How To Get Paid In Cryptocurrency – Most of the offers displayed on this site are from advertisers on this site who get paid for being here. This fee may affect how and where products are displayed on this site (including, for example, the order in which they are displayed). These offers do not represent all available deposits, cash, loans or credit products.
A new study has found that more and more workers want to be paid for other equipment. According to a survey conducted by SoFi, 36% of employees want to be able to receive some or all of their money in cryptocurrency, while 42% would like to receive NFTs as a reward for their work.
How To Get Paid In Cryptocurrency
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Whether you’re an employee, freelancer, or small business owner, reaping the fruits of your labor in cryptocurrency can lead to better pay.
When you accept cryptocurrency as payment, you cut out the middleman, the bank. This means you don’t have to wait for the banks to do anything while the checks clear and the deposits are waiting. Transactions with cryptocurrency are instant.
Even if you never make a single payment with Bitcoin or Ethereum, simply giving your customers or employees the option can be a good branding option. Cryptography is a popular trend and many companies do not accept it or pay with it. Thus those who do so become pioneers.
Merchants pay a transaction fee for the privilege of offering credit card access to their customers. If you don’t go plastic, you’re out of business. According to Merchant Cost Consulting, in 2022 you’ll pay an average of 1.7% to 2.05% for your current swipe transaction. Transactions with unpresented cards are more expensive and incur a flat fee, usually around 10 cents per transaction.
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Chargebacks provide another layer of protection for consumers, but these credit card chargebacks are frustrating and expensive for businesses. According to Verifi, the fees range from $20 to $100, and each dollar lost to fraud costs $2.40 — costing the seller $240 for every $100 refunded.
Crypto offers no such protection. Once a cryptocurrency transaction is completed, it cannot be reversed and therefore no refunds are given.
It’s not all roses. Cryptocurrency is still unknown to many, not widely recognized and full of risks. Consider the following before taking it as a payment.
Regardless of inflation, $1 today will be worth the same in a few days, weeks or months. Not so with cryptocurrency, an asset class defined by crippling volatility. Bubbles, crashes and wild price swings are the rule, not the norm.
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If last year in 2021 December 27 to close one Bitcoin, you would have paid $50,640.42. Just 11 days later, on January 7th, your payout would have been worth just $41,557.90 – and that’s unusual. If this happened to cash, it would mean that society was about to collapse.
The reason merchants avoid the headache of chargebacks is that once a crypto transaction is done, it’s done. The customer does not have a fraud protection number to call, there is no FDIC insurance, and Mastercard cannot reverse the transaction.
Crypto crimes, theft and fraud are common, and if your account is stolen or the victim of a scam or other crime, your money is gone forever – because it wasn’t real money.
Cryptocurrencies are not regulated by the Securities and Exchange Commission, are not traded on the stock market, cannot be bought or sold directly through ETFs, and are not traded on currency exchanges. To receive cryptocurrency payments, you need to open an account and a digital wallet on a special exchange. It’s easy to open a service like Coinbase Commerce, but it’s unfamiliar to many.
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According to Coinbase, the IRS taxes cryptocurrency like financial assets like bonds and stocks. According to NextAdvisor, when you buy a cryptocurrency and leave it on an exchange or in your digital wallet, you won’t pay any taxes on it. But if you use it as a means of exchange – exchange for goods or services, sell for dollars or sell for some cryptocurrency – you will be paid according to the profit or loss. If you receive it as a salary, it will be taxed as income under your tax bracket.
If you receive cryptocurrency as payment instead of cash, you must report the cash value of the cryptocurrency to the IRS. Keep in mind:
Andrew Lisa has been writing professionally since 2001. An award-winning writer, Andrew was once one of the youngest writers for a nationally distributed newspaper, Gannet News Service, the nation’s largest newspaper group. He served as business editor of amNewYork, Manhattan’s largest newspaper, and as editor of TheStreet.com, a financial magazine at the center of the Wall Street investment community in New York.
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How To Pay Employees Or Get Paid With Bitcoin
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Do you feel that regular payments or bank transfers are not enough? How are they exaggerated? How can you stop yourself from achieving more?
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You create ideas about investment opportunities, transfer money to various savings and earn deposits, invest in mutual funds or buy gold. Or, do nothing, patiently waiting month after month for money to be sent to your account to top up your unique four-figure sum.
The new salary is already available. And depending on your point of view, it’s either high risk or high reward. What is it?
Bad idea, you say? Maybe not for everyone, as 80% of respondents would like to receive salary or bonuses in cryptocurrency.
But let’s not get ahead of ourselves. This is an interesting finding from a survey of 950+ US respondents. We asked their opinion about payment with cryptocurrency and its risks and opportunities.
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But before we begin, we need to make a small disclaimer. Respondents are generally very positive about cryptocurrency, much more so than previous similar surveys. Therefore, we have to say that this study could primarily attract people who have a positive opinion about cryptocurrency.
By the way, cryptocurrency ownership tripled between 2018 and 2021 and shows no signs of slowing down. Thus, interest in this matter moves in the same direction regardless of population size