Understanding the unique setup of crypto and tech job opportunities and knowing the advantages of crypto wages helps with assessing whether pursuing a career in crypto is the right fit.
After all, the crypto job market is highly competitive, particularly because it is one of today’s fastest-growing industries.
This article will delve into the crypto and tech job market in general, including the pros, limitations, and potential hurdles associated with earning crypto wages.
Crypto and Tech Job Market Overview
The crypto job market entails skills and a considerable background in the following:
- Blockchain architecture
- Computer engineering
- Software development
- Coding
- Programming
- Cryptography
Some of the highest-paying crypto jobs include blockchain consultant, cryptocurrency analyst, cryptography specialist, data analyst, and crypto operations manager.
Applicants seeking to pursue crypto-related careers will have to be strategic with the timing of their applications. When crypto prices are at an all-time high, it paves the way for several new crypto startups to open doors for new careers.
Contrastingly, the decline in crypto prices could potentially lead to the failure of crypto companies and mass layoffs. A consistently low inflation rate is needed to ensure a more stable crypto job market.
Meanwhile, tech skills remain in demand despite mass tech layoffs.
Companies will continue to hire applicants with tech skills, whether for full-time or part-time positions, to remain well-equipped and maintain their competitive edge.
Crypto Wages as a Solution for Attracting Top Talent
Crypto wages, or crypto payroll, involve the use of cryptocurrencies to compensate employees. Bitcoin, Ethereum, Solana, and Cardano are some of the most common types of cryptocurrencies used for crypto wages.
At the same time, tech professionals and Gen Z workers are more inclined towards incorporating digital innovations into their regular routines. As such, it is not surprising that they would prefer getting paid in crypto, and tech companies would want to use crypto payroll as an opportunity to attract and hire more new talents.
Crypto Wage Advantages
Let’s go over some of the biggest advantages of getting compensated for your work in crypto:
- Quick and direct. Crypto wages can be sent directly from employer to employee, thereby eliminating the need for third parties such as banks to transfer funds. While crypto wages are sent directly into employees’ digital wallets, employers and employees still have the option of creating crypto pay stubs to elaborate on every worker’s earnings and ensure a consistently hassle-free payroll processing.
- Cryptocurrency symbolizes a modern-day alternative to traditional wages, something that younger and more tech-savvy employees are embracing.
- Crypto payroll is free from the effects of setbacks involving financial institutions. The peer-to-peer setup of sending cryptocurrency means that workers compensated through crypto continue to receive their salaries without the need to worry about fund transfer hiccups on a local or global scale.
- Lucrative investment. Getting paid in crypto unlocks profitable opportunities. Whenever crypto undergoes a price hike, employees on the crypto payroll end up receiving twice or even thrice the original amount that they make on a regular payday.
Crypto Wages vs. Traditional Salary
Is getting compensated in crypto wages better than getting paid via traditional salary?
Firstly, traditional salaries are more secure and comply with international regulations on user security and protection. Traditional salaries are also less susceptible to sudden price drops.
Salaried employees receiving non-crypto payments get the same amount, whether cryptocurrency increases or decreases in value.
On the other hand, crypto wages are arguably more convenient and, as mentioned before, free from the restrictions of third-party institutions. The flexibility of crypto payroll embraces a more distinct work setup for independent contractors, freelancers, and part-time workers.
Crypto Wage Successful Implementation: Case Study
There are a number of companies that have successfully integrated crypto wages and received positive feedback from both critics and their employees. An outstanding example is GMO Internet Group.
GMO Internet Group is a Japanese company focused on Internet infrastructure, cryptocurrency, internet financial services, media, and online advertising. The company began using Bitcoin to pay its employees based in Japan.
According to GMO Group’s spokesperson, the integration of crypto wage into their payroll was voluntary. Employees were given the freedom to accept or decline part of their salary in Bitcoin payments. The company also announced that it would offer a bonus to employees who volunteered to get compensated in crypto.
GMO Group paid partial bitcoin wages that ranged from 10,000 yen ($88) to 100,000 yen ($890).
Crypto Wages Concerns and Limitations
Some of the potential issues that may affect a supposedly smooth-sailing crypto payroll process include:
- Capital gains taxes are imposed on cryptocurrency earnings. Not only that, employees who receive crypto salaries must report the value of the cryptocurrency paid by their employer at the time that they received it. The IRS also requires reporting the changes in the digital currency’s value when sold.
- Price volatility. The value of cryptocurrency is inconsistent. If it undergoes a price pump, expect the increase to last for a couple of months at most. Crypto prices change so drastically to the point of becoming unreliable for day-to-day lives for many people.
Final Thoughts
Crypto is no longer a new concept that raises all kinds of speculation and doubts among the general public. In reality, crypto offers a glimpse of the industries and jobs that will possibly be more prevalent in the near future.
Companies that are yet to incorporate the use of crypto wages should remain open to the possibility of incorporating the said digital currency into their payroll. It has been proven to be an instrumental tool in attracting and retaining more qualified tech professionals who could help sustain and improve their business operations.
