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How to get paid in cryptocurrency

08.08.2019
Bitcoin, Business, Crypto-currency, Finance

Stories that Bitcoin is difficult to withdraw and nothing to spend on are not relevant for a long time. Today, digital coins have become an everyday payment tool, and people of different professions around the world receive rewards in cryptocurrency for work.
Recently, a new resource called Bitcoin Salaries has appeared on the network. It shows the salaries of famous athletes and Hollywood actors not in dollars, but in bitcoins. For example, if Lionel Messi received a reward in the main digital coin, then his annual salary would be 12 615 BTC, and for Cristiano Ronaldo - 10 827 BTC. Kim Kardashian would have received 7152 BTC in 12 months of work, and actor Johnny Depp - 3278 BTC.

In fact, the fees of most of the stars represented in the rating are not yet calculated in cryptocurrency, although there are exceptions: for example, the rapper 50 cent earned more than $ 7 million on bitcoins. There are also those who officially declared their desire to receive rewards in digital coins, as they did NFL League players Russell Okung and Matt Barkley this May. True, their public statements did not produce a result. After all, the number of employers who agree to make such payments is not growing as fast as the number of applicants. Another factor is the uncertain attitude of different states towards cryptocurrencies, as well as the high volatility of digital coins.

How do regulators relate to cryptocurrency salaries?

The legislation of each country prescribes certain requirements for the minimum wage and forms of payment. For example, in the United States, the Fair Labor Standards Act (FLSA) states that benefits should be paid to employees in cash or by check, although other forms of payment can be agreed upon if desired. Employers can pay part of the amount to employees in cash or by check, and part can be paid in cryptocurrency. However, some states have different rules, and wages in them can only be represented in US currency. Moreover, if the US Securities and Exchange Commission (SEC) nevertheless recognizes digital coins as securities, then employers will have to comply with additional laws, and this makes accounting difficult at times.

In countries that are more loyal to the digital industry, not everything is simple with payments in cryptocurrency. So, in Estonia and Lithuania it is impossible to give the full amount of wages in digital coins. Only part of the funds - above the established minimum - can be paid in an alternative form. But in cryptocurrencies, they can give prizes of any size. These countries have a special approach to taxing altcoins. In Lithuania, money received in bitcoins or other coins is considered working income and taxed in the same way as regular salaries. There is no income tax in Estonia, but there is a social tax and a profit distribution tax, which includes cryptocurrency.

In the labor code of the Russian Federation in the chapter on wages there is not a word about cryptocurrencies, but there is a clause that all conditions, including types of funds and the form of payments, should be specified in the contract. However, until digital money in Russia gets a status, they won’t even be able to officially formalize the payment of a premium. Last summer, the Ministry of Finance published a letter on taxes on earnings on cryptocurrencies. They are guided by the Federal Tax Service and other inspections when checking income and declarations. Income from a new type of asset is taxed on personal income.

Which employer is willing to pay cryptocurrency salaries?

Those companies that are not afraid of high volatility and problems with regulators can use digital coins to get rid of high fees for money transfers and simplify the remuneration system for freelancers and remote workers.

Basically, companies that work in the digital industry and receive most of the income in bitcoins or altcoins, go to pay for cryptocurrencies, but there are exceptions.

In February last year, representatives of GMO Internet announced that they began to pay employees part of the salary in bitcoins. Wirex employees can independently choose in what form to receive a salary - in bitcoins, dollars, or switch to a mixed form of payment, when part of the earnings is given in dollars and the bonus in bitcoins.

On their own initiative, several Buffer specialists began to receive part of the payments in bitcoins, which they openly talk about in their blogs and social networks. Developers of the platform built on the public blockchain golos.io also receive a salary in cryptocurrency. And there are quite a few such companies today.

Where to find a job with earnings in cryptocurrency

There are several platforms on which you can find interesting vacancies with rewards in bitcoins and altcoins.

Bitgigs.com is a message board for those who are willing to pay or receive rewards in bitcoins. Resumes and vacancies are not tied only to the IT sphere; there are offers for musicians, advertisers, videographers and designers.

Coinality is a platform that brings together employers and job seekers. Salaries are represented here in Bitcoin, Litecoin, Dogecoin and sometimes in Ethereum.

Сryptojobslist - here you can find job offers from developers of well-known cryptocurrency projects and exchanges, such as Kraken, Ethereum, Tradeblock, BitPay and others.

Crypto.jobs is a service for those who want to work in the field of blockchain technology or are looking for specialists in this matter. Often there are offers with rewards in cryptocurrency.

Cryptocurrencyjobs.co is another popular platform for those who are looking for work in the digital industry and earning in the cryptocurrency.