Bitcoin is not as salary

[Saltysugar99]

I have seen some people in my short experience that they use Bitcoin like a salary. Bitcoin is not a salary, because the job of a salary is to pay for food, rent, transportation, and household necessities. And the job of Bitcoin is to maintain or increase its value in the long term. If you want to use Bitcoin like a salary, then you are giving volatility the responsibility of paying your monthly bills. But volatility does not follow the schedule of your bills. The price may drop by 20–30% in a month, just when you may have to pay your rent. Then you will be forced to sell at a lower price. This is a forced sale, and this is what destroys the investment.

Suppose you earn $300, your monthly expenses are $260. Then your discretionary is only $40. If you buy Bitcoin for $200 thinking that the price of Bitcoin will increase next month, then you have to break the BTC again to pay the grocery or other expenses. You will not benefit from this, but rather you will fall into the trap of buying and selling repeatedly and accumulate less BTC, which will cause more stress. A better method is to first fix your basic expenses, then make regular small purchases from the discretionary portion, say $10 a week or $40 a month, and keep a small backup fund so that you do not have to touch BTC for emergency expenses.

Many people in our country have irregular income. In this situation, buying Bitcoin with a large amount is even more dangerous, because if your income stops, you will not have cash in hand. Then you have to sell BTC again, usually at a bad time. So “Bitcoin is not salary” means that Bitcoin is not bad. It means that you do not lock the money you have to live on today in investments. Buy Bitcoin with money that you can really keep for 4-10 years.

[Hatchy]

Bitcoin can be used for whatever you wish to use it for. It can be used as salaries to pay for job done like we have here on the forum signature campaign. I think your context here of salary is contradictory. If you wish to invest in bitcoin, you shouldn't be converting to and fro. Only put in some discretionary amount of your income. Something you know you can take out consistently after all your expenses have been met.

Don't put money you will be needing any time soon into the market due to it's volatility it won't retain it's value. And if you want to use it to cover some expenses, it would no longer be enough..

[digitalbear]

I believe Bitcoin should be treated as a long-term savings asset. When you’re in profit, you can sell and move into stablecoins, which you can then use for anything you need — including buying back some Bitcoin if the price drops, to generate additional profit. Bitcoin shouldn’t be sold at a loss except in extreme cases.

Even if the price drops temporarily, there’s no need to panic. Historically, Bitcoin has a halving roughly every four years, which has often led to strong price appreciation over time. Without this mechanism, the entire crypto ecosystem would likely be fundamentally disrupted.

[Judith87403]

You are correct. Bitcoin should not be taken like a salary. A salary is for needs that are fixed and short term, but Bitcoin is a long term storage of worth. Using Bitcoin to settle monthly bills delivers such responsibility to volatility, and this does not care about dates of rent or expenses of food. If prices drops, people are pushed to sell at the worst time, and this hurts their investment. A wiser step is to take care of the essentials at first, keep a buffer for emergency, then invest little, consistent amounts from true discretionary income. This is considered more important for those having irregular income. Bitcoin operates best if bought with money you are able leave without touching for years, instead of funds you have need for to survive today.

[Mate2237]

I don't think that it's out of place to use Bitcoin for the purpose of paying bills it all depends on the individual involved. Yes it's true that Bitcoin is used to increase value due to its hig growth rate but it's not also out of place to use Bitcoin for the purpose of paying bills. Bitcoin is also money the only difference is we can say that Bitcoin is digital money that you can't touch and hold physically so you can use that to pay bills and what ever thing that you wants.


The emphasis on Bitcoin accumulation has been that when accumulation due to the effects of volatility you should not think about spending your Bitcoin holding on a short term basis, anyone investing in Bitcoin should always prioritize Long term which will not easily make you to temper with your bitcoin holding.

[Jubilee58]

Bitcoin can be used for whatever you wish to use it for. It can be used as salaries to pay for job done like we have here on the forum signature campaign. I think your context here of salary is contradictory. If you wish to invest in bitcoin, you shouldn't be converting to and fro. Only put in some discretionary amount of your income. Something you know you can take out consistently after all your expenses have been met.

Don't put money you will be needing any time soon into the market due to it's volatility it won't retain it's value. And if you want to use it to cover some expenses, it would no longer be enough..

