If you can get paid through cryptocurrency, do you still choose fiat currency? - page 11.

Mistafreeze

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Quote from: EvieLannister on July 26, 2021, 11:00:19 PM

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Bitwage is a platform that converts wages into cryptocurrency. Bitwage founder Jonathan Chester said: “A lot of people now want to earn part or all of their wages through Bitcoin.” The company has made contributions in the United States, Europe, Latin America and Asia this year. 20,000 employees. Some users processed $30 million in salaries, including employees from Google, Facebook, General Electric, Philips, the United Nations, and the U.S. Navy. Many of these employees have signed up for this service themselves.

Chester stated that he converts 15% of his monthly salary into virtual currency, which is "a way to not worry about whether to buy or accumulate bitcoin or cryptocurrency at the right time."

Many companies are also considering allowing their employees to choose to receive partial or full compensation in the form of cryptocurrency. If you can get paid through cryptocurrency, which one would you choose? If the boss pays in Bitcoin, would you want it? Or you continue to prefer to pay in fiat currency to facilitate the purchase of tokens you like.
Do you think cryptocurrency payment will be a new trend in the future?

This is base on personal choice especially if one need to settle house bills and other miscellaneous expenses that will not require cryptocurrency as a means of payment. For me, I see cryptocurrency mostly as an investment that is need to kept till when it's needed. Paying salary in Bitcoin is a good innovation but it as is own lapses due to the volatility of Bitcoin which can be risky especially when the price falls immediately one salary is paid. Then waiting for the price to come before selling it.

If my salary is paid in bitcoin, I will rather sell it immediately if money is need to pay bills then later buy my own amount of Bitcoin I prefer to keep. I can also trade it to get some profits if the market is stable enough to make good profit.

mindrust

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Does it really matter? In the end even if you get paid in crypto, they will pay you a fixed dollar amount. You are still getting dollars in the form of crypto. Since the dollar is much more adopted than crypto, if you are not going to hold what you receive, then it makes more sense to get your payments in FIAT because otherwise you'll lose some bits when you convert from crypto to FIAT.

Bravehash

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Look around you, how many stores in your country are willing to accept crypto as means of payment? They aren't many right? So even if you have 100BTC right now you will need to change those to Fiat to start spending, only very few stores around the world are accepting crypto as means of payment today

enhu

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There may be people who will prefer to receive Bitcoin like myself. An article posted here a few days ago in which people working in the government of El Salvador are not happy receiving Bitcoin as their wage fee.

The name of the Bitwage platform speaks for itself. I've not read anything about it but if they plan to be used widely, I think they better have an exchange inside for which users could immediately trade their BTC to stablecoin or the local currency.

Snappycoco

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Not all regular stores accepts cryptocurrency, even those big stores aren't doing so. If I were paid in cryptocurrency, I'd exchange it to fiat due to this reasoning specially that my country isn't into crypto as of the moment. It would cause me hardship if I don't exchange it.

Aliceooo78

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Quote

In 2019, the New Zealand Revenue Agency issued an announcement stating that the receipt of cryptocurrency wages is legal and taxed accordingly. The new regulations will come into effect on September 1st, and New Zealand will become the first country in the world to legalize the payment of wages in cryptocurrencies. Many crypto enthusiasts believe that this is the country's official recognition of the cryptocurrency system, and it is also an important step in the maturity of cryptocurrency as an asset class, which will enter the daily payment field of the people.

In fact, many countries such as the United States, the United Kingdom, Japan, and Australia have already introduced cryptocurrency tax policies one after another.

The earliest origin of cryptocurrency as a salary payment can be traced back to Parissa Ahmadi, an Afghan girl who is a blogger, loves movies, and often publishes her opinions online. Since the Afghan girl did not have the right to have a bank account at the time, the income could only be transferred to the father's account. Fortunately, after her film company (Film Annex) learned about the dilemma faced by Parissa Ahmadi, the founder of the company chose to use Bitcoin to pay her salary.

In addition to girls in Afghanistan, dancers from Las Vegas strip clubs were also the first to accept Bitcoin as a salary.

Therefore, accepting Bitcoin as a salary is still in its infancy, just as there are still relatively few scenarios in the field of payment. But if my boss pays me salary in Bitcoin at the current price of Bitcoin, I will be very happy. I value the amount of bitcoins I hold more.

jackg

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https://bit.ly/387FXHi lightning theory

Like the others have said, it's more reasonable to take a certain amount in crypto - but not all.

At this point you may as well just convert the fiat yourself into crypto. However I think doing something like offering to pay half of bonuses in crypto might be considered after a while for some companies (potentially if their local fiat isn't too stable).

Kong Hey Pakboy

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Quote from: mu_enrico on July 27, 2021, 04:23:24 AM

I choose to make my employer happy and follow his preference, if he insist paying in crypto, I'm fine. If he prefers fiat, I'm fine too. Nowadays, converting crypto to fiat (and vice versa) is easy, no big deal.

However, if I can pick one is good for me atm, I think crypto since I gamble a lot because of stupid lockdown. In normal condition, I'd pick fiat since it's easier to spend.

