Former Carolina Panthers lineman, Russell Okung became the first NFL player to be paid in bitcoin after converting half of his $13 million salary last December.
“People see this as a way to get a higher salary in the long term.
Even if you’re employer isn’t offering bitcoin as payment, you can convert your paycheck into crypto through a third-party service.
Usually, if your employer is offering the option, it comes at no cost to you.
Software-based wallets are usually free while hardware-based wallets can cost up to $200.
Coinbase also recently rolled out a direct deposit feature that allows users in the US to have their paycheck deposited into Coinbase and makes it possible to get paid in cryptocurrency.
That means the value of your payments can fluctuate at any given moment and you could lose a good chunk of your pay.
There are also fewer protections for bitcoin, leaving you vulnerable if you’re hit by a cryptocurrency scam or hack.
On the upside, crypto payments are immediate and eliminate the need to deal with a bank.
“This shouldn’t be the person’s only reserves, said Daniel Johnson III, a certified financial planner and founder of Refocus Financial Planning.
If you’re really intent on getting into crypto, first consider your financial situation and financial goals.