If you can get paid through cryptocurrency, do you still choose fiat currency? - page 7.

oHnK

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Quote from: adzino on August 03, 2021, 07:34:12 AM

Quote from: EvieLannister on July 27, 2021, 12:00:19 AM

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?

I would still prefer fiat currency. You know you can't pay your bills using crypto currencies. And what if you get paid in a non stable coin and the next day the market crashes really bad? We have seen the price of crypto currencies go down more than 20% in just few days. You will be in trouble then. Then there is those transaction fees which sometimes end up being very absurd. Get paid in fiat, buy crypto with fiat Wink

.

I see that your chosen indicator can only be used as a trading tool, isn't it very simple? BTC is like gold, gold can't buy a good must be exchanged first to fiat then do you still prefer fiat to gold? If given the opportunity to choose then BTC is the best choice. Although it cannot be used as a direct transaction tool, BTC can be the best store of value than if you store it in fiat. What you get by filling an account with fiat for 10 years when compared to BTC is a very clear growth chart.

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Quote from: EvieLannister on July 27, 2021, 12:00:19 AM

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?

I would still prefer fiat currency. You know you can't pay your bills using crypto currencies. And what if you get paid in a non stable coin and the next day the market crashes really bad? We have seen the price of crypto currencies go down more than 20% in just few days. You will be in trouble then. Then there is those transaction fees which sometimes end up being very absurd. Get paid in fiat, buy crypto with fiat Wink

.

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Quote from: Vishnu.Reang on August 02, 2021, 10:28:45 AM

Quote from: DrBeer on August 02, 2021, 05:29:01 AM

As for me, this desire is somewhat ahead of reality. Well, ok, many have heard enough of how Bitcoin began to cost $ 60k, everyone believes that they will definitely get lucky and their $ 3,000 will turn into $ 10,000 without doing anything. But it is worth remembering the history and the real state of affairs with cryptocurrency - in 2018, many added gray hair and twitching eyelids ... What prevents people from going the way of minimizing risks and diversifying their incomes, if they really want crypto?

IMO, there is no point in paying the salaries in Bitcoin, when it is possible to easily convert our fiat savings to Bitcoin. And at least for tax purposes, it is always easier to purchase BTC with fiat, rather then doing the opposite. These sort of threads just act as clickbait and the OP himself know that the suggestion is not practical. And as you have mentioned, it is important to remember what happened in 2018, when the exchange rates went from $20,000 to $3,000. 90% of the Bitcoin users expect BTC to go up always and are ill-prepared when an extended phase of correction occurs.

Absolutely agree ! There is not a single argument in favor of such a decision. Except for the situation when the same bitcoin becomes the means of payment in the country

And everything else is the responsibility of the person himself - he must independently make decisions - where to invest, assess risks, take responsibility, fix profit or loss, analyze ... That would pay all participants wages in bitcoin - for 3 months everyone was bi happy, and then the joy would clearly have been replaced by negativity and shouts of "give us back fiat!"

19Nov16

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Quote from: leetcoiner on August 02, 2021, 04:50:08 PM

No, I would prefer payments in cryptocurrency, but on one condition, if I have a means of subsistence or some kind of third-party income.
Indeed, in the middle of the bear market, I will have to live on something, and in such conditions it is extremely unprofitable to sell cryptocurrency, so you always need a safety net.
Which so far, to some extent, gives access to fiat. It is not in vain that we have so many stable coins that allow us to sit out difficult times and buy at more favorable prices. What happens if fiat is lost, there will be volatility.

As long as we still have the security to be able to meet our daily needs for at least 3 months then receiving crypto from salary in my opinion is not a problem, this actually trains us to invest, sometimes by force accepting crypto then we will understand about investment, and of course this is a good thing.

Liamttw

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I will still choose part of the legal currency. Although everyone who knows cryptocurrencies knows that holding cryptocurrencies can gain benefits, transactions require handling fees, and you will end up with less funds than you deserve. And there are still many people who don’t know cryptocurrency. It is very difficult to use cryptocurrency to trade with them, you need to change the cryptocurrency to legal currency before trading with them. In some areas, the use of cryptocurrency is not allowed, and fiat currency must be used to buy goods. Fiat currency is well known to everyone, many people are used to fiat currency transactions, and it can be used anywhere.

