And doesn’t end with sleeping on the bench as many thought.
Serving as a medium for transferring value is one of the major characteristics of Bitcoin that has given rise to its global desirability. Most often, value is usually quantified in terms of time or expertise. People across the globe transact in different forms and this qualifies relationships whenever exchange of value is discussed.
One form of relationship that has cut across the different stages of development is the “employer/employee” relationship.
All over the world, people at different levels perform tasks in exchange for value and the level of compensation is usually determined by both the quality of expertise of the worker, and the amount of time spent.
Remunerations, which can also be described as compensation for expertise and time spent is usually paid in ways that most often appear both valuable and convenient for the parties involved.
Tradition is being disrupted
The most popular means of payments for a so many across the globe have been fiat currencies. This medium is not much a convenient method of payment because of ease of transfer or intrinsic value as it is an indirect imposition due to activities of the government of the day.
The advent of disruptive technology clearly exposes not only the faultiness within the fiat system of payments, it also reveals an opportunity for employees to achieve maximum value of their earnings.
Receiving payments in Bitcoin is no longer new, especially as it has greatly opened up the opportunity for employers to work from anywhere in the world and receive their payments when due at no extra charges.
Bitcoin is more than just Salary
According to Blockchain and Bitcoin business development professional, Elizabeth McCauley, the benefits of being paid in Bitcoin extends beyond just serving as a source of liquidity. McCauley identifies Bitcoin as also a store of value.
Bitcoin extends beyond a currency but is additionally a store of value. When individuals have the opportunity to get their salary paid in Bitcoin, they have an opportunity to see their salary grow.
McCauley notes that fiat currency will always be subject to inflation while Bitcoin will not. However, she also makes clear the inherent risks that comes with the fluctuation in price of Bitcoin.
There is great potential for long-term gain when getting paid in Bitcoin. Therefore employers have an opportunity to provide an avenue for employees to get connected to this revolutionary technology and additionally more seamlessly pay employees overseas.
Bitcoin has grown in acceptance and usability
Nawaf Abdullah, Founder of Ghana based Bitcoin exchange, eBitcoinics.com notes how easy it has become to spend Bitcoins. He says that there is now a broader level of acceptance of Bitcoin, and this put behind they days when users were bothered if their possession would have real value.
Compared to fiat currencies, Abdullah explains that with bitcoin, users retain total control over their funds once received. He identifies the prevailing struggles of banks and other financial institutions as a subject of concern to customers, thereby causing them to seek such systems that avails them reasonable control over their wealth.
Another advantage identified by Abdullah is the flexibility of payments using Bitcoin.
He notes that Bitcoin payments are not affected by holidays as is obtainable with traditional financial institutions, in a case whereby your payDay becomes a holiday, for one or two reasons, instead of waiting for official duties to resume, employees can still get paid in bitcoins.
Abdullah says that Bitcoin can serve as a commodity where value is stored and expected to appreciate.
For salary earners who may wish to retain their funds as long-term savings, Bitcoin becomes a better option as the bitcoins they receive today as salaries could be worth more than what they receive with time as the price of bitcoin grows, thereby offering an opportunity for automatic investment.
However, he concludes by noting that the growth and stability of Bitcoin depends largely on its network, as more people get to use Bitcoin, the more stable it becomes. Therefore having lots of participations from all sectors would certainly make the cryptocurrency more stable.