Is Accepting Crypto Salaries Worth It? - page 3.

Kristiyana

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Quote from: Xampeuu on June 15, 2024, 02:05:13 AM

Quote from: sekalitas on June 14, 2024, 11:16:01 PM

Quote from: shanhaigamefi on June 14, 2024, 04:07:09 AM

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.

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals . Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

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

Yeah before it will be possible the employees will of course have to understand how cryptocurrency works because failure to understand it will bring misunderstanding between employees and the employers because sometimes the price of cryptocurrency can be very volatile and sometimes the salary meant for the employees could either possibly reduce or increase so perhaps the employees and the employers will need to agreed on certain ratios so that if the price increases it benefits the employees and if decreases it also affect the employees.

Xampeuu

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Quote from: sekalitas on June 14, 2024, 11:16:01 PM

Quote from: shanhaigamefi on June 14, 2024, 04:07:09 AM

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.

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals . Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

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

batang_bitcoin

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Quote from: sekalitas on June 14, 2024, 11:16:01 PM

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals .

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.

Quote from: sekalitas on June 14, 2024, 11:16:01 PM

Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

And this I think why they're improving their services and trying to make it as real time deposits.

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Quote from: shanhaigamefi on June 14, 2024, 04:07:09 AM

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.

In my opinion , Volatility won't be a concern when using stablecoin for payment , but for other altcoin, it can be an issue . The value of a coin could change between accepting a job and receiving payment . in the worst-case scenario the coin could become worthless turning you into an volunteer . Overall there are more pros like low fees and near instant withdrawals . Other payment methods , like Paypal can take 1-3 days to transfer to my bank account .

DubemIfedigbo001

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The ease of getting non-delayed payment in crypto is the basic reason most people including myself prefer payment in crypto against fiat. Most times international payment takes days, sometimes even up to a week to finish processing before you're credited, this can be very annoying most times.. Crypto is becoming very advanced recently and if you don't wish your fund sent in volatile coins like bitcoin, you can opt for stable coins like USDT and using TRC-20 network, your funds arrive within minutes of being sent across.

Again governmental scrutiny and excess that fiat presents are avoided as your funds drop directly into the wallet without any third party involvement.

How I wish all my payments are made through crypto, or I can influence them to be so, that would be premium joy.

oktana

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Don’t talk about earning a percentage by holding your coins on an exchange because that’s not it. Receiving salary in crypto should be you providing your money and receiving it there, what you do afterwards is your business. Because you can still get paid in fiat, and use it to buy crypto just to achieve the same percentage from coinbase.

Crypto payments has their disadvantages and advantages, before you prefer to receive your money in crypto, check them out and know that you can roll with it.

royalfestus

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Banning banks is not the solution to money laundering, just as banning Bitcoin isn't. While Bitcoin is thought to make controlling money laundering more difficult, fiat currency is still required for transactions at some point. Bitcoin isn't entirely anonymous, and peer-to-peer exchanges can be regulated. It's important for governments to develop a comprehensive plan to combat money laundering on all fronts without dismantling established financial institutions.

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Quote from: royalfestus on June 14, 2024, 06:25:57 PM

Quote from: peter0425 on June 14, 2024, 03:43:31 PM

Quote from: kentrolla on June 14, 2024, 01:07:44 PM

I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto.

No employer would want to do that. It’s an inconvenience and it would confuse them. It’s either they pay you in fiat or in crypto flat out. You are the one to decide whether you want to convert it to another currency or not.

Quote

its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

If it’s the employer who insists of giving the salary for income then they should pay for the transaction fee. If we were to use bitcoin, I think the transaction fee would be very high. So you can use altcoins with low market cap instead.

This approach may not work for every establishment, and it's important to prioritize the interests of employees before implementing it. Employees can be trained on how to access their funds if they are unaware. Innovation in our methods is inevitable, and it's beneficial to ensure training evolves accordingly.

Such move really depends on the company and the employees. I don't think it is fair for a company to oblige its employees to receive crypto as their monthly salary.
But for those employees who will accept crypto as payment, they can always convert it to their fiat if they are worried about its volatility. It is their disposition whether to wait or sell it.

