Bitcoin Transactions Are Secure
Bitcoin is not physical currency. Therefore, it is impossible for thieves to palm it off the holder. Hackers can steal a persons cryptocurrency if they know the private keys for the wallet. However, with proper security, it is technically impossible to steal bitcoin. While there are reports of hacks at cryptocurrency exchanges, Bitcoins exchange has remained impervious to such breaches. Therefore, transactions conducted between two addresses are secure.
Only 5% Of My Salary For Now
Before I started the process with Buffer in getting paid in bitcoin, I took stock and chatted with my girlfriend about what seemed feasible in terms of holding bitcoins as a currency.
Bitcoin is infamous for its volatility, and at this point getting paid fully in bitcoin would not make sense for me. Its just too risky.
I decided as an experiment to start off with getting only 5% of my salary to be paid in bitcoin, out of a total $96K per year that Im making. .
This might increase or decrease over time.
Heres How You Can Make Bitcoin
In order for people to start earning Bitcoin, they need to first generate a wallet address for themselves. This can be done by either making use of a software wallet such as or a cold storage option such as Trezor, Ledger or the Nano S. Also, with so many BTC procuration options now available in the market today, lets take a look at some of the most direct methods of acquiring the flagship crypto asset:
- Via the use of a traditional exchange.
- OTC/P2P broker or local ATM
- Getting paid in Bitcoin for completing certain activities
It also bears mentioning that the various BTC-earning possibilities listed out in this piece have not been ranked in any specific order, rather, they should merely be viewed as an entire catalog of proven micro-earning methods available in the market today. Lastly, as a word of caution, some of these methods may not appear to be legitimate in nature, however, as mentioned earlier, in this guide, we will discuss all the pros and cons surrounding each of these methods in detail.
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How To Get Paid In Crypto
Getting your paycheck deposited as cryptocurrency to your Coinbase account is fairly simple. You can set up direct deposit in the settings section of the Coinbase app or go through your company’s HR department or payroll system.
Whether or not it’s smart to deposit your paycheck at Coinbase is a different matter. Cryptocurrencies are highly speculative investments, and it’s much harder to get rich from crypto than Reddit and the rest of the internet may make it seem. Old-school investing legends such as Warren Buffett and Robert Shiller have expressed deep skepticism and issued warnings over the years that Bitcoin and other cryptocurrencies could tank in value or even become worthless in a heartbeat.
At the same time, interest in cryptocurrency is surging and becoming more mainstream, hand in hand with rising crypto prices. In one survey of financial advisors, more than one-quarter said they’ll increase their usage or recommendations for crypto investments next year.
If and when the Securities and Exchange Commission approves a Bitcoin ETF, which would allow people to buy the digital currency without actually purchasing coins directly, investing in cryptocurrencies will surely become even more mainstream.
The Pros And Cons Of Getting Paid In Cryptocurrency
Freelancers can accept payment in crypto, as can businesses. But for the employees of those businesses, theres a whole lot of gray area. Theyre protected by the Fair Labor Standards Act, which mandates that employers pay wages in cash or negotiable instrument payable at par. Bitcoin, Ethereum, Dogecoin and the rest are neither, and a patchwork of conflicting state laws makes crypto-based payroll a murky legal area with lots of barriers.
As for the merchants and contractors who can accept crypto as payment, they have to first decide if they should. Theres a lot to consider, both good and bad.
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Disadvantages Of Receiving Payment By Cryptocurrency
Regardless of how many possibilities digital cash is introducing, it surely brings a sack full of setbacks along. Here are a few disadvantages of receiving payment through Cryptocurrency:
- The biggest downside of owning Cryptocurrency is that it can change significantly. For example, if you receive an amount of $10,000 as 1 Bitcoin today, there are possibilities that the value may drop to $5000 or any number shortly.
- Freelancers may accidentally delete their Cryptocurrency or lose their virtual wallets. Or in case the user loses the private key to their wallet, there is no other way of getting back. Without the private key, the wallet will remain locked, and accessing it will become impossible. The situation, in a way, is an irreversible financial loss.
- The number of platforms where one can exchange cryptocurrencies is still very limited.
- Cryptocurrency is a construct of the private sector, and it has no regulation by Financial Conduct Authority .
- Cryptocurrency is vulnerable to both scams and cyber-attacks. Although the platform is extremely secure, during the exchange, the possibilities of hacks grow high. Several exchanges store the wallet data of users. There have been instances when this data was stolen, providing hackers direct access to multiple accounts. Cryptocurrencies like Mt Gox, Bitfinex, and most importantly, Bitcoin were reportedly hacked and stolen in the past years.
