Bitcoin as primary currency

[Sanugarid]

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?

You cant use BTC as a primary currency unless your country legalized BTC, so receiving BTC instead of a legal currency is possible but I dont really know the situation of cryptocurrency in your country so I can really tell. Anyways,investing in BTC isn't really a bad thing but you should have saved only a small percentage of your salary for investment in cryptocurrency so I think 80% allocation of your salary would be in BTC is a bit too much. How about having an emergency fund? just in case something bad happened and you need urgent money then your funds for BTC won't be affected.

[1715091089]

1715091089

[1715091089]

1715091089

[Taskford]

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?

You cant use BTC as a primary currency unless your country legalized BTC, so receiving BTC instead of a legal currency is possible but I dont really know the situation of cryptocurrency in your country so I can really tell. Anyways,investing in BTC isn't really a bad thing but you should have saved only a small percentage of your salary for investment in cryptocurrency so I think 80% allocation of your salary would be in BTC is a bit too much. How about having an emergency fund? just in case something bad happened and you need urgent money then your funds for BTC won't be affected.

Right, because at the end of the day we still need to exchange our BTC to fiat before buying something that's why we cannot make it as primary currency since this is not supported yet by most of the country only El Salvador is the one who do this but they still make USD as their main currency and bitcoin is option only. But we shouldn't lose hope as this adoption is started by on country maybe in future another announcement came that they will also make it as their legal tender but let see which country will adopt next.

[uneps]

El Salvador legalizes bitcoin as a legal tender. The country is the first and only one in the world to do so. El Salvador's decision is a breath of fresh air for supporters of the crypto currency, aka cryptocurrency. The last month the price of bitcoin continued to decline after the founder of the electric car company Tesla, Elon Musk, announced that he would not use it as a means of payment. I think this fresh wind will be promising for bitcoin itself.

[Shenzou]

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 mean it all depends on how are you going to be using your salary and what are your daily expenses and also on where you live, because if you accept your salary in bitcoin and your country or the place where you live you are unable to buy for example groceries or pay for bills with it or there are a few but they might inconveniently far from you that you would struggle in that case, i feel like bitcoin being used as a primary store of value for your whole salary is not a good idea since it is not yet implemented into our culture so we cannot go about using it at any time anywhere.

[Liamttw]

If bitcoin is legal in your country, you can use Bitcoin as the main currency. Otherwise, accepting bitcoin as the full salary is not a wise choice.
Although bitcoin is a very profitable asset, its price is unstable and volatile, and carries certain risks. Therefore, it is necessary to allocate funds reasonably, use part of the funds other than the funds needed in daily life for bitcoin investment and hold it for a long time, which can not only meet the daily life, but also make profits by investing in bitcoin.

[Stalker22]

~

Right, because at the end of the day we still need to exchange our BTC to fiat before buying something that's why we cannot make it as primary currency since this is not supported yet by most of the country only El Salvador is the one who do this but they still make USD as their main currency and bitcoin is option only. But we shouldn't lose hope as this adoption is started by on country maybe in future another announcement came that they will also make it as their legal tender but let see which country will adopt next.

This statement is not true. There are already a number of web stores around the world accepting payments in cryptocurrency and that goes for physical stores as well. You can buy anything online in Bitcoin. There are even stores that offer discounts in Bitcoin. Therefore, to say that only El Salvador accepts bitcoin is incorrect.

[Dilladupak]

Your choice to receive payments in Bitcoin is a good decision, you can make your payments as long-term or short-term investments. But if your country doesn't accept Bitcoin as the main currency, of course you can't use Bitcoin as a tool to pay your bills. 
Actually it's not that difficult, because you can sell your Bitcoin and exchange it for Fiat and then use it to pay bills and shop for your daily needs. 
Bitcoin does provide great benefits for each holder, so more and more people want to have it, whether it's from buying it themselves or from their work salary.

[marilynmanson21]

I think you are too quick to make a decision to take your salary payment with bitcoin, if your country has not legalized bitcoin can be a currency / means of payment.
I guess you can receive your salary with fiat and you buy bitcoins after you settle your bill,

[Rajamuda]

I think you are too quick to make a decision to take your salary payment with bitcoin, if your country has not legalized bitcoin can be a currency / means of payment.
I guess you can receive your salary with fiat and you buy bitcoins after you settle your bill,

Basically, it's better to make a safer decision, after all we really have to think twice when the country hasn't really legalized Bitcoin as a means of payment. After all, will not lose when you receive payments with fiat, and can even provide more opportunities to get other benefits when entering/buying Bitcoin and investing in Bitcoin, and cover the necessities of life or another thing.