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It is the best to get paid in crypto. Whatever your choice is, Bitcoin, Ethereum, stable coins or any other, the comfort that it brings is that you don't have to deal actually with any third party like you need to go through PayPal, Wise and any other payment processor that might do the same about freezing your funds or delaying you and much worse is to ban you from using their platform. I've seen freelancers that have been banned by PayPal for wrong accusations and without fair trials and that's why being paid in crypto in whichever transaction you do in the web is the best right now. Before, there's the taboo about it that it's only used for illegal trades but glad that the narrative has changed nowadays.

royalfestus

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Quote from: peter0425 on June 14, 2024, 03:43:31 PM

Quote from: kentrolla on June 14, 2024, 01:07:44 PM

I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto.

No employer would want to do that. It’s an inconvenience and it would confuse them. It’s either they pay you in fiat or in crypto flat out. You are the one to decide whether you want to convert it to another currency or not.

Quote

its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

If it’s the employer who insists of giving the salary for income then they should pay for the transaction fee. If we were to use bitcoin, I think the transaction fee would be very high. So you can use altcoins with low market cap instead.

This approach may not work for every establishment, and it's important to prioritize the interests of employees before implementing it. Employees can be trained on how to access their funds if they are unaware. Innovation in our methods is inevitable, and it's beneficial to ensure training evolves accordingly.

Bobrox

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Quote from: Reatim on June 14, 2024, 04:40:47 AM

Appreciate the very extensive discussion. Just want to add that this topic has been discussed before and just recently as well.

The discussion of having crypto as your salary can be decided by your own if you are going from client to client but if you are working with a contract, like you said there has to be laws and regulations considered if this were to be implemented widely in the workforce.

I agree with your opinion, behind the government regulation acceptable bitcoin as payment currency or not we must check firstly with contract working about kinds of payment salary paying between us our worker and the business owner. Currently if country have regulation with bitcoin as payment transaction its not problem including bitcoin or cryptocurrency as payment transaction but for worker have make contract firstly with payment salary kinds will receive in fiat or bitcoin.
If some country not get regulation with bitcoin as payment transaction I don't think have law for worker want to get payment with bitcoin and they can make convert by their self after receiving salary payment with fiat buy bitcoin and hold it in their wallet.

Its not much problem if interested payment salary using bitcoin but not get regulation we can purchase by our self behind many exchange have support to make transaction trough P2P.

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Quote from: kentrolla on June 14, 2024, 01:07:44 PM

I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto.

No employer would want to do that. It’s an inconvenience and it would confuse them. It’s either they pay you in fiat or in crypto flat out. You are the one to decide whether you want to convert it to another currency or not.

Quote

its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

If it’s the employer who insists of giving the salary for income then they should pay for the transaction fee. If we were to use bitcoin, I think the transaction fee would be very high. So you can use altcoins with low market cap instead.

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Quote from: Reatim on June 14, 2024, 04:40:47 AM

The discussion of having crypto as your salary can be decided by your own if you are going from client to client but if you are working with a contract, like you said there has to be laws and regulations considered if this were to be implemented widely in the workforce.

Good catch, Although if this discussion has been already ongoing, I don't think there is any bad in posting here. Well, I also like the idea of getting paid in the form of crypto. I would prefer BTC but there is one problem like now we as signature campaign participants we are getting paid in BTC and when the time of distribution of money comes the rates are not considered at that point instead they are considered of point when they bought those BTC.

Like the start of the mid of the week. And if the rate was high at that time and at the time of distributing the rates are low then you are going to receive lesser amount and if your employer wants to deduct the fee for transferring funds from your money then it's also a drawback. And most of us if doing a main job, thus it means we are dependent on that job thus we can't bear volatility difference in the salary prices as we need them lot. So for main job I would prefer fiat and for part time job, or the job making me spare money I would prefer BTC.

royalfestus

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Quote from: PhillipDe78 on June 14, 2024, 09:20:21 AM

A couple of my friends have recently started receiving payments in cryptocurrency, and they are very pleased. The low fees and instant delivery are great, as is the availability almost anywhere in the world. Who wouldn't be happy with that?

