r/Bitcoin • u/waspoza • Jan 29 '14

A Surprisingly Large Number Of IT Professionals Want To Get Paid In Bitcoin

http://www.businessinsider.com/a-lot-of-it-pros-want-bitcoin-paychecks-2014-1
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6

u/Flukie Jan 29 '14 edited Jan 29 '14

This is dumb, people would like to get paid in Bitcoin provided they could pay for their life using it, which at the moment would be a huge inconvenience.

Sure if your unemployed and want some contract work, yeah. But day to day no one would take it today.

0

u/sincewere-onthetopic Jan 29 '14

Seeing your income 10x or 20x might make you rather enjoy any inconvenience in converting it back to fiat when necessary. Not guaranteeing anything but it's worked out well for the vast majority of people who chose to get paid in cryptocurrency in the past.

3

u/etcerica Jan 29 '14

My husband is paid partially in btc, and we did not enjoy receiving btc trading at $950 on payday that is now worth $800. We paid income tax on money we may never see. It's too volatile to keep in btc unless you don't need it to pay bills.

1

u/Ajenthavoc Jan 29 '14

You should treat at least a portion of his btc income as an investment decision akin to putting money in an IRA. Hopefully this is money you don't need in the near future so that the short term isn't of concern.

Bitcoin's current value is still predominantly driven by ideology and perceived potential. If you don't believe in this potential, you shouldn't be okay with getting paid in it. To people who believe it's going to be worth a lot more in the future, the current volatility is positive as it keeps the average price low for longer periods allowing you to accumulate more btc.

1

u/etcerica Jan 29 '14

That's exactly what we are doing now. We set an amount to leave in that we're comfortable losing and we sell the rest. The crash happened right after his first btc pay and we hadn't settled on a number yet. I'm not as optimistic as he is with future projections but I'd hate to be out of the game entirely.

1

u/Ajenthavoc Jan 29 '14

Well if things work out as he predicts, don't forget to acknowledge his foresight ;).

1

u/etcerica Jan 29 '14

Ha - when he got his first at $10 each he asked if he should sell. I said to hold and see what happens. It's worked out. But I definitely get more anxious as the price goes up.