By JP Buntinx - June 15, 2017
A lot of people are looking to get a (part of) their salary paid in Bitcoin these days. Given the recent price increase of the popular cryptocurrency, that is not entirely surprising. This process is not necessarily easy, though, despite there being a few different methods to get paid in Bitcoin these days. Below are three of the more common methods to achieve this goal.
3. Manual Bitcoin Address
The one way to accept Bitcoin salary payments without too much hassle is by creating a wallet address and have your employer pay a sum in Bitcoin every month. Do keep in mind your employer will need to have access to Bitcoins in the first place, which can be quite problematic in some cases. Especially when considering how the Bitcoin price can change quite a bit on any given day.
Even though there are dozens of trustworthy Bitcoin exchanges around the world, buying Bitcoin remains problematic for a lot of people. This is especially true for businesses, as there is no convenient solution to buy Bitcoin without going through a lengthy verification process these days. Then again, a lot of companies are stockpiling Bitcoin to fight off impending ransomware attacks, so your mileage may vary in this regard.
2. BitPay Payroll API
Most Bitcoin enthusiasts have heard of a company called BitPay. In most cases, they know the company due to it being the world’s leading Bitcoin payment processor. One thing very few people seem to be aware of is how BitPay also provides a Bitcoin payroll API to all of its users. This feature has only been introduced recently, but it provides a very comprehensive and convenient solution.
By using the BitPay payroll API, employees can determine to receive a fixed percentage of their wages in Bitcoin. They can set this up by determining how much of the USD amount needs to be converted to Bitcoin. Employers can fund the batch of payment requests on or before the effective date. BitPay will validate the batch and process payments as soon as they have been funded. It is quite a comprehensive system, although not necessarily the complete product some people may be looking for.
By far the most preferred solution to receive wages in Bitcoin is none other than BitWage. The company has made a global name for itself due its ease-of-use and flexibility. The company will provide a bank account number on behalf of the people looking to receive payments in Bitcoin, ensuring the employer can just use a regular bank transfer like usual. It is also a very cheap solution to receive payments from abroad, as Bitwage reduces most of the fees associated with this procedure.
Clients can set up their BitWage account in such a way they either see a portion of their wage or the entire amount converted to Bitcoin automatically. The process takes a few days at the most, and funds will be transferred to any bitcoin wallet you specify as soon as possible. The recipient does not pay any fees other than the transaction cost. The platform also provides all of the necessary documentation for bookkeeping purposes, which makes it the most complete Bitcoin payroll service one can think of.
Full article & image taken from The Merkle.