Sign to accept your salary in bitcoin?

[john_egbert]

Receiving your salary in bitcoin has some benefits when you look at it from an investor perspective but if you look at it from a consumer perspective. You will find that it is not as beneficial as you think and we are consumers too, not just investors. Then you will face many problems like price fluctuations that can reduce the value of your salary, or you cannot use it directly and need to convert some of it into fiat because bitcoin is not a currency. Or you will have to pay extra fees for each transaction, while you almost never have those troubles when using fiat.

As I've read, if you have good bags of fiat already: you can go for it, and try to get more BTC to hodl.

If not - then a good option to get part of your salary in BTC, so that there would be cash to spend.

[snipie]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

I wouldn't mind getting a part of the salary in Bitcoin because it will grow in the first place and because it is easier and cheaper to convert to other FIAT when you travel abroad.
I said part and not all because Bitcoin is not widely available in every country and every shop so you have need some cash or cards to pay for everyday goods.
I find what the player did as a clever move, I don't recall seeing that news back on the time.

[Eternad]

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right? The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

It's really not bad to receive our salary in bitcoin but the issue here is we can't still use bitcoin to pay our monthly expenses. We would still need to convert it to fiat to be able to pay bills, buy groceries, and other basic necessities.

If we want to buy some bitcoin then we can just use our debit card or bank accounts to invest. Salary in bitcoin is a good idea if business establishments will also acknowledge it as payment but for now, I would still prefer to receive my salary to my bank account or in cash.

[traderethereum]

Indeed, there should be no issues putting Bitcoin as our salary but that will depend on how good our government accepts it. But I still use fiat as my salary because that makes it easy for me to use the money. I can not use Bitcoin as a payment and my government only allows us to use Bitcoin as a commodity.

I don't mind converting my fiat to Bitcoin by purchase in local exchanges. It is easy to buy Bitcoin because of the government allowance. That could be done if my government also allowed people to use Bitcoin to purchase anything in the market. But so far, there is no sign from them so we can not use it.

[henry_of_skalitz]

Indeed, there should be no issues putting Bitcoin as our salary but that will depend on how good our government accepts it. But I still use fiat as my salary because that makes it easy for me to use the money. I can not use Bitcoin as a payment and my government only allows us to use Bitcoin as a commodity.

I don't mind converting my fiat to Bitcoin by purchase in local exchanges. It is easy to buy Bitcoin because of the government allowance. That could be done if my government also allowed people to use Bitcoin to purchase anything in the market. But so far, there is no sign from them so we can not use it.

Regulations aren't there yet, and I don't think they will be in the upcoming years, but we need to never say never especially in the crypto space

[Outhue]

So this man asked to be paid in Bitcoin and he got that right from the company he worked with? If its in my country they will probably bashed you with hurtful words like what happen to your hand? Or can't you buy Bitcoin yourself if you really need to? Why put the hassle on the company?

It's a good deal indeed and I am happy for that man, many would have make a big deal out of this decision because let's be serious about this, it's a risky decision but I am sure he was very certain about the future of Bitcoin that's why he did it, not many people can have the gut to do the same.

The question that remains is how he go about settling his bills and other small things in his home, Fiat will still be needed I guess, to even full up your car tank and drive down to work needs money, I guess we will never know how he did that.

[fikrett]

^ He probably has some fiat to go by from before he got to such a decision

[justdimin]

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right? The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

When you are as rich as him, you do not have to turn it into fiat, you can keep it there and it doesn't really matter at all. Because he can keep it at bitcoin ,and he can keep it there for another 20 years. He is wealthy, made millions, and if he wasn't stupid with his money (and looks like he wasn't) then he should be fine.

This is the most important part, and that is the future we live in, people will turn their investments and savings into bitcoin and will make money for the long term. He provided proof that he wasn't stupid for doing this, and even during the crash, he didn't sell and waited for it to recover and now he is in profit thanks to our bull run. He could have said this even earlier considering he made profit long ago.

[henry_of_skalitz]

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right? The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

When you are as rich as him, you do not have to turn it into fiat, you can keep it there and it doesn't really matter at all. Because he can keep it at bitcoin ,and he can keep it there for another 20 years. He is wealthy, made millions, and if he wasn't stupid with his money (and looks like he wasn't) then he should be fine.

This is the most important part, and that is the future we live in, people will turn their investments and savings into bitcoin and will make money for the long term. He provided proof that he wasn't stupid for doing this, and even during the crash, he didn't sell and waited for it to recover and now he is in profit thanks to our bull run. He could have said this even earlier considering he made profit long ago.

Exactly.

That's why we, as those who don't have so much cash on us, need to come up with something that would satisfy us in the end, yet it needs to be adapted to our situations.

