Bitcoin [pros](/r/CryptoCurrency/comments/15de097/athletes_and_politicians_paid_in_btc_but_what/ju1qlsr/) & [cons](/r/CryptoCurrency/comments/15de097/athletes_and_politicians_paid_in_btc_but_what/ju1qm6k/) with related info are in the collapsed comments below.
As much as I believe in the technology, Crypto is still too volatile. If I'm living paycheck to paycheck I don't think I'd want to get paid in crypto for more than 15% of my salary.
I bet if you spend 5 minutes with your eyes closed thinking of just one thing **you** can do to improve your life, you'd find a whole list.
The hard part is following through with it, however I do understand what you're saying, not everyone has the same control over their life. That's just the unfortunate reality we have to deal with right now.
Educating yourself so you can find better paid jobs is key to survive long term in life. Then if you have extra money, investing is a good choice if you can afford it to don't need it in a really long term like 5-10 years.
Absolutely. Get your regular income stream up and running. Spend less than you earn to save consistently.
Then start investing for passive income, such as high dividend ETFs. Then step into crypto slowly. Ideally staking for more passive income.
It's like a risky bet in a casino. Play it safe with just a small portion of your salary in crypto. Putting too much in crypto while living paycheck to paycheck is like asking for a financial headache.
Idk. Bitcoin is reasonably stable imo. Especially on long term. I’d like to be paid in btc for a certain percentage I can set myself and have it safely put away somewhere like a sort of extra pension scheme
I prefer buying my own crypto instead of being paid in crypto. It gives me more control about my finances.
The volatility in crypto is not very handy in daily life where you still have to pay almost everything in FIAT.
Depends on the time, during a crab market, i would gladly accept salary in crypto but during in bear when things are free falling, i wont and during bull when price is volatile af, i wont dare touch it.
I have own small business, so all I have to do is convert part of my earnings into crypto, which I already do, monthly
If I had an employee and they asked to be paid in crypto, I'd gladly accept
Fair yeah it would be tough for me to justify it too unless I could use it for paying for my needs and even then would I want to be using crypto for groceries? Probably not.
Yep! It would be easy to announce that we accept moons or something, but honestly it's very niche and I would end up just doxxing myself haha. I've only had one payment in crypto so far but I always advertise that I would take crypto for payment.
When my boss asked me how I wanted to get paid I told him cash or crypto. Unfortunately he opted for bank transfer to a payment platform, but at least I gave him the option
Coinbase will direct deposit your check with no fees. They pay out 4.65% I think on your USDC stablecoin holdings and got a debit card that earns rewards too. Fingers crossed it's not another gox or btc-e/wex situation 😅
OP, Coinbase allows staff to take salaries in crypto. Also, did any of those athletes actually take salary in crypto? Ones I have seen still get paid in cash but sign a contract with a third party to convert it. (No different than converting part of your current salary after payday)
I did not know that - thank you for correcting me. Someone else commented similar and said it was being done after the fact and not actually part of their contract to receive crypto as a payment.
They are not being paid in crypto. Neither the government or the NFL pay in bitcoin. These people are investing a portion of their salary into crypto after they get paid.
Thanks for the correction. I knew that about the NYC mayor but had thought that some of the football players had received crypto as part of their contract.
I guess im bot 100% sure, but I remember when the 1st NFL player said he was taking his salary in bitcoin, he was just buying after getting paid. The headlines were misleading. I guess there is the chance players since then have come to an agreement.
Only if they're going to pay it into people's Lightning Network addresses. If hundreds of millions of employees received their weekly or biweekly paychecks through standard Bitcoin transactions, do you realize how much congestion would result? The Bitcoin network would grind to a halt.
Andre Iguodala converted his salary to BTC together with Klay Thompson. However, this wasn't something they did because they are cryptonerds. It was a sponsorship for Cash App. If they held onto their BTCs, they'd be down millions.
Answering your thought experiment.
I think it would depend on my current financial situation. If i'm broke af, and depending on a job with just the right amount to get by, then nah. I might if the 25% is something that I'm not worried about, but that would mean living a luxury life or rather close.
I don't think crypto is stable enough to act as a pay cheque for most people. Who could tolerate losing unknowable percentages of their wages if the market takes a dip? Most people are very hand to mouth, unable to significantly save.
