Topic: Bitcoin as primary currency - page 2. (Read 735 times)

This statement is not true. There are already a number of web stores around the world accepting payments in cryptocurrency and that goes for physical stores as well. You can buy anything online in Bitcoin. There are even stores that offer discounts in Bitcoin. Therefore, to say that only El Salvador accepts bitcoin is incorrect.

If bitcoin is legal in your country, you can use Bitcoin as the main currency. Otherwise, accepting bitcoin as the full salary is not a wise choice.
Although bitcoin is a very profitable asset, its price is unstable and volatile, and carries certain risks. Therefore, it is necessary to allocate funds reasonably, use part of the funds other than the funds needed in daily life for bitcoin investment and hold it for a long time, which can not only meet the daily life, but also make profits by investing in bitcoin.

I mean it all depends on how are you going to be using your salary and what are your daily expenses and also on where you live, because if you accept your salary in bitcoin and your country or the place where you live you are unable to buy for example groceries or pay for bills with it or there are a few but they might inconveniently far from you that you would struggle in that case, i feel like bitcoin being used as a primary store of value for your whole salary is not a good idea since it is not yet implemented into our culture so we cannot go about using it at any time anywhere.

El Salvador legalizes bitcoin as a legal tender. The country is the first and only one in the world to do so. El Salvador's decision is a breath of fresh air for supporters of the crypto currency, aka cryptocurrency. The last month the price of bitcoin continued to decline after the founder of the electric car company Tesla, Elon Musk, announced that he would not use it as a means of payment. I think this fresh wind will be promising for bitcoin itself.

Right, because at the end of the day we still need to exchange our BTC to fiat before buying something that's why we cannot make it as primary currency since this is not supported yet by most of the country only El Salvador is the one who do this but they still make USD as their main currency and bitcoin is option only. But we shouldn't lose hope as this adoption is started by on country maybe in future another announcement came that they will also make it as their legal tender but let see which country will adopt next.

You cant use BTC as a primary currency unless your country legalized BTC, so receiving BTC instead of a legal currency is possible but I dont really know the situation of cryptocurrency in your country so I can really tell. Anyways,investing in BTC isn't really a bad thing but you should have saved only a small percentage of your salary for investment in cryptocurrency so I think 80% allocation of your salary would be in BTC is a bit too much. How about having an emergency fund? just in case something bad happened and you need urgent money then your funds for BTC won't be affected.

First of all, have you discussed this with your company and know whether they will be able to pay you with Bitcoin or not? If your company will be able to pay you with Bitcoin then no problem, and if not then you can still receive your $1500 salary and invest in Bitcoin the amount you would like to invest or maybe invest all if you want to. Now if they are going to be paying you direct with Bitcoin, damn if you would be able to save up the fees that you would have had to pay when you are buying it yourself, although the fees are not much.

But, I think you shouldn’t have all your salary paid as Bitcoin or invested in Bitcoin, the reason why I’m saying this is because there are times you’re also going to need Fiat to make other necessary payments. So, you have to calculate yourself ,if possible you can continue to receive your money from them as Fiat, and then after you have received the payment you can then invest the amount that you want, maybe 50% into Bitcoin while you keep the rest as Fiat that you will be using for other things.

This will happen only if:
- Your company pays you in Bitcoin
- Bitcoin is legal in your country as a currency and also payment method
And those basic two have been there, you can start to learn about the basics of Bitcoin at first, the wallet and also the storage that you can use for good security and also with low fee transaction.
And, are there many shops or merchants that also accept Bitcoin in your area? If that's so, that will be no problem with using Bitcoin as a currency.

However, if you meant that your salary is in fiat and you are going to hold your money and convert it to Bitcoin, you can find a trusted and reputable exchange in your country to buy some Bitcoin and save them in your hardware wallet. Because you are willing to use it for holding, I suggest you use a hardware wallet for better security. But if there is not yet good exchanges, you can choose trusted and reputable global exchange such as Binance.

Maybe he has known the risks and saving 80% is actually high enough, except he doesn't need much money for his daily life so far. They can do it and it will also depend on how much or how high spendable necessities in his country.
About using some for trading, I am not sure about it, moreover if he is new. It will be very risky. Moreover, if he doesn't have enough time to learn, he can be in FOMO later.

