Thinking of accepting your salary in the form of cryptocurrency? Well, you’re going to need the right crypto trading platform.
Whether you have a forward thinking employer that has offered paradigm shifting wages packages to include crypto, or you’re just pleased to maintain strong footing in the crypto space, you’re going to need a reliable crypto trading platform. More than that– you’ll need to carefully weigh the pros and cons of allocating portions of your livelihood into such an erratic financial system.
Trading platforms like Bitvavo are ideal for the novice investor that’s considering receiving their salary in crypto. Platforms such as these provide a stable base to invest from, low rates, security, as well as many options when it comes to how you’d like to see your hard-earned cash invested. Now all you have to worry about is whether or not you actually want your salary in crypto.
Varied Advantages, No Guarantees
There are quite a few stark advantages to getting a portion of your salary paid in crypto, however few of these advantages work in favor of the average nine-to-fiver, and the inherent volatility of the value of cryptocurrencies has long held workers back from getting portions of their pay converted into crypto. While in recent years, mass adoption has seen the advantages of crypto becoming more and more ubiquitously enjoyed, transferring bits of your wages can prove to be a somewhat difficult task for employers.
Taxes can also be a sticky area when it comes to tallying year end burdens and totals. Especially if you’re accepting wages in crypto. As they are taxed not as income, but as an asset class, which could create some uncomfortable squeezes should the gap between what the crypto was worth during time of payment and what it became worth come tax time be large. While some states allow for this to be registered as a capital loss– not all countries, and not all personal financial structures, allow for it.
However, there are some pretty incredible upsides to placing a portion of your salary into crypto. For one, it introduces you to the market. Which means it allows you to have a dedicated plan for continual, small investments into the crypto space. Which is just as exciting as it can be lucrative. It’s also an exceptional practice if you live in a country where the national currency isn’t particularly strong or suffers from hyperinflation. Cryptocurrencies like Bitcoin are an excellent way to protect assets that you have or earn, from governmental interference. They’re also an ideal medium if you need to move between currencies regularly.
With far fewer fees than are associated with traditional cross border transactions. Becoming an additional boon to freelancers and at home workers that now sling their skills across seas. And speaking of freelancers– bitcoin and other crypto currencies provide a transparent payment history that could prove to be more useful to the self-employed when it comes to balancing books. Payments in crypto are also usually much faster than those of legacy finance. So you won’t have to wait for the check to clear.
Employer vs. Employee
While getting a portion of your salary delivered in crypto could prove to be incredibly beneficial to you, figuring out whether or not your employer is capable of providing it; or whether you’ll need to self-allocate your salary to crypto is the next hurdle you’ll need to jump. In some places, it’s still not yet legal for employers to provide their employees wages in crypto. So geolocational laws will play a large part in this decision.
While in many instances, whether or not your employer is even capable of providing you cryptocurrencies as salary is a choice that will be made for you, as despite the growing popularity, there are still few regularly relied upon methods of being able to execute such an endeavor. Moreover, it’s important to consider the reasons why you’d like to invest a portion of your salary (or the entire thing) into cryptocurrency to begin with– as it may turn out that handling the conversion yourself is far more beneficial. Particularly if you use a crypto trading platform that you’re comfortable with.
This ensures that the percentage of your income will be appropriately allocated into whichever cryptocurrency is most relevant for you at a given time. It also enables employees to regulate which cryptos they invest in, as there are a ton that are worthwhile, and as explained above– cryptocurrencies are incredibly volatile, so you may want to switch up your investment strategy from time to time. So while relying on your employer to supply you with crypto may not yet be the ideal situation, allowing yourself to allocate your wages as you see fit has always been the end-goal of the worker.
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