The journey of your salary has changed in the way we receive it over the years. In the bygone era, people would receive a wad of cash sealed in an envelope handed over by the HR department. In the more recent past, although the salaries increased, the envelope got thinner with the introduction of the cheque. Today, companies electronically transfer your money straight to your bank account.
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The way money is seen as a concept today though, is changing too much greater levels. This is the first unique step taken since the introduction of paper money. Some years ago, we were introduced to the world of cryptocurrency with the introduction of Bitcoin. Along with the amazing success that followed, other digital currencies, blockchains, and websites such as Bitcoin Cash, Litecoin, Ethereum, Ripple, and other platforms were born.
Today, with the help of a crypto card, many places are now allowing you to pay with crypto in order to buy goods and services. Reaching thus far, companies and some countries have moved a step further, allowing you to use crypto in order to pay and receive salaries.
When it comes to paying a crypto salary, many companies prefer to pay with Bitcoin and use Bitcoin cash as their modus operandi owing to the fact that it is safe, fast, has a negligible processing cost and the wallet is available for free download on the App Store. With countries like New Zealand legalizing paying a salary in crypto, there are now several companies that are paying their staff in this manner.
Bitwage is a platform that allows you to pay salaries through crypto. It started off by allowing employers to pay their employee’s salaries in Bitcoin but has since moved to Ethereum as well. This helps many people, especially in countries that have areas that are cut off from banks. People here prefer getting paid in crypto as it is easier to move money digitally, even across the world.
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People living in countries with a low economy find it better to earn in coins that they can move very easily across borders with no additional cuts or exchanges from middlemen or traditional banks.
People also prefer a crypto salary if they travel a lot. They can use a Bitcoin card to swipe at establishments around the world that permit it, or directly exchange Bitcoin for fiat money depending on the country they are in.
With more companies starting to see the pros in crypto salaries, platforms have started to issue invoice for crypto payments as well.
The entire process of companies moving their employees on to a crypto payroll makes transactions much cleaner. There is no mess with paper and banks and the amounts are easily transferable wherever you are and easily changed to fiat finance when the exchange rate is in your favor. It is a win-win solution for both.
Using a cryptocurrency payroll is great for employers as well, as they can now hire employees all across the globe much more easily. They can pay the standard amount in crypto without the hassle of the remittance fees that need to be deducted across borders when usually using fiat money. This works especially for freelancers who work with clients overseas.
When it comes to crypto salaries, there are a lot of pros that back it, especially if you are global, tech-savvy, or interested in long term investments. The process is mess-free, cheaper, and all in all, something you need to definitely consider not that we are moving into a new glocal business future.