Surely, the man in the OP did well, but we, on the other hand, would need to have some part of our salary in fiat anyways.. if we didn't stock it up.

[Etranger]

Receiving a salary in Bitcoin can free you from many bureaucratic procedures that complicate life. I would say this applies to all cryptocurrencies, not just Bitcoin. For example, in many countries, you can still avoid paying taxes on cryptocurrency fiat exchanges, whereas with an official salary, you are forced to do so. Secondly, the bank definitely won't block your payments or use your accounts as leverage against you. A salary in cryptocurrency frees you from all these inconveniences.

Receiving salaries in bitcoin is good but it will make no sense to receive bitcoins and end up converting it to Fiat so the only time it will make more sense will be in a country where bitcoin has become a legal tender. But can we really escape from paying taxes? this is where the problem is because if we stop paying taxes how will the government generate revenues to provide social amenities to the people. Taxes is a basic necessity that have helped many countries to develop so if we stop paying taxes it will really become a big problem and i don't even think that any government can function properly when taxes are not paid.

I wouldn’t say that there is no point in getting paid in Bitcoin if you convert it to fiat. Bitcoin is money, and money is a tool whose purpose is to be used, not just accumulated. Besides, Bitcoin is not limited to its nature as an appreciating asset. It is also useful as a means of transfer, exchange, and storage. And it performs all these functions perfectly, but it still has to be converted to fiat, because it is not accepted as a means of payment in most places. And it is not even necessary, because in many countries it is much more beneficial to exchange it for fiat and pay with that, since the local fiat does not hold that much value.

[Swordsoffreedom]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

But what if that time, your salary in BTC has appreciated and then you take profits? or what if it depreciated, so that is the dilemma here. But if you are really that smart then maybe you will know when to take profits from time to time for expenses and everything. I remember one member here who says that he put 100% in Bitcoin and so he will just withdraw if he needed fiat to pay his bills and go grocery. So I think it's doable though, and if I'm not mistaken, there are a lot of sports personalities way before that accepts BTC as their salary.

Even a mayor in NYC is more willing, https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency

Bitcoin is unpredictable and that is why we always advise each other to hold for the long term and limit short term speculation. So no matter how smart you are, if your income is not too high and your life depends entirely on that income. Receiving your salary in bitcoin will expose you to more losses than your salary will increase due to the increase in bitcoin price.

Getting paid in Bitcoin might be feasible if you have multiple sources of income or are wealthy like professional athletes but if you have only one stream of income and rely solely on it like I said. That will no longer be feasible, because your electricity bill, water bill, rent or your children cannot go hungry just to wait for the price of bitcoin to increase so you can make a profit.

[Don Pedro Dinero]

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right? The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

Well no, in my case I wouldn't do it because I earn much less than him, and just as you mention with a drawback that if you get paid in fiat you have to convert fiat to bitcoin to acquire it, in the same way I have almost no options to spend bitcoin directly, so I would also have to convert bitcoin to fiat for my daily expenses. Besides, I would not like to see a 10% drop as soon as I get my salary, which could also be the other way round. But I prefer the way I am, I get paid in fiat and then I'll take it from there.

[Gaza13]

I used to think that it will be very smart to receive salaries in Bitcoin not until I also realized that whether salaries are paid in Bitcoin or not, it's only those that have the capabilities to save, hold and reserve some of their salaries that can only keep some. Some people's salaries are not enough not cover their expenses and such people, even with Bitcoin salary, they will still spend it on their very important needs and wouldn't have anyone to save until they receive another payment, so what's the need?

What you say is absolutely correct. For example, if a company adopts paying its employees in Bitcoin, the government will certainly create specific regulations for each company, and employees must comply with the rules or policies established by each region or government where they live. In my opinion, in addition to daily needs, as you mentioned above, I think they will certainly have difficulty accepting these payments. They certainly fear the instability or fluctuations of the uncertain Bitcoin price. If you have an urgent need and they haven't cashed out all the Bitcoin they have received from the company, this will certainly impact or reduce their income.

[milewilda]

NFL star Odell Beckham Jr. may be having the last laugh against critics of his decision to take his salary in Bitcoin.

When Beckham opted to convert his 2021 base salary of $750,000 from the Los Angeles Rams to Bitcoin as part of an endorsement deal with the Block-owned (NYSE:XYZ) Cash App, critics were quick to argue that he was making a mistake. These critics only grew louder as a market crash ensued the following year, which saw Bitcoin lose nearly 80% of its value.

“Sooooo Bitcoin is at an ALL TIME high today...safe to say we still happy with our decision,” he said on X on July 14 as the asset surged to record highs above $120,000.

