Topic: Is Accepting Crypto Salaries Worth It? - page 2. (Read 520 times)

I love being paid in crypto. Makes things much easier, you just make the job and receive the payment. No intermediaries.

I received already some payment in crypto for services that I made in the internet, sometimes from people in other countries. This makes payments faster and easier, and even cheaper for me (because bank fees for different currencies are high where I live)


If you were receiving in traditional payment methods, you would have to give much more personal information

A recent survey revealed 93% of freelancers around the world want to be paid in crypto or stablecoins. This surge in interest stems from the frustration many face with foreign exchange hassles. Transaction fees and exchange conversions make working with international clients a challenge. Crypto offers a potential solution, streamlining payments and eliminating these roadblocks.

What are the potential risks of receiving cryptocurrency as salary?

🔨KYC and AML Rules Pose Challenges
While crypto salaries might seem trendy, Felix Shipkevich, founder of New York-based law firm Shipkevich PLLC, warns they can be trickier than traditional methods.

The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.

And even though Bitcoin’s price has been on a tear, skeptics warn its future remains a gamble. Shipkevich indicated that stablecoins instead offer more stability. But their value is still tied to potentially risky reserve assets.

He also said that freelancers need to navigate a technical learning curve. They would have to understand digital wallets, blockchain, and the intricacies of crypto transactions. To top it all off, ever-changing crypto regulations throw tax compliance into a spin. These headaches can vary by location and may require specialized accounting help.

Further, KYC (know-your-customer) and AML (anti-money laundering) regulations are tightening. This requires freelancers to jump through hoops with identity verification and transaction limits. In short, crypto salaries come with a hefty dose of complexity.

🎯Tax Bill Might Burst Your Bubble
Daniel Krupka, chief research officer at Coin Bureau, said that unlike the simplicity of fiat taxes, crypto throws a wrench into the equation.
“Whereas it’s easy to calculate how much you owe in taxes with fiat payments, it’s less easy with crypto payments, particularly volatile cryptos like BTC,” he said.

Is it a capital gain, regular income, or something else entirely if you hold onto that Bitcoin and its value skyrockets? Krupka emphasizes that the tax headaches, especially with volatile cryptos, might outweigh the initial appeal of crypto payments for freelancers.

🌧️Hurdles in Crypto to Cash Conversions
Daniel Fayemi, a backend engineer at Bitvavo, said that converting crypto to cash (off-ramping) can be challenging depending on your location. For instance, in the Netherlands, strict regulations limit the amount of money you can move off an exchange without providing personal details.

📣Stablecoins Outshine Crypto for Payments
Matthew Leising, co-founder at DeCential Media, said that stablecoins offer an excellent choice for freelancers familiar with crypto and are relatively straightforward for newcomers to establish.

Stablecoins also provide an opportunity to earn a respectable yield within the crypto economy, such as the current 5.1% on USDC at Coinbase. However, a potential challenge arises with the freelancer’s bank, which may be hesitant about facilitating crypto transactions, especially when converting earnings into US dollars or other fiat currencies, Leising said.

According to Rebecca Liao, CEO of Saga, the good news is that legislators and presidential candidates are increasingly embracing crypto. She believes that once comprehensive crypto legislation is enacted in the US, freelancers will extensively receive payment in stablecoins.

This article is reproduced from cryptonews

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

Depends on the nature of job, if it's a more physical job like teachers, doctors and a few professions then their is no need paying them in Cryptocurrencies, to save them the stress and put them in a more convenient state to make good use of their income with our consistently bothering on how to sell them. But, if it were to be those who mainly work online jobs then it should be an agreement between both parties, as long it is convenient for both of them then their is no worries it is also a good means of payment.

That's why there are stable coins so that it won't be hit by volatility. But the thing is if the value of USD changes compared to your local currency then there's still the volatility in there but that's another thing to be concerned of. As long as you're going to receive it then there's no problem at all and then let yourself do all of the worries in there.

but honestly it is natural that freelancers prefer to receive payments in crypto because it is much easier and usually the waiting time is much faster compared to what is offered by paypal or western union. the claim process is also not complicated because the recipient only needs to provide their wallet address and then they will be able to receive payment immediately without having to worry that the payment will be blocked or intervened for some reason.

the problem of unstable prices or kyc is another problem and i don't think it is a serious enough problem to discuss since freelancers are used to doing kyc and are smart enough to receive payments in usdt or directly convert their income.

It is worth it but still optional for me, as I prefer to be paid in fiat money because it was still not acceptable in my place, so I no longer spend some fees in converting my crypto salary. This is one thing I put into consideration and I know this is a common problem for us knowing that many countries are not yet accepting cryptocurrencies.

I'm also looking forward to those company owners who had this in their mind and considered paying bitcoin to their employees. It is not impossible they will support this project and adapt to the changes. But yes, until it was not officially legal in a particular place that also gives a reason why this never happened.

If I'm not in here and not joining the signature campaign, I'm sure I couldn't experience receiving a crypto salary.

Depends on the nature of job, if it's a more physical job like teachers, doctors and a few professions then their is no need paying them in Cryptocurrencies, to save them the stress and put them in a more convenient state to make good use of their income with our consistently bothering on how to sell them. But, if it were to be those who mainly work online jobs then it should be an agreement between both parties, as long it is convenient for both of them then their is no worries it is also a good means of payment.

Cryptocurrency is an innovation, so if someone is willing to pay a salary or receive a salary with crypto, then that person has fully supported the adoption of this innovation. I was once an employee and to be honest, if I were still an employee, I would be willing to receive a salary in crypto currency, but I prefer bitcoin because the price of bitcoin fluctuates so the profits received can be greater than just receiving stable coins.

A recent survey revealed 93% of freelancers around the world want to be paid in crypto or stablecoins. This surge in interest stems from the frustration many face with foreign exchange hassles. Transaction fees and exchange conversions make working with international clients a challenge. Crypto offers a potential solution, streamlining payments and eliminating these roadblocks.

What are the potential risks of receiving cryptocurrency as salary?

Stable coins are not a problem in payments because their value seems to always remain the same, however, the salary and employees must also understand cryptocurrency, otherwise this can also have bad consequences for employees, considering that if they are not knowledgeable and trade it, their salary could run out and of course will have a bad impact on the family economy

Even though many forum members here would encourage to be paid in bitcoin, the final decision depends on whether your local authorities are fine with it what you taxation situation is regarding crypto transactions and how feasible it is to convert it to fiat currency because obviously local merchants wont be accepting bitcoin.

Therefore a partial salary in bitcoin and the rest in fiat might be a better option for the time now. Maybe in future we can all go with 100% crypto salaries. Hopeful when the streetside junk food stall will be having a QR code to be paid in bitcoin.

The main culprit? Crypto’s notorious volatility. Unlike a steady paycheck, Bitcoin and similar currencies can swing wildly in value. This means freelancers could see their hard-earned income shrink before they convert it to usable cash.