All You Need To Accept Bitcoin
After getting familiar with the basic requirements to hold and store Bitcoin, there are a few more steps that need to be taken to set up a business for accepting BTC payments. One of the best practices is to do your own research and identify the platforms and services that best meet your business and regulatory needs.
Look out for local regulations Before you put up a sign that says Bitcoin accepted here, it would be wise to check for regulations in your jurisdiction. Accepting Bitcoin in disputable geographies may incur serious legal charges ranging from hefty fines to jail time.
Wallet options Setting up a new Bitcoin wallet is as easy as signing up for a new email address. Some of the most common platforms for a Bitcoin wallet include cryptocurrency exchanges, and online and app-based wallets. Businesses also have the option to procure point-of-sale machines for collecting payments in Bitcoin through cards.
Recommending wallet options is risky because the wallets are only as safe as the intent of the private companies hosting your BTC reserves. To help you get first-hand information on the latest and greatest in Bitcoin innovation, take a look at our beginners guide for you to find the best places to discuss Bitcoin and how to subsequently choose the best BTC wallet.
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Start A Crypto Youtube Channel Or Podcast
- Effort: Medium to High
- Income: Unlimited
- Risk: Low
If you are the creative and endeavouring type, you can try to build your own corner in crypto medier via platforms like Youtube and podcasting. This wont necessarily earn you cryptocurrency itself, but you can earn fiat money through advertising, referrals to crypto pages and platforms, affiliate sales, and QR codes or donations.
It would require building a dedicated following of people within the crypto community and a knowledge of the latest, best, and worst things within the crypto space or specific coin of your choosing.
This method is not an easy or quick by any means, but it does have unlimited earning potential and growth. During the height of the crypto boom, for example, some Youtubers were earning 6-figure incomes per month just in advertising revenue.
Jobs4bitcoins: Best For Multi
Since youre looking for alternative payments, why not find one somewhere unusual on Reddit. Those who march to the beat of a different drummer will likely be a fan of this. The social site houses everything under the sun, and Bitcoin-paying jobs are here as well.
Specifically, join r/Jobs4Bitcoins, and youll find lots of people willing to pay top Bitcoin for everything from the mundane to the strange. For instance, a cursory glance at recent offerings saw hiring posts for a blockchain developer and someone wholl re-arrange a 1980s marriage contract template.
Aside from job offers, you can also create a post here offering your skills for hire in Bitcoin. Find the dream job that will pay your Bitcoins worth, put yourself out there, and name a price. If youre already a Redditor, you wont even need to create an account on the site.
The problem with finding a job here is that theres no real oversight. Most regular job sites will vet applicants and the companies or people hiring. Unfortunately, Reddit doesnt offer this benefit, so there is a more significant chance of fraud. Also, this particular Reddit sports flashy colors, so be prepared for eye strain!
Visit Jobs4Bitcoins for more information.
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Become A Crypto Bounty Hunter
Got a handle on how to solve Flipside Crypto bounties using Velocity and SQL? Good. Now its time to put that knowledge into practice, start getting paid for answering crypto analytics queries and become a full-fledged bounty hunter.
You can find our Terra bounties here, and Uniswap bounties here. Plus, you can join our community on Discord, and subscribe to our weekly newsletter, the Bounty Brief. That way you wont miss out on any of our bounties, educational content, and more.
Third Step: Evaluating The Options: Coinbase Circle And Bitwage
Both sites offer easy setup with U.S. bank accounts, which would allow Foresight to purchase bitcoins and then send that amount to me in South Africa. This essentially placed the responsibility on Foresight to hold and manage bitcoins as an additional currency option.
Randy went ahead and applied at both Coinbase and Circle. However, both took some time to validate their banking details to start purchasing bitcoin. I did some more research in Coinbase and Circle and realized that neither of them might work as smooth as wed hope for, especially on Foresights side:
I then did some more research and discovered a service called BitWage. They are a bitcoin company geared towards payroll services. They understood the challenges involved and had some really interesting products already. One such service is Payroll for the Individual. Heres how it works:
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Build A Website And Sell Advertising Space
- Effort: Medium to High
- Income: Unlimited
- Risk: Low
Another option for the creative and endeavouring souls among you is the building of a crypto-focused website. Through it, you can sell advertising space to start-ups who will pay you in a significant portion of their own coin or to big players that will pay you to advertise for them in pieces of their coin.
Thousands of crypto websites exist out there currently with new ones attempting to create a space for themselves all the time, but that being said there are still plenty of niches not filled within the crypto space . This becomes even truer for regional based. As the acceptance and use of crypto expands and companies expand worldwide, there will be a greater need for local based sites on the latest in crypto events, news, and offerings.
