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Topic: I recently convinced my employer to start paying me in BTC, it has been great - page 6. (Read 692 times)

legendary
Activity: 2156
Merit: 1622
Does he pay you with black money? I find it hard to believe that a bank would have problems with you receiving income from a job, as long as it is legal and declared.

it's not that the bank has any problems with the op making money. The point is that banks with low trust do not get along well with others because the banking system operates on trust. So if a large European bank has to send (or receive) a transfer from a small bank in an underdeveloped country with a shitty currency, the fees can be really significant adding to this the currency conversion on a low-liquidity pair.

On the other hand, if at the end of the day you have to convert part of the P2P bitcoin to be able to pay in fiat, I don't see much difference to cashing in fiat, spending what you have to spend and buying P2P bitcoin with the rest, apart from the problem with your bank.

You receive a bitcoin transfer at a cost of $1 and only what you need for food is converted into the local currency by p2P trade at a small cost because you exchange bitcoins for cash outside the banking system (banknotes hand to hand).
I do bealive that such a solution can reduce costs and make life easier, especially if the local currency has high inflation and low liquidity.
legendary
Activity: 2898
Merit: 1823
I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!


Actually, value remittance through the internet for those people who neither have access to the legacy banking system, nor access to online payments, is one of Bitcoin's greatest use cases. The legacy systems have control over your financial future because they could decide to censor us the plebs, OR decide not their services in some regions. But Bitcoin takes you out of that control. Great job, OP. The next step of your journey is to find people to trade person-to-person from Bitcoin to fiat. Great job! Cool
legendary
Activity: 1344
Merit: 1547
The first decentralized crypto betting platform
This sounds a bit strange to me.

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account.

Does he pay you with black money? I find it hard to believe that a bank would have problems with you receiving income from a job, as long as it is legal and declared.

On the other hand, if at the end of the day you have to convert part of the P2P bitcoin to be able to pay in fiat, I don't see much difference to cashing in fiat, spending what you have to spend and buying P2P bitcoin with the rest, apart from the problem with your bank.
hero member
Activity: 644
Merit: 661
- Jay -
I think they are higher when you get into complex stuff like multiple inputs and outputs. But that's way above my use and understanding at the moment.
People use multiple inputs without knowing, you actually need the understanding to not use multiple inputs and save on fees when possible.

Inputs are the amount of unique UTXOs that are used in a new transaction.
- As a freelancer, client A can pay you 0.002BTC for a job, client B pays 0.018BTC for a different job and client C pays 0.01BTC. All these are unique UTXOs in your wallet.
- If you want to send 0.029BTC to a service provider, your wallet has to take all 3 inputs to make it up, which will make the transaction fee higher.

To save on fees, spend whole inputs when possible or spend from a single input and consolidate all inputs when fees are low.

Multiple outputs does not affect the fee as much as inputs does.

- Jay -
wd1
jr. member
Activity: 102
Merit: 4
The bureaucracy involved in making international transactions complicates the process causing it to take more time and cost more fees for both parties. Good thing you discovered bitcoin and can use that to bypass all the complications while saving on fees. Ensure you protect your privacy by not reusing addresses when receiving bitcoins.

This is where the argument of bitcoin transaction being expensive fails. It is the same irrespective of the location of the parties involved, but fiat transactions is heavily dependent on that.

- Jay -

I have a trezor, so I think it does that by default?

Yup, transactions are extremely cheap, and this is one of the myths about BTC people have (especially compared to fiat), I think they are higher when you get into complex stuff like multiple inputs and outputs. But that's way above my use and understanding at the moment.
hero member
Activity: 644
Merit: 661
- Jay -
The bureaucracy involved in making international transactions complicates the process causing it to take more time and cost more fees for both parties. Good thing you discovered bitcoin and can use that to bypass all the complications while saving on fees. Ensure you protect your privacy by not reusing addresses when receiving bitcoins.

This is where the argument of bitcoin transaction being expensive fails. It is the same irrespective of the location of the parties involved, but fiat transactions is heavily dependent on that.

- Jay -
wd1
jr. member
Activity: 102
Merit: 4
I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!
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