Over the last few years, there has been an increased desire for payment via crypto, and unsurprisingly, the market has answered, with all kinds of creative services and tools rising to meet this new emerging market.
But why do employees want this now? What does this service offer over traditional payment options? And how do I get it to work for me?
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Can Your Job Pay You in Crypto?
Of course! As long as both parties agree to it.
Cryptocurrencies have a lot of advantages, such as providing a clear, iron-clad ledger of all transactions; and increasingly fast, 24-hour-a-day service. Over the last few years, crypto has moved into a more mainstream place in society, so the potential benefits of crypto-based salaries and payment options are increasingly apparent for all parties.
With more and more payment options, tax software, and crypto-based services available to both you and your employer, you may be pleasantly surprised to learn that your employer already has Bitcoin and Ethereum payment options in place.
So discuss it with your employer, and find out if this might be the option for both of you.
Getting Paid in Cryptocurrency
It’s estimated that 36% of employees are now seeking to get paid in some kind of virtual currency, instead of invoicing fiat currency via a bank or through PayPal.
The simplest way to explain this trend is that traditional fiat payments are starting to get outperformed by crypto, both in convenience and cost. For example, payments via PayPal are common, but they aren’t cheap. Invoicing via PayPal incurs a charge of 3.49% after you receive payment. You’re paying to be paid.
If you’re using crypto as payment and your employer is paying you directly from their crypto wallet to your crypto wallet, the person sending the funds incurs the charge, with the added benefit that your employer could send these funds at any time, 24 hours a day.
Traditional and central banks have been totally outperformed in this area, as fiat banking has limitations on opening hours, with funds getting delayed, and all kinds of various charges being incurred. With crypto, there is no middle man, just one-to-one, mutual parties with an agreed mutual arrangement.
So if at this stage you’re starting to think that maybe payment in crypto might be for you, let’s cover how you might go about achieving this.
How to Accept Crypto Payments As An Employee
There are a few steps you must follow to ensure that you receive your payment securely and speedily.
- Agree on the type of crypto you both want to use.
- Find yourself a crypto wallet compatible with this crypto. A crypto wallet will enable you to store, send, and receive crypto with your own personal wallet address.
- Look for your wallet’s ‘receive funds’ option. (or its equivalent) Here you will be given an address or QR code.
- Carefully send this QR or address to your employer. It is extremely important to send the exact address, or you may lose funds.
- Finally, wait for your payment via crypto to appear in your crypto wallet!
What You Need to Get Paid from Your Employer in Crypto
In this section, we will be taking a look at some of the various tools and services that can really make your payment process a lot safer, secure, and legally compliant.
One tool you definitely need is a crypto wallet. A crypto wallet is a piece of software or hardware device that functions as a means for you to store, send, and receive various cryptos. There are all kinds of providers of hot wallets and cold wallets out there for you to choose from, so you’ll be able to find the right wallet for you.
The next tool you’ll likely end up using is some form of crypto tax software. Paying tax on your crypto can sometimes be a little confusing and difficult to keep track of. Thankfully, there are a lot of options when it comes to tax software, with a variety of different services, rates, and offers to be found.
As you get a little deeper into the crypto world, you could well find yourself with quite a portfolio. While it’s recommended to keep things diverse, keeping track of the overall state of your crypto assets across various wallets and exchanges can get a little complicated.
Top 12 Tools to Use When You Get Paid in Crypto
Hopefully, at this stage of the article, it is clear to you that getting paid in crypto is not only normal but is, in fact, a viable option with several benefits that could really suit your needs.
In the following sections, we will be discussing a variety of different crypto tools that we think you should consider using when getting paid in crypto. We will be discussing some of these in detail, explaining how they work and why you should use them, and even providing you with a few examples for you to take a look at.
So let’s take a look!
1. CryptoWallet: Spend Over 800 Cryptos at Real Market Rates
No list would be complete without mentioning CryptoWallet. The platform allows users to buy, sell, and store their cryptocurrency, and the crypto card launching in 2023 will support over 800 cryptos!
Users will be able to simply tap their card at any pay point in the world and see their crypto balance automatically update.
Users don’t need to convert crypto to cash themselves, and the conversion happens at real market rates. Withdraw crypto as cash and earn SPEND tokens with every purchase!
Sign up to order a crypto card here.
Best Crypto Wallets for Employees Getting Paid in Crypto
It’s important to remember that there is rarely a ‘one size fits all’ type of solution when looking for a wallet provider. Instead, we recommend that you identify your own needs, and perhaps even your employer’s needs, and compare and contrast providers until you find the best fit for you.
So here are three examples of some of the crypto wallet providers that we think are worth looking into.
Coinbase is undoubtedly one of the biggest players in the crypto scene, so it’s no surprise that their wallet system is extremely popular. With an intuitive design and a simple verification process, Coinbase’s wallet is a non-custodial system that has around 150 cryptos hosted, but apart from its more run of the mill side, it does offer advantages that allow it to stand out from the crowd, mainly that of integration.
Coinbase offers extremely easy integration with a bunch of services like the Coinbase Exchange, its own debit and credit cards, other decentralized exchanges, Coinbase Pro, and the Coinbase Commerce platform.
