Bitcoin Payroll with Benefits




Crypto is shaking up our concept of money. Bitcoin (BTC), the leading digital currency, reached a historic high in November 2021, surpassing USD 68,000 in value. Companies like Tesla and Microsoft have announced plans to accept Bitcoin as a standard means of payment for products and services. So if you can buy things with crypto, can you get paid in it?

The short answer is yes: some companies now offer their employees the option of getting paid in bitcoin (or other cryptocurrencies). Crypto payroll is an exciting in-road for employees looking to break into digital currency. But regulations around cryptocurrency are complex and still in flux. If you’re interested in offering your employees and contractors crypto payroll, you’ve found the right guide. We’ll explore:

  • How cryptocurrency works in global payroll
  • The current regulatory landscape on cryptocurrencies
  • Problems that global payroll needs to solve before the bitcoin wallet can replace the bank account
  • How Deel is integrating crypto into payment systems

Advantages of cryptocurrency in payroll

Getting paid in bitcoin is appealing for many workers because it offers near-instant transfers and low fees. These advantages make it especially compelling for international freelancers, contractors, and employees:

It’s fast

Cryptocurrency’s most significant benefit is speed: transactions settle almost instantly, compared to traditional SWIFT Transactions, which can take weeks.

It’s direct

Crypto transactions take place on a peer-to-peer network without an intermediary financial institution. If I send you bitcoin, it goes directly to you. Thanks to the peer-to-peer structure, all Bitcoin transactions are permanent, visible.

Crypto’s peer-to-peer network sidesteps centralized authorities that control the supply of traditional currency, like banks and governments. In other words, crypto’s value is independent of government or financial institutions. 

It’s an investment

Unlike traditional fiat payments, crypto has the potential to rise in value. Employees could end up collecting far more than their base salary if the value of crypto appreciates. (Of course, it also has the potential to depreciate over time, which we’ll discuss below.)

It’s enticing

Almost nine in ten American adults say they’ve heard of crypto. Many employees, contractors, and freelancers alike now pursue crypto payments. A signing bonus paid in crypto could make for an attractive offer. And flexible payment options like crypto withdrawals might allow the company to stand out from its peers and attract talent.

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