I think you know better what to do. To keep your salary at 80% from $1500 per month. You could say you will only use $ 300 for the necessities of life for 1 month. And if the average per day you only use $ 10. I think that's not enough.

For advice, use these 20% funds for trading coins in a short time so that you can increase your money

This is something I agree with. It is not a matter of being prepared, but of having internet access throughout the country and of all of us being computer literate. For the time being, it is still not possible to find a store that accepts bitcoin as payment, making it extremely difficult to find one. However, if you live in El Salvador, I believe there will be many stores that accept bitcoin as payment because the currency was recently legalized in the country.

Actually, it is not the main currency, but as a valid optional currency. However, many countries still have not legalized it, the regulations in each country are different.
The OP seems to be a newbie who is new to bitcoin. No one accepts bitcoin as payment for work in private companies, it is still very risky due to the volatile bitcoin price. it is better to receive a salary in FIAT and part of it to invest in bitcoin, it will be better.

this idea is good but, i think it will not be possible, because bitcoin's price is dependent on the price of US dollars so if the value of US dollars starts to go down then the value of bitcoin will go down as well. and you can't make bitcoin the primary currency because not all people have access to bitcoin especially those people living in third world countries.

As a financial advisor I would caution you to do such a thing.  You want to make sure that you've got enough of a portfolio already put in place to where if bitcoin were to absolutely crash, that you wouldn't be in financial trouble.  Is that the case for you?  I would never recommend anyone take their full salary in bitcoin, however that being said I don't see any harm in taking a small % of it in bitcoin.

true as you said, if we accept all bitcoins in our salary payments, of course we will find it difficult to manage our needs, because bitcoin has not been fully accepted, either by companies or the government, in my opinion it is very difficult to make bitcoin the main currency ,because we can't compete with the government in terms of currency,, make bitcoin a tool for success in the future..

don't play stupid here mate, don't make us problematic about your own case, why not just invest in bitcoin the amount excess from your monthly expenses then the problem is solved?

remember the greatest advice here, Invest only the amount you can afford to lose.

with this just invest 50% of your salary and invest the remaining 50% or find other extra job to cover your expenses so you can put that 100% in investing.

Accept your salary in Bitcoin, budget it and you're done.
When I say budget, I mean put a percentage of it into holdings and another percentage into bills (you convert it into your own currency and then you will use it to pay bills) etc.

You want to hold at least 80% of your salary in Bitcoin. You have 2 options. If you're company that you are working wants you to pay into Bitcoin then hold all of it and on the other hand, find a side hustle that will help you pay your monthly bills and expenses. Another option is when your company didn't want you to be paid in Bitcoin then you must convert your salary into Bitcoin, all of it and then find another side hustle that will help you pay your bills .

Now to answer your question whether Bitcoin will be used as a primary currency, that will not happen. People will prefer to pay using fiat than Bitcoin. Not all of the people in the world have access to Bitcoin or crypto in general but all of the people have access to paper money like fiat currency.

Bitcoin marketcap continues to increase and will soon reach $ 1 trillion, with a very large market cap like now of course more and more countries are taking into account the power of bitcoin, I hope one day bitcoin can become a global currency that can be accepted throughout the world.

I think that you don't need to get paid in Bitcoin like this. As long as Bitcoin is not the legal tender in your country, there is no need to get paid like this. Because you aren't going to be able to do everything you would like with your Bitcoin. But maybe you want this to make an investment into Bitcoin directly. I understand it but you can already get paid in fiat and buy Bitcoin with whatever amount of money you would like.

Making Bitcoin the main currency in my opinion is not right. Many still prohibit the use of Bitcoin as a transaction tool because Bitcoin is very volatile, if you exchange all of your salary with Bitcoin in my opinion, it is an inappropriate decision because you will have difficulty making ends meet. It's good that the money used as a Bitcoin investment is not primary money but the excess of your salary so that your basic needs will be met first and you can also get additional income from the money that is used as a Bitcoin investment.

actually it doesn't matter if the payment is 100% using bitcoin because there is the simplest way you can buy and sell bitcoin by yourself and put a few percent into money to meet your needs. I think this is the best and easiest to do