The idea of a decentralized cryptocurrency that has no political borders may look a bit challenging in its initial stages. However, the world has experienced a stunning growth in the use of cryptocurrencies in recent times. Ideally, coins such as the Bitcoins and Litecoin have compelled us to adjust our mindset. It has jogged our thoughts regarding money transfer systems. The world we’re currently living in is extremely dynamic. Such dynamism has enabled us to realize and see the clear signs and movements of cryptocurrencies into the mainstream economy. It is not new to see major companies and retailers accepting Bitcoins for goods and services. Other businesses have also opted to pay their employees in cryptocurrencies such as Bitcoin.
Of course, the question of future salary payments in Bitcoins becomes a the major topic. The benefits, drawbacks and practicalities of paying employees in cryptos must be assessed. A careful scrutiny will help identify possible pitfalls and bottlenecks that must be addressed proactively. The significant variation involved in the financial systems in different jurisdictions will greatly determine such acceptance. This is because some countries have totally banned cryptocurrencies while others denounce its use to pay for salaries or goods. So could digital currency be the future of how companies pay their employees? Let’s proceed to the next sections to learn more about our speculation.
The current level of Acceptance of Bitcoin cryptocurrency
While cryptocurrency is arguably one of the most risky investments for some, it is a huge source of wealth for others. Since its inception in 2009, cryptos such as Bitcoins have become alternative ways of making payments for everyday expenses. There are over 100,000 merchants worldwide that currently accept Bitcoin as a payment method. These include Tesla, Virgin, Expedia, Microsoft and Overstock among others.
The use of cryptocurrency is completely prohibited in some countries. China, Qatar and Egypt have imposed some of the tight restrictions within their financial markets and economy. Thus, merchants cannot practically use or trade with cryptocurrencies amidst such bans. Such restrictions still exist even in countries where cryptocurrencies are relatively well-accepted and incorporated into the system.
Our Speculation on Using Bitcoins to Pay Salaries in Future
Cryptocurrency keeps ushering us into new realities, some of which could not have been first comprehended. A few years ago, nobody would have imagined that countries would accept bitcoin as a legal tender and so many big retail traders allow crypto payments. Today, reality has hit home and we can only look ahead to more surprises. We use the past to give a hunch that bitcoin has not seen its best says yet.
Global Recognition and Acceptance will pave way
In our opinion, Bitcoin has already received global recognition and acceptance. If things move on the way they should, nothing will prevent employers from adopting Bitcoin to pay their employees. We also believe that many people across the world are attached to the prediction that cryptocurrency prices will continue to grow at a stunning pace. If by any chance this holds true, getting paid in cryptocurrency will imply a major return on investment in the future. Many young people are of the idea of being paid in cryptos. A number of companies out there have been reported to permit their employees to allocate a part of their salaries and investments into cryptocurrencies.
Bitcoins will offer Great Value to Companies
In our view, there is a likelihood that cryptocurrencies will provide a great value to agencies and companies that operate internationally. This implies that employers will get the opportunity to meet their operating costs as well as pay their workforce in the same currency. It will help eliminate the processes involved to convert fees and rationalize the payment processes for employees working in other countries.
Plenty of Merchants will accept it as a medium of payment
We also believe that for some merchants, it will be extremely sensible to start paying their employees in cryptocurrencies. Such adoption will help reduce and eliminate the trouble involved in exchange, validate and clear the monies in the bank. Paying your employees using Bitcoin will therefore imply that they won’t have to change them into fiat currencies such as US dollars or Euros. However, it will be extremely easier for them to do so owing to the rising number of the online companies that process and accept the digital coins.
Higher Earning potential of Employees
We are foreseeing a situation where the earning potential for employees will be higher. Here, there will be no need for employees to exchange their cryptocurrencies for other fiat currencies. They will also possess a great advantage of cashing out in an event that the rates are good.
Everyone wants to associate themselves with cryptocurrency. We’re seeing a situation where more talented employees will want to associate themselves with employers who provide salary payments in Bitcoins. For instance, companies within the tech industry will possibly attract more tech-savvy talent if they adopt this unique type of payroll.
Final Take Away
We are seeing indicators of change in future payments. As the digital currencies are gaining much popularity and becoming a widely acceptable medium of exchange, we’re speculating about the possibility of employers using Bitcoins to pay salaries. We have noticed hundreds of merchants across the world already using it as a form of payment. In our view, such adoption will constitute an efficient process of payment. Nevertheless, it will provide a great value to agencies and companies that operate internationally. If you will be accepting a salary in crypto, we advise that you have to have a strong stomach and be ready to observe numerous financial gains on your way.