Getting paid in bitcoin might sound like a pipe dream, but it’s a solid option to consider if considered properly.
The advantages to getting paid in bitcoin are that you don’t have to wait for a paycheck or settle for a bank account with limited features. Since it is a digital currency, the entire transaction history is publicly available, and it’s impossible to forge transactions, which means no more rogue employees trying to expense fake lunches on the company card.
In this article, we will provide you with information on how to get paid with bitcoin.
1. Sign Up To A Digital Currency Platform Of Your Choice
The first thing you need is a digital wallet where the bitcoins are stored. There are several wallets out there, so do some research into which wallet will serve you the best.
Here are some crypto apps/wallets you can sign up to:
Coinbase – a digital wallet with a simple interface.
Mycelium- a digital wallet for Android devices
Edge.app – a digital wallet and trading base focused on innovative security, user privacy, and simplicity of use.
Xuum – a digital wallet designed for Xrp, but you can also store bitcoin.
2. Get A Bitcoin Address For Receiving Payments
Once you’ve done that and your wallet is set up, you need to show that Bitcoin address to the person or company who will pay you with Bitcoin, so that they know where to send them. This address can be shared via email, social media websites like Facebook and Twitter, or even by SMS message.
3. Share Your Bitcoin Address With People Who Want To Pay You
Once you’ve got the Bitcoin address, just share it with anyone who wants to pay you in bitcoins so that they can send them straight to your wallet. And yes, this means sharing the same address with multiple people.
4. Wait For The Coins To Arrive
Once you’ve shared your Bitcoin address with someone, they can pay you as many bitcoins as they like. It’s as simple as that! As soon as somebody pays your wallet, it will show up in your wallet and all you have to do is wait for it to confirm on the Blockchain.
You can then use these bitcoins like regular money and spend them on things like groceries and rent, or even go shopping for clothes and gadgets.
Now you’ve been paid in bitcoins, there are several things you can do…
5. Sell Your Bitcoins For Cash
If you don’t want to hold on to your bitcoins but would prefer some actual money, then that’s easily done too. You can just sell your bitcoins on an exchange or for person-to-person buying and selling (LocalBitcoins) or go to a bitcoin ATM and sell them there.
No matter what you do with your bitcoins, as long as they are in your wallet, it means you own those coins! They can’t be taken from you or used without your permission.
You hold the private key which gives access to the bitcoin address, and this enables you to make all transactions with those coins.
6. Save Up Your Bitcoins
If you’re holding onto bitcoins for the long term, then it’s a good idea to not convert all of them now. Saving up your bitcoins will let you make more money in the future as the price rises over time. This way, you have fiat currency too that you can spend at any point in time, but if prices go down, it’s no big deal because you have a lot saved up.
7. Get Paid In Other Cryptocurrencies Like Ethereum
Who says you have to be limited to Bitcoin? There are many other cryptocurrencies out there that you can use to get paid for your work. Ethereum, Litecoin, and a bunch of others also have wallets where you can store your coins. You can accept those as payment too!
Bitcoin has proven to be a solid investment. The prices are always fluctuating but since 2009, the price of Bitcoin has gone up by leaps and bounds. If you’re willing to put in the effort, there is no reason you shouldn’t do your best to use Bitcoin as much as possible. Any job that can be done online can be paid for with Bitcoin. Even if you don’t want to use it as your main source of income, you can make a small investment and hope the price rises to make some money on the side.
Thank you for reading!