Bitcoin as primary currency

[Sonofgeneral]

Hello bitcoiniars I am working in a private liability company and I want to receive my salary in Bitcoin which is around $1500 monthly my main aim is to use it as an investment now my confusion is how do I service with paying off bills I have a few hours a day to myself which I can use for another side hustles. Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

[Coyster]

Firstly, you cannot use Bitcoin as your primary or sole currency, it would make it impossible for you to buy most of your daily needs, or you'd have to go through the stress of converting to fiat back and forth. Having said that, receiving your salary in Bitcoin is not really advisable, its a good currency/investment, but it's as well very volatile, and is yet to attain mainstream adoption, thus it's much better you receive your salary in your fiat currency, and then use the percentage you want to buy Bitcoin for investment purpose.

Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

Isn't holding 80% of your salary in Bitcoin investing far more than you can afford to lose? Mind you that your investment should be something you can afford to lose.

[mk4]

If there isn't any sort of bitcoin service that you can use in your country for paying bills, then you're out of luck. You can simply do what most bitcoin-only people do though; sell a bit of bitcoin each month solely for your bills.

Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

Use your salary to buy bitcoin after every paycheck, and leave some fiat for your bills. It's that simple.

[Ekeleboy]

I don't think holding 80% of your salary in bitcoin is a good move.
Considering your daily needs and how to go about getting them met.

I think what you should do is get your salary in whatever currency you use and invest a reasonable amount in bitcoin. Start small, risk little.
Bitcoin should not be your primary currency, at least for now.

[Kong Hey Pakboy]

Bitcoin is a Digital currency It's better as a investment purpose not as a salary. You concern with your company you can get your salary in fiat and after that if you save something you can invest on bitcoin and other coin..

Nope, you're wrong, there are people out there that has this set up already, so you're wrong that it's not a good way to pay salary. Plus, it's already and investment if you have your salary as bitcoin already so I don't think that OP is doing something wrong here.

[concept2]

Do your country have any kind of p2p exchange where you can directly buy bitcoin from someone else? Moreover, is your country a good place to own bitcoin. In my country, people are arrested for buying and selling bitcoin if they are caught by the authority. I highly recommend you to buy a hardware wallet (strongly recommend Ledger nano S because of being cheap and high mobility) in order to store your bitcoin. Whenever you buy your bitcoin, send them straight away to this wallet.

And remember not to out all of your money in bitcoin. You still need fiat for daily use, right? Not many place in this world accepts bitcoin for food and water lol  

[Poker Player]

Hello bitcoiniars I am working in a private liability company and I want to receive my salary in Bitcoin which is around $1500 monthly my main aim is to use it as an investment now my confusion is how do I service with paying off bills I have a few hours a day to myself which I can use for another side hustles. Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

So you plan to live on $300 a month. Well, unless you live in the third world or with your parents, I don't think so. That being the case, I would ask the company to pay you $300 in fiat and $1,200 in Bitcoin. If it gives you all in Bitcoin or all in fiat it shouldn't be much of a problem either, you exchange currencies in an exchange and that's it.

[dothebeats]

Depends on your expenses and your responsibilities + finances. You will have to strategize on your finances very carefully if you are planning to live frugally and invest a huge portion of your salary into bitcoin or something else. I would advise against receiving your salary in bitcoin as it might present to you some legal problems re: taxation if you are still not sure on how to file it correctly.

If I were you, I would just receive my salary as is, buy bitcoins, keep whatever money I need to live with and hold those bitcoins that I bought. Pretty straightforward and removes the hassle of legalities that may arise.

[bct-user]

If I were you, I won't accept 100% payment in Bitcoin. Since you need fiats for your daily life, it will be better to accept 50% in Bitcoin and 50% in Fiats. In this way, you won't get difficulties to fulfill your daily needs. And you also can invest half of your monthly salary in Bitcoin. Don't put 100% of your income into Bitcoin investment, don't be greedy. Remember that investing in Bitcoin is a high risk, there is no guarantee to take profits there. Always think wisely and don't risk your life.

[Pulsar77]

Hello bitcoiniars I am working in a private liability company and I want to receive my salary in Bitcoin which is around $1500 monthly my main aim is to use it as an investment now my confusion is how do I service with paying off bills I have a few hours a day to myself which I can use for another side hustles. Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

It is nice that you want to have some amount of your salary in Bitcoin. But actually you don't need to do so. Because you can already buy Bitcoin to make an investment. These things are resulting in the same place I mean. But let's say you still want to have it in Bitcoin, this time you won't be able to pay your bills with Bitcoin. Because unless the government makes a decision to do so, there is no way that you can have the option.

