Bitcoin has been people’s favorite soon after it’s origin in 2009. Why it should not be? It has made the life of people so easy. People are done away with the needs of carrying cash, debit or credit cards.
It will not be wrong to say that even in the presence of fiat currency; cryptocurrency totally owns the economy like a boss. It is soon going to be the backbone of the entire world’s economy system.
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Apart from being used as a payment method for services and shopping, Bitcoin is now considered as a mode of payroll for employees per month. Though not all the companies are cool with this idea, but a very few companies are supporting Bitcoin and embracing Bitcoin as a mode of paycheck for their employees.
What is Bitcoin?
Bitcoin is a decentralized cryptocurrency. A set of computers that are connected securely works on the program of managing Bitcoin payments. Each and every transaction of Bitcoin is recorded in the official ledger of Blockchain. All the accounts and information regarding each and every transaction of Bitcoin is kept in records of Blockchain.
You can either purchase Bitcoin from crypto-exchange platform or even mine by solving mathematical puzzles for which you are awarded with Bitcoins. There are also wallets available for transaction of Bitcoin for both mobile and computer devices.
Moving ahead let me tell you about some of the amazing benefits of using Bitcoin as a mode of payroll.
- Lower risk for employees
Well, there is a good news for employees, if you are working for a firm and do not feel like revealing your account information. In case of fiat currency payment system, you need to tell the accountant all about your account details in order to receive the payment; however this is not the case with Bitcoin.
Bitcoin understands the need of security and privacy. Every time a Bitcoin transaction is made, it is made to an anonymous Bitcoin address and the address changes every time the transaction is made.
- High Security
Though being a cryptocurrency, Bitcoin is much more secure as compared to fiat currency. The cryptocurrency holders enjoy certain level of privacy and security as compared to debit, credit card holder. Unlike digital cash, the hackers are not able the intercept easily the account details of cryptocurrency transaction, making it hard for them to hack any of the crypto-trader’s account.
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- Lesser transaction fees
It is one advantage for the payer. The transaction fees of Bitcoin are very less as compared to transaction of fiat currency. The Bitcoin transaction fees are 000.1 to 000.3 percent of the entire transaction, whereas in case of fiat currency the transaction fees are as high as 30 percent of the entire transaction.
- No looking back!
It happens a lot in trade that the transactions made by debit and credit cards are reversed and it really hurts the business. It really feels bad to see that after the service is given and client has reserved the payment.
Well, not anymore! With Bitcoin there is no looking back, once you have made the transaction!
- Freedom from taxes
Bitcoin gives you the much required freedom from the taxes. There is no third party to track your transaction and charge you for your purchases. As the identity of buyer remains anonymous, the buyer needs not to worry about taxes.
- Anyone can own a Bitcoin
Bitcoin can be owned by anyone. It does not require ID proof or any documents. All you need is a Bitcoin wallet that will provide you with an address and you are good to go.
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