Human Resources




Would you pay salaries in cryptocurrencies?

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With the active development of the cryptocurrency and blockchain economy in the last two years, how soon will it be till employees are paid in bitcoin or other cryptocurrencies?

According to a new survey by ChronoBank, majority of employees would be willing to receive part or all of their wages in bitcoin or other cryptocurrencies; yet businesses lag behind despite the perceived benefits such a move would offer.

Surveying cryptocurrency enthusiasts over the world, 66% of those surveyed would be willing to receive wages in cryptocurrencies and 83% were more than happy to receive their bonus payments in cryptocurrencies. However, 72% of respondents stated that employers never offered them to switch salary to payments in cryptocurrencies.

In the field of HR, the majority of respondents are confident that the blockchain will be used as a secure system for payments. About 23% also believe that the blockchain will not be limited to this sphere and will allow employers to verify the data of employees using this technology.

Access to quick and convenient money transfers was perceived as the main advantage in paying salaries in cryptocurrencies. Half of respondents also believe receiving a salary in cryptocurrency would help them spend less and only 19% would use it to make transactions. The reason being – if they left their crypto in their wallets, there is still an expectation that the value would increase.

That said, there are also risks to receiving salaries in cryptocurrencies, including price volatility and falling victim to hackers. Almost half of the respondents (49%) are much more concerned about the price volatility of digital assets. Younger people in particular (18-24) are more concerned about price volatility (44%) than being the victim of an attack by a hacker (34%).

Photo / 123RF

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