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right? The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

It could only have that two possible ways on which the situation or price would be able to go through on which it would be that going up and down on which we know that these kind of decisions doesnt end up on being that easy on a certain individual but since we are talking about some athlete on here on which have decided on taking up Bitcoins instead of fiat and then there's no shocking about seeing those salary being paid in Bitcoin form. People would be always have something to say in regardless about into the outcome of someones decision in life but actually it would be just that giving out that possible options whether you have chosen or just simply decline. If you do have those hopes that it would be having that potential then you can always decide to opt in and doesnt matter on what others been saying.

Now that the price is indeed on all time high then that decision you had made is actually racking up some profits now and for those who had been able to missed out those opportunity to make money then they are that on huge regret as of the moment as they are that considering on whats the current prices.

[peter0425]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

I wouldn't mind getting a part of the salary in Bitcoin because it will grow in the first place and because it is easier and cheaper to convert to other FIAT when you travel abroad.
I said part and not all because Bitcoin is not widely available in every country and every shop so you have need some cash or cards to pay for everyday goods.
I find what the player did as a clever move, I don't recall seeing that news back on the time.

This is yours to fix. I do not think your employer would be so happy to cut your salary and give half in fiat and half in bitcoin. So you are the one to convert it into fiat. This is why understandably some people do not want to receive theirs in bitcoin especially if their country do not accept bitcoin generally.

[CTO114]

It has all the parameters for critics to pounce at face value, but wait, think about it; it's a pathfinding and pave setting move, which some high profile athletes may join in. It's surely a form of investment with its own risks, just like any other investment, maybe, he has started to see what we've all been talking about.

[tabas]

Receiving your salary in bitcoin has some benefits when you look at it from an investor perspective but if you look at it from a consumer perspective. You will find that it is not as beneficial as you think and we are consumers too, not just investors. Then you will face many problems like price fluctuations that can reduce the value of your salary, or you cannot use it directly and need to convert some of it into fiat because bitcoin is not a currency. Or you will have to pay extra fees for each transaction, while you almost never have those troubles when using fiat.

If a person decides to accept Bitcoin as salary, he knows about the fluctuations and aware that it can happen from time to time. But it's not a problem to him as he just have to sell from time to time based from the salary that he's about to receive. The decision of how much to keep and how to sell will depend on him. He can sell all for the first salary or maybe bi-weekly or only when he really wants to spend some money using fiat. It's one of the conditions for people that have accepted it as a salary, they will have to bear with the volatility.

[virasog]

You would still need to turn said BTC in fiat partially when the time comes, to get a part of your salary in BTC sounds good, but on paper, mostly.

I wouldn't mind getting a part of the salary in Bitcoin because it will grow in the first place and because it is easier and cheaper to convert to other FIAT when you travel abroad.
I said part and not all because Bitcoin is not widely available in every country and every shop so you have need some cash or cards to pay for everyday goods.
I find what the player did as a clever move, I don't recall seeing that news back on the time.

Yup, getting salary in bitcoin is not a big deal except for a situation where your salary is deposited in the bitcoin wallet and soon the bitcoin dump hard and all of sudden you find that your money in dollar terms is less. Yes, there can be the opposite of this too, that you get the salary, and soon the bitcoin pump makes your money increase.

However, since most salaried people need that salary to run the house expenses for the whole month, I would not prefer to keep them in bitcoin. I will instantly convert my bitcoin salary into fiat and keep only the money in bitcoin that I know I can hold for the long term and do not need to spend soon.

[r_victory]

Unless it was a company rule, I never thought of receiving my salary with any cryptocurrency. Perhaps, for some services or as extra income. For me, it would not be viable, I have to convert to fiat currency anyway, there are not many services here that allow payment with bitcoin, and those that have, charge a higher rate than traditional services.

[lionheart78]

Even if you are not earning $750,000 and you are not rich enough to put all your salary into investment yet, accepting bitcoin for your salary sounds a good deal. Some people are worried about the fluctuations in the market but as long as the employer gives you the equivalent amount of btc in usd, I think there should be no problems, am I not right?

Yeah, there should be no problem even if the employer decided to pay their employeed with Bitcoin as long as it is equivalent to the USD value of the employee's salary and had shown them ways to convert their BTC into fiat currency anytime they wanted to.

The good thing is if you are planning to put your salary in bitcoin to invest, you do not need to convert it into bitcoin since it was given to you in bitcoin already.

True, that is if the employee is willing to invest their salary to Bitcoin.  I think this is only applicable to people who do not touch their salary and have extra money to cover their daily expenses.  But for those who don't have extra budget and only rely on their salary for their daily necessities, this will be troublesome for them.  Since they have to convert their BTC to fiat currency and pay all the needed processing fees, they reduce the money they can get when compared to when they are directly paid in fiat currency.