Is Accepting Crypto Salaries Worth It?

[Stalker22]

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The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.

To be honest, this is a stupid argument in my opinion.  The chance that the value spikes up and down really only matters if you wanna hold onto the cryptocurrency coins long-term.  But why would I care what currency my paycheck comes in if I know I can cash it out to regular money whenever I feel like it? The day-to-day price changes wouldnt really impact me if I just plan to exchange any crypto salary into fiat currency right away.   

I mean, sure, if I wanted to keep the cryptocoins hoping they go up in value...  But if Im gonna sell them immediately anyway, what do I care? As long as I can quickly liquidate the crypto payout and convert it to normal cash, those short-term valuation swings dont make much difference.

So yeah, seems like a non-issue to me unless you wanna invest your wages and hold the cryptocurrency.  Am I missing something?

[royalfestus]

A couple of my friends have recently started receiving payments in cryptocurrency, and they are very pleased. The low fees and instant delivery are great, as is the availability almost anywhere in the world. Who wouldn't be happy with that?

I believe paying salaries in cryptocurrency is not a bad idea, but the choice of coin is crucial. Stablecoins seem preferable for employers to maintain the value of the funds. However, employers must be very careful with their wallet security; unlike banks, if a wallet is compromised, the funds may not be retrievable

[Faisal2202]

The discussion of having crypto as your salary can be decided by your own if you are going from client to client but if you are working with a contract, like you said there has to be laws and regulations considered if this were to be implemented widely in the workforce.

Good catch, Although if this discussion has been already ongoing, I don't think there is any bad in posting here. Well, I also like the idea of getting paid in the form of crypto. I would prefer BTC but there is one problem like now we as signature campaign participants we are getting paid in BTC and when the time of distribution of money comes the rates are not considered at that point instead they are considered of point when they bought those BTC.

Like the start of the mid of the week. And if the rate was high at that time and at the time of distributing the rates are low then you are going to receive lesser amount and if your employer wants to deduct the fee for transferring funds from your money then it's also a drawback. And most of us if doing a main job, thus it means we are dependent on that job thus we can't bear volatility difference in the salary prices as we need them lot. So for main job I would prefer fiat and for part time job, or the job making me spare money I would prefer BTC.

[peter0425]

I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto.

No employer would want to do that. It’s an inconvenience and it would confuse them. It’s either they pay you in fiat or in crypto flat out. You are the one to decide whether you want to convert it to another currency or not.

its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

If it’s the employer who insists of giving the salary for income then they should pay for the transaction fee. If we were to use bitcoin, I think the transaction fee would be very high. So you can use altcoins with low market cap instead.

[Bobrox]

Appreciate the very extensive discussion. Just want to add that this topic has been discussed before and just recently as well.

The discussion of having crypto as your salary can be decided by your own if you are going from client to client but if you are working with a contract, like you said there has to be laws and regulations considered if this were to be implemented widely in the workforce.

I agree with your opinion, behind the government regulation acceptable bitcoin as payment currency or not we must check firstly with contract working about kinds of payment salary paying between us our worker and the business owner. Currently if country have regulation with bitcoin as payment transaction its not problem including bitcoin or cryptocurrency as payment transaction but for worker have make contract firstly with payment salary kinds will receive in fiat or bitcoin.
If some country not get regulation with bitcoin as payment transaction I don't think have law for worker want to get payment with bitcoin and they can make convert by their self after receiving salary payment with fiat buy bitcoin and hold it in their wallet.

Its not much problem if interested payment salary using bitcoin but not get regulation we can purchase by our self behind many exchange have support to make transaction trough P2P.

[royalfestus]

I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto.

No employer would want to do that. It’s an inconvenience and it would confuse them. It’s either they pay you in fiat or in crypto flat out. You are the one to decide whether you want to convert it to another currency or not.

its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

If it’s the employer who insists of giving the salary for income then they should pay for the transaction fee. If we were to use bitcoin, I think the transaction fee would be very high. So you can use altcoins with low market cap instead.

This approach may not work for every establishment, and it's important to prioritize the interests of employees before implementing it. Employees can be trained on how to access their funds if they are unaware. Innovation in our methods is inevitable, and it's beneficial to ensure training evolves accordingly.

[tabas]

It is the best to get paid in crypto. Whatever your choice is, Bitcoin, Ethereum, stable coins or any other, the comfort that it brings is that you don't have to deal actually with any third party like you need to go through PayPal, Wise and any other payment processor that might do the same about freezing your funds or delaying you and much worse is to ban you from using their platform. I've seen freelancers that have been banned by PayPal for wrong accusations and without fair trials and that's why being paid in crypto in whichever transaction you do in the web is the best right now. Before, there's the taboo about it that it's only used for illegal trades but glad that the narrative has changed nowadays.

[AmoreJaz]

I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto.

No employer would want to do that. It’s an inconvenience and it would confuse them. It’s either they pay you in fiat or in crypto flat out. You are the one to decide whether you want to convert it to another currency or not.

its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

If it’s the employer who insists of giving the salary for income then they should pay for the transaction fee. If we were to use bitcoin, I think the transaction fee would be very high. So you can use altcoins with low market cap instead.

This approach may not work for every establishment, and it's important to prioritize the interests of employees before implementing it. Employees can be trained on how to access their funds if they are unaware. Innovation in our methods is inevitable, and it's beneficial to ensure training evolves accordingly.