You are very correct, somebody can receive bitcoin as salary, there are many Blockchain and cryptocurrency jobs that pay you in bitcoin and some company will demand you to choose the currency you want to be paid and if you choose to be paid in bitcoin, they will surely pay you in bitcoin and some company too will mention it clearly that they can only pay in bitcoin. Just like this Bitcoin forum, you are being rewarded in bitcoin if you engage in any campaign.

Bitcoin is an investment asset which reward investors on the long run. Money that is meant for  emergency is not invested in bitcoin because it can fluctuate rapidly within a very short period of time.

[Pablo-wood]

Many people in our country have irregular income. In this situation, buying Bitcoin with a large amount is even more dangerous, because if your income stops, you will not have cash in hand. Then you have to sell BTC again, usually at a bad time. So “Bitcoin is not salary” means that Bitcoin is not bad. It means that you do not lock the money you have to live on today in investments. Buy Bitcoin with money that you can really keep for 4-10 years.

Don't you think it's more safer buying bitcoin with such irregular income as you call it because when the income stops they might choose to take a loan and start a simple business which will sort out their daily expenses while the hold on to their coin until it's mature enough to take some profits which can be reinvested into other businesses. Which ever way Bitcoin can still be a salary be it a long term pay or short term pay depending on the goal of the earner.

[Bryan jessy]

Bitcoin can be used for whatever you wish to use it for. It can be used as salaries to pay for job done like we have here on the forum signature campaign. I think your context here of salary is contradictory. If you wish to invest in bitcoin, you shouldn't be converting to and fro. Only put in some discretionary amount of your income. Something you know you can take out consistently after all your expenses have been met.

Don't put money you will be needing any time soon into the market due to it's volatility it won't retain it's value. And if you want to use it to cover some expenses, it would no longer be enough..

You are right about that, Bitcoin can serve multiple purposes based on the need of Bitcoiner. It can be used to resolve any issues or settle any situation that might require it usage because their are some people that their major source of income is from Bitcoin, so people in this category are surviving with Bitcoin they use it to sort out their bill and yet they are never out of assets because they have planned and have organized themselves on how to use their assets, so it is all about having a budget, as to know what to spend on that which should be hodl, and for investment purposes

[ruykeri]

Don't you think it's more safer buying bitcoin with such irregular income as you call it because when the income stops they might choose to take a loan and start a simple business which will sort out their daily expenses while the hold on to their coin until it's mature enough to take some profits which can be reinvested into other businesses. Which ever way Bitcoin can still be a salary be it a long term pay or short term pay depending on the goal of the earner.

The idea you are talking about sounds good, but the reality is different. If your income stops, starting a small business with a loan means adding adding more risk . Uncertain income, loans, new business, volatile Bitcoin will all create risks together. If any one of them is not managed properly, the entire structure will collapse.

Starting a business with a loan means creating a worse situation. Because the loan installment is fixed, but the business income is not fixed and there may even be a loss. If you start a new small business. In the business startup phase, cash flow is usually uncertain, margins are low, and it is difficult to recover quickly if there is a shock. Then instead of holding bitcoin, you can sell it again because the loan installment will not wait. In this case, you are not reducing the possibility of a forced sale, but rather increasing the cost of living  and the debt pressure also.

There is no guarantee that the price of Bitcoin will increase with time. The market may do well in 6 months, and the price of Bitcoin may not increase as expected in 2-3 years. And how one uses Bitcoin is a personal decision. If someone uses it like a salary and bases it on the accumulation status, then there is no problem. However, it is not right to make such a decision from the beginning that one buys Bitcoin, sells it for a profit after a month or two and lives on.

Whether there is irregular income or not, if one has discretionary income, then one can invest in Bitcoin. But I never think it is a good decision to invest in Bitcoin outside of discretionary income.

[clifaduna]

You know, in the time I’ve been on the forum, a couple of times I’ve run into people who get paid in bitcoins. And here’s what I’m thinking: calling bitcoin a paycheck is, in my opinion, not quite true.
The salary is needed to cover current needs: pay for an apartment, buy food, deal with utilities. And Bitcoin is more about the other, about how to save money for a long time.

[Chilwell]

You know, in the time I’ve been on the forum, a couple of times I’ve run into people who get paid in bitcoins. And here’s what I’m thinking: calling bitcoin a paycheck is, in my opinion, not quite true.
The salary is needed to cover current needs: pay for an apartment, buy food, deal with utilities. And Bitcoin is more about the other, about how to save money for a long time.

Bitcoin is more than that, bitcoin can take the place of money (fiat) because just as you mentioned, everything you mentioned can be handle if you want to do it with Bitcoin. Yes in this forum people have been paid with Bitcoin if really they adopt it now it is very easy and very reliable in paying salary.

