Is Accepting Crypto Salaries Worth It?

[Iranus]

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.

Besides the legality of bitcoin, I think the volatility of bitcoin is an issue that many people will not like. People just want to look on the bright side that bitcoin will increase in price after we get our salary but what if it gets dumped after we get our salary? I know we are participating in signature campaigns and receiving payments in bitcoin but for the most part this is just our side income, money that we don't need to spend and are willing to hold for the long term. But what if it's our main source of income? I don't think bitcoin is the perfect choice.

Not to mention current transaction fees are also an issue that we need to pay attention to, so fiat or stablecoins would be a more effective solution in this case, IMO.

[mirakal]

It is worth it but still optional for me, as I prefer to be paid in fiat money because it was still not acceptable in my place, so I no longer spend some fees in converting my crypto salary. This is one thing I put into consideration and I know this is a common problem for us knowing that many countries are not yet accepting cryptocurrencies.

I'm also looking forward to those company owners who had this in their mind and considered paying bitcoin to their employees. It is not impossible they will support this project and adapt to the changes. But yes, until it was not officially legal in a particular place that also gives a reason why this never happened.

If I'm not in here and not joining the signature campaign, I'm sure I couldn't experience receiving a crypto salary.

[CageMabok]

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

Why does your line of thinking refer to trading when employees receive salaries in stable coins? Can't all stable coins be immediately cashed into any fiat without having to be traded by the employee who receives them? I think there is nothing wrong with receiving a salary in stable coins with a value that is even the same as the fiat value so that it will not be enough to bother the person who receives it, especially if the employee himself can make a disbursement immediately after receiving it without having to make any form of trade.

[Stepstowealth]

A recent survey revealed 93% of freelancers around the world want to be paid in crypto or stablecoins. This surge in interest stems from the frustration many face with foreign exchange hassles. Transaction fees and exchange conversions make working with international clients a challenge. Crypto offers a potential solution, streamlining payments and eliminating these roadblocks.

What are the potential risks of receiving cryptocurrency as salary?

A potential risk is that when you start receiving your salary in cryptocurrency, and you see the benefit that it has, it will reduce the chances that you ever have of accepting salary in the future in just Fiat. People who accept their salaries in Crypto can easily invest faster because they simply need to take out the amount they need for their daily needs out of the crypto they have been paid with and leave the rest their investment, on the other side of things people who receive their salary in just regular physical currency, may not find it so easy to invest in cryptocurrency because of some of the difficulties involved in buying. Hence , receiving salary in crypto is still worth it.

[Renampun]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

[Winterfrost]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

Depends on the nature of job, if it's a more physical job like teachers, doctors and a few professions then their is no need paying them in Cryptocurrencies, to save them the stress and put them in a more convenient state to make good use of their income with our consistently bothering on how to sell them. But, if it were to be those who mainly work online jobs then it should be an agreement between both parties, as long it is convenient for both of them then their is no worries it is also a good means of payment.

[moneystery]

but honestly it is natural that freelancers prefer to receive payments in crypto because it is much easier and usually the waiting time is much faster compared to what is offered by paypal or western union. the claim process is also not complicated because the recipient only needs to provide their wallet address and then they will be able to receive payment immediately without having to worry that the payment will be blocked or intervened for some reason.

the problem of unstable prices or kyc is another problem and i don't think it is a serious enough problem to discuss since freelancers are used to doing kyc and are smart enough to receive payments in usdt or directly convert their income.

[DubemIfedigbo001]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

Depends on the nature of job, if it's a more physical job like teachers, doctors and a few professions then their is no need paying them in Cryptocurrencies, to save them the stress and put them in a more convenient state to make good use of their income with our consistently bothering on how to sell them. But, if it were to be those who mainly work online jobs then it should be an agreement between both parties, as long it is convenient for both of them then their is no worries it is also a good means of payment.

I can are with you to done extent, if its physical coaching classes. But need I remind you that some teachings are online and remote, so its more like you're working remotely and as such its still the same bank stress yuk go through when you're being paid. So its better you're paid inn crypto to facilitate faster receipt of payment.

Crypto answered the prayers of delayed international payment. Just like we working in signature campaigns, if not for the fact that we're getting our payment in bitcoin, could you imagine the extent of stress and wait time we'll be going through to get paid?.

[stadus]

It is worth it but still optional for me, as I prefer to be paid in fiat money because it was still not acceptable in my place, so I no longer spend some fees in converting my crypto salary. This is one thing I put into consideration and I know this is a common problem for us knowing that many countries are not yet accepting cryptocurrencies.

I'm also looking forward to those company owners who had this in their mind and considered paying bitcoin to their employees. It is not impossible they will support this project and adapt to the changes. But yes, until it was not officially legal in a particular place that also gives a reason why this never happened.