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Adaption is a great thing when it comes to using cryptocurrency to be able to promote and make other people to get use to it in a sense that upon being able to be familiar on how to use, massive adaption will arise. But there are still some things that people will personally consider on wondering how to make things out the way it was supposed to be done just like having their own free will to accept their income through fiat or cryptocurrency. For me I would choose fiat due to the reason that it is the only accepted currency in my country in terms of payment as of the moment.

leetcoiner

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No, I would prefer payments in cryptocurrency, but on one condition, if I have a means of subsistence or some kind of third-party income.
Indeed, in the middle of the bear market, I will have to live on something, and in such conditions it is extremely unprofitable to sell cryptocurrency, so you always need a safety net.
Which so far, to some extent, gives access to fiat. It is not in vain that we have so many stable coins that allow us to sit out difficult times and buy at more favorable prices. What happens if fiat is lost, there will be volatility.

Wawa2013

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Quote from: skarais on August 02, 2021, 11:30:05 AM

Quote from: so98nn on August 02, 2021, 11:10:19 AM

Who knows, in the future there might be payment methods to choose from, I mean some of them may wanna get paid in crypto full. Cheesy

I also don't think this is a bad idea to think about. I would be very happy to receive full payment of my salary in crypto even though I will eventually have to convert it to fiat as well. This is a form of support from me for crypto being used as a mean of payment and I think others should also consider it.

For countries that are developing their own crypto which is completely controlled by the government, then I think they can also use it as a mean of payment including paying employee salaries. I don't think they will use bitcoin or any other decentralized altcoin if the payment system with crypto is adopted by the government. They will use their own crypto instead of using bitcoin as a mean of payment.

For those of us who already know the benefits of cryptocurrencies, definitely expect to receive salary payments in crypto. Hopefully in the future it will
come true, that we get the choice of paying our salaries, so it doesn't have to be in fiat. But unfortunately some countries are starting to develop their
own crypto, which will be a replacement for fiat in the future. This makes the opportunity for Bitcoin to be used as a salary payment option even smaller,
surely the government will choose to use crypto that they created themselves. Honestly governments do like things they can control, while Bitcoin cannot
be controlled by the government. Therefore in some countries Bitcoin is only allowed as a digital asset and is prohibited from being used for payments.

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Quote from: EvieLannister on July 27, 2021, 12:00:19 AM

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?

Personally, I would divide my profit like 70% cash then the remaining 30% for cryptocurrency.

Unfortunately, in the Philippines, any income earned should be paid in our legal tender- which is cash. If an employee receives anything that is not cash as income, it will be prohibited under the law. Assuming that Congress has amended the Labor Code and allowed cryptocurrency to be paid as income, then I would happily embrace it. But, the key here is by dividing your income to like a ratio of 70/30 or 80/20.

Receiving all of your income as cryptocurrency can be definitely risky on your part due to its volatility. In addition, the company also falls on the risk of losing more amounts of cash due to cryptocurrencies volatility.

skarais

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Quote from: so98nn on August 02, 2021, 11:10:19 AM

Who knows, in the future there might be payment methods to choose from, I mean some of them may wanna get paid in crypto full. Cheesy

I also don't think this is a bad idea to think about. I would be very happy to receive full payment of my salary in crypto even though I will eventually have to convert it to fiat as well. This is a form of support from me for crypto being used as a mean of payment and I think others should also consider it.

For countries that are developing their own crypto which is completely controlled by the government, then I think they can also use it as a mean of payment including paying employee salaries. I don't think they will use bitcoin or any other decentralized altcoin if the payment system with crypto is adopted by the government. They will use their own crypto instead of using bitcoin as a mean of payment.

so98nn

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That's excellent idea for those who are always into crypto currencies. I mean I am reading through the thread and it seems that few people are ambiguous about the ideology behind 15% share of crypto from monthly salary while some of them loving it totally! Well, some of them are here by choice and do not want to have crypto at all. In general it's mixed population and bitcoin adoption is not at it's best at all. Things will change when slowly in the future as the BTC goes world-wide. The idea of BTC adoption can only be fulfilled if we get the proper infra throughout the globe, and honestly it's huge project to work on!

Who knows, in the future there might be payment methods to choose from, I mean some of them may wanna get paid in crypto full. Cheesy

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Quote from: EvieLannister on July 27, 2021, 12:00:19 AM

Quote

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?

