The Ultimate Guide to Getting Paid in Crypto
Crypto! Crypto! Crypto! It’s been like a chant these past few years. This word has been heard hundreds of times in the last few years from businessmen to digital creators investing in this technology. It was hush-hush till the point that known public figures such as Gary Vaynerchuk, Mark Zuckerberg, and Elon Musk started educating and speaking about it. We came to know its benefits and potentiality. People started experimenting more and more with it.?
Every aspect of our life incorporates technology, whether it’s your family or work life. We want progression while gaining experience so opting for new income methods is completely natural. Traditional methods of payments are a bit outdated for today’s modern world don’t you think? Research by SoFi reported that 36% of employees want to be paid partly or all of their paychecks in crypto and 42% want to receive NFTs as a performance reward. That said, what would that process look like? Would it be useful or wasteful? What would the transactions look like? I go through all these questions and everything as a guideline to understand things better so you can decide the foreseeable future for yourself and your career.??
Don’t worry I’ll be breaking down the exact guide to what you need if you’d like to be paid in crypto, here’s a list of different kinds of cryptocurrency that are widely known among respondents according to a survey by Zety.
Types of cryptocurrency
It’s not a shocker that Bitcoin is the most popular crypto trend as it is known for being the father of crypto. In another survey done in 2021 by the Pew Research Center, 16% of Americans have personally invested in, traded, or otherwise used cryptocurrency. This indicator is significantly higher (43%) among men ages 18 to 29. But again, these drops among women in the same age range (19%). New York Digital Investment Group reports that 22% of adults owned Bitcoin in 2021. That’s roughly 46 million Americans, still, think crypto is unheard of? A global poll was done by the deVere group cryptocurrencies can become more commonplace salaries for young workers, in particular, more than a third of millennials between the ages of 26 and 42 along with half the population of Gen Z (25 and below) would like to receive half their salary in cryptocurrency, reveals the study. An example of this would be a company called SharpRank which is offering to pay in crypto to their young workers in a way to reel them as CEO Chris Adams puts it “when Starbucks became popular it was important to be seen with a Starbucks cup so it’s very similar in nature to being able to receive some cryptocurrency because that’s what all their friends are talking about,” clever, don’t you think??
How to set up your Crypto wallet
Okay, so you're a millennial and got the opportunity to get crypto, what’s the next step? Setting up a crypto wallet! Here’s an easy way to do it — You have to be picky when choosing a crypto wallet, there are a few things you need to keep in mind for safety and security such as:
When you ensure you’ve followed these five basic steps, it'll be much easier to ensure the security of your transactions.?
The top trending crypto-wallets so far
Choosing the right wallet should be your priority so remember to ask yourself what purpose are you creating a wallet for. Because each wallet has a different intention, consider whether you are only using Bitcoin. How many cryptocurrencies do you plan to store in the wallet? And do you need enhanced privacy features? This helps in narrowing down your needs and security measures. Security should be the top priority.???
Research the list when choosing a wallet because it will control your private keys being the password to your funds.?
Setting up a Hardware Wallet
Yes, it’s true, hardware wallets are the most time-consuming but are also the most secure! This heavily secured setup is since your private keys are held in an offline device other than your laptop, computer, or mobile phone. Hence making it safer than online wallets as they are susceptible to malware attacks. Purchasing the hardware storage device such as Trezor One or Ledger Nano X you can then get on with the included instructions to set up the device. There are 3 key steps; downloading the hardware’s associated software onto your computer, jotting down the passphrase for your private keys, and finally connecting the hardware to your computer.?
Mobile Wallet Set up?
Thankfully, the mobile setup is much easier! First, you must download your preferred cryptocurrency app from your app store. Two examples are Edge and BRD. With most mobile wallet apps you’ll be able to accept instant payments, cool right? Super important that you CAN NOT miss during this process is writing down your 12 or 24-letter passphrase on physical paper, sometimes called your recovery phrase. If you don’t, you have a higher chance of losing access to your funds.?
Note: In the realm of crypto, there is no third party that you can call for help when you’ve lost your password.
Lastly, Desktop Wallet Set up?
This is similar to setting up a mobile wallet, once you’ve selected which cryptocurrency wallet software you’re going to use, all you have to do is simply run the software to begin the setup process. Just like mobile, desktop wallets will also ask you to make a backup of the passphrase associated with your private keys. A few more features of the desktop wallet are extensive portfolio tracking graphs and charts, so that you can track the value of your assets in numerous ways, according to your preference. Some examples are Exodus Wallet, Jaxx Liberty, and Atomic Wallet.
Let me shrink it down for you. Things of significance you need to know are:
Okay, let the crypto trading begin!?
What’s there to like about crypto?
Freelancers also have the option of receiving payments in cryptocurrency. Still, it’s a grey area for business employees who give crypto salaries as a preference so there’s a lot to consider.?
Payments are immediate
I quite like the crypto game because it cuts out the middleman — the bank. That means you don’t have to wait for the bank to do whatever it does while checks are clearing and direct deposits are pending. With crypto, you’ll be able to spend in no time!?
Cryptocurrency is in trend, especially among millennials & gen Z
It’s a really good option for branding. Even if you never process your crypto payment with Bitcoin or Ethereum, keeping it as a choice for employees is great for your business reputation and image. Most businesses don’t have this option so that technically makes you the cool kid on the block!
Avoid taxes — depending on where you are
Cryptocurrency tax laws depend on the country you work in because some countries are very lenient compared to others such as Portugal which have a 0% tax on bitcoin. These assets are increasing over time, so more countries may start tightening their reins on them soon to enhance safety and security. From April 18, individuals in the United States will need to report cryptocurrency transactions to the Internal Revenue Service. All in all, employees need to stay on top of the changing effects of crypto assets, so always be mindful of the policy changes that will allow users to react quickly to developments.??
Hmm, do you think this is worth all the hassle? I mean investments and trade have always been a risky game but with huge payoffs IF you know what you’re doing. I would like to dabble in crypto but starting with a small amount to see how everything checks out. With the emerging technology, I think we’ll see many businesses pick up this trend.?
It’s certainly an interesting concept but the only factor that is off-putting to me is the lack of security it has because you want all your money and investments safely secured but I do suppose every technological concept needs time to reach its maximum potential, don’t you think?
If you’d like to know more about how to create crypto wallets or make withdrawals, follow Parsec Institute for the latest tech-related news on Twitter and Linkedin. Our 5-day programs on AI, Robotics, Web 3.0, and Metaverse will help guide you through all the latest techniques and information so you can actualize them into your role as a leader. Be on top of what’s happening in your industry with Parsec. Enrol now!
Federal Contracts & Grant Proposal Writer
2 年Quite interesting ??