Bitpay is offering my salary in bitcoin... seeing how bitcoin grew 800%+ in a year. I don’t mind my salary growing 800% either. I’m not a big bitcoin guy though I was told to buy when it was sub penny... I’m not sure if it’s going down either... Should I take my salary in bitcoin or should I only accept it in USD? Sound off in the comments ⬇️ TC 200
Take in usd , invest in bitcoin if u like - more flexibility isn’t it
I mean say my coins double in value, how can I liquidate a few hundred thousand $$$?
And say they half in value?
Only accept in BTC the amount you are not gonna sell. Otherwise you are just complicating your taxes
Tax complications are an easily solved problem- hire a CA.
You do understand that there is no downside to receiving USD and buying BTC, right?
Answer this: Will your flat owner accept bitcoin for rent? Will the grocery shop accept bitcoin?
I mean... the grocery shop accepts credit card... the employer bitpay is behind that technology allowing me to use my coins instantly through a credit card..
Creating a tax event every time you buy milk and eggs? Go on...
Do they offer a fixed btc value or a fixed usd value that is converted to BTC every paycheck? Fixed USD to BTC is just an unnecessary complication, you still have to sell a large part of btc for day to day expenses. In the opposite case, btc is too volatile. How comfortable are you gonna be if your salary dolllar value drops 3 times for a few months?
Bitpay is a startup that’s mission is converting bitcoin into cash instantly
I know what bitpay is. And I use it occasionally. But it doesn’t explain what your pay contract is.
OP, rule of thumb is to spend in the same currency you get paid (other way around in your case)
Btw how BitPay is allowed to sell giftcards for crypto without forcing KYC? Or is there a minimum limit they don’t care?
AFAIK, Unless regulator explicitly says otherwise, those cards are considered closed-loop and don’t have limits.
Take it if your salary is pegged in BTC.... if it’s pegged in USD just paid out in BTC, it’s unnecessary hassle since you can always buy BTC Now to my first point... assuming you are a good employee you are more in control of terminating your employment (than the company firing you). So if the BTC moves up crazy you’ve won a lottery for good 5-10 years (longer if the company keeps you at that pay scale) If BTC drops, you can always leave for a USD job anytime you want (just one year hit may be) If you do take the BTC pegged salary, make sure you sell every paycheck you get. The arbitration opportunity is that you can get out of a bad situation more easily than the company would..... how much you stay invested in BTC is a portfolio allocation play.
You get paid in BTC, say 1 million. What will w2 show for tax? The USD equivalent at the time of pay? Then if you owe taxes due to withholding discrepancies, and bitcoin crashes, how do you pay the tax?
Too many details. “BTC only go up. Have fun being poor 🚀” is the response I’m waiting for. Reality doesn’t matter for cults
Dude check your blood pressure - too salty.
Don't listen to no coiners who haven't a clue about why bitcoin is the future. If anything, it just means that the price will go up a lot more. If your salary is fixed in btc and not usd, that's golden. If it's fixed in USD, it's perhaps better to accept usd and start investing heavily via DCA in btc after the current cycle ends. The mistake you'll likely make is that you'll think btc is dead after the bubble bursts and won't invest regularly. For that reason alone, it's probably better to go with btc even if it's usd pegged, but if you truly trust yourself to allocate enough to btc after the bubble bursts, it wouldn't matter. I think investing in btc isn't easy as it takes a fair bit of effort to understand it to gain conviction even when it's dropping. So you won't randomly invest by yourself if you got usd, or you'll likely underinvest and regret not taking btc as salary. Conclusion: take btc as salary irrespective of how it's pegged. Thank me after 4 years when your salary 10xes
'Seeing how bitcoin grew' Yeah, always look at the bright side of life.
It’s worked out so far ❤️