There’s no question that in today’s day and age, Bitcoin and other major cryptocurrencies are taking over the world. Bitcoin is a cryptocurrency that has been in major news headlines for quite some time for its rapid ascent into financial stardom. Some people including famous NBA players have started to accept cryptocurrency as their main source of income for them doing their jobs, and there are some good reasons why you may want to do the same.
Not only that, some services, shops and online games (like bitcoin casinos) have started to accept the cryptocurrency as payment. These use cases are only likely to increase in the coming years.
In this guide, we take a look at why you should consider getting at least some of your salary paid in bitcoin (if this is an option for you), and why this might be a good thing for you in the future.
You’re Investing without Knowing It
Ok, so this one is a little strange – let me explain. When you get paid in Bitcoin, you are helping the market out in itself, but you’re also investing into the future. There is no doubt that Bitcoin will continue to rise over the coming years and there is no question that if you can get your salary in Bitcoin then your salary may end up paying for your retirement all in a single year.
Typically, when people invest into cryptocurrency it’s a bit of an emotional rollercoaster as cryptocurrencies are quite unpredictable. When you get your salary in Bitcoin, you don’t really have a choice. Your salary may go up, or down depending on how the market does in a given week, month, or year.
Although this might sound like a negative, there is no question Bitcoin is on a blaze pass to skyrocket, and if you are actively saving your Bitcoin you’ve gotten from your salary you will be earning passively without even knowing it.
Depending on your wallet, or where you are storing your Bitcoin – you could even set up a guaranteed profit market. Although we hope Bitcoin will never drop, Bitcoin may fall before it goes up further. If you are able to set-up a stop-loss on your Bitcoin wallet, you are limiting your losses if Bitcoin was to crash for whatever reason. You could also do this for guaranteed profit. If Bitcoin was to climb 5%, you could put a stop-loss in front of what your initial payment was, so even if it drops so far, you will be able to cash out more than what you were originally paid from your salary.
If you are looking to get into investing, then getting your salary in Bitcoin is certainly one way to get into it quickly!
You can get paid in seconds
Bitcoin is one of the slower cryptocurrencies when compared to the likes of Ethereum, or Litecoin, but Bitcoin is still a lot faster than that of BACS payment that your company would issue to a bank. This process can take upwards of 3 – 7 days to fully complete and although this is getting faster, Bitcoin transactions can process within 3-7 minutes on a good day.
Although this might not seem like a major reason for getting your salary in Bitcoin, it will have its upsides. Getting paid straight away could be crucial if Bitcoin is on its way up. Your salary will depend on the value of the local currency: Bitcoin price. If you get paid instantly, and Bitcoin starts to climb, your initial salary will increase as you were paid so quickly. If you were to buy Bitcoin from your bank, there are fees and time-based factors that could be the difference between a good investment and a bad one.
Transparency for Both Parties
Although we hope you never run into this, sometimes companies like to mess-around with payments to their staff. I myself have run into this, where I have been “paid” but not actually received my pay for a number of days until they “re-paid” me.
In the case that you’re supposed to be paid on a specific date. Have your employer send the payment to you directly through Bitcoin and send the blockchain link. This will show that the payment was made, the time it was sent and the time it took to be approved.
By doing this, strange behavior, or disputes from either party can be ironed out within seconds, rather than a few weeks by contacting different banks and services.
In conclusion, getting paid in Bitcoin might be a scary feat to start with, but you should always think of it as an investment into the future as Bitcoin will continue to rise as the main cryptocurrency. Bitcoin shows no signs of slowing down, and getting your salary or even a small portion of your salary into it will make a huge difference in 5 or 10 years down the line.
This article is for information and educational purposes only and does not form a recommendation to invest or otherwise. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.