“These days, there is a lot of buzz around the blockchain and cryptocurrency,” and many investors are hurrying into the crypto room with the rise of cryptocurrency millionaires in anticipation of a major payday. However, realistic blockchain implementations are more likely to have a lasting effect than the predictable rise in market interest in the assets themselves. For many years, and more recently people have used Bitcoin and other crypto tokens to pay for products online, One of Bitcoin’s practical applications is the implementation of a payment mechanism that enables workers to pay Bitcoin wages, bonuses and compensation. Cryptocurrency, like the infrastructure that it runs on the blockchain, is still a relatively recent phenomenon. Even so, uses like this are starting to get more prevalent.
Employers now use bitcoin instead of using conventional fiat currencies to pay their workers. A perfect way to reach the digital asset market without having to do any exchange is to earn at least partly paid with cryptocurrency. The introduction of bitcoin cash payrolls was recently announced by an international crypto-currency payroll and human resources service provider. This includes someone who works for the U.S., the EU or the U.K. By signing up for the program, employees will now earn a portion of their income at BCH. Companies may also sign up to finance BCH payrolls or to provide BCH to their workers and their employees and freelancers.
Employees and freelancers are trying to diversify their cryptocurrency portfolio as cryptocurrency becomes more common. The payment choice makes it easier for employees around the world to collect, by passive dollar-cost-averaging, their favorite cryptocurrency.
Advantages of Paying Employees with Cryptocurrency?
Before payments in cryptocurrency becomes commonplace, we would have to see wider acceptance of cryptocurrency as an asset, it is evident that there are many benefits.
- Simplified money transfer for global companies.
Cryptocurrencies such as Bitcoin, since they can be used internationally and converted into almost any national currency, do not have the same territorial limitations as fiat currencies. For businesses that need to pay workers in different countries, this makes it very easy.
- Enhanced security.
We already know that blockchain is a highly secure way for information to be relayed. In fact, paying cryptocurrency to workers is safer than using conventional methods because all movements are registered on the ledger and because without proper permission, crypto wallets are almost impossible to access.
- Flexibility
Paying cryptocurrency to workers allows them the ability to invest, spend or convert crypto assets to their own national currency if they choose to. With Bitcoin or another cryptocurrency, being used as reward for labour over time could help your employees build up some crypto investments if they choose to do so. This also does not take away their right to liquidate it immediately after payment, the liquidity of cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum and Ripple makes it super easy to convert to fiat. But an employee with better understanding of safe haven assets will leverage this opportunity, and gradually build portfolio that could give incredible return on investment and possibly be a significant part of retirement plan.
Advantages of Crypto Payments for Employers and Companies:
- Simplified money transfer for global companies.
- Enhanced security.
- Flexibility.
In the crypto-currency market, paying or getting paid with digital coins is the standard. However, participants in many other sectors could also be tempted to take advantage of the advantages that decentralized currencies give. That implies quick, safe and low-cost transactions in the case of bitcoin cash (BCH). Some platforms make crypto transfers between businesses and their workers simpler, though peer-to-peer settlements still remain a viable alternative. It is likely that the establishment and advancement of other payroll service platforms would encourage many more companies especially those employing remote workers, to start paying cryptocurrency salaries.
This innovation serves the dual purpose of purchasing more by-participants with or without active trading in the blockchain/cryptocurrency industry, thereby raising the degree of acceptance and immediately increasing the likelihood of embracing Bitcoin as a legal tender. Ecommerce companies such as patricia.com.ng are operating tenuously in Nigeria and the neighboring countries, however and more or less the global economy, to build alternatives for bill payment, services and trouble-free banking. Such alternative banking provides various possibilities that are more likely to be used for better efficiency even by a business like patricia.com.ng.
The platform is securely built and the fact that it is user-friendly makes it a one-stop payment platform, workers can receive salary payment in form of cryptocurrency and choose to spend it without leaving Patricia. If you are willing to take advantage of dollar-cost average, you should consider paying your employees with Bitcoin through Patricia.
But the value of Bitcoin changes anyhow how will you ensure that someone’s salary remains the same. If you pay in Bitcoin the next thing is to convert to Naira. But that means your salary in Naira is not stable. In just one month the BTC price has been at $15k and $19k.