If I'm not in here and not joining the signature campaign, I'm sure I couldn't experience receiving a crypto salary.

You’re right there, crypto salary creates an advantage but knowing it’s not yet widely accepted in all countries particularly in my country, so I’d rather prefer to receive fiat more than crypto as a salary. At least I know I can always decide to accumulate crypto when I wanted to knowing I have sufficient amount of fiat on my bank account. Crypto is a good investment and retirement, but for now I need more fiat than crypto to sustain my daily needs for survival.

[electronicash]

but honestly it is natural that freelancers prefer to receive payments in crypto because it is much easier and usually the waiting time is much faster compared to what is offered by paypal or western union. the claim process is also not complicated because the recipient only needs to provide their wallet address and then they will be able to receive payment immediately without having to worry that the payment will be blocked or intervened for some reason.

the problem of unstable prices or kyc is another problem and i don't think it is a serious enough problem to discuss since freelancers are used to doing kyc and are smart enough to receive payments in usdt or directly convert their income.

employees still have to convert the crypto to local currencies. sending tokens to buy something from stores will require transaction fees, which hinders the adoption of crypto locally. this is still what the employers have to consider when sending crypto tokens to several employees as salary, they would have to pay transaction fees while they are not if they just use the local currency.

crypto salaries are likely just for online freelancers while professionals like doctors, and teachers will still be the local currency.

[redsun114]

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.

I think there are other reasons or purpose on why they created a stable coin here in crypto but I think it's inappropriate to talk deeper about it here. Indeed there are still some/small fluctuations in the stable coins, same goes with local currencies like dollar because they are based on it, but it's not too much, so I guess the name stable coin can still fit on them.

That was strange if PayPal transfer take that long in his case because many of us have used it and the transfer is only instant, right? Maybe there is only some complication found on him, that is why. This is the issue of being centralized. Good thing we have cryptos now, which are perfect for those people.

[Stablexcoin]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

Depends on the nature of job, if it's a more physical job like teachers, doctors and a few professions then their is no need paying them in Cryptocurrencies, to save them the stress and put them in a more convenient state to make good use of their income with our consistently bothering on how to sell them. But, if it were to be those who mainly work online jobs then it should be an agreement between both parties, as long it is convenient for both of them then their is no worries it is also a good means of payment.

It doesn't matter the nature of the job. What matters is if the company supports payment in Bitcoin then the client is allowed to choose the method of payment they want. All jobs are jobs whether online or not the agreement has to come from the company and the worker. If agree then it should be done that way.

[AnonBitCoiner]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

I think it is not a suitable way to get income in crypto payment because there is a high level of volatility so if you are happy to get profit in form of bitcoin that will be maximum then you should also think that if Bitcoin reduces then your payment will also reduce so you will either wait for increase or will wait for another month to get your income. There are also some advantages but disadvantages also exist and one cannot deny both of them therefore I will always prefer to take fiat money instead of getting salary in the form of crypto.

People always like those processes which are not in use because they have not faced the difficulties concerned with it and never give value to that which is in use so I think be thankful for the current situation because the future is unpredictable and if we think about the future then we will not be able to enjoy our present

[Fortify]

A recent survey revealed 93% of freelancers around the world want to be paid in crypto or stablecoins. This surge in interest stems from the frustration many face with foreign exchange hassles. Transaction fees and exchange conversions make working with international clients a challenge. Crypto offers a potential solution, streamlining payments and eliminating these roadblocks.

What are the potential risks of receiving cryptocurrency as salary?

🔨KYC and AML Rules Pose Challenges
While crypto salaries might seem trendy, Felix Shipkevich, founder of New York-based law firm Shipkevich PLLC, warns they can be trickier than traditional methods.

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.

And even though Bitcoin’s price has been on a tear, skeptics warn its future remains a gamble. Shipkevich indicated that stablecoins instead offer more stability. But their value is still tied to potentially risky reserve assets.

He also said that freelancers need to navigate a technical learning curve. They would have to understand digital wallets, blockchain, and the intricacies of crypto transactions. To top it all off, ever-changing crypto regulations throw tax compliance into a spin. These headaches can vary by location and may require specialized accounting help.

Further, KYC (know-your-customer) and AML (anti-money laundering) regulations are tightening. This requires freelancers to jump through hoops with identity verification and transaction limits. In short, crypto salaries come with a hefty dose of complexity.

🎯Tax Bill Might Burst Your Bubble
Daniel Krupka, chief research officer at Coin Bureau, said that unlike the simplicity of fiat taxes, crypto throws a wrench into the equation.
“Whereas it’s easy to calculate how much you owe in taxes with fiat payments, it’s less easy with crypto payments, particularly volatile cryptos like BTC,” he said.

