A recently published report by the recruiting company Hired indicates that the average Blockchain developer salary is as high as $165k on average. As AI developers get almost the same fair share of the market, blockchain developers still remain more paid and on demand.
More and more companies decide to offer interesting perks instead of just straight rising the monthly salary for engineers. And one of the most popular ones is offering to get paid in cryptocurrency.
Why Get Paid in Bitcoin?
There are various reasons why a person or an entity would prefer to use Bitcoins in their transactions. Among the reason for using bitcoin include:
- If a company is ICO-funded, i.e., all its holdings or a significant part is crypto, it has to make its transactions using Bitcoin.
- When a company makes international payments, it’s cheaper to use Bitcoin than fiat currency (regular currencies).
- Individuals can prefer payment in Bitcoin when traveling and would want to pay out to domestic banks worldwide.
- Some people lack a reliable banking infrastructure, so peer-to-peer (P2P) bitcoin-to-fiat trading could offer an advantage.
- A person can also opt to lock their bitcoin away and await their value to raise, if they show such a promise, to sell then and benefit.
- Other individuals don’t like banks due to personal reasons. For instance, they might want complete sovereignty over their money hence prefer Bitcoin.
- Tax avoidance.
How to Find a Blockchain Developer Job Paid With Cryptocurrency
Over time, there are technological advancements that have influenced cryptocurrency use. For instance, freelancers are increasing in number in the US and globally. Since cryptocurrency is close to a frictionless and borderless payment means, many opt to use it to pay for their services. There are online platforms where an interested person can search for a job and get paid with cryptocurrency. Examples of those sites include Crypto Jobs List, AngelList, People per Hour, Moneo, Hire Match, Blocklancer, and Bitjob.
Also, a person can work in the bitcoin business; hence they can connect with businesses hiring people for crypto.
How to Handle Getting Paid in BTC
- Utilizing educational resources – an individual can take a course or guide on how bitcoin works. Blogs about safely holding and trading bitcoin can also provide relevant information.
- It is choosing licensed exchanges that pays out in Fiat – e.g., Coinbase Pro and Binance platforms.
- Have records of your paychecks, e.g., invoices – it helps an individual know what they’re getting from your employer and track their income.
- When providing a wallet address, be sure to ascertain the deposit address is correct and the Wallet is secure.
- Check bitcoin going rate at the time your paycheck was sent against your expected amount
- Have a tax accountant who knows bitcoin
- Have a fair amount of savings in cash for a disaster scenario. How to store your funds
- An individual can use a Ledger wallet to hold the Bitcoin
Privacy and Security Tips
For additional security to your cryptocurrency funds, some tips may help:
- Secure Your Wallets – To have a secure wallet, you should find a company that offers extra security measures than a regular wallet provider.
- Back Up All Your Crypto Data
- It’s essential to back up the crypto data. If your PC gets hacked, or when your laptop gets physically stolen, you can get another one and restore the data. The data should be kept in an offsite place where it’s not accessible to hackers. Dedicate One Device to Cryptocurrency only – Basing all your cryptocurrency activities and operations on a single device adds extra security.
- Don’t Keep All Your Funds in One Wallet – The first Wallet, the hot Wallet, should conduct trading and transactions — the other Wallet, cold Wallet, or the cold storage, stores your savings.
- Avoid Public Wi-Fi since it can expose you to hackers
- Regularly Look for Intrusions – hackers can infect your PC and wait for the perfect time to attack.
Enable Strong Authentication – enabling a two-factor (strong) authentication is essential to your crypto security.
- Stay Safe Online – it’s not safe to follow any link, email, or invitation since some may have malicious reasons.
Secure Your Devices – It can be achieved through:
- An individual using a premium antivirus to protect their PC, mobile, or tablet against getting hacked.
- Setting firewall settings to a maximum security
- An individual having anti spyware software to check for malicious software regularly.
- An individual using a secure operating system.
Advantages and Disadvantages of Using Bitcoins
Since you now know about bitcoin and how to secure it, let’s look at the advantages and disadvantages.
- The User has more autonomy when using digital currency as compared to the other currencies. They can decide what to do with their currencies without interference from the government or a bank.
- Bitcoin purchases are discreet since they are never associated with the users’ identity.
- Peer-to-Peer Focus helps individuals to send and receive Bitcoin without limitation globally
- Users of Bitcoin do not pay banking Fees
- There are low transaction fees required for international payments
- Payments can be made conveniently from any place with an internet connection
- Bitcoins are more accessible as compared to traditional banking systems.
- The bitcoins can be compromised easily through hacking.
- Bitcoin price is volatile and keeps on changing and can make you lose some amount while transacting.
- There is a high risk of losing your money when expecting a better market, but it goes down.
- Many scammers can lure you into losing your money.
- You may be required to pay high taxes
- The Cryptocurrency community is incredibly unpredictable.
The world has changed, and there is an increase in digital currencies, Bitcoin included. Therefore, it is the duty of an individual or a company to be cautious not to lose funds in the process. There are also significant advantages of using Bitcoins. The information provided is vital for any person dealing with cryptocurrencies.
Latest posts by Alex Metzger (see all)
- 7 Types of Interview Questions to Identify Top Talent in 2023 - March 21, 2023
- Getting Into FAANG as an Aspiring Developer - April 13, 2021
- Blockchain Developers are Getting Paid in Bitcoin: Here’s How and Why - March 24, 2021