I believe paying salaries in cryptocurrency is not a bad idea, but the choice of coin is crucial. Stablecoins seem preferable for employers to maintain the value of the funds. However, employers must be very careful with their wallet security; unlike banks, if a wallet is compromised, the funds may not be retrievable

Stalker22

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Quote from: shanhaigamefi on June 14, 2024, 04:07:09 AM

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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.

To be honest, this is a stupid argument in my opinion. The chance that the value spikes up and down really only matters if you wanna hold onto the cryptocurrency coins long-term. But why would I care what currency my paycheck comes in if I know I can cash it out to regular money whenever I feel like it? The day-to-day price changes wouldnt really impact me if I just plan to exchange any crypto salary into fiat currency right away.

I mean, sure, if I wanted to keep the cryptocoins hoping they go up in value... But if Im gonna sell them immediately anyway, what do I care? As long as I can quickly liquidate the crypto payout and convert it to normal cash, those short-term valuation swings dont make much difference.

So yeah, seems like a non-issue to me unless you wanna invest your wages and hold the cryptocurrency. Am I missing something?

coolcoinz

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Quote from: shanhaigamefi on June 14, 2024, 04:07:09 AM

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.

You can use a payment processor, send coins directly to an exchange, or get in touch with a physical exchange. I know a guy who works at such exchange and they generate addresses for clients that an exchange bot empties the moment they receive a deposit.

I can give you an example of how this would work. Your employer is supposed to pay you on the first of every month and the agreed amount is $1k. You give him the address from a payment processor or your local physical exchange and he sends you $1k in BTC at 8 and that transaction has 1 confirmation at 8:10 and at 8:12 it's already automatically converted to your local currency. There's no volatility and chances that bitcoin will dump more than 1% in 10 minutes aren't very high.

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And even though Bitcoin’s price has been on a tear, skeptics warn its future remains a gamble.

Skeptics don't want to be paid in bitcoin, bitcoin enthusiasts do.

electronicash

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stablecoin is probably the most worth receiving as a salary, but freelancers will likely not welcome tokens or crypto. unless they are really a fan of that token which is highly not recommended, they can only be great if the bull market is ongoing.

but there is a job site that actually allows its freelancers to accept BTC and stablecoins which is the seoclerks.com, i can see many bitcointalk users offering services on this freelance site.

Antotena

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All you have said is not satisfactory in so many ways, they kind of contradict and doesn't make sense. For example, if a freelancer want to receive his payment in crypto form, I don't think the transaction fees is such a big deal, most companies will want to send you payment to exchange using the exchange ID because they know that you can't use the platform with kyc, that means you were identified before you were allowed to generate the ID and such eliminate the need for transaction fees even though it's been paid in Bitcoin or any out coin that us high transaction fee.

Conversion to fiat is also not a problem at all, there are many exchanges that has option where you can use the exchange P2P to convert your payment to fiat. The only challenge I see in receiving crypto as form of payment as freelancer is tax, the amount of tax been allocated to crypto is very heavy and not low compare to when you receive the payments with popular platforms like PayPal, paying 30% for tax is already taking all the money you have worked.

kentrolla

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I remember responding to similar topic in the past but regardless I would say it depends on individual I wouldn't prefer my entire salary in Bitcoin or crypto due to volatility but I would prefer 60% in Fiat and 40% in crypto. It makes sense not to have everything in crypto because just one market correction or dump we will be in soup with reduced balance or either way around its either payer or receiver who will have deficit and looking at the transfer charges it wouldn't be considered as salary payment when payer has to borne the transfer fees which is huge.

mindrust

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It is definitely worth it as long as both parties trust each other. Otherwise they will have to use a mediator like upwork that protects the rights of both the employer and the freelancer.

Crypto solves something very important (permissionless payments) but it doesn’t solve human behavior problem. Because of that we will always have to depend on a third party service I am afraid.

If you want to get paid in crypto, you’ll always have to provide the best quality work and the employers should want to hire you specifically. You shouldn’t be looking for work. That’s the only way.

Topic: Is Accepting Crypto Salaries Worth It? - page 3. (Read 512 times)