Written by konex on 07 July 2021
This year we have seen professional athletes ranging from the NFL, to NBA and Nascar all requesting to be paid in bitcoin. Additionally, big name corporations such as Twitter and GMO have also announced the option for their employees to be paid in bitcoin, along with government departments from the city of Miami and the city of Jackson in Tennessee. It is also important to note the above list is not exhaustive as there are many other organizations that are also paying their employees in cryptocurrency or are at least looking into it.
The topic of bitcoin has only gotten louder in 2021. It has hit a new all-time high of just under USD $65,000, as we have seen adoption beyond retail investors as corporations and sovereign countries like El Salvador have endorsed the cryptocurrency in their own way. Depending on your perspective, cryptocurrencies are increasingly edging towards a mainstream form of payment, investment… and speculation to some.
There are many reasons to like cryptocurrencies. Many people believe that if you hold bitcoin, you are hedging against inflation. From a currency perspective, it minimizes the use of third-parties which makes it cheaper to make transactions and, from a merchant standpoint, the protection against payment reversal (chargebacks) is highly desirable. Others like its decentralized nature: bitcoin is essentially unstoppable, uncensorable internet money.
Some employers are beginning to offer their staff bitcoin as a form of compensation, and it is not just tech companies. The legality of this is country specific (and we would encourage you to do some of your own research if you would like to be paid in cryptocurrency yourself) but there are many businesses that make crypto payments easy. The US-based company BitWage is one such example.
To make use of BitWage’s services, all you would need to do is to request your employer to make a split paycheck – one to your main bank account so that you could receive your local currency in order to pay your expenses such as food and rent, and another payment to a different account that is connected to BitWage. BitWage immediately converts that money into bitcoin and then deposits it to a bitcoin address that you own. The service is set up so your employer would not need to know that they have just paid you in cryptocurrency. In addition to services like this, there are many cryptocurrency exchanges that offer similar services where you could set up automatic purchases of cryptocurrency timed to the day after you receive your paycheck.
Getting your monthly salary payments in cryptocurrency is a fantastic way to dollar cost average your exposure to the fluctuating value of crypto. It removes the complication or trouble of trying to time the market with smart trades. Many people who try to trade with a “buy low sell high” strategy will struggle to do so without having a deep understanding of the market and having a pulse on the industry news. On average, most people who have dollar cost averaged their entry into a cryptocurrency position have performed better than those who tried to trade in reaction to market movement.
Bitcoin and cryptocurrency’s adoption will only increase in 2021 and beyond, which will in turn increase the likelihood that employees will also request exposure to bitcoin and other cryptocurrencies. This is where konex could help. As you know, we are a job referral platform that rewards people who make introductions to job seekers. If the referral is successful, you can earn up to JPY 400,000 in rewards, and we provide an option to be paid in Bitcoin.
If earning Bitcoin without risking your own money sounds attractive to you, check the job positions that we have open and try referring today.