[cryptoperkele]

If I were you, I won't accept 100% payment in Bitcoin. Since you need fiats for your daily life, it will be better to accept 50% in Bitcoin and 50% in Fiats. In this way, you won't get difficulties to fulfill your daily needs. And you also can invest half of your monthly salary in Bitcoin. Don't put 100% of your income into Bitcoin investment, don't be greedy. Remember that investing in Bitcoin is a high risk, there is no guarantee to take profits there. Always think wisely and don't risk your life.

Even 50% is quite big amount considering we don't know his monthly expenses. BTC seems like a lucrative investment for anyone who haven't seen the fud and what it can do to the price just when you needed the cash, and neither they have experienced the market cycles and how they affect fomo and fear. Because there might be a time when they need cash for unexpected expenses. And either they are lucky and btc is up then, or they are going to pay way more then they anticipated.

[BOAEDAN]

bitcoin as the main currency,, I agree with your review, but it would be nice if we had to accept both, we also accept bitcoin, for us to make assets, and we must accept fiat for our daily needs, especially in the country I have not received bitcoin as payment, of course I have to accept fiat, for my daily needs..

[DapanasFruit]

In case, it would be impossible to request the company to do it for you then the best thing to do is to use the fiat as your salary to buy Bitcoin directly. Now, the problem you have is you won't have other means of income for daily and regular expenses if you use all your salary investing with Bitcoin. Yes, you have some sidelines for that online or offline and in the meantime that you have not yet set up that then maybe investing with half of your salary can be good with the other half going to your cost of living.

[mrongos]

bitcoin as the main currency in your company it could be, if you want to pay your employees' salaries with bitcoin it's fine, as long as they accept and in your country can buy goods with bitcoin, but in my opinion bitcoin is a currency in digital, especially in my country the government has not allowed the purchase of any goods with bitcoin, personally I will receive part of my salary in bitcoin, to be used as an asset, and partly I receive in fiat currency, for my daily needs..

[ranochigo]

Do your own due diligence and partition your funds properly, you should have an emergency funds before setting aside funds for investments. You should ideally have covered your personal expenses by that point. With the funds that you're using for investments, please do not put everything into Bitcoin. You probably can't afford to lose them all, try to have different tiers of investment for your risk profile. Investing everything into cryptos is just shooting yourself in the foot.

[SFR10]

Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

Not sure why you prefer to add unnecessary steps and make everything way more complicated than they need to be, but to achieve something like that ^{[it doesn't cover everything that you want]}, you can try a service called "BitWage".
^{Note: I've never tried it before and from what I've read, it has mixed reviews [e.g. delays and etc...], so DYOR before using such platforms.}

[Marvell1]

Bitcoin is good but bitcoin is volatile and risky, not always investing in bitcoin is profitable. It depends on the time and purpose of each person when investing in bitcoin, get your salary in fiat and then you can buy as many bitcoins as you want. You can easily balance the cost of your daily needs and the amount invested in bitcoin.

[mrongoz_imut]

bitcoin as the main currency, maybe in your country you can enforce bitcoin as the main currency, and your company can pay your employees using bitcoin, but it doesn't apply in my country, because the government still prohibits everything in the form of crypto, don't pay it using crypto, even wanting to shop using crypto is still not accepted in my country..

[CryptocurencyKing]

Bitcoin for a primary or basic currency, that is very much of an impossibility in our world today as government is still hostile to cryptocurrency neither are all the citizens of a nation bitcoin friendlies or familiars too. So, using bitcoin for a basic or primary currency isn't going to work at the moment.

Should you wish to use and hodl a % of your earnings in what ever form is entirely up to you and very possible. Should your company agree to pay you in a cryptocurrency of your chosen. All you do is simply receive it with your wallet, have the percentage that would satisfy your needs and wants transfered to an exchange or using what ever means you've got to exchange it for your nations fiat based currency.

In that instance, you actually get to hodl a % of your chosen in cryptocurrency and have your money in fiat too.

[ReiMomo]

As of now, better keep getting your salary in dollars rather than as Bitcoin. Invest what ever you can in Bitcoin. Buy it every month and hold it. I dont think any it would make any difference in getting your salary in Bitcoin or in local currency. It depends upon how much you spend and how much you save. Even if an employer keeps Bitcoin as a primary currency to pay your salary, the set amount would be paid to you based on when they pay right. So no difference it would make.