Before Bitcoin prices reached 5 digits, many people, freelancers mostly, were already getting paid in bitcoin. But now that prices have reached all-time highs, people are thinking of joining the fray and getting paid for their services or products, not in fiat currency, but in bitcoins. The big question is, is it worth it?
Some may say its not worth it because bitcoin is extremely volatile. One minute the price is at a certain amount and the next 5 minutes, its down by several hundred dollars. If youve put a lot of effort into your work, then you might feel faint at the thought of losing your hard-earned cash in a matter of minutes. Of course, this scenario will only happen if you decide to hold on to your bitcoins instead of exchanging it for your local currency at your favorite cryptocurrency exchange.
Imagine this second scenario though: what if you held on to your bitcoins and the price suddenly jumped to twice the original price? Then youd feel like youve won the jackpot, right? Because youre essentially going to get paid at twice your rate! If the bitcoin youve received is equivalent to, say, for example, your salary of $5,000, with bitcoin prices going up twice the original amount, then you just got paid $10,000! Thats pretty exciting, to say the least.
The decision to get paid in bitcoin is, of course, yours alone. But there are so many positive benefits to this cryptocurrency you should at least look at the bright side before you say no to an employer or client whos thinking of switching you over to bitcoin payments.
Bitcoin payments are fast and cheap. You no longer have to wait days for payment to arrive at your bank and you dont need to pay those hefty bank fees your bank charges you for withdrawing your money. You can receive bitcoin payments any time of the day, and youll usually receive it within 10-45 minutes.
If youre averse to the volatility of bitcoin, you might want to consider holding a very small part, maybe 5% to 10% of the total amount, and exchanging the rest to your local currency. Who knows, you just might be able to take advantage of Bitcoins volatility and before you know it, your bitcoins might be worth more than your entire years salary.