Bitcoin as primary currency - page 5.

traderethereum

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Quote from: Sonofgeneral on August 28, 2021, 03:18:49 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?

You can ask your company to pay your salary in bitcoin so you can use it for your investment.
But if your company does not know about bitcoin, the only way you can do it is still receive your salary in fiat money and then you can buy bitcoin through exchanges or another way by depositing the money from your bank.
You need to know how many total expenses are monthly to know how much money is left in your wallet.
After that, you will know how much money you can use to invest in bitcoin.
You can pay off bills using the way you already used because that will not prevent you from investing in bitcoin.

kawetsriyanto

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Primary currency means that we use the currency primarily, for daily needs and also for everything that e need to spend.
The question is, is it available in your country?
And is Bitcoin really used as payment of salary in your country, especially the company?

If you nat to hold your 80% salary in Bitcoin investment, you may need other income for your daily needs and others. Actually, you yourself that really knows how much you must spend to fill all your needs and also let some money for free.
And one to remember, you must consider that investment in Bitcoin is promising, but there are also risks. If you really nat to save 80% of your own salary to invest, are you ready with that high risk? if you are ready and you really know about the risks and also profits, just do it, but vice versa.

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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.

verita1

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Hi, OP. From your phrase "I want to receive my salary in bitcoins".
If you receive your salary in bitcoin it could be positive.
I witness that 100% bitcoin works, and other altcoins in my case I received FRM for promoting the project, I invested in it in a staking program, I obtained a return of 30%, then I bought ETH, and earned AVAX promoting the network.
I spent bitcoin because it was the only thing I had with my jobs, in a difficult year for many in the middle of a pandemic.
My case is described like this: I live in Venezuela in a country with hyperinflation where my only income is bitcoin and some altcoins that I earn promoting some projects.
In the past year I spent bitcoin, ETH, and FRM to support my family. I still invest in bitcoin and other altcoins for a short, medium and long term investment, I only buy my local currency to pay my bills.
Right now I can say that my salary is 50% bitcoin and 50% AVAX and I spend AVAX to pay my bills because I am waiting for the big bitcoin moment, I honestly do not want to lose it.

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Quote from: Sonofgeneral on August 28, 2021, 03:18:49 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?

Op, your ambition is very perfect to my liking but the problem is that, at least before you turn your salary into bitcoin investment which is cryptocurrency investment also, you have to understand the Genesis or the concept of bitcoin, accepting payment via bitcoin is good but the problem towards it is that do you have the primary knowledge of Cryptocurrency.

BIT-BENDER

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What is your monthly expensive/upkeep, if there are any excessive spending in the month you can cut it off, have averagely you monthly expensive aside when you receive your salary and the rest you can hold in Bitcoin, furthermore investment doesn't mean you should drown if any circumstances when your Bitcoin can avail for you.
I also plan to have my salary paid in Bitcoin when even I get employed, don't know if employers are all cooperating with Bitcoin as a form of salary payments.

ReiMomo

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As of now, better keep getting your salary in dollars rather than as Bitcoin. Invest what ever you can in Bitcoin. Buy it every month and hold it. I dont think any it would make any difference in getting your salary in Bitcoin or in local currency. It depends upon how much you spend and how much you save. Even if an employer keeps Bitcoin as a primary currency to pay your salary, the set amount would be paid to you based on when they pay right. So no difference it would make.

CryptocurencyKing

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Bitcoin for a primary or basic currency, that is very much of an impossibility in our world today as government is still hostile to cryptocurrency neither are all the citizens of a nation bitcoin friendlies or familiars too. So, using bitcoin for a basic or primary currency isn't going to work at the moment.

Should you wish to use and hodl a % of your earnings in what ever form is entirely up to you and very possible. Should your company agree to pay you in a cryptocurrency of your chosen. All you do is simply receive it with your wallet, have the percentage that would satisfy your needs and wants transfered to an exchange or using what ever means you've got to exchange it for your nations fiat based currency.

In that instance, you actually get to hodl a % of your chosen in cryptocurrency and have your money in fiat too.

mrongoz_imut

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bitcoin as the main currency, maybe in your country you can enforce bitcoin as the main currency, and your company can pay your employees using bitcoin, but it doesn't apply in my country, because the government still prohibits everything in the form of crypto, don't pay it using crypto, even wanting to shop using crypto is still not accepted in my country..

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Bitcoin is good but bitcoin is volatile and risky, not always investing in bitcoin is profitable. It depends on the time and purpose of each person when investing in bitcoin, get your salary in fiat and then you can buy as many bitcoins as you want. You can easily balance the cost of your daily needs and the amount invested in bitcoin.

