Bitcoin as primary currency - page 4.

AicecreaME

sr. member

Activity: 2394

Merit: 454

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?

IMO, receiving your nearly full salary in bitcoin isn't really a smart move. You would have a tough time using bitcoin as your primary currency. You would undergo the hassle of converting bitcoin into fiat once you need money to pay for your rent, phone bills, to buy groceries, and other stuff that you need in order to survive. Unless you have a fund allocation that can keep you alive for the rest of the time you will be accepting btc as your salary.

You have to know the pros and cons first before deciding. Weigh the advantages and the disadvantages it offers. You must also know that if you'll accept btc as your salary, there would be times that you will receive more or less depending on the price value of bitcoin in the market. IMO, it's still much better to accept fiat as a salary and then just save it so that the moment bitcoin's price goes down, you can buy more with your money at hand. Or you can also opt to receive a portion of your salary in btc. Let's say 20% of it. So that you still have money to spend on the things you need and you have an investment at the same time. This is just my opinion. Do what you think suits you best. I believe you know your spending and saving habits more than anyone else in this forum.

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

you can break down your total expenses, with a salary of 15k$ you save 80% of your salary for bitcoin the rest for your living needs
as we know that bitcoin is not official in every country, try to discuss with your boss whether you can accept bitcoin as your payment?
if you can you can keep 80% of your bitcoins in your wallet and the rest you exchange to fiat for your needs
but remember that bitcoin cannot be the main currency if your country does not legalize bitcoin as a legal currency and payment

suboo112123

newbie

Activity: 38

Merit: 0

Quote from: oemar bakrie on August 30, 2021, 01:57:51 PM

You must have details of how much your monthly expenses are, don't let all the salary you receive directly turn into an investment because your salary is also for your daily life..
after knowing your expenses, and the rest you can use for investment but you must really have a target for how long to survive the investment..

I completely agreed about what you said.

oemar bakrie

full member

Activity: 1260

Merit: 100

SOL.BIOKRIPT.COM

You must have details of how much your monthly expenses are, don't let all the salary you receive directly turn into an investment because your salary is also for your daily life..
after knowing your expenses, and the rest you can use for investment but you must really have a target for how long to survive the investment..

chichigirl

sr. member

Activity: 588

Merit: 251

HELENA

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?

In my opinion, I'd rather invest my existing money out of the bills etc. You better paid the bills and have some extra money because there is a high risk in crypto. For me, it is better to invest a portion of yout salary atleast 20-30%.

suboo112123

newbie

Activity: 38

Merit: 0

Hey guys, What will be happened to the BTC in 2025? I feel that the BTC price will be 130K.. What is your opinion?

Ararbermas

sr. member

Activity: 1988

Merit: 283

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?

no need more time for it mate but at least you have digital wallet in your phone, for me in my opinion trust wallet is the best option mate to hold bitcoin wherein only finger print you can access your wallet immediately if you want to check, and however there's a qr code as well so that you can transfer your salary without hassle.
For me trust wallet is more convenient because it's so easy access unlike other digital wallet, but make sure to put a little time for making backup such the phrase which very important thing so that you can recover your money no matter what happen..

ccFOUND

member

Activity: 69

Merit: 12

Invest in Wisdom - Only at ccFOUND

Sir, you can buy Bitcoins directly on any exchanges where it is available through P2P or credit/debit cards, and it is so quick and hassle-free that you will not even have more than 15-20 minutes of yours spent on this.

About spending 80% on Bitcoins and buying it, we would like to advise you to re-think on your decision because 80% of $1500 is $1200 which is a very handsome value and it could also help you and your family live a successful and happy life. We don't ask you not to invest in crypto and we also appreciate your enthusiasm towards buying Bitcoins at a steady pace, but again we would ask you to only invest what you can afford to lose because crypto is a highly speculative subject and if you think you have understood the risks very carefully and are fine with investing such a big part of your salary, please go ahead.

geegaw

hero member

Activity: 1316

Merit: 502

Quote from: Spack17 on August 29, 2021, 06:00:21 AM

There is no way you can get paid in Bitcoin unless your workplace decides to give its workers the opportunity to do so. Not so many companies are eager to pay their workers' salaries in Bitcoin at least for now. But I believe that this can change in the future. More people get to know Bitcoin and its benefits every day. This must result in an incident like this I believe.

A few modernist companies play out such rumors about the opportunity to bring bitcoin into paying employees but maybe such a little update is not the result that the entire staff wants because once this proposal went well, employees at such companies bragged about their workplace while now the rumors are pretty much cobwebs and deserted. Perhaps the main currency is still the legal number as well as through the government opinion, bitcoin does not reassure them in their sleep and quite worried about monthly

Zedpastin

sr. member

Activity: 363

Merit: 323

Infographics save lives

Quote from: BlackHatCoiner on August 29, 2021, 10:19:47 AM

Quote from: Zedpastin on August 29, 2021, 10:14:31 AM

Atm the problem we have is Bitcoin's fees are too much when you compare them with fiat and it is hard to convince someone to use Bitcoin which is very hard to understand but also is less cost effective to use.

Ever heard of the lightning network?

Yes and although it addresses the problems with transactions fees the lightening network requires extra steps to setup both for the vendor and the person who wants to pay. Atm vendors who want to accept fiat credit cards need a credit card machine. There is no set up you just buy it connect to the internet and then you can start accepting payments. The lightening network requires the vendor to set up their own lightening node and create channels and close them when they need to be closed. The maintenance when you compare it to fiat payments is not worth it for most vendors until Bitcoin becomes more used and popular. Lightening nodes require downloading the whole Blockchain to while credit card payments require nothing. I think Bitcoin is a better currency but this is why we are not seeing more adoption because it is to hard for someone who is not a computer whiz to accept it or use it.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: Zedpastin on August 29, 2021, 10:14:31 AM

Atm the problem we have is Bitcoin's fees are too much when you compare them with fiat and it is hard to convince someone to use Bitcoin which is very hard to understand but also is less cost effective to use.

