Bitcoin emerged in 2010 and is the most popular cryptocurrency to date. Over the years it has been subject to many rises and falls, reaching an all-time high of $19,666 per Bitcoin at the end of 2017. The exciting, yet risky, new technology has appealed to individuals worldwide, and now corporates want to get involved. But will Bitcoin pay be just a phase, or will we start to see the trend take off in the workplace?
Some companies have already jumped on the bandwagon – for example a Japanese tech company has already started to pay its workers partly in Bitcoin, in a bid to gain a better understanding of how the digital currency works. Cryptocurrency has high transparency and transactions speeds, meaning that workers can be paid quickly. This is especially useful for companies who hire gig economy workers, such as freelancers, who require wages on a case-by-case basis.
Will we see a future of cryptocash on every payslip?
As with all new technology that enter the market, most companies are hesitant to switch. The fluctuation and unregulated tax risks of Bitcoin mean that it’s a risky scheme for corporates to take on, especially when it involves employees’ wages. As one of the most important assets to a company, employees must be able trust that their employer is able to have a safe and secure payment model. As the Bitcoin market is small and niche, it can be easily manipulated by hackers, posing a security threat.
However, people’s thoughts about using Bitcoin as a payment method could change over time as companies get used to the technology and it becomes a more secure platform. Companies are already starting to become more trusting of Bitcoin. For example, Google recently lifted the ban on cryptocurrency adverts across their platforms and recent studies have discovered that Bitcoin is becoming more financially stable.
Bitcoin is inherently unpredictable, and we see it’s value fluctuating almost every day. So, will our salaries change to Bitcoin? For the time being, it’s not likely but it’s certainly one to watch!
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