Bitcoin as primary currency

[Rana590]

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?

$1500 is a good amount for per month. You can discuss with your payer that you want to take your salary by Bitcoin. If they reject it, you can convert your fiat crypto currency to Bitcoin and then you'll be able to save your desire amount of Bitcoin. Bitcoin is leading the market and you have taken it a great decision about buying Bitcoin.

[jossiel]

If the company has this option, talk to them and grab the opportunity of getting paid in bitcoin with your salary.

But if there's none, you have to do it alone and convert each payment you make. You look for the exchange in your country that you can freely convert it immediately as you will.

[Slow death]

Hello bitcoiniars I am working in a private liability company and I want to receive my salary in Bitcoin which is around $1500 monthly

you already receive wages on fiat and you earn well, i imagine that every month your wages enter your bank account and are deducted for life and health insurance. and you can easily pay your expenses and then take the remaining money and buy bitcoin, so why do you want to receive your salary in bitcoin? does not make sense

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

 

pay your bills with fiat and then take what's left and buy bitcoin, it's simple

[Davidvictorson]

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.

Very valid points made here. Never invest money that you can’t afford to lose, is the first and most crucial rule. And unless you live in El Salvador, bitcoin can’t be used as your primary currency.

[Assface16678]

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.

True, you must think of the bills if you do have. Always reserve for fiat in case of emergency and use your salary for buying not directly in bitcoin. By that you can maximize whether you want to use it for now or save it for later.

[ILuckyGuyI]

I don't advise you to do anything about it because there is no meaning in keeping 80% of your salary in Bitcoin. You cannot buy or pay everything with Bitcoin now. For example, you will have to convert some of your coins to fiat money to be able to pay your bills. And when it comes to buying the needs for your home, you will need fiat money nearly everywhere. Bitcoin payment method is still not so common. So, I would advise you to make an investment into Bitcoin of course but not to keep most of your salary in it.

[Pom_bensin]

actually it doesn't matter if the payment is 100% using bitcoin because there is the simplest way you can buy and sell bitcoin by yourself and put a few percent into money to meet your needs. I think this is the best and easiest to do

[carrigan]

Making Bitcoin the main currency in my opinion is not right. Many still prohibit the use of Bitcoin as a transaction tool because Bitcoin is very volatile, if you exchange all of your salary with Bitcoin in my opinion, it is an inappropriate decision because you will have difficulty making ends meet. It's good that the money used as a Bitcoin investment is not primary money but the excess of your salary so that your basic needs will be met first and you can also get additional income from the money that is used as a Bitcoin investment.

[jakdanyel]

I think that you don't need to get paid in Bitcoin like this. As long as Bitcoin is not the legal tender in your country, there is no need to get paid like this. Because you aren't going to be able to do everything you would like with your Bitcoin. But maybe you want this to make an investment into Bitcoin directly. I understand it but you can already get paid in fiat and buy Bitcoin with whatever amount of money you would like.

[Ngewex Yuk]

Bitcoin marketcap continues to increase and will soon reach $ 1 trillion, with a very large market cap like now of course more and more countries are taking into account the power of bitcoin, I hope one day bitcoin can become a global currency that can be accepted throughout the world.

[LogitechMouse]

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?

Accept your salary in Bitcoin, budget it and you're done.
When I say budget, I mean put a percentage of it into holdings and another percentage into bills (you convert it into your own currency and then you will use it to pay bills) etc.

You want to hold at least 80% of your salary in Bitcoin. You have 2 options. If you're company that you are working wants you to pay into Bitcoin then hold all of it and on the other hand, find a side hustle that will help you pay your monthly bills and expenses. Another option is when your company didn't want you to be paid in Bitcoin then you must convert your salary into Bitcoin, all of it and then find another side hustle that will help you pay your bills .

Now to answer your question whether Bitcoin will be used as a primary currency, that will not happen. People will prefer to pay using fiat than Bitcoin. Not all of the people in the world have access to Bitcoin or crypto in general but all of the people have access to paper money like fiat currency.

[bitterguy28]

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?

don't play stupid here mate, don't make us problematic about your own case, why not just invest in bitcoin the amount excess from your monthly expenses then the problem is solved?

remember the greatest advice here, Invest only the amount you can afford to lose.

with this just invest 50% of your salary and invest the remaining 50% or find other extra job to cover your expenses so you can put that 100% in investing.

[cotton ball]

Making Bitcoin the main currency in my opinion is not right. Many still prohibit the use of Bitcoin as a transaction tool because Bitcoin is very volatile, if you exchange all of your salary with Bitcoin in my opinion, it is an inappropriate decision because you will have difficulty making ends meet. It's good that the money used as a Bitcoin investment is not primary money but the excess of your salary so that your basic needs will be met first and you can also get additional income from the money that is used as a Bitcoin investment.

true as you said, if we accept all bitcoins in our salary payments, of course we will find it difficult to manage our needs, because bitcoin has not been fully accepted, either by companies or the government, in my opinion it is very difficult to make bitcoin the main currency ,because we can't compete with the government in terms of currency,, make bitcoin a tool for success in the future..