Ever heard of the lightning network?

Zedpastin

sr. member

Activity: 363

Merit: 323

Infographics save lives

Quote from: BlackHatCoiner on August 29, 2021, 10:02:11 AM

It ain't easy to use Bitcoin as a primary currency in a world where fiat prevails. First and foremost, how do you plan on paying your bills and taxes? Your government does not accept Bitcoin and you'll be forced to convert them to fiat. What to do; accepted rules from the society.

Secondly, how will you live by using a currency which the majority of the people out there are unaware of? Unless you're El Salvadorian, you'll find it tough and aimless to keep trying using Bitcoin as your main currency.

This is not the problem with Bitcoin because the possibility of paying your bills with btc would come when there are more people using it. Atm the problem we have is Bitcoin's fees are too much when you compare them with fiat and it is hard to convince someone to use Bitcoin which is very hard to understand but also is less cost effective to use. A credit card fee is normally 0% and a bank transfer is around $100 max for sending to another country but within your own country it is normally fee. Bitcoin is cheaper to send to other countries but locally it would cost more this is more true if you are sending small amounts like for coffee.

suryana

sr. member

Activity: 1218

Merit: 254

Trphy.io

My advice is you better invest after fulfilling your obligations to pay bills. That way you can invest comfortably and if there is more profit than other income results you can invest it. So maybe when there's a bill, it's better not to force investing beyond your capacity. You can invest with focus and comfort without feeling anxious because you haven't closed your bill. Hope this helps.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

It ain't easy to use Bitcoin as a primary currency in a world where fiat prevails. First and foremost, how do you plan on paying your bills and taxes? Your government does not accept Bitcoin and you'll be forced to convert them to fiat. What to do; accepted rules from the society.

Secondly, how will you live by using a currency which the majority of the people out there are unaware of? Unless you're El Salvadorian, you'll find it tough and aimless to keep trying using Bitcoin as your main currency.

MrcMrc

member

Activity: 518

Merit: 45

@fortify that statement of a private liability company also caught my attention, maybe @sonofgeneral does not know what a company is.

Back to the discussion, it will be hard to receive a salary through Bitcoin at this stage because most governments still have anti Bitcoin policy that will not allow companies to fully take advantage of bitcoin, but you can convert your salary to Bitcoin whenever you receive them.

Fortify

legendary

Activity: 2688

Merit: 1192

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?

Who even refers to a company as a private liability company? It's just bizarre and makes me think this is all made up. It is followed up by an equally strange question about salary payments. Why would you not just take your salary and buy Bitcoin with it? I take it your company has no interest in your personal finances and processing payments in cryptocurrency would cause many unnecessary headaches for their accounting. You need to separate your own finances entirely from that of this company, you need a personal bank account (just like your company would have a business bank account) and should use that to cover your own private bills. Stop over complicating the situation.

The Cryptovator

legendary

Activity: 2282

Merit: 2196

Signature space for rent

If there is an opportunity to receive your salary in Bitcoin then you may accept 100% of your salary to avoid any harassment with the company where you are working now. But for your daily need, you may be cash out apart from your salary and the rest would exist as an investment. If I were you then most likely I do the same as I described above. For that, you should have trusted sources where you can sell your earrings easily without any hesitation.

On the other hand, if you are much interested in Bitcoin and you failed to manage your company to pay salary in Bitcoin then just make it simple to buy Bitcoin with cash. Whatever you feel easy just proceed with it, use your brain always instead of depending on others suggestions.

cotton ball

sr. member

Activity: 1288

Merit: 253

I think it's still too early to say bitcoin as the main currency, even though there are companies that pay their employees' salaries with bitcoin, but we can't say bitcoin as the main currency, because bitcoin has not been able to replace fiat currency, bitcoin is now very popular, maybe for the future bitcoin can become the main currency, and companies can pay their employees' salaries using bitcoin..

Spack17

sr. member

Activity: 1736

Merit: 293

There is no way you can get paid in Bitcoin unless your workplace decides to give its workers the opportunity to do so. Not so many companies are eager to pay their workers' salaries in Bitcoin at least for now. But I believe that this can change in the future. More people get to know Bitcoin and its benefits every day. This must result in an incident like this I believe.

Shasha80

sr. member

Activity: 1876

Merit: 318

Quote from: lalabotax on August 28, 2021, 06:52:21 PM

Does it mean your company pays you in Bitcoin?
If not, it is difficult enough because they may not know about Bitcoin.
You should also know and understand the rate of payment in Bitcoin, will it depend on the current rate or not.
YOu must also know the regulation of Bitcoin itself in your country, whether it is legal or not, especially as a currency or payment
Have you known about the wallet you are going to use? Have you known about crypto previously?
You must also understand this, be smart, and also careful, there are many scams and fake transactions so far.

We really can't just accept salaries in Bitcoin, because it depends on the company we work for whether they are willing to pay us with Bitcoin.
After that we also really need to know the legality of Bitcoin in our country, is it allowed to use Bitcoin as payment. If it turns out that our company is
not willing to pay us with Bitcoin or our country does not allow it, we can buy Bitcoins on exchanges after receiving a salary. Actually there are many
ways to make part of our salary as an investment in Bitcoin, just learn everything about Bitcoin first. So we will understand the best way to invest
in Bitcoin and how to do it safely.

Topic: Bitcoin as primary currency - page 4. (Read 735 times)