3. Trust Wallet
Trust Wallet is one of the other big names in the crypto wallet space, bringing with it all that one should expect from a good wallet provider, such as a great reputation, high security, and widespread endorsement from most crypto exchanges. Well designed, with an easy to use interface, Trust Wallet is a non-custodial wallet that requires the standard amount of KYC verification. With support for almost all cryptos along with in-app DeFi features and rock bottom costs, Trust Wallet is a go-to option for 5 million users worldwide.
Exodus is a wallet system that has tailored itself to the crypto newcomer, offering a simple registration process, coupled with an intuitive interface. For beginners, this is perfect, allowing you to get to grips with the basics, offering over 150 different cryptocurrencies for you to trade with. But its simplicity as a wallet, is also a drawback, as for the more advanced user it becomes limiting, not offering any custom transaction fees for altcoins.
Best Tax Software for Employees Getting Paid in Crypto
Whether it’s Bitcoin or Ethereum, cryptocurrency and associated crypto activity are increasingly being brought in line with domestic and international financial authorities. What this means is more oversight, greater scrutiny of your financial transactions and tax obligations.
So let’s take a look at how you can keep everything above board when it comes to paying taxes on your crypto.
Koinly is one of the more widely regarded and well-known crypto tax software providers. It offers a reasonably easy-to-understand interface that covers your tax obligations across 300 exchanges in over 20 countries. Well-known and well-liked, Koinly is one of the main suppliers of this service. However, its tax report is unavailable for those on the free plan, with the paid plan ranging upwards of $279.
Accointing is another big player in the crypto tax liability scene, offering coverage on 300 exchanges and with worldwide service. The big difference between Accointing and Koinly is that Accointing requires you to manually enter your transaction to calculate your tax. However, this service is free for up to 25 transactions.
7. CryptoTax Calculator
The CryptoTax Calculator, while not as famous as our previous entries, is nonetheless a solid provider of crypto tax services that keeps tabs on your financial transactions. Offering services that handle the more complex elements of crypto taxes has the added benefit of being well suited to working within the framework of EU financial regulations.
CoinLedger is a widely used tax calculation platform that boasts an impressive number of additional services. Granting all the regular tax services, CoinLedger allows your accountant to download the tax ledger directly as well as offering native exchange and a variety of different DEXs. But be careful; this service price range is in relation to the number of transactions you register.
Last but not least, is Bitcoin Tax. Bitcoin Tax is a fairly standard platform for tax auditing, allowing you to import your report directly from the major exchanges. This service operates worldwide and is free of charge up to a certain point of service.
Best Crypto Tools for Employees Getting Paid in Crypto
Let’s take a look at tools that help in other ways, like keeping an eye on your asset portfolio, conducting business across multiple exchanges, and even buying and selling crypto in a direct P2P sense.
LocalBitcoin really is one of the most useful crypto tools on the market, allowing you to connect directly with the buying or selling of bitcoins in a P2P fashion. This cuts out the middleman entirely and has the added benefit of allowing you to negotiate the price and nature of your trade directly. Additionally, this service is supported worldwide and allows for cashing out via services like PayPal and Revolt.
Blockfolio allows you to keep an eye on your portfolio as it grows and expands, giving you an instant overview of the overall condition of your digital assets. This service enables you to monitor your ROI’s at a glance and even set up custom price alerts, keeping you in the know about your portfolio.
Blockchain.com is a Bitcoin block explorer that lets you view any transaction made on the Bitcoin blockchain, including the wallets involved, times, amounts, and more. This allows you to not only keep abreast of the status of a single transaction you are making but also gives you knowledge about the contents of the wallet you’re dealing with.
Etherscan is a block explorer for the Ethereum blockchain and shows the details of transactions made with ETH or ERC20 tokens, much in the same way that Blockchain.com operates.
Tronscan allows you to explore the Tronscan network of smart contracts. These smart contracts make up the lifeblood of the TRON network, and with an inbuilt wallet system and Dapp market, Tronscan acts as a kind of one-stop shop for everything you might need throughout the TRON Network.
Benefits of Getting Paid in Crypto
There are all kinds of reasons why you might want to get paid in a digital currency. Maybe you’re looking to save on rates, need quicker payments, or maybe you’re sick of having to interact with middlemen and banks. These, and many more, are all valid reasons for an individual wanting to get paid in crypto, and unsurprisingly, the market has heard these demands and moved to supply them.
Crypto is a relatively new and highly dynamic market, with new services and tools constantly emerging from this early economic ecosystem. What’s great about this for the consumer is not only variety but also competition.
New companies, new projects, and new service providers are constantly popping up, undercutting each other’s prices and outperforming their rivals, which in turn means opportunities for you.
The crypto market is young and hungry, and while this can mean some great opportunities for you, it does mean there are some potential risks.
It is no secret that markets can be dynamic, and even the most popular and widely adopted cryptocurrencies, such as Bitcoin and Ethereum, are considered to be extremely volatile assets. Therefore, the potential risk associated with it should be clear. If you accept payment in crypto today, there is no guarantee that the value of that crypto will be the same tomorrow.
Additionally, because some of the newer crypto businesses and projects are often so young, it means that some of these providers have not been field tested, resulting in some pretty spectacular and sudden downfalls.
So, it is highly recommended that you do your homework, learn about a project or technology before investing, and only invest what you can afford to lose.
If you get paid in crypto, you’ll be wanting to spend crypto as well — that’s where CryptoWallet and our upcoming crypto card with over 800 cryptos comes in!
Enjoy direct crypto spending and crypto cashback with every purchase.
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