It depends on the circumstances? If the market changes dramatically, I don't want to receive a crypto salary unless there is a bonus, such as for transaction fees and other expenses. But, of course, choosing fiat as payment is much better because if you want to invest, you can simply convert it and buy the specific cryptocurrency you want. Even crypto is very trendy, people will still choose the stable coin, maybe choosing usdt or busd is a good option, at least they're cryptocurrency

Vishnu.Reang

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Quote from: DrBeer on August 02, 2021, 05:29:01 AM

As for me, this desire is somewhat ahead of reality. Well, ok, many have heard enough of how Bitcoin began to cost $ 60k, everyone believes that they will definitely get lucky and their $ 3,000 will turn into $ 10,000 without doing anything. But it is worth remembering the history and the real state of affairs with cryptocurrency - in 2018, many added gray hair and twitching eyelids ... What prevents people from going the way of minimizing risks and diversifying their incomes, if they really want crypto?

IMO, there is no point in paying the salaries in Bitcoin, when it is possible to easily convert our fiat savings to Bitcoin. And at least for tax purposes, it is always easier to purchase BTC with fiat, rather then doing the opposite. These sort of threads just act as clickbait and the OP himself know that the suggestion is not practical. And as you have mentioned, it is important to remember what happened in 2018, when the exchange rates went from $20,000 to $3,000. 90% of the Bitcoin users expect BTC to go up always and are ill-prepared when an extended phase of correction occurs.

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Quote from: SacriFries11 on August 02, 2021, 09:49:50 AM

I will choose cryptocurrency because it has the potential to grow and it can be used in many ways. It can be used to trade, if you are knowledgeable in trading or long term investment. It can be used to buy different altcoins so that you can divide your crypto holdings. It is still flexible, you can transfer it to banks, if you have an emergency you can easily use it.

Well, you can't live all your life with just belief in the potential of bitcoin, you need to eat too so I think that it's going to difficult for you to deal with daily life if you go for an all in with bitcoin as a salary for now. Also, your transfer might take a long time too so it's going to be hard for you.

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I will choose cryptocurrency because it has the potential to grow and it can be used in many ways. It can be used to trade, if you are knowledgeable in trading or long term investment. It can be used to buy different altcoins so that you can divide your crypto holdings. It is still flexible, you can transfer it to banks, if you have an emergency you can easily use it.

DrBeer

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As for me, this desire is somewhat ahead of reality. Well, ok, many have heard enough of how Bitcoin began to cost $ 60k, everyone believes that they will definitely get lucky and their $ 3,000 will turn into $ 10,000 without doing anything. But it is worth remembering the history and the real state of affairs with cryptocurrency - in 2018, many added gray hair and twitching eyelids ... What prevents people from going the way of minimizing risks and diversifying their incomes, if they really want crypto?

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I will completely choose fiat currency for my salary. Fiat money has a stable value while bitcoin price is very volatile, the salary you get can go down or up suddenly. I don't want to risk my salary because it's my only source of income. therefore I prefer to be paid in fiat currency rather than being paid with bitcoin.

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It depends because there are people are ignorant about cryptocurrency and they want a fiat so that they can easily budget and use it.

A salary in a form of cryptocurrency is a good adoption but it is not for all so we still need to consider that.

But If I'm in that situation, it is okay with me as I know how cryptocurrency works and its essence into an individual.

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Quote from: EvieLannister on July 27, 2021, 12:00:19 AM

Quote

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?

Like Chester said there, that is more like (DCA) "Dollar-cost averaging (DCA) is a strategy where an investor invests a total sum of money in small increments over time instead of all at once. The goal is to take advantage of market downturns without risking too much capital at any given time." Source. I wouldn't mind this approach where a percentage of my salary will be converted to cryptocurrency which I believe is better than the whole salary being paid in crypto because I will still have to trade it back to fiat becue I believe not everything you need you can get by using crypto but fiat. So fiat is still very valuable this time.

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Quote from: EvieLannister on July 27, 2021, 12:00:19 AM

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.

If you're doing a portion of your paycheck as a way to dollar cost average in, that makes sense. It's just like an investment account where you would have the same arrangement. But I can't imagine anyone who actually needs their job income to live would take 100% in bitcoin. The utility isn't high enough and the volatility risk is extremely high.

Topic: If you can get paid through cryptocurrency, do you still choose fiat currency? - page 7. (Read 1478 times)