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Paying or getting paid with digital currencies is the norm in the cryptocurrency industry. Participants in many other industries, however, may also be tempted to reap the benefits of decentralized currencies. In the case of bitcoin cash (BCH), this means fast, secure and low-cost transactions. Some platforms facilitate crypto payments between companies and their employees, while peer-to-peer agreements also remain a viable option.
Read also: BCH may be the global currency for daily spending, the Italian Crypto executive says
Cryptocurrency services offered
Companies exploring the possibility of introducing crypto payments for their employees and contractors may need the help of companies that specialize in this type of accounting. Bitwage is an established platform providing payroll and HR services for this day and age when the use of digital currencies in payments is rapidly growing around the world.
Bitwage helps international companies pay their suppliers faster and cheaper using encryption. Many of its clients are employers who want to offer their employees and contractors benefits associated with digital assets. At the same time, it offers people who would like to be paid with coins the option of receiving part or all of their salary in cryptocurrency.
The platform, which has offices on both sides of the Atlantic and clients from Brazil to India, is working with companies that need extensive payroll and human resources services. It offers a wide range of flexible solutions and pricing to both employers and employees. For payroll financing, Bitwage currently supports bitcoin core (BTC) and ethereum (ETH) as well as multiple fiat currencies including the US dollar, Chinese yuan, Russian ruble and euro.
Once Bitwage receives the funds, workers can choose to be paid in cryptocurrency or local fiat. In the US, it also offers companies the ability to regulate payroll taxes in cryptocurrency through a partnership with another American company, Simply Efficient HR. Since January, Bitwage customers in the United States can also cover employee benefits such as health insurance. Tax obligations related to cryptocurrency income vary by jurisdiction and taxpayers should check their local regulations.
The creation and advancement of other platforms that provide payroll services is likely to entice even more companies, especially those employing remote workers, to start paying wages in cryptocurrency. For now Bitwage doesn’t have too many competitors on the same level but there are others with interesting proposals. For example, an employment service called Laborx decided to cut banks and redefine wages by facilitating real-time remuneration using cryptocurrency.
In its vision of what payroll management should be like, the Australian startup considers current monthly and weekly payment arrangements outdated and allows companies to pay their employees while they work. At the end or even during the working day, employees will be able to spend what they have just earned. When the instant payment system was announced last year, it was only meant for members of Laborx’s hiring ecosystem using its Working Hours tokens. However, decentralized cryptocurrencies such as bitcoin cash can be used for the same purpose, as BCH transfers often cost less than a dime.
Pay directly with Bitcoin
Many companies in the cryptocurrency industry often prefer to finance their entire payroll with cryptocurrency. Bitcoin cash is the currency of choice in the case of Bitcoin.com due to its obvious advantages over other digital currencies, including fast and secure transactions processed at negligible cost.
No third party services are required to implement such payments. All your employees and contractors would need is a safe and easy to use cryptocurrency app. The Bitcoin.com wallet is available for free on the App Store and Google Play. And for desktop applications you can try the Badger wallet.
With the wallet, you can make and receive payments to and from any bitcoin cash and bitcoin main address, and Badger has some useful features. One of them is the integration of an exchange service called Sideshift, which will allow you to trade BTC and BCH at very low cost and you will receive the traded amount directly in your wallet. You can also buy coins with a credit card and without visiting an exchange.
But even if you work with people from countries where smartphones are rarer and the internet connection isn’t as reliable, you can still pay for them with bitcoin cash. Cointext is a platform that facilitates offline crypto transactions. The platform allows users to transfer BCH using simple text messages.
Create and send crypto invoices
Invoicing is an important part of day-to-day business relationships between companies and contractors. Several platforms now offer accounting services for businesses and professionals in the crypto space and beyond, including tools that will help you create and send cryptocurrency invoices such as Gilded, Anypay, Blockonomics, CD Pay, and Coinpayments.
At the same time, platforms like Piixpay allow bills and invoices to be paid with digital assets, including bitcoin cash, to entities that still only accept fiat money. To do this, it only takes a few steps before sending the electronic cash, such as providing the exact amount in fiat currency, the recipient’s name and the bank account number.
The expansion of all these services has allowed many companies, and not just those operating in the cryptocurrency sector, to start paying salaries, bonuses and other remuneration partially or totally using cryptocurrencies. For example, platforms like Openbazaar, Augur, Uber, and Airbnb are among Bitwage’s customers.
Others have introduced agreements that allow part of the salary payments to be made in cryptocurrency. Japanese internet giant GMO implemented such a system early last year. And in May 2019, in response to Peter Schiff’s claim that “it’s not possible for people to work for wages paid in bitcoin,” cryptocurrency exchange Kraken revealed that it had just paid over a quarter of its employees in cryptocurrency.
Finding a paid job with cryptocurrency
Advances in technology, including the spread of cryptocurrencies, have made the world smaller and the importance of freelancing grows with each passing year. A study published in 2017 predicted that freelancers will make up the majority of the U.S. workforce within a decade. Remote jobs are a phenomenon that is rapidly gaining ground even globally.
Right now, cryptocurrency is as close as possible to a frictionless and borderless means of payment. It can serve the expanding freestanding space very well. A survey exploring the payment preferences of freelancers in the United States, conducted by Humans.net in 2018, showed that nearly a third of respondents would like to be paid partially or fully in cryptocurrencies.
If you are a freelancer looking for a job in the cryptocurrency industry and want to get paid with cryptocurrency, there are plenty of online platforms that can help you find the job you want. Take a look, for example, at sites like Crypto Jobs List, Angel List, Peopleperhour, Moneo, Hire Match, Blocklancer, and Bitjob.
Workingforbitcoins is another option that offers the opportunity to connect with companies that hire people for cryptocurrencies. The platform supports major currencies such as bitcoin cash (BCH) and will allow you to choose a job paid with your favorite currency. You can also find thousands of job postings offering crypto remuneration on Crypto.jobs, and a service called Freelance for Coins allows users to bid and offer for freelance services.
Is your business using cryptocurrency to fund its payroll? Are you interested in taking a job that is paid for with cryptocurrency? Tell us in the comments section below.
Images courtesy of Shutterstock.
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