Such move really depends on the company and the employees. I don't think it is fair for a company to oblige its employees to receive crypto as their monthly salary.
But for those employees who will accept crypto as payment, they can always convert it to their fiat if they are worried about its volatility. It is their disposition whether to wait or sell it.

[royalfestus]

Banning banks is not the solution to money laundering, just as banning Bitcoin isn't. While Bitcoin is thought to make controlling money laundering more difficult, fiat currency is still required for transactions at some point. Bitcoin isn't entirely anonymous, and peer-to-peer exchanges can be regulated. It's important for governments to develop a comprehensive plan to combat money laundering on all fronts without dismantling established financial institutions.

[oktana]

Don’t talk about earning a percentage by holding your coins on an exchange because that’s not it. Receiving salary in crypto should be you providing your money and receiving it there, what you do afterwards is your business. Because you can still get paid in fiat, and use it to buy crypto just to achieve the same percentage from coinbase.

Crypto payments has their disadvantages and advantages, before you prefer to receive your money in crypto, check them out and know that you can roll with it.

[DubemIfedigbo001]

The ease of getting non-delayed payment in crypto is the basic reason most people including myself prefer payment in crypto against fiat. Most times international payment takes days,  sometimes even up to a week to finish processing before you're credited, this can be very annoying most times.. Crypto is becoming very advanced recently and if you don't wish your fund sent in volatile coins like bitcoin, you can opt for stable coins like USDT and using TRC-20 network, your funds arrive within minutes of being sent across.

Again governmental scrutiny and excess that fiat presents are avoided as your funds drop directly into the wallet without any third party involvement.

How I wish all my payments are made through crypto, or I can influence them to be so, that would be premium joy.

[sekalitas]

The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals . Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

[batang_bitcoin]

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals .

That's why there are stable coins so that it won't be hit by volatility. But the thing is if the value of USD changes compared to your local currency then there's still the volatility in there but that's another thing to be concerned of. As long as you're going to receive it then there's no problem at all and then let yourself do all of the worries in there.

Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

And this I think why they're improving their services and trying to make it as real time deposits.

[Xampeuu]

The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals . Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

Stable coins are not a problem in payments because their value seems to always remain the same, however, the salary and employees must also understand cryptocurrency, otherwise this can also have bad consequences for employees, considering that if they are not knowledgeable and trade it, their salary could run out and of course will have a bad impact on the family economy

[Kristiyana]

The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals . Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

Stable coins are not a problem in payments because their value seems to always remain the same, however, the salary and employees must also understand cryptocurrency, otherwise this can also have bad consequences for employees, considering that if they are not knowledgeable and trade it, their salary could run out and of course will have a bad impact on the family economy

Yeah before it will be possible the employees will of course have to understand how cryptocurrency works because failure to understand it will bring misunderstanding between employees and the employers because sometimes the price of cryptocurrency can be very volatile and sometimes the salary meant for the employees could either possibly reduce or increase so perhaps the employees and the employers will need to agreed on certain ratios so that if the price increases it benefits the employees and if decreases it also affect the employees.

[bettercrypto]

If the employer is a crypto enthusiast or bitcoin believer, it is possible for it to happen, and he can also oblige his employees if he wants. But if not, I don't think such a concept of paying employees via cryptocurrency or Bitcoin will happen either.

That's the only logic I see, and one of the best ways to pay employees is through stablecoins like USDT, because from this stablecoin we can use it directly to buy other crypto assets.
If you are one of the employee where the employer paying or giving  stablecoins as a salary.

[Lida93]

The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.

This no strong argument against the many extraordinary benefits of bitcoin, if it were to be altcoins they are raising the argument about high volatility I would consider but for bitcoin the volatility is very moderate in my view to altcoins, and for a worker that chooses to regularly make withdraws at each payday to convert to fiat then it's nothing to worry about.

I would rather deal with bitcoin volatility than with the middle man through those conventional means of transactions using any fiat currency. If anyone should be worried about anything with money value, it shouldn't be bitcoin volatility but inflation which without fail continuously to assail fiat currencies.

[TheUltraElite]

Even though many forum members here would encourage to be paid in bitcoin, the final decision depends on whether your local authorities are fine with it what you taxation situation is regarding crypto transactions and how feasible it is to convert it to fiat currency because obviously local merchants wont be accepting bitcoin.

Therefore a partial salary in bitcoin and the rest in fiat might be a better option for the time now. Maybe in future we can all go with 100% crypto salaries. Hopeful when the streetside junk food stall will be having a QR code to be paid in bitcoin.

[wxxyrqa]

Some companies operating in the cryptocurrency market have been offering employees to receive salaries in bitcoins for several years. For some companies, paying salaries in cryptocurrencies is an important part of their business strategy.
 If at a small part of people  have direct experience with Bitcoin, it will help develop cryptocurrency literacy, which in turn is vital to the growth and development of our cryptocurrency direction.

[Mrbluntzy]

Accepting crypto payment is very unique and favorable for everyone. For example, there are many people in this forum who are promoting different casinons and projects on their signature and they receive payments in Bitcoin or stable coin. If the payment was not made in crypto, it will be difficult for the campaign manager to pay everyone in their different country currency. Crypto payment is universal and that's why I love it.