AskLeo - Does "Pay Me In Bitcoin" Suit You?
El Salvador has benefited from a lot of hype recently due to its president making Bitcoin legal tender over there. Salvadorians kind of needed Bitcoin due to the fact that they don't actually have their own native currency(actually using USD) and that 22% of El Salvador’s GDP comes from remittances.
“We are very excited about how Strike will revolutionize the remittances industry. Sending money from the U.S. to relatives in El Salvador using legacy companies like Western Union is very inefficient and expensive. Currently, the process involves someone in the U.S. driving to a Western Union office and paying upwards of 20% in fees to send money to El Salvador.”
-source Michael Peterson of Bitcoin Beach
That's nothing new for a Bitcoiner/crypto user because we all know how fast, easy to use and secure sending funds through crypto really is, but how many of us are that hardcore "in accepting Bitcoin as legal tender in their own lives". How many of us would prefer being paid in Bitcoin?
To answer the question myself, although for the moment being unemployed, I would accept that option and I don't know how often I would convert it into fiat. Bitcoin has proved to not only preserve its value over time, but also increase it, thus making it a better savings option as well, when comparing it with cash.
Getting to a personal level, I live on what I earn through my content creation activity hence I can say that I am paid in Bitcoin. It's actually HIVE, LEO, ETH, AMPL and whatever I'm earning around here, but I have embraced such a lifestyle for quite a few months. Volatility is part of my personal finances and I have nothing against that.
I am no Lambo boy, but neither could I call myself poor. I have developed a decent sense of managing my income sources and economies, and my mentality towards money as well, so I don't end up on the streets or spend everything in a couple of months on some shitty luxurious stuff. I wonder though how many famous proponents of Bitcoin would actually accept to be paid in such a currency.
Knowing that Strike is coming to Europe it's clear that quite a few crypto users from around here will opt for having their paychecks being automatically converted to Bitcoin. Add a Binance VISA card to that and you kind of don't need fiat money and a bank account anymore.
My personal take is that the more we will be using cryptocurrencies, the more they will increase in value and stabilize it. We've gone past the stage when this thing was just a speculative asset and as mass adoption takes places I believe volatility will fade away. Halving plays an important role to that as well.
The less Bitcoin miners will get, the less volatile the asset will be. Enough with my ramble though, this is an #askleo post and it's about engagement, so what about you: would you accept to be paid in Bitcoin for whatever you do? How do you see this thing would work in real life?
Thanks for attention,
Adrian
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I would accept payment in Bitcoin. Like you, crypto points the bill so I think I can manage the volatility well enough. Plus, it's temporary brokenness for future wealth. That's fine with me, I'm patient.
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Well said. Temporary brokenness for future wealth.
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I would love to be paid in bitcoin as well but to me such earning will be savings and hodling since bitcoin has a lot of value
I will then get other payments in the form of other coins, that I will convert to fiat for daily expenses
Once we start having credit cards, that transact in crypto, then all earnings can be changed to cryptocurrency
Less fiat currencies for emergencies that may have nothing to do with me, but my neighbors or friends
If I'd had that many sources of income I'd definitely save more crypto.
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I would do the same if I had the same option
Wait! That means we do need to find other sources of income instead just wishing we did had a lot of income sources
What do you think?
If I was working, I would accept a portion of my income in Bitcoin. That would suit me fine. That would be a wealth building exercise.
Those who are astute and see the potential will opt for different approaches going forward.
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You wouldn't go all in with Bitcoin?
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Not if I had to live on some of the money. Might as well get what I needed in fiat.
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The only argument against getting paid in Bitcoin is inconvenience when you have to spend ridiculously small amounts of Bitcoin on stuff like a cup of coffee and worry about transaction fees.
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