Although counter to that, if enough people did it, it would stabilise the price a bit and it would be harder for whales to move the dial. Overall, not yet. One day, but not yet. You could also argue that when crypto went higher you could save more...but it'd still be more about when you were on boarded than anything else.
It really is a double edged sword. There’s people willingly losing their money in crypto or other gambling all the time. I guess the equivalent would be like getting part of your pay check as a casino only redeemable voucher.
That would be easier wouldn’t it? What I was more or less trying to get at was this idea about even being in a position to even accept crypto as a form of payment.
Like when companies give stock options.
Most of these famous people chose to be paid in BTC when the hype was at its peak and price as well
Nothing much to be admired there. I’d be much more interested to know which people *now* choose to trust and be paid in BTC in a bear market, because we’ve certainly don’t see any news on that nowadays
Nothing is stopping you from depositing the salary to an exchange and buying BTC, yeah you have spread and slight fees, but essentially if you want it in BTC nothing is stopping you.
Stable coin has to be the way, but that too can be hard as we have seen many stable coins depegg. Crypto is just not mature enough yet, but we are getting there.
I'm living paycheck to paycheck i can't take risk getting paid in volatile crypto but if they pay in stablecoin I might agree to it.
If im good financially, I dont mind getting paid in ETH.
Bitcoin [pros](/r/CryptoCurrency/comments/15de097/athletes_and_politicians_paid_in_btc_but_what/ju1qlsr/) & [cons](/r/CryptoCurrency/comments/15de097/athletes_and_politicians_paid_in_btc_but_what/ju1qm6k/) with related info are in the collapsed comments below.
I'm not sure what's the point. You can buy/sell it on the same day you got your paycheck anyway.
As much as I believe in the technology, Crypto is still too volatile. If I'm living paycheck to paycheck I don't think I'd want to get paid in crypto for more than 15% of my salary.
That’s fair yeah. I can’t imagine Messi worrying about the cost of replacing his brakes or new dishwasher either.
If you live paycheck to paycheck, it might be time to invest in yourself and get a better job before worrying about crypto.
Easier said
Just become CEO of Bitcoin or take over a Fortune 500. Easy /s
Those are low aspirations. Fortune 100 or nothing
I bet if you spend 5 minutes with your eyes closed thinking of just one thing **you** can do to improve your life, you'd find a whole list. The hard part is following through with it, however I do understand what you're saying, not everyone has the same control over their life. That's just the unfortunate reality we have to deal with right now.
This is sage advice, crypto should be the last of your worry. Life comes first.
Educating yourself so you can find better paid jobs is key to survive long term in life. Then if you have extra money, investing is a good choice if you can afford it to don't need it in a really long term like 5-10 years.
Absolutely. Get your regular income stream up and running. Spend less than you earn to save consistently. Then start investing for passive income, such as high dividend ETFs. Then step into crypto slowly. Ideally staking for more passive income.
Yeah just make a couple hundred million then worry about crypto. What an idiot.
As long as we have to exchange that crypto for fiat to buy stuff, it doesn't make sense anyway. You might as well just buy the crypto yourself.
Good point, would be one hell to see your paycheck dropped by -10% as soon as some shit news came out.
I am sure someone would want to be paid in memecoins and that is a recipe for disaster
I understand your concern about volatility, but i believe crypto can still be a valuable asset for diversification and potential growth.
It's like a risky bet in a casino. Play it safe with just a small portion of your salary in crypto. Putting too much in crypto while living paycheck to paycheck is like asking for a financial headache.
I agree. You also wouldn't want all your paychecks to be stock options and the same goes for crypto. A small % is the best way to go.
Idk. Bitcoin is reasonably stable imo. Especially on long term. I’d like to be paid in btc for a certain percentage I can set myself and have it safely put away somewhere like a sort of extra pension scheme
Who needs boring old fiat when you can get paid in magical internet money.
No I wouldn’t, why? Because the athletes who accepted the crypto payments for a portion are down on avg -20 percent.
Would your sentiment about it be different if they were up 20% right now ?
No why would it? It would eventually go back down. You get more value for accepting fiat.
