recipient’s IBAN: enter the complete IBAN code of the service or person who must receive the payment or select an existing beneficiary;
• beneficiary’s name: specify the exact name as registered with the bank.

4. Defining the amount and completing the payment

The last step of the process is as follows:

• enter the amount in euros you wish to send (Bull Bitcoin will detect the exact amount even if you send more satoshis);
• the system will automatically calculate the bitcoin equivalent at the current exchange rate;
• payment reference: add a payment description (bill, service, invoice, etc.) so that the beneficiary knows it is you paying (avoid mentioning bitcoin in the description);
• send to the BTC/Liquid address or pay the Lightning Network invoice. The exchange rate will be locked as soon as Bull Bitcoin detects the transaction;
• as soon as the exchange receives the funds, it will pay your beneficiary through one of its bank accounts.

The possibility of paying any service that accepts bank transfers in euros using bitcoin directly eliminates one of the main barriers to adoption as a medium of exchange, simplifying the daily life of bitcoiners and offering the opportunity to live in the Bitcoin Standard without having to continuously resort to conversions into fiat currency. It is a real bridge between the Bitcoin ecosystem and the traditional banking system.

Bull Bitcoin is the world’s longest-running Bitcoin-only exchange. Strictly non-custodial. Try it here.

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