Employees over at the popular British crypto exchange CoinCorner have now been given the option to receive a slice of their pay packet in cryptocurrency. Employees showed a great interest in the program, opting to get paid in Bitcoin, Ethereum, XRP, and Litecoin. A handful of staff are receiving their full salaries in crypto, while the majority are currently enjoying a slice of their wages go directly into crypto. After the crypto has been deposited in their accounts, staff can quickly and seamlessly convert it into fiat – should they wish – via the CoinCorner Checkout service.
Crypto Wages are Vital to Mass Adoption
Everyone talks about mass adoption as the event that will change the landscape of the crypto world, and according to Francis Pouliot – Bylls CEO – companies paying their staff in crypto is the ticket. Pouliot pointed to data from his crypto payment application, whereby people who bought cryptocurrency tended to hold it like an investment and changing it back to fiat to spend the profits. On the other hand, those people using his platform for wages and payments were actually spending the Bitcoin as if it were “real money.” It’s from this data that Pouliot deduced that the key to mass adoption and people using crypto every day is for people to receive their wages in crypto.
Is Getting Paid in Crypto a Good Idea?
We’re glad you asked that question, as it’s a double-edged sword. While getting paid in crypto is considerably faster and cheaper for you than getting paid in fiat, the volatility can wipe out a large chunk of your wage overnight. Bitcoin has been known to swing by thousands of dollars in just a few hours, and while this can work to your advantage, it can also work to your detriment. Additionally, calculating the taxes can get a little tricky, leaving many people to sit on the sidelines unless they have a solid solution like CoinCorner Checkout to help them with their money.
The staff over at CoinCorner are helping spread mass adoption by pioneering crypto wage payments. If you’re interested in getting your wages paid in crypto, you can ask your HR team to look into using the CoinCorner platform or one of the other various crypto wage platforms, such as Bitwage. Bitwage recently rolled out support for Ethereum payroll services, so if you fancy getting paid in a handful of top cryptocurrencies, Bitwage and CoinCorner are well worth exploring.