Whether you are a crypto fan or not, crypto is undoubtedly gaining mainstream popularity. As a matter of fact, crypto is set to disrupt traditional finance. One of its most attractive features is the ability to easily transfer payments across borders. More so, the elimination of third parties in transactions.
Its technology ensures enhanced security and efficient use of crypto. Hence, increasing the drive to invest in crypto. It is predicted that the dollar will have more in common with crypto than with silver or gold. Therefore, there is no need to doubt the longevity of crypto. Many countries are still crafting crypto regulations. However, this has not become a hindering factor in crypto adoption.
Therefore, Real Research conducted a survey to hear what the public thinks about receiving their salaries in crypto. This insight is a representation of the results derived from the survey.
- In particular, 51.63% ‘Highly Agree’ with receiving salaries in crypto while 21.48% say ‘Agree’.
- In the event a company introduces salaries in crypto, most respondents (56.52%) prefer getting BTC.
- To add on, 52.34% state they mostly consider the crypto regulations in a country before accepting it as salary.
- The majority (41.22%) agree to receive 10% of their salary in crypto.
Employees Opt To Receive Salaries in Crypto
Crypto is no new concept to the world. However, it has been gaining popularity over the years. Specifically, BTC surged in price and recorded an all-time high of $64,804.72. Hence, Real Research published a survey to know if the public prefers getting their salary in crypto.
As a matter of fact, 51.63% ‘Highly Agree’ to receive their salary in crypto. Similarly, 21.46% say ‘Agree’ meaning they are also in support of the idea. Results derived from the survey on receiving salaries in cryptocurrency show that people are positive about using crypto. Moving on, 15.32% are ‘Neutral’. On the other hand, only 5.95% ‘Disagree’ and 5.64% say ‘Highly Disagree’.
Also, the survey on receiving salaries in cryptocurrency sought to know if people have traded crypto before. Amazingly, 78.56% of the respondents said ‘Yes’. Meanwhile, 21.42% have never traded crypto.
Without a doubt, the world is experiencing a spike in the use of crypto. For instance, countries such as El Salvador have begun accepting BTC as a legal tender like the US dollar. More so, in Switzerland people can now buy BTC at railway ticket machines. Also, prominent figures and companies such as Bill Gates, MicroStrategy CEO — Michael Saylor, and Galaxy Digital Holdings are all great supporters of BTC. Hence, such moves and support make the world believe in crypto.
Bitcoin Is the Most Preferred Crypto Payment Method
Of course, BTC has a majority of fans in the crypto industry. Crypto is an invention by the anonymous Satoshi Nakamoto. Satoshi has created independent money free of any middlemen that empower people with financial sovereignty. Notably, a shiny statue of Satoshi Nakamoto in a hoodie with a BTC logo is now on display in Budapest, Hungary.
Results derived from the Real Research online survey show that people prefer receiving their salary in bitcoin. In detail, 56.52% opt for BTC if they are to receive their salary in crypto. In actual fact, BTC has spiked in price since its creation. No doubt, the majority prefer getting their salary in bitcoin. This comes as no surprise as BTC is the leading crypto by market capitalization and price.
Moving on, 12.05% prefer ‘PLF’. Following after is Ethereum with (6.23%). Then Binance Coin with (3.27%). PLF is the token that powers the PlayFuel platform. PlayFuel is a blockchain gaming mainnet. The platform brings the power of blockchain technology to the gaming world. PlayFuel allows developers to reward players with token rewards with real market value.
To add on, there are many advantages of receiving your salary in crypto. The Real Research survey gave a list of perks and respondents chose their most considered advantage. Amongst the advantages of receiving your salary in crypto, 55.90% say ‘Crypto can be used internationally and exchanged at any point’.
Also, 8.37% say that ‘Blockchain technology can raise the trust in payroll through its transparency and reliability’. Additionally, 7.47% state that ‘No third party is involved in controlling your finances. Even more, transaction fees of crypto are cheaper than that of a bank. Thus, there are many advantages of receiving your salary in crypto. Hence, many people are now adopting the use of crypto internationally.
Read Also: The Future of eCommerce and Blockchain
Crypto Regulations in a Country Determines the Adoption and Use of Crypto
Governments around the world are still trying to find ways to regulate the use of crypto. Despite a large number of crypto investors and blockchain firms, there is a need for clear regulatory frameworks. We are still yet to witness international regulations on crypto. However, looking at the evolving crypto landscape, this is likely to happen soon.
The Real Research survey asked respondents what factor they consider the most important before accepting their salary in cryptocurrency. Firstly, is ‘crypto regulations in my country’ (52.34%), the ‘value and popularity of the cryptocurrency’ (6.60%), and ‘tax for crypto in my jurisdiction’ (5.63%). To add on, 5.62% consider if the crypto has many use cases.
Without a doubt, crypto has gained a lot of attraction worldwide. Crypto has become a powerful alternative to state-backed fiat currencies. Countries follow various approaches when regulating cryptocurrencies. Nevertheless, there are some who are still skeptical about receiving their salary in cryptocurrency. Here are the reasons.
57.53% say its price is very volatile and unstable. Furthermore, 6.43% note that the processes on the exchanges are complicated. Following after, 5.83% express that they doubt the security of cryptocurrency because of rising news in crypto hacks.
Meanwhile, some say that Crypto use cases must increase to a level where they can purchase things and pay bills in crypto (5.28%). Also, ‘I will consider receiving salary in crypto when our central banks will start accepting them too’ 4.07%. On the other hand, 20.86% are okay with receiving their salary in cryptocurrency.
10