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Benefits of Salaries in Crypto

Paying staff a crypto salary can be a win-win situation for both the employer and the employee - here’s how to do it

Cryptocurrency adoption has been moving really fast in recent years. The statistics in 2021 have been the most impressive to date. For example, the daily number of Bitcoin transactions averaged around 300,000 in May, and the initial public offering of the US cryptocurrency exchange Coinbase in April saw it debut on the sharemarket with a market capitalization of over $80 billion.

For those who are looking at Bitcoin as an investment opportunity, research shows in the last 10 years it is the world’s best performing asset – rising 9,710,233% from the end of 2010 to the beginning of 2021. So there are certain advantages of crypto over fiat money that let us say digital currency use is only going to grow in the next few years.

Bitcoin has already become a popular alternative to fiat currency transactions, and El Salvador recently became the first country in the world to give Bitcoin ‘legal tender’ status – giving it the same legal status as El Salvador’s fiat currency.

At the same time another emerging trend is not just accepting digital currency from customers – but also implementing a crypto payroll system. Indeed, paying a crypto salary can be a win-win situation both for employers and employees.

Crypto Salaries – Key Points

  • Employees can use Bitcoin directly or easily exchange it to other currency, fiat or crypto
  • Crypto salaries can be especially beneficial to international companies
  • Paying in Bitcoin or other digital currency, like XVG, is fast, cheap and transparent
  • You can attract new clients and talented employees thanks to crypto payroll
  • Enabling crypto mass payments is an easy process

Benefits of Getting Salaries in Crypto

Why would your employee want to get paid in crypto? Bitcoin is definitely called “a modern day gold” for a reason. First of all, those who get paid in crypto can buy a lot of things with this currency directly. For instance, employees can spend their Bitcoin salary for real estate, gold, gift cards and cars among other goods. And, when salary is paid in Bitcoin, employees are able to easily exchange it into any currency, fiat or crypto, when there is a rate preferable for them.

Advantages of Paying Salaries in Crypto

Why would you want to pay in crypto, not fiat? There are certain unbeatable benefits of digital currencies.

No Boundaries

More and more teams today are working remotely. Cryptocurrencies can be easily used internationally and exchanged at any point. That is why companies with employees or contractors working from other countries may find crypto payments a simpler option for a global workforce.

Speed

Have you ever waited for your salary which was delayed because of the banks? Thankfully, digital currency payments can be up to 96% faster compared to old-fashioned wire transfers.

Low Cost

Bitcoin transactions are often less expensive than PayPal’s or any other remittance service. As there is no intermediary required to carry out the deal, fees are kept low.

Transparency

Every crypto transaction is recorded on a public ledger, which means you can always check whether your employees received their salary paid in Bitcoin or other cryptocurrency.

Attracts Better Talent and New Clients

The most forward-thinking and tech-savvy workers are fascinated by crypto as it is a new, constantly developing industry. Crypto payroll may become one of the key factors for your future employee when they choose the company they want to work with. Moreover, when you start paying salaries in Bitcoin or other digital currency, you draw the attention of other crypto companies and startups – potentially attracting new clients and partners.

Verge and Salaries in XVG

The sports industry can benefit greatly from XVG payments, and the Fueled by Verge project aims to show Verge utility by spreading awareness and showcasing various athletes, like Danny Robertson, Gil Linster, Lewis Neal etc. who spotlight Verge and its blockchain while excelling at their respective sports fields.

XVG provides high speed, low fees of 01.XVG and XVG payments are very secure. The project is very much community-driven.

Who Pays Digital Currency Salaries?
Twitter Pic

There are a lot of big companies accepting cryptocurrency as a form of payment. At the same time some well-known innovative employers are already famous for paying their employees in Bitcoin and other cryptocurrency.

Of course many crypto companies are among them, including Blockchain.info, BitShares and Exodus Wallet. Talking about other hi-tech companies, Twitter is the best example of a team looking forward to the future. Its CEO Jack Dorsey is a well-known Bitcoin advocate and this year the company started investigating how it could pay employees and vendors in crypto.

Challenges and Solutions

In terms of regulatory compliance, organizations considering this option will need to understand their legal responsibilities—which differs from country to country, and from state to state in the US. Tax considerations will also need to be considered, as Bitcoin is considered property in some countries and a security in others.

Of course, the volatility of cryptocurrency is important to consider. In general and over the longer term the Bitcoin price has trended steadily up. But there have been many occasions in the last 10 years where its value has slid quickly or tracked sideways for months.

Stablecoins are a good solution to this issue, however, as they are pegged to the value of a specific fiat currency. The most popular stablecoin is currently Tether (USDT) which has a market capitalization of over 60 $billion. Employees could be paid in Tether or there are many other popular cryptocurrencies that they might prefer. Diversification of currencies could also be an option for staff, with a percentage paid in fiat and the rest paid in crypto.

Easy Crypto Mass Payments

Crypto payroll is a great solution for your business. In order to ease the process of enabling it feel free to use the NOWPayments’ ready-to-go feature. Using it you can send any type of mass payment in a single API call.

Nowpayments Workflow

Just follow these simple steps in order to complete the process:

  1. Deposit funds into your account;

  2. Specify the address and the amounts of each payment;

  3. That’s it — NOWPayments send the funds to the payees right away.

NOWPayments lets you accept crypto and offers the lowest fees on the market, autocoin conversion, and usage of many cryptocurrencies and other benefits. Feel free to contact the team 24/7 if you need any guidance.

Conclusion

As the crypto industry keeps progressing, more and more traditional elements of our lives are becoming digital. One of them is salary. The benefits of paying and getting wages in crypto are evident both for employers and employees. In the future, more and more payments will be diversified or fully paid in digital currency. Today it is still more of a competitive advantage and very easy to implement.


Editorial Note: This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.


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