But what if it's a mandatory though? Will accept it? For me, I might have some problem with that since I have to be able to use those salary to pay for my rent and it's not that easy to convert crypto to fiat which might be a problem for some people since time is of the essence. Maybe if the speed of conversion or if there are more people that are using it, I would probably totally accept it.

joniboini

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Some companies, or platforms, allow you to customize it. I think there is no need to be so rigid about it either. For example, I can set 20% in fiat while the rest in crypto, and vice versa. My friend can set their own allocation and so on. That would be awesome, but for companies, it might be a bit troublesome. But hey, at least you have the options.

Ucy

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Compare rates on different exchanges & swap.

I don't mind getting rewarded with things that are safe and valuable. I actually prefer having substantial part of my rewards going to Bitcoin, due mainly to the nature of my works and my understanding of the importance of technology/currency like Bitcoin.
So the intention should be right and people have to make sure they use it the right way

mu_enrico

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Slots Enthusiast & Expert

I choose to make my employer happy and follow his preference, if he insist paying in crypto, I'm fine. If he prefers fiat, I'm fine too. Nowadays, converting crypto to fiat (and vice versa) is easy, no big deal.

However, if I can pick one is good for me atm, I think crypto since I gamble a lot because of stupid lockdown. In normal condition, I'd pick fiat since it's easier to spend.

Wexnident

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I don't request loans~

Fiat. Adoption of Bitcoin is quite bad right now, there isn't really any advantage in accepting salaries through it. Just the fact that majority of the stores you would be visiting to buy some necessary stuff is enough of a reason to accept Fiat instead of Bitcoin. If shops accepted Crypto, and not just high end or e-commerce ones, but the ones that can pretty much be reached by just walking to the store opposite of your house or so, then hell I might consider it, only till consideration though. Not really a guarantee since there's still various stuff to think of about it, and heck, it's not like getting Bitcoin by yourselves is an impossible feat.

bakasabo

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My answer will be simple. I will choose to get paid with something I could spend with minimum actions required. So far this is fiat. With crypto, I first need to exchange it to Bitcoin or an altcoin, that on next stage I could convert into fiat.

Lets suppose I live in Poland. I could be paid in Polish Zloty and immediately use them. Or I could get paid with, lets say Tron. Then I first need to exchange Tron to BTC, BTC to USD, and USD to Polish Zloty. And with each stage of exchange I lose a bit on a rate.

Cryptocurrency is still complicated as a payment for countries that dont use USD, EUR, RUR or other popular currencies.

Kittygalore

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Here's the consideration though, if majority of retailers and shops that I shop with accepts or has an integrated system for crypto payments, I would probably choose to be paid through cryptocurrencies but if not then I just have to make do and choose fiat as payment. Of course there are ways to convert crypto but I don't need to add that because in my opinion it adds another degree of complexity since it's another story.

dkbit98

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Getting paid fully in Bitcoin makes it harder for people to spend that crypto for paying their bills and purchasing food every day, unless they are using some debit card connected with their wallet.
Some people probably choose to have smaller percentage paid in Bitcoin and rest paid in fiat, but I am hearing that people in El Salvador are still choosing to trust dollar instead of Bitcoin.
If I had to choose how to receive my payment I would go as high as possible for Bitcoin payment but I would still keep smaller percent fiat payment preferably in cash.

Nora Olin

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If I have to choose a cryptocurrency, I might want a stablecoin. If I choose one of the two, I will choose fiat currency to get paid, and then spend it on anything I want, including the tokens I want to invest. Because I can't put all my wages into the market, I will have other expenses.

Robinson66

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I still choose fiat currency to pay my salary because I can buy the cryptocurrency I want to buy. If possible, I can explain to my boss in advance which cryptocurrency to use to pay my monthly salary, and then I may choose cryptocurrency, and the price of cryptocurrency is not very stable. But can choose Bitcoin conservatively.

WangWong

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I could like to get paid in crypto, however I think its still too early now which made it became impractical, like its not as easy to spend it as cash. Someday when we able to grocery with crypto (with no fiat number involved at all) then thats the time. I cant wait for the day able to travel with just btc.
For now split will be the best choice. Fiat use for living, then all the rest will be investment / reserve for future.

jinneas

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I will choose to accept some cryptocurrencies. Although you can bring you extra high benefits by holding cryptocurrency, its price is unstable and market fluctuations will bring certain risks. When the price of Bitcoin falls, you have to bear the loss. Holding part of the legal currency can not only ensure stable funds, but also can be used for daily consumption. So hold part of Bitcoin and legal currency can reduce the high-risk loss of full investment and can also benefit from investing in Bitcoin.

TheMimic1

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It depends, I can decide to get paid in BTC if the market is in good condition for example if we are in bull season and I will still hold the BTC for probably more gains but not in bear market where volatility is at huge play, I prefer swapping my coins for USDT most times for saving instead of swapping to fiat

Topic: If you can get paid through cryptocurrency, do you still choose fiat currency? - page 11. (Read 1541 times)