[ChiBitCTy]

As a financial advisor I would caution you to do such a thing.  You want to make sure that you've got enough of a portfolio already put in place to where if bitcoin were to absolutely crash, that you wouldn't be in financial trouble.  Is that the case for you?  I would never recommend anyone take their full salary in bitcoin, however that being said I don't see any harm in taking a small % of it in bitcoin.

[blckhawk]

this idea is good but, i think it will not be possible, because bitcoin's price is dependent on the price of US dollars so if the value of US dollars starts to go down then the value of bitcoin will go down as well. and you can't make bitcoin the primary currency because not all people have access to bitcoin especially those people living in third world countries.

[taufik123]

You should never make bitcoin your primary currency because our world is not yet ready for it, there are still a lot of people who don't have knowledge in the crypto industry and besides, you cannot use your bitcoin to buy necessary things unless the store is open to it but mostly it is not. Invest only the excess amount of your monthly salary, 80% is really huge and I wonder if you have other sources of income to sustain you needs in a month.

Actually, it is not the main currency, but as a valid optional currency. However, many countries still have not legalized it, the regulations in each country are different.
The OP seems to be a newbie who is new to bitcoin. No one accepts bitcoin as payment for work in private companies, it is still very risky due to the volatile bitcoin price. it is better to receive a salary in FIAT and part of it to invest in bitcoin, it will be better.

[xSkylarx]

You should never make bitcoin your primary currency because our world is not yet ready for it, there are still a lot of people who don't have knowledge in the crypto industry and besides, you cannot use your bitcoin to buy necessary things unless the store is open to it but mostly it is not. Invest only the excess amount of your monthly salary, 80% is really huge and I wonder if you have other sources of income to sustain you needs in a month.

This is something I agree with. It is not a matter of being prepared, but of having internet access throughout the country and of all of us being computer literate. For the time being, it is still not possible to find a store that accepts bitcoin as payment, making it extremely difficult to find one. However, if you live in El Salvador, I believe there will be many stores that accept bitcoin as payment because the currency was recently legalized in the country.

[jakasantosa]

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?

I think you know better what to do. To keep your salary at 80% from $1500 per month. You could say you will only use $ 300 for the necessities of life for 1 month. And if the average per day you only use $ 10. I think that's not enough.

For advice, use these 20% funds for trading coins in a short time so that you can increase your money

[Rengga Jati]

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?

This will happen only if:
- Your company pays you in Bitcoin
- Bitcoin is legal in your country as a currency and also payment method
And those basic two have been there, you can start to learn about the basics of Bitcoin at first, the wallet and also the storage that you can use for good security and also with low fee transaction.
And, are there many shops or merchants that also accept Bitcoin in your area? If that's so, that will be no problem with using Bitcoin as a currency.

However, if you meant that your salary is in fiat and you are going to hold your money and convert it to Bitcoin, you can find a trusted and reputable exchange in your country to buy some Bitcoin and save them in your hardware wallet. Because you are willing to use it for holding, I suggest you use a hardware wallet for better security. But if there is not yet good exchanges, you can choose trusted and reputable global exchange such as Binance.

I think you know better what to do. To keep your salary at 80% from $1500 per month. You could say you will only use $ 300 for the necessities of life for 1 month. And if the average per day you only use $ 10. I think that's not enough.

For advice, use these 20% funds for trading coins in a short time so that you can increase your money

Maybe he has known the risks and saving 80% is actually high enough, except he doesn't need much money for his daily life so far. They can do it and it will also depend on how much or how high spendable necessities in his country.
About using some for trading, I am not sure about it, moreover if he is new. It will be very risky. Moreover, if he doesn't have enough time to learn, he can be in FOMO later.

[tygeade]

First of all, have you discussed this with your company and know whether they will be able to pay you with Bitcoin or not? If your company will be able to pay you with Bitcoin then no problem, and if not then you can still receive your $1500 salary and invest in Bitcoin the amount you would like to invest or maybe invest all if you want to. Now if they are going to be paying you direct with Bitcoin, damn if you would be able to save up the fees that you would have had to pay when you are buying it yourself, although the fees are not much.

But, I think you shouldn’t have all your salary paid as Bitcoin or invested in Bitcoin, the reason why I’m saying this is because there are times you’re also going to need Fiat to make other necessary payments. So, you have to calculate yourself ,if possible you can continue to receive your money from them as Fiat, and then after you have received the payment you can then invest the amount that you want, maybe 50% into Bitcoin while you keep the rest as Fiat that you will be using for other things.