Is it a capital gain, regular income, or something else entirely if you hold onto that Bitcoin and its value skyrockets? Krupka emphasizes that the tax headaches, especially with volatile cryptos, might outweigh the initial appeal of crypto payments for freelancers.

🌧️Hurdles in Crypto to Cash Conversions
Daniel Fayemi, a backend engineer at Bitvavo, said that converting crypto to cash (off-ramping) can be challenging depending on your location. For instance, in the Netherlands, strict regulations limit the amount of money you can move off an exchange without providing personal details.

📣Stablecoins Outshine Crypto for Payments
Matthew Leising, co-founder at DeCential Media, said that stablecoins offer an excellent choice for freelancers familiar with crypto and are relatively straightforward for newcomers to establish.

Stablecoins also provide an opportunity to earn a respectable yield within the crypto economy, such as the current 5.1% on USDC at Coinbase. However, a potential challenge arises with the freelancer’s bank, which may be hesitant about facilitating crypto transactions, especially when converting earnings into US dollars or other fiat currencies, Leising said.

According to Rebecca Liao, CEO of Saga, the good news is that legislators and presidential candidates are increasingly embracing crypto. She believes that once comprehensive crypto legislation is enacted in the US, freelancers will extensively receive payment in stablecoins.

This article is reproduced from cryptonews

It doesn't really matter what currency you are paid in, as you can convert it into your desired currency through various methods. What could matter is the volatility of the currency, because you don't want to be paid $10k one day and wake up the next morning for it only to be worth $8k when you want to cash out, it can work to your advantage too but adds a layer of unnecessary stress if you have plans for your incoming funds. Like you said, the law can change between countries and certain ones will be very strict, you also have to hope that a populist politician isn't looking for an easy target or scapegoat because cryptocurrency has shown itself to be an easy target in that scenario.

[0t3p0t]

I love being paid in crypto. Makes things much easier, you just make the job and receive the payment. No intermediaries.

I received already some payment in crypto for services that I made in the internet, sometimes from people in other countries. This makes payments faster and easier, and even cheaper for me (because bank fees for different currencies are high where I live)

🌧️Hurdles in Crypto to Cash Conversions
Daniel Fayemi, a backend engineer at Bitvavo, said that converting crypto to cash (off-ramping) can be challenging depending on your location. For instance, in the Netherlands, strict regulations limit the amount of money you can move off an exchange without providing personal details.

If you were receiving in traditional payment methods, you would have to give much more personal information

Well yeah this is true and even in a cryptocurrency friendly country like mine I am also having a hard time with withdrawals as there are limits and if local exchanges declared you had a suspicious withdrawal then that is gonna ruin your day since they are going to freeze your funds and will cause delays not unless you are dealing with P2P transactions but if with banks or local e-wallets I doubt cashing out huge amount of money in one transaction.

[Gaza13]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

What if costs are high, will your company still transfer it? I don't think the company will transfer it, of course it will wait really cheap to transfer your crypto assets. Are you really patient in this matter? How can you make a profit, will you save for a certain period of time, don't you think about your daily needs that require money? I think you are quite ridiculous in this case

[mahzan77]

A recent survey revealed 93% of freelancers around the world want to be paid in crypto or stablecoins. This surge in interest stems from the frustration many face with foreign exchange hassles. Transaction fees and exchange conversions make working with international clients a challenge. Crypto offers a potential solution, streamlining payments and eliminating these roadblocks.

What are the potential risks of receiving cryptocurrency as salary?

🔨KYC and AML Rules Pose Challenges
While crypto salaries might seem trendy, Felix Shipkevich, founder of New York-based law firm Shipkevich PLLC, warns they can be trickier than traditional methods.

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.

And even though Bitcoin’s price has been on a tear, skeptics warn its future remains a gamble. Shipkevich indicated that stablecoins instead offer more stability. But their value is still tied to potentially risky reserve assets.

He also said that freelancers need to navigate a technical learning curve. They would have to understand digital wallets, blockchain, and the intricacies of crypto transactions. To top it all off, ever-changing crypto regulations throw tax compliance into a spin. These headaches can vary by location and may require specialized accounting help.

Further, KYC (know-your-customer) and AML (anti-money laundering) regulations are tightening. This requires freelancers to jump through hoops with identity verification and transaction limits. In short, crypto salaries come with a hefty dose of complexity.

🎯Tax Bill Might Burst Your Bubble
Daniel Krupka, chief research officer at Coin Bureau, said that unlike the simplicity of fiat taxes, crypto throws a wrench into the equation.
“Whereas it’s easy to calculate how much you owe in taxes with fiat payments, it’s less easy with crypto payments, particularly volatile cryptos like BTC,” he said.

