What Are the Benefits of Getting Paid in Cryptocurrency?

How would you like to receive your paycheck? If you were born after 1980, there’s a good chance you’d like to get paid in crypto.

That’s according to a global poll by deVere Group that surveyed more than 750 of its clients. The results show that 36% of millennials and 50% of Gen Z would receive half of their paycheck in Bitcoin or other cryptocurrencies.

Are you on the fence? Here’s what you stand to gain if your employer gives you the option soon.

1. You’ll Be a Step Ahead

Cryptocurrency could very well replace cash one day. Getting in on it early can help you adjust to a future where anonymity and decentralized payments are the norm. 

How soon could this future arrive? It depends on where you live. In the world’s first, El Salvador adopted Bitcoin as its official currency this year. 

Although it may be a while before the US follows suit, some municipalities are taking the initiative. One Missouri mayor near St. Louis plans to give his residents $1,000 worth of cryptocurrency. Mayor Jayson Steward also hopes to get a Bitcoin-friendly bank situated in Cool Valley, Missouri soon.  

2. Instant Payments

Whether or not you live in Missouri, anyone could benefit from how quickly you can move cryptocurrencies. There are no holds on deposits or withdrawals like with traditional checks. Instead, pay day will arrive immediately. 

Best of all, once the paycheck is sent, there are no takebacks. Crypto transactions can’t be reversed due to the way blockchain works. 

3. Fewer Chances for Delays That Cause Financial Emergencies

There’s only one thing worse than waiting for payday — waiting for payday when you’re short on funds. This can happen if you can’t cash your check right away or something prevents your employer from making timely payments. 

In an emergency, this kind of situation forces people into borrowing payday loans or cash advances they can’t afford. 

Payday cash advances with triple-digit APRs have a reputation for being expensive. Missouri, in particular, has some of the most expensive payday loans in the country at 462%. These rates, coupled with a short payment term, can make them a challenge to repay on time. 

Although high rates may be a reality of borrowing when you have bad credit, this shortened term isn’t. You can compare alternatives to payday loans in MO that give you more time to pay. 

There are installment loans available that extend your term, breaking up your payment into several installments. This means you don’t have to pay a huge lump sum payment. 

However, you might not have to borrow at all if you’re paid immediately. If you can reliably get paid right away, you may not fall short of what you need in an emergency. 

Will You Embrace the Change in Paychecks? 

While most businesses still pay their companies in old-fashioned fiat, more companies pay in crypto each year. Remember this list once your employer joins the list. You can weigh up your options to see if you’ll accept crypto as part or all of your paycheck in the future. 

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