Cryptocurrency adoption means that eventually, companies will start to offer salary and wage payments in cryptocurrency. Indeed, this is likely to happen within tech companies and blockchain firms first of all, but the premise is pretty clear. By receiving your wage in cryptocurrency, you have more control of what happens to it.
This won’t hit the mainstream until taxation regulations are sorted out, but we expect this to happen in good time.
Interestingly, within a recent study carried out by Sage on 1000 participants, 31% actually stated that they would be happy to receive a portion of their wage in cryptocurrency. Out of the 31%, 37% of those participants said they would be happy to receive as much as 20% of their wage in cryptocurrency. 11% agreed that they would accept up to 80% of their wage in cryptocurrency and a stunning 15% agreed that they would accept all of their wage in cryptocurrency.
According to Cryptoglobe:
“Sage further found that men are three times more likely than women to accept cryptocurrencies as part of their salary. In a report on the results Sage pointed out that bitcoin’s ownership is 90% male, a figure that likely skews the results. The survey’s findings pointed out that younger generations are more willing to accept cryptocurrencies, as other studies suggest. Millennials were found to be the age group most interested in being paid in crypto, with 33% of those aged 25-34 showing they would accept it. Those approaching retirement were found to be skeptic as only 5% showed interest, while out of those already retired 7% would accept cryptocurrencies.”
See more for yourself, here.
Image sourced from Cryptoglobe
These findings are quite exciting and do suggest that already there is a willingness within the general public to accept cryptocurrencies. Now, this survey was carried out online via Google Surveys so the data is not fully generalisable, either way though it still gives good insight into the growing positive perceptions of cryptocurrency.
What are the benefits of a crypto-salary?
A crypto-salary could be paid in a range of currencies to suit the needs of both the employer and the employee. Moreover, a $1000.00 salary could very well turn into a $1500.00 payment should the employee decide to hold the salary, this would come at no additional expense to the employer, though of course it would impact tax payments made by the employee.
Payments would be quicker and often more secure. Blockchain technology can even be used to record hours worked, meaning a fairer and more accurate payment system. Entire wage bills can be kept on the blockchain alongside payslips, creating a far more transparent salary system and of course, improving relations between the employee and the employer.
Crypto-salaries will become a bigger thing over the coming years. One day, there will no longer be a need to buy crypto, when you can just work for it instead.