Is it a capital gain, regular income, or something else entirely if you hold onto that Bitcoin and its value skyrockets? Krupka emphasizes that the tax headaches, especially with volatile cryptos, might outweigh the initial appeal of crypto payments for freelancers.

🌧️Hurdles in Crypto to Cash Conversions
Daniel Fayemi, a backend engineer at Bitvavo, said that converting crypto to cash (off-ramping) can be challenging depending on your location. For instance, in the Netherlands, strict regulations limit the amount of money you can move off an exchange without providing personal details.

📣Stablecoins Outshine Crypto for Payments
Matthew Leising, co-founder at DeCential Media, said that stablecoins offer an excellent choice for freelancers familiar with crypto and are relatively straightforward for newcomers to establish.

Stablecoins also provide an opportunity to earn a respectable yield within the crypto economy, such as the current 5.1% on USDC at Coinbase. However, a potential challenge arises with the freelancer’s bank, which may be hesitant about facilitating crypto transactions, especially when converting earnings into US dollars or other fiat currencies, Leising said.

According to Rebecca Liao, CEO of Saga, the good news is that legislators and presidential candidates are increasingly embracing crypto. She believes that once comprehensive crypto legislation is enacted in the US, freelancers will extensively receive payment in stablecoins.

This article is reproduced from cryptonews

In my opinion, it's quite worth it because it's also good for beginners who get paid through crypto and I will feel happy about that.

Therefore, there may be some people who have different opinions, so regarding the issue of salary through crypto, it depends on each person's opinion and perhaps this has also been discussed in other topics.

[legendbtc]

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

What if costs are high, will your company still transfer it? I don't think the company will transfer it, of course it will wait really cheap to transfer your crypto assets. Are you really patient in this matter? How can you make a profit, will you save for a certain period of time, don't you think about your daily needs that require money? I think you are quite ridiculous in this case

The mistake people make is to only look at the upside of bitcoin and ignore its volatility in the short and medium term. What happens to us if we get paid in bitcoin when it's worth $72k, but then we drive home and the bitcoin price suddenly drops to $66k? If it was a long-term investment it wouldn't be a big deal but I don't think any of us would feel comfortable with the value of our salary dropping so suddenly. Using bitcoin to pay salaries is still not really suitable when the volatility of bitcoin is so large, it is not beneficial for us because we use our salary for daily needs. 

Why keep things the same? I mean we still get our salaries in fiat and we can buy bitcoin whenever we want. Everything is fine when our salaries are paid in fiat currency, why try to change it in an unstable direction?

[shinratensei_]

but honestly it is natural that freelancers prefer to receive payments in crypto because it is much easier and usually the waiting time is much faster compared to what is offered by paypal or western union. the claim process is also not complicated because the recipient only needs to provide their wallet address and then they will be able to receive payment immediately without having to worry that the payment will be blocked or intervened for some reason.

the problem of unstable prices or kyc is another problem and i don't think it is a serious enough problem to discuss since freelancers are used to doing kyc and are smart enough to receive payments in usdt or directly convert their income.

Freelancer that does conventional tasks in a conventional freelancing platform usually still not used with being paid with crypto though, the argument about price volatility is honestly just an excuse because stablecoin also exists, as far as I know, if someone receive a crypto salary in a region where its got the services of big exchange they already freed of the headeache that entails.
granted that they willing to learn the mechanism of converting crypto such as BTC or ETH, or if we try to get rid of the risk volatility by using stablecoin it will saves them a lot of fee from using a service like paypal or so.

rather the hurdle that I've seen so far involving payroll in blockchain that is EVM based is the malicious infinite token spending approval code usually getting taken advantage of by phishing site that could really make people scared of having payroll in crypto which blockchain is smart contract capable.
because in the event of airdrop claiming for example, people are drained of their wallet by this scammers, so there's more likely chance that people that aren't really well knowledgeable with how blockchain work might fall victim, the only solution probably using exchange wallet which literally has so much restriction but also saving people from falling victim to a scammer.

[maydna]

If those people often to visit other countries, they can asks to be paid in crypto or stablecoins but that depends on the destination country. If the destination county or their country accept crypto and many groceries accepts crypto, they can use crypto easily and without a problem. The problem is not many groceries wants to accepts crypto or knows about crypto so that will not helps them if they wants to buy something. They must exchange crypto for local fiat so they can buy what they wants.

Crypto doesn't have borders as long as both side accept crypto, people can transact. Perhaps it will needs for some time before people can use crypto globally so they can asks their salaries to be paid in crypto.