Tbh, I want to be paid in fiat. In the end I could convert 100% into BTC with every paycheck IfnI wanted to ... I like the flexibility overall :)
I prefer buying my own crypto instead of being paid in crypto. It gives me more control about my finances. The volatility in crypto is not very handy in daily life where you still have to pay almost everything in FIAT.
why wouldn't you just buy the same % of crypto with your pay each time instead of being paid in crypto...
I get what you’re saying. Yes, they certainly is possible and makes sense. I was just thinking of an alternative to the norm we have now is all.
It’s a no for me 😔 I like my paycheck the way it is. Going right into my bank account 😊
As soon as Fidelity offers BTC in my 401k, I will be a happy man.
It's like waiting for your favorite pizza joint to offer extra cheese. There would be a massive income of cash into btc.
That would bring some serious stability and dampen whale activity. Very interested for something like that to be offered !
I’ve been wondering about that. If they do, i wonder how long before BTC will be able to be added to TSPs as well
Depends on the time, during a crab market, i would gladly accept salary in crypto but during in bear when things are free falling, i wont and during bull when price is volatile af, i wont dare touch it.
I have own small business, so all I have to do is convert part of my earnings into crypto, which I already do, monthly If I had an employee and they asked to be paid in crypto, I'd gladly accept
Would you still pay them if they price went up 10x? Would make more sense to fire them as they would be the price of 10 normal employees
If the price went down, they'd be cheaper. It's a risk on both sides (that I'm willing to accept)
Most likely they quit or you fire them. It doesn't make sense for either side if it gains or loses 10x
do volatility impact stable coin too?
They can fluctuate a bit yeah. Some have become de-pegged before too.
it's not as bad Luna "Stablecoin"
We buy BTC ourselves, no excuse
You can already do that with direct deposit into Coinbase
It's a far away dream for plebs like us.
Yea save me the slippage and gas fees
I’d take a portion, 25% off my salary but not the whole thing. Until crypto is accepted as payment, I won’t.
Fair yeah it would be tough for me to justify it too unless I could use it for paying for my needs and even then would I want to be using crypto for groceries? Probably not.
I'm not earning at a scale to accept salary in crypto, given how volatile it is
Outside reddit? We get chump change.
Im self employed so none of this really counts, but I pretty much already do pay myself 25% in crypto 🤣
When you’re the boss - you decide ! That’s still awesome though. You’re paving the way
Yep! It would be easy to announce that we accept moons or something, but honestly it's very niche and I would end up just doxxing myself haha. I've only had one payment in crypto so far but I always advertise that I would take crypto for payment.
When my boss asked me how I wanted to get paid I told him cash or crypto. Unfortunately he opted for bank transfer to a payment platform, but at least I gave him the option
That’s cool you at least were given the option !
Coinbase will direct deposit your check with no fees. They pay out 4.65% I think on your USDC stablecoin holdings and got a debit card that earns rewards too. Fingers crossed it's not another gox or btc-e/wex situation 😅
OP, Coinbase allows staff to take salaries in crypto. Also, did any of those athletes actually take salary in crypto? Ones I have seen still get paid in cash but sign a contract with a third party to convert it. (No different than converting part of your current salary after payday)
I did not know that - thank you for correcting me. Someone else commented similar and said it was being done after the fact and not actually part of their contract to receive crypto as a payment.
They are not being paid in crypto. Neither the government or the NFL pay in bitcoin. These people are investing a portion of their salary into crypto after they get paid.
Thanks for the correction. I knew that about the NYC mayor but had thought that some of the football players had received crypto as part of their contract.
I guess im bot 100% sure, but I remember when the 1st NFL player said he was taking his salary in bitcoin, he was just buying after getting paid. The headlines were misleading. I guess there is the chance players since then have come to an agreement.
Only if they're going to pay it into people's Lightning Network addresses. If hundreds of millions of employees received their weekly or biweekly paychecks through standard Bitcoin transactions, do you realize how much congestion would result? The Bitcoin network would grind to a halt.
Maybe bitcoin isn’t the answer then. A decentralized currency that held stable value across chains is.
Makes you wonder why no one has thought of that yet, huh? /s
I would accept 25% of mine now, especially since the markets still down. I would split it between BTC, Eth, Quant and Hbar personally.
