If you are reading this it’s quite possible you are a Bitcoin user. To be one you obviously must have acquired them beforehand. You can get cryptocurrency in a variety of ways: buy it from an exchange or from another person, getting tipped by the community or mine it yourself with your computer. But there is one exciting possibility that not many people think about.
You could get paid in Bitcoin! What are the advantages? First of all, you get BTC without any hassle, straight from your employer – no fees, no middleman, no problem.
Then there’s the matter of tax laws. You don’t have to worry about any of them (sounds good, huh?). Even if Bitcoin is taxed in your country like any other currency, then taxes are deducted from the whole payment that is owed to you before conversion to BTC and you don’t get taxed twice. If it’s treated differently, then it’s still not a problem you have to worry about, because you get it after taxation like in the previous example.
Another thing is the ever-changing value of Bitcoin. If you get your salary, or at least a part of it is paid in Bitcoin, you can end up having more than you’ve earned. Although it sounds really appealing, I would not consider it the main reason to switch from fiat currency, because everything that can increase in value can also decrease. Hard.
Let’s not forget about the ability to get your salary as quickly as possible. Depending on the country you are residing in, and the banks you and the company paying you uses, it can take a few days for the money to get transferred. Wiring money through blockchain takes 10 minutes on average, and although it may take up to an hour on some occasions, it’s safe to say that it’s generally faster than any other form of money transferring.
And last but not least, every person using Bitcoin for any reason is helping to spread the word and drive its adoption to another level. It doesn’t matter if you hold it as an investment, buy a pizza or a house with it, or as I try to convince you in this article – get paid in it. Every person and every action matters to the community.
Maybe this is the way for you to pitch in?