As people realize they are getting stiffed by earning a salary in a fiat currency, we've seen companies like CashApp, Coinbase, Strike, and now NYDIG offering a pay me in bitcoin product. These products allow employees to accept their salary in bitcoin and have it auto-converted the moment it hits your account.
You can set the percentage of conversion you want while the rest can remain in fiat to meet your obligations such as bills and living costs.
So let's say you know that 40% of your salary is needed for you to pay your rent, bills, and food, you can take 60% of it and convert it directly into bitcoin. It may not be the most effective way to stack sats but if you're focusing on your work and don't care about the price short term it's a great option.
You know your salary is secured each month, your living expenses are sorted and you can crack on with your life, not bothering to look at charts and waste time on non-economic activities. You can go out and be productive or enjoy your life.
Bitcoin companies aren't the only ones paying in bitcoin
It used to be that only bitcoin companies or miners would pay wages in bitcoin, but as the currency gains popularity as store of value more people are looking to adopt the option. Some companies like Tilman Fertitta’s Houston Rockets and Landry’s restaurants, MVB Bank, bitcoin miner Iris Energy and crypto data company The Tie have already offered bitcoin compensation options.
But it doesn't mean you have to be excluded, you can set up your own bitcoin salary swap with services like Strike and more services will be showing up soon. I am pretty sure apps like Swan and Amber will be next to offer such a product.
NYDIG offers white labeling
The cool thing about NYDIG offering this product is that it offers white label solutions, so banks and institutions can reach out to NYDIG and take the same product and run it on their systems and offer it to their clients but the backend is all run by NYDIG but the front end is all branded as the company.
That means you don't have to be a bitcoin company to offer the product to your customers, NYDIG does all the technical issues, you just focus on the onboarding.
Solving real-world problems
I am always flabbergasted at some of the pie in the sky ideas crypto projects claim to solve or want to solve while bitcoin companies are creating real products real people use. Sure there is marketing hype around it with sports stars and celebrities used to push the product and I definitely think it can be overhyped at times, but I can't fault the product itself.
If I had the option it's surely one I would be using regularly, but for now, I'll have to do it manually lol.
If you could choose to get your salary in bitcoin as of next month, how much of a percentage would you be converting each month?
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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