Bitcoin can serve so many purpose, i don't just know, so many people have limited bitcoin but they are thinking in a wrong direction, I don't blame some of people because not all of us in this country know how bitcoin operate, I included most educated people, because I have come across educationalist saying something bad about Bitcoin, but I didn't waste my time in making him understand it because after all he did not show any interest.

[sotelorene]

I have seen some people in my short experience that they use Bitcoin like a salary. Bitcoin is not a salary, because the job of a salary is to pay for food, rent, transportation, and household necessities. And the job of Bitcoin is to maintain or increase its value in the long term. If you want to use Bitcoin like a salary, then you are giving volatility the responsibility of paying your monthly bills. But volatility does not follow the schedule of your bills. The price may drop by 20–30% in a month, just when you may have to pay your rent. Then you will be forced to sell at a lower price. This is a forced sale, and this is what destroys the investment.

In summary what you are talking is trading Bitcoin and what you are saying describe it and not everyone who is into Bitcoin do follow or do what you are saying, there are people who are into long term holding and there are also folks that are interested in trading it that is gambling Bitcoin and some are not doing it because they want to use it as a salary but rather it is a normal thing traders do,  trying to make something at every second in the market and I still believe there are folks out there who are so good that Bitcoin is more than just a salary to them because of how much profit they have made and how they have used those profit to established themselves.

Many people in our country have irregular income. In this situation, buying Bitcoin with a large amount is even more dangerous, because if your income stops, you will not have cash in hand. Then you have to sell BTC again, usually at a bad time. So “Bitcoin is not salary” means that Bitcoin is not bad. It means that you do not lock the money you have to live on today in investments. Buy Bitcoin with money that you can really keep for 4-10 years.

There is no limitations to how someone should buy Bitcoin provided what they are using to buy or accumulate the Bitcoin is from their discretionary they have no problem but it will only be a problem and challenging if they used money outside their discretionary to buy because money outside discretionary income is what we can not actually afford to lose. Everything in life is planning and if you don't plan well you will definitely see the ugly side of what you are trying to go into.

[Gozie51]

You know, in the time I’ve been on the forum, a couple of times I’ve run into people who get paid in bitcoins. And here’s what I’m thinking: calling bitcoin a paycheck is, in my opinion, not quite true.
The salary is needed to cover current needs: pay for an apartment, buy food, deal with utilities. And Bitcoin is more about the other, about how to save money for a long time.

I think Op made his post to be misinterpreted because he didn't give a better explanation of his view point on what message he was trying to pass. Of course bitcoin can be used as salary just like many of us get paid for different jobs on this forum and other forum where bitcoin and other crypto have been used to pay for different reward/job done.

But what I believe he tried to narrate is that individuals don't need to set up bitcoin as a means of making profit to pay people salary from the gains made or to use the gains for groceries and other daily expenses that money or salary is used for.. The reason is that while you are expecting a profit rise for the month to be pulled out to sort out expenses, you may still be suffering loses as a result of fall in price. So bitcoin is not to be set up as a salary paying mechanism rather to invest it as an asset that you can resell at a later date at such time that you would have made profit.

[Hewlet]

If you buy Bitcoin for $200 thinking that the price of Bitcoin will increase next month, then you have to break the BTC again to pay the grocery or other expenses. You will not benefit from this, but rather you will fall into the trap of buying and selling repeatedly and accumulate less BTC, which will cause more stress.

A better way of putting this is to say that, bitcoin based on it long term potential and it related short term volatility does not fit properly into an asset you can spend for some not so significant things. if that is your stand, then you are absolutely correct but saying that bitcoin can not be used as a payment option for salary sends a message that looks like a not so true narrative.

depending on what you feel like using your bitcoin for, you can decide to use your bitcoin for payment of salary like we have on the forum and on other platform and depending on what you want to use it for, it can be used to make payment, make purchase, and even saved up as an asset that is meant to appreciate with time.

[Olatundespo]

Those of us who are in the signature campaign get every week in Bitcoin. This can be one of the strategies for accumulation Bitcoin. Because we are working for income and many are involved in different professions. Because Bitcoin is only for investment. It would not be wise to convert from Bitcoin to Fiat for daily expenses. If you actually have an unreliable source of income, accumulate Bitcoin with a discretionary fund. Buy in small amounts every week without increasing the pressure on the discretionary fund in the initial months of accumulation Bitcoin. Create an emergency fund to be regular in Bitcoin investment.

[Eclipse01]

Bitcoin can be used for whatever you wish to use it for. It can be used as salaries to pay for job done like we have here on the forum signature campaign. I think your context here of salary is contradictory.

OFC you fit use Bitcoin for anything, including paying for goods and services, wetin OP dey try talk say, you no need invest in Bitcoin thinking say u go dey take profit like say na salary

You know, in the time I’ve been on the forum, a couple of times I’ve run into people who get paid in bitcoins. And here’s what I’m thinking: calling bitcoin a paycheck is, in my opinion, not quite true.
The salary is needed to cover current needs: pay for an apartment, buy food, deal with utilities. And Bitcoin is more about the other, about how to save money for a long time.

Why not, if dem dey pay u ur salary in Bitcoin, then yeah, Bitcoin is a paycheck, but in a more circular establishment, using Bitcoin to pay salary no too dey ideal cause, during withdrawal, e fit cut, as dem pay you e fit increase or reduce so the fiat price no go dey fixed, but if there is an agreement then no problem, but yeah, BTC can be a paycheck

[Agbe]

The crypto market is open to what anyone decides to do with it, that's the reason why there's an option to trade or hold Bitcoin. The people that mostly use bitcoin as a daily or weekly source of income are traders, some can decide to do swing trades and others are into day trading. it is also possible to do short investments depending on your capital and your plan, people take advantage of little changes in the market and they make daily profit.

[SatoPrincess]

For everybody way dey signature campaign bitcoin na salary. How them choose to spend that bitcoin na their business. You fit use bitcoin as investment, currency, or hedge against inflation. So why you dey make am look as if na bad thing to use bitcoin as money. If everybody hodl their bitcoin and not trade, how you think say bitcoin adoption go take happen?

[Lembo69]

You can use Bitcoin for salary, investment or business in all sectors.
But if you use Bitcoin as salary, then you have to keep in mind a big risk—price fluctuations.
No one knows when the price of Bitcoin will fall by 20–30% and when it will rise.
And the problem is, your rent, market and bills do not wait for the price to fall.
So if your goal is long-term investment, then it is wiser to see Bitcoin as an asset rather than as a salary.
Long-term investment does not mean just pouring money.
Here you have to invest.
time, patience, money and discipline.
This journey can take 4–10 years or more.
The biggest fight at this time is—survival.
Yes, Bitcoin is designed to be used as money
and to provide protection against inflation.
But if your goal is to build a solid financial base for the future, then your focus should be on long-term, sustainable investments.

[Mr Reporter]

I have seen some people in my short experience that they use Bitcoin like a salary. Bitcoin is not a salary, because the job of a salary is to pay for food, rent, transportation, and household necessities. And the job of Bitcoin is to maintain or increase its value in the long term. If you want to use Bitcoin like a salary, then you are giving volatility the responsibility of paying your monthly bills. But volatility does not follow the schedule of your bills. The price may drop by 20–30% in a month, just when you may have to pay your rent. Then you will be forced to sell at a lower price. This is a forced sale, and this is what destroys the investment.

Suppose you earn $300, your monthly expenses are $260. Then your discretionary is only $40. If you buy Bitcoin for $200 thinking that the price of Bitcoin will increase next month, then you have to break the BTC again to pay the grocery or other expenses. You will not benefit from this, but rather you will fall into the trap of buying and selling repeatedly and accumulate less BTC, which will cause more stress. A better method is to first fix your basic expenses, then make regular small purchases from the discretionary portion, say $10 a week or $40 a month, and keep a small backup fund so that you do not have to touch BTC for emergency expenses.

Many people in our country have irregular income. In this situation, buying Bitcoin with a large amount is even more dangerous, because if your income stops, you will not have cash in hand. Then you have to sell BTC again, usually at a bad time. So “Bitcoin is not salary” means that Bitcoin is not bad. It means that you do not lock the money you have to live on today in investments. Buy Bitcoin with money that you can really keep for 4-10 years.

Bitcoin money is good for people who are good investment and can make profitable income, even though is not a salary people can make alot of investment in bitcoin and solve a lot of problems with it, investing in bitcoin for more than a years actually help because even though you are trying to give up on it or thing are getting higher, this investing can help alot but people who don't have Idea about it will think it will not help and fact to be told, I hope people believe that investment is very good,so even though is not a salary it will surely help those who are investing.