[MrcMrc]

One can not coin without having to rely on paper money, for bitcoin to be used for everyday financial transactions it first needs to be exchanged into other central currencies.

[Alisha FR]

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.

At least do the steps as you say. Daily necessities are more important than making large investments that exceed 50% of salary. 80% is a big number at any time there may be an urgent need so have to make a decision to sell it when the market is still experiencing a decline, this is a big risk. So the importance of diversification before deciding to invest.

[romero121]

Right now El Salvador have taken the big step and has succeeded in it, though it has got opposition, riots, strikes. The growth of El Salvador will be watch by the rest of the world which are with the fear to take such a step forward. At present usage of bitcoin as an alternate currency and as a form of investment is found among the public. This perspective will change only if the people get easy access to different services using bitcoin. Maybe this can take some time period.

[TelolettOm]

Money management is the key if you are willing to hold that 80% of your salary to Bitcoin. You should know what necessity you need to spend monthly and how much you must spend monthly. If you think that that 20% amount of salary is enough for your monthly necessity, it is okay to invest that 80% in Bitcoin.
But then the questions are:
- Are you ready with the risks?
- Will you use that investment this year or how many years you will invest?
- What is about your side income? Sometimes, we need spare money in order to cover whatever we spend suddenly.

[adzino]

You sure your "company" can pay you in bitcoin? I don't think they would be willing to do so. What you can do is receive your wages/payments as usual. Then invest half (or as much as you can) in bitcoin and keep the rest so you can use it to pay your rents and bills. Don't go all in on bitcoin. It will be really hard for you to pay your rent or other expenditure since I doubt bitcoin is a legal tender in your country. Another reason why accepting bitcoin as a payment is a risk is because of the volatility. What you receive today might end up being half after few days.

[Caldear]

Although Bitcoin is a very profitable currency, its price fluctuates to a certain degree. It is unwise to pay all wages in Bitcoin.
Some countries do not accept Bitcoin as payment, so legal currency must be reserved to meet daily needs and other emergency expenses. Choosing to accept a small amount of Bitcoin for long-term holding and increase the number regularly will eventually get good returns.

[Maeve@]

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?

If you are new to Bitcoin, you should first learn how to buy Bitcoin, otherwise you will not sell Bitcoin if you hold it, and cause losses. First understand the most basic method and be responsible for your investment!

[Wildwest]

If your salary is paid using bitcoin then it will be difficult to use for daily needs, then you have to complain to your boss so that the payment used for bitcoin is only 70% and the rest use fiat money in order to pay for other purposes,and do not fully invest in bitcoin because the price is volatile so you are not comfortable in saving your salary, But if you believe in investing long-term then you will get a big profit.

[Turbolinea]

I don't know if it is really necessary for you to get paid in Bitcoin. But actually, you don't have to do this. You won't be able to do many things with Bitcoin in the end. For example, you won't be able to pay your bills unless your government accepts Bitcoin. You will only be able use it in the places where it is accepted and as an investment tool. You can already buy Bitcoin for these things.

[molsewid]

If your salary is paid using bitcoin then it will be difficult to use for daily needs, then you have to complain to your boss so that the payment used for bitcoin is only 70% and the rest use fiat money in order to pay for other purposes,and do not fully invest in bitcoin because the price is volatile so you are not comfortable in saving your salary, But if you believe in investing long-term then you will get a big profit.

It's not just difficult to convert bitcoin into fiat with the possible high gas fees but also the price of bitcoin was not stable and let say even the company give you bitcoin as your salary from time to time the value or the number of bitcoin that you would be receive is not also fix. Bitcoin is worth it to invest with especially in a long term investment but considering that this is going to become a salary instead of fiat is somewhat difficult. I mean there's nothing wrong with the idea but the volatility of the market should be considered.

[Easteregg69]

Which reminds me Martin bought a gramophone with no pick up. I can relate that to anything.

See if your favorite frontend goes missing.