The global acceptance of cryptocurrency is increasing and it might not come as a surprise if people would want their salaries to be paid in the form of digital currency. The number of people who wish to get at least a certain percentage of their salary in Bitcoin, might increase because it will help them make an investment along with working in their respective fields.
Bitcoin salaries would be paid according to the value that bitcoin currency holds on that particular date. For instance, if an employee demands to have $3,000 of his salary in bitcoin then he would be paid according to the value of the bitcoin in the market. It would solely depend on the employee whether he plans to sell the currency straight away or whether he wishes to hold the currency till its value multiplies.
These days a lot of people are looking to get part, and sometimes all of their salary paid in Bitcoin.
The founder of Bitwage said he converts at least 15% of his salary into Bitcoin. He believes that it is the best way to accumulate Bitcoin rather than worrying whether the investment is being made at the right time or not.
Sage conducted a study on “Cryptocurrency as a form of Income or Salary”. Under this study, a total of 1,000 candidates were interviewed to determine whether people would accept cryptocurrency as part or all of their salary. 31% candidates claimed that they would be happy to receive their salaries in the form of cryptocurrency.
Men were three times more likely than women to accept digital currency as their salary. The results also indicates that millenials are more interested in cryptocurrency as their percentage stands at 33%.
Furthermore, a lot of companies are already working upon this option of giving their employees salaries in the form of bitcoin. A Tokyo based company called GMO Internet announced in 2017 that the employees would be given an option to receive their salary in digital currency. Ever since then many new companies have started offering the same to its employees. Renowned names like Netflix, Starbucks, Airbnb are already paying their workers through bitwage. This means that there employees can easily ask their salary to be paid in bitcoin.
The most important aspect is to identify whether getting paid in the form of digital currency would be beneficial for the employees or not. Living a life solely and entirely on cryptocurrency is not realistic, however getting paid a chunk of your salary in Bitcoin might be workable.
In case, an employee wishes to get his entire salary in bitcoin then it can cause serious problems. Most of the aspects in our life are dependent upon the centralized banking system. A person who is getting paid in cryptocurrency might not be able to make any transactions in cash. He would not have any credit history to show in case he wished to take loan from the bank at any point in life.
No credit or bank history also means that the employee does not have his proof of income. Even if he does, then it solely depends on the lender whether he is educated enough to identify his transactions on a blockchain to verify the income of his client. It not only applies to loans but it can also be applied to different purchases that an employee wishes to make. For countries like U.S. everything depends on the how stable your bank account is. People who are Bitcoin millionaires, will not face such issues however, employees who are dependent on an average salary will face problems like the ones mentioned above.
Cryptocurrency is surely the new mode of payment and investment at the same time but there are some areas in which digital form of currency cannot compete the traditional currency. Shifting entirely on cryptocurrency as mode of payment is not realistic, however; it can be introduced as an alternative option so that people have the opportunity to make decisions for themselves. Digital currency cannot take the place of traditional currency anytime soon. It needs a number of years to fully establish itself in the marketplace.