8 considerations for companies thinking of paying salaries in Crypto

8 considerations for companies thinking of paying salaries in Crypto

In July 2022, Bakkt, a company that works with digital assets, made the results of a poll about gig workers and the cryptocurrency public.

The company found that 38% of the freelancers responded were open to getting paid in cryptocurrency, and 50% were willing to take half of their payment in cryptocurrency. Also, 20% of the people who answered said they had already been paid in cryptocurrency for services. Like those who already used bitcoin to pay, if you are interested to use bitcoin to trade you may learn more info here.


1. The workers need to know what will happen when they do something.


Businesses should accept and promote new payment methods and recommend products made in their industry. But because so many freelancers in crypto and regulations are just starting, companies should clarify to their employees what they are ultimately responsible for and what the company can’t control. This should include taxes that haven’t been paid, the rules for trading, and how unstable the market is.


2. If everyone in the group works together, they will learn how things work.


People sometimes change because they need to and sometimes because they want to. Our blockchain-based company’s base salaries and performance bonuses come from cryptocurrency. Everyone on the team is getting smarter and better at their jobs because they have to test the plan and learn more about how it will affect them. – Carlos Gomez, Belobaba Crypto Fund


3. For younger workers, getting paid in cryptocurrency could be a nice perk.


Business owners and employers must be open to their workers’ needs and wants. It’s also a chance to show that your business is creative and to hire younger workers. If you don’t change to meet the needs of your staff, someone else will.


4. Signing up for the exchange takes a long time.


You should start the exchange process as soon as possible if you want to pay your gig workers in cryptocurrency. Your business has to go through a process called “onboarding” before it can buy cryptocurrency. As the owner of a small business and someone who has been through this process, I can say that it may take longer than a month. Make sure you don’t get caught with your pants down, or your contractors may look elsewhere.


5. If you accept cryptocurrency as payment, you might get more people interested in open jobs.


In the short term, this trend means that employers will have to start using cryptocurrency sooner than they might have planned, which some people may see as a setback. To avoid paying fines like this in the future, businesses must make sure they follow all laws. Sheraz Ahmed is a partner at the company where he works, STORM Partners.


6. Using crypto could make paying people in other countries easier.


One of the best ways to use cryptocurrency is to buy things internationally, especially locally or regionally. Temporary jobs are becoming more common, which is a good market for them. If an employer does what is suggested regarding bitcoin, it could give them an edge over their competitors. Irina Litchfield is in charge of how things work at Rizon Labs.


7. Employees could save time and money by sending their pay straight to their cryptocurrency wallets.


As cryptocurrency gets more popular, people should be able to have their paychecks sent straight to their cryptocurrency wallets. This makes the most sense for people who already get paid in cryptocurrency. If the new global workforce of gig workers chose to be paid in cryptocurrency instead of traditional currencies, they wouldn’t have to worry about exchange rates and high fees charged by traditional banks or payment processing fees charged by services like PayPal taking a big chunk out of their paychecks.


8. Things will need to be built, which will cost money.


Companies need to be ready because more and more gig workers want to be paid in cryptocurrency. They have to be willing to pay their employees in cryptocurrency and open to the idea of investing in the infrastructure that is needed for cryptocurrency payments to work. In the long run, finding and keeping the best workers in the gig economy will be much easier if their preferences can be considered.