For example, you could make a site for regional discussions on a specific coin or all of cryptocurrency solely for Ethiopia. You could also consider writing product reviews, analysing investments, technical analysis, reviews of companies, and explanation pieces to draw people to your site.
Hyips And Pyramid Schemes
During their heyday , high yield investment programs and pyramid schemes were a rage throughout the global crypto market. Since then, these money making avenues have largely faded out, even though there are some in existence till this very day. In their most basic sense, HYIPs promise to make individuals rich almost overnight using various ponzi structures that reward early entrants. However, as most of our readers probably already know, these schemes are ultimately destined to implode and fail.
Overview of the method:
- When trying to make money through the use of a pyramid scheme, it is of utmost importance that the participant cashes in at an early stage of the program. That way returns are higher and more stable.
- There is an insane amount of risk involved when making use of HYIPs and pyramid schemes.
- Despite the associated risks involved, these methods allow users to potentially make a lot of money within a small period of time.
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Getting Started With Crypto Bounties
In todays video, is solving a past bounty. Specifically, shell be analyzing how many times different addresses have increased or decreased liquidity in ETH. To solve this bounty, we will be using the LP actions table from the Uniswap V3 schema.
To get the answer, all you need to do is:
Thats it! Once you complete those five steps, youll have submitted your first bounty to Flipside Crypto.
Store Your Coins In A Crypto Interest Account
A crypto interest account is a place to store your existing cryptocurrency assets and collect interest on them. If youve ever used a savings account with a popular bank or local credit union, then youve dealt with this format for saving and accruing interest on your money.
A crypto interest account has three major aims:
You might see #2 and think, Wait a minuteloan my crypto? We cant blame you for the moments hesitation. However, this is how interest-generating savings accounts work.
Crypto DeFi platforms, whether its BlockFi, Celsius, Nexo, or another, are effectively paying you to borrow your money. Thats how interest-generating savings accounts work. As these platforms hand out loans to qualified borrowers, they collect fees on the lent funds and use those collected fees to pay back your stipulated APY.
When considering whether its worth opening a crypto interest account, also sometimes referred to as a crypto savings account, first look at the APY offered. The hot take on APY is it is basically what the platform is paying you for the privilege of holdingand loaningyour cash or crypto assets.
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Merchants Avoid Credit Card Transaction Fees
Merchants pay transaction fees for the privilege of offering their customers the convenience of using a credit card. If you dont take plastic, youll lose business. If you do, youll pay 1.3% to 3.5% per swipe plus a flat fee, usually about 10 cents per transaction. Cryptocurrency transactions, on the other hand, can be made for nothing or close to it.
Thank You For Sharing
In this new work world, labor shortages and huge skills gaps exist across the country. The ways in which we work, receive benefits, and ultimately get paid are changing. Before COVID-19, who would have believed that employees could demand to be allowed to work from home and never return to the office? Companies such as Cisco, LinkedIn, and others allowing permanent work-from-home situations was unimaginable.
Working from home is only the first example of how the traditional employee/employer model has changed. While the pandemic changed where we work, the cryptocurrency explosion also started to transform how employees get paid.
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Play Games To Earn Bitcoin
- Effort: Low
- Income: Low
- Risk: Low
Arguably the most fun way to earn bitcoin is through playing games.
Similar to faucets, some provide a trickle of currency to the people playing those games and also like a faucet, there were more of them that paid better during the early days of bitcoin.
Other games let you earn crypto be farming for rare loot or collectibles you can then sell in their online marketplace to other players.
Then there are the MMORPG style games that allow you to earn digital currency by completing various in-game tasks that then has real value on various cryptocurrency marketplaces.
Huntercoin, Steem Monsters, and Storm Play are 3 of the most popular coin earning games. None of them will earn you much profit but they are fun. If youre going to waste time playing some games anyways, you may consider it useful to add one of them to the list.
You Think Taxes Are A Pain Now
The IRS taxes cryptocurrency holdings as property like gold, stocks or other assets. When you buy crypto and leave it in the exchange or in your digital wallet, you dont pay taxes on it, according to NextAdvisor. But if you use it as a medium of exchange if you swap it for goods or services, sell it for dollars or trade it for a different kind of cryptocurrency its taxed based on capital gains or losses.
If you receive crypto instead of cash as payment for services, you have to report that cryptocurrencys value in U.S. dollars as income to the IRS. Keep in mind:
Its up to you to keep track of every transaction crypto exchanges rarely send out 1099-B forms.
Crypto pricing is highly volatile you must report the value of the coin at the time you received it.
Every time you move your coins from a wallet or exchange, it gets more complicated you must track each transfer.
Youll probably need specialized professional tax help, at least for the first year.
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