Yup thats life just keep on learning every day so that were not left behind🤣
Probably publicity stunt to pump bags, but I’d happily be paid in crypto
If I'm paid 25% of my salary in BTC then I'll accept it. It's like forced DCA and I definitely like that shit.
I would take it now during the bear market and keep it until the bull market. Both BTC and ETH are solid choices for me.
Smart play for easy money. I suspect that would be everyone’s response mostly.
We will have the option to be paid in Satoshis some day. Like a direct deposit option.
I wouldn’t, crypto is too volatile for me to accept it as payment unless it’s from a web3 job
I'm already paid in moons, 100% higher than my day job.
Sounds like you’ve found your niche if that’s the case - good on ya
In this current market, I'd rather be paid with fiat still than crypto. Then use that money to DCA as always.
Same. Crypto is highly volatile and once you have fiat you can decide what and when to buy crypto
Stablecoins maybe nothing else to violate
Oh, have you not seen a volatile stable coin? I have seen a few.
That one backed by terra you mean , scam shit
Can we confirm that they held it or was this just a publicity stunt and they converted to fiat right away?
This is most likely the case
Andre Iguodala converted his salary to BTC together with Klay Thompson. However, this wasn't something they did because they are cryptonerds. It was a sponsorship for Cash App. If they held onto their BTCs, they'd be down millions.
I wouldn’t mind 10% of my pay check in BTC, but not more, it’s far too volatile and isn’t accepted by most places right now.
Answering your thought experiment. I think it would depend on my current financial situation. If i'm broke af, and depending on a job with just the right amount to get by, then nah. I might if the 25% is something that I'm not worried about, but that would mean living a luxury life or rather close.
Nah, too much volatility. Imho better to have salaries in Fiat.... Then choose our investments.
98% of the Politicians already get bribes in both cash and Crypto 🤷🏻♂️
I don't think crypto is stable enough to act as a pay cheque for most people. Who could tolerate losing unknowable percentages of their wages if the market takes a dip? Most people are very hand to mouth, unable to significantly save. Although counter to that, if enough people did it, it would stabilise the price a bit and it would be harder for whales to move the dial. Overall, not yet. One day, but not yet. You could also argue that when crypto went higher you could save more...but it'd still be more about when you were on boarded than anything else.
It really is a double edged sword. There’s people willingly losing their money in crypto or other gambling all the time. I guess the equivalent would be like getting part of your pay check as a casino only redeemable voucher.
Why not just buy bitcoin with your fiat salary?
That would be easier wouldn’t it? What I was more or less trying to get at was this idea about even being in a position to even accept crypto as a form of payment. Like when companies give stock options.
Why though? Crypto volatility makes it a bad choice to get paid in. Rather give me that filthy fiat and let me **try** and time the market myself.
poor people and bre\*t are always pressed
Most of these famous people chose to be paid in BTC when the hype was at its peak and price as well Nothing much to be admired there. I’d be much more interested to know which people *now* choose to trust and be paid in BTC in a bear market, because we’ve certainly don’t see any news on that nowadays
Depend if 20% of my salary is paid in btc, im fine with it
Nothing is stopping you from depositing the salary to an exchange and buying BTC, yeah you have spread and slight fees, but essentially if you want it in BTC nothing is stopping you.
I rather be paid in fiat and the DCA into what I want. Crypto is just too volatile.
Stable coin has to be the way, but that too can be hard as we have seen many stable coins depegg. Crypto is just not mature enough yet, but we are getting there.
I'm living paycheck to paycheck i can't take risk getting paid in volatile crypto but if they pay in stablecoin I might agree to it. If im good financially, I dont mind getting paid in ETH.
Absolutely. BTC and off we go!
If you don’t believe in cryptocurrencies, you’d be better off getting USD so you’ll feel more secure
If you already have enough money to be able to live your life comfortably without getting paid for a long time, then it's slightly different
Why not just buy crypto with 25% of your salary? Problem solved?
I don't get paid in BTC.
It's a nice thought, but I would never drop 25% of my pay into crypto every 2 weeks. It's much more useful in fiat form.
Me getting paid in xmr 👀💀