As the Bitcoin ecosystem continues to develop, more companies are giving their employees the option to receive payment in Bitcoin as opposed to dollars. Overstock.com & Bitpay.com are just two examples of companies providing this option, a sign that acceptance is spreading into the mainstream.
Before you start thinking of all the downsides of receiving pay in Bitcoin, let’s just think about the concept for a moment and what it means to the future of money. The vast majority of people use the income they receive from their employer to pay their fixed & non fixed expenses. You get paid at the beginning of the month, and voila, you turn around and pay rent to your landlord. Now your landlord has the use of your money to do whatever they want to do with it.
In the United States today, that currency is almost always the dollar. What happens if that changes to bitcoin? Well, if you’re well off enough and your landlord appreciates your business, you could pay him in bitcoin. The landlord could then convert it immediately to fiat, or, he could chose the more convenient option and hold all or a portion of the money in Bitcoin. Then the landlord can do what they wish with the money.
Companies offering bitcoin as a payment option increases the chances of people using the currency for more day to day things. It will increase merchant adoption too because vendors will realize that with more people getting paid in crypto, they better be able to receive crypto for their goods. More people using Bitcoins = more demand, which in turn equals a higher price.
The World’s Reserve Currency
Yes, I know the price of Bitcoin is volatile. It’s a maturing market that needs to grow up & volatility is part of that. But think about it – even with sometimes wild fluctuations individuals continue to take the digital currency as payment which in the end is a sign that the consumer is quietly and consistently adopting the golden digital coin. Plus, don’t get too psychologically anchored by the strength of the dollar. Remember the myriad of countries around the world who don’t have the benefit of getting paid in the world’s reserve currency and the price fluctuations they’ve been through (i.e. Argentina).
Keep an eye out for more companies offering this service to their employees in the future, especially if the price continues to rise. The more companies that adopt crypto payments the better for the ecosystem and the better for the price. And think to yourself, would you ever take payment in Bitcoin?