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Quote from: Sonofgeneral on August 28, 2021, 03:18:49 AM

Please, what do you advise I do in other to hold at least 80% of my salary in bitcoin?

Not sure why you prefer to add unnecessary steps and make everything way more complicated than they need to be, but to achieve something like that ^{[it doesn't cover everything that you want]}, you can try a service called "BitWage".
^{Note: I've never tried it before and from what I've read, it has mixed reviews ^{[e.g. delays and etc...]}, so DYOR before using such platforms.}

ranochigo

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Do your own due diligence and partition your funds properly, you should have an emergency funds before setting aside funds for investments. You should ideally have covered your personal expenses by that point. With the funds that you're using for investments, please do not put everything into Bitcoin. You probably can't afford to lose them all, try to have different tiers of investment for your risk profile. Investing everything into cryptos is just shooting yourself in the foot.

mrongos

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bitcoin as the main currency in your company it could be, if you want to pay your employees' salaries with bitcoin it's fine, as long as they accept and in your country can buy goods with bitcoin, but in my opinion bitcoin is a currency in digital, especially in my country the government has not allowed the purchase of any goods with bitcoin, personally I will receive part of my salary in bitcoin, to be used as an asset, and partly I receive in fiat currency, for my daily needs..

DapanasFruit

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In case, it would be impossible to request the company to do it for you then the best thing to do is to use the fiat as your salary to buy Bitcoin directly. Now, the problem you have is you won't have other means of income for daily and regular expenses if you use all your salary investing with Bitcoin. Yes, you have some sidelines for that online or offline and in the meantime that you have not yet set up that then maybe investing with half of your salary can be good with the other half going to your cost of living.

BOAEDAN

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bitcoin as the main currency,, I agree with your review, but it would be nice if we had to accept both, we also accept bitcoin, for us to make assets, and we must accept fiat for our daily needs, especially in the country I have not received bitcoin as payment, of course I have to accept fiat, for my daily needs..

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Quote from: bct-user on August 28, 2021, 05:49:59 AM

If I were you, I won't accept 100% payment in Bitcoin. Since you need fiats for your daily life, it will be better to accept 50% in Bitcoin and 50% in Fiats. In this way, you won't get difficulties to fulfill your daily needs. And you also can invest half of your monthly salary in Bitcoin. Don't put 100% of your income into Bitcoin investment, don't be greedy. Remember that investing in Bitcoin is a high risk, there is no guarantee to take profits there. Always think wisely and don't risk your life.

Even 50% is quite big amount considering we don't know his monthly expenses. BTC seems like a lucrative investment for anyone who haven't seen the fud and what it can do to the price just when you needed the cash, and neither they have experienced the market cycles and how they affect fomo and fear. Because there might be a time when they need cash for unexpected expenses. And either they are lucky and btc is up then, or they are going to pay way more then they anticipated.

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Quote from: Sonofgeneral on August 28, 2021, 03:18:49 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?

It is nice that you want to have some amount of your salary in Bitcoin. But actually you don't need to do so. Because you can already buy Bitcoin to make an investment. These things are resulting in the same place I mean. But let's say you still want to have it in Bitcoin, this time you won't be able to pay your bills with Bitcoin. Because unless the government makes a decision to do so, there is no way that you can have the option.

bct-user

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If I were you, I won't accept 100% payment in Bitcoin. Since you need fiats for your daily life, it will be better to accept 50% in Bitcoin and 50% in Fiats. In this way, you won't get difficulties to fulfill your daily needs. And you also can invest half of your monthly salary in Bitcoin. Don't put 100% of your income into Bitcoin investment, don't be greedy. Remember that investing in Bitcoin is a high risk, there is no guarantee to take profits there. Always think wisely and don't risk your life.

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Depends on your expenses and your responsibilities + finances. You will have to strategize on your finances very carefully if you are planning to live frugally and invest a huge portion of your salary into bitcoin or something else. I would advise against receiving your salary in bitcoin as it might present to you some legal problems re: taxation if you are still not sure on how to file it correctly.

If I were you, I would just receive my salary as is, buy bitcoins, keep whatever money I need to live with and hold those bitcoins that I bought. Pretty straightforward and removes the hassle of legalities that may arise.

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Quote from: Sonofgeneral on August 28, 2021, 03:18:49 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?

So you plan to live on $300 a month. Well, unless you live in the third world or with your parents, I don't think so. That being the case, I would ask the company to pay you $300 in fiat and $1,200 in Bitcoin. If it gives you all in Bitcoin or all in fiat it shouldn't be much of a problem either, you exchange currencies in an exchange and that's it.

Topic: Bitcoin as primary currency - page 5. (Read 750 times)