Bitcoin as primary currency | Bitcointalksearch.org

Sir Legend

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Quote from: Ryder Kudrow on September 26, 2021, 03:49:56 AM

Bitcoin is a very valuable currency, which provides many benefits for investors and holders. However, the policies of each country are different. If the country does not support the use of bitcoin, receiving all of the bitcoin as a salary will have great difficulties and troubles for daily consumption. And Bitcoin price fluctuations also bring certain risks.

Bitcoin and cryptocurrencies are very risky, not suitable for those who have minimal finances, not all investors who have ever invested in bitcoin profit, even more leave bitcoin because they are losing money, for profit in bitcoin of course many factors influence and patience to wait is the most important thing for profit.

Cindella

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Bitcoin should not be used as the main currency. Its price fluctuates and is unstable, and accepting most bitcoins as wages is risky.

It is safer to use fiat currency as a salary. It can be used to pay for daily consumption and emergency funds, and it can also invest in cryptocurrency to make profits.

Ryder Kudrow

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Bitcoin is a very valuable currency, which provides many benefits for investors and holders. However, the policies of each country are different. If the country does not support the use of bitcoin, receiving all of the bitcoin as a salary will have great difficulties and troubles for daily consumption. And Bitcoin price fluctuations also bring certain risks.

smartbitcoininvestor

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One option you can take is to obtain a crypto debit card such as the Binance card and use that to spend your money in-store or anywhere on the Internet.

If most of your portfolio consists of BTC then I would consider rebalancing your portfolio from time to time. Cool

savetheFORUM

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Quote from: Caldear on September 22, 2021, 10:13:02 PM

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.

Bitcoin is good for many but still we need some very long and good work for its primary use because currently we can't do this all in many countries it's not available and if available then we have some other factors as well as price change transaction speed its fees. Primary use is not easy because we have many peoples already try in this way, but it's not work for them, It's very hard and have many difficulties even you have legal framework but still right now it's not easy to live this as primary use case.

RILWAN

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Quote from: Wildwest on September 24, 2021, 10:17:12 AM

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.

So hard how many aspects of our lives depend on the traditional financial system. If only we can pay for a glossary using Bitcoin, we will come to that point, but it's going to take a long time for that to happen.

Easteregg69

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molsewid

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Quote from: Wildwest on September 24, 2021, 10:17:12 AM

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.

Turbolinea

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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.

Wildwest

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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.

Maeve@

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Quote from: Sonofgeneral on August 28, 2021, 04:18:49 AM

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!

Caldear

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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.

adzino

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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.

TelolettOm

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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.

romero121

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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.

Alisha FR

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Quote from: Ekeleboy on August 28, 2021, 05:30:52 AM

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.

MrcMrc

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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.

Rajamuda

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Quote from: marilynmanson21 on September 16, 2021, 06:42:36 PM

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.

marilynmanson21

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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,

Dilladupak

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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.

Topic: Bitcoin as primary currency (Read 735 times)