The Bitcoin community just keeps on growing. More people want to get their hands on Bitcoin (BTC), but not everyone wants to rely solely on trading to get involved. This prompts the question, “Can I get paid in Bitcoin?”
This is definitely not a new idea. Earlier this year, New York City mayor Eric Adams had a portion of his first paycheck automatically converted into Bitcoin. Other examples of people getting paid in BTC include Odell Beckham, Jr. (of the NFL) and 50 Cent. With that said, you don’t have to be a celebrity to reap the benefits of a Bitcoin salary.
Getting paid in Bitcoin
With the increase in the utility of Bitcoin, people have been looking for various ways to get their hands on BTC. A reported 36% of U.S. employees are asking for the option to receive at least a portion of their pay in BTC, but is getting paid in Bitcoin really that straightforward? Let’s take a look at the pros and cons.
The most common rationale behind Bitcoin salaries is the potential for a high reward. While salaries remain consistent throughout your employment (factoring out pay raises), the potential for Bitcoin to find a path to increased value means you stand to receive a boosted salary if timed right.
You can also expect lower transfer fees and faster processing times when you get paid in Bitcoin. While these might seem like small benefits now, their impact will be appreciated by freelancers or employees working for overseas companies.
For example, in countries like Argentina where forex rates can be difficult to bear, employees working for overseas companies can choose to receive their pay in Bitcoin instead. This way, they can easily convert their Bitcoin salary back into any currency through platforms like Paxful to maximize their pay.
Using your money will be a lot more efficient, too. With a handy Bitcoin wallet, you can freely divert your money where you need it, precisely when you need it.
The best part? Bitcoin is secure. This should go without saying, since Bitcoin is the original blockchain and has improved its security progressively over the years, factoring in changes in technology and the internet.
While Bitcoin’s price volatility can benefit employees, the opposite is, unfortunately, also true. Should Bitcoin’s value take a hit on or after your payday, you can expect a lower payout.
Additionally, while being in control of your financial freedom is great, there’s still a risk in keeping your money in hardware wallets since they can be misplaced or stolen—be sure to keep them in a safe place if you decide to use that type of storage.
Unfortunately, Bitcoin can’t be used to pay for everything. While Bitcoin has become a household name and is recognized by some merchants as an acceptable payment method, we have yet to reach the point where Bitcoin has realized its true potential. With that said, it should be noted that BTC can still be used to pay for a lot of products and services.
Jobs where you can get paid in Bitcoin
Now that we have a better understanding of what the advantages and disadvantages are, let’s take a look at some industries where you can have the option to get paid in Bitcoin.
It goes without saying that businesses operating within the cryptocurrency industry will be offering their employees an option to receive their salary (or a portion of it) in Bitcoin.
Examples of jobs in this industry include:
- Bot developers
- Project management
- App developers
- Consultancy roles
The tech industry has understandably taken a more progressive stance when it comes to Bitcoin salaries. It might be the proximity to the community, but the industry, in general, has responded positively to developments made on the Bitcoin blockchain.
Examples of jobs in this industry include:
- Web developers
- Software developers
- Social media managers
- Content creators
- Virtual assistants
Aside from the names we mentioned earlier, some professional sports leagues have the opportunity to have their pay converted into Bitcoin. From the NBA and the NFL to FIFA—more and more athletes are choosing to divert some of their finances into Bitcoin.
Examples of professional athletes who get paid in crypto are:
- Sean Culkin (Kansas City Chiefs)
- Russel Okung (Carolina Panthers)
- Lionel Messi (Paris Saint-Germain)
- Klay Thompson (Golden State Warriors)
What you need to know when you get paid in Bitcoin
Getting paid in Bitcoin is not a new idea, but it is one that has become more reasonable as the blockchain continues to prove itself in all aspects of the industry. Its advantages of decentralized finance and direct access to money have become the battle cry of its users and have been convincing more people to experiment with how they receive their salary.
But we also have to understand that Bitcoin hasn’t reached maturity yet. It’s for this reason that people who decide to receive their salary in Bitcoin normally start with having just a portion of their pay converted into Bitcoin—with the rest maintained as fiat currencies.
Deep research and keeping up with the news are highly recommended for anyone looking to get paid in Bitcoin. After all, with all the possible benefits, doing desk work seems like a cheap expense.
*The content of this article is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. You should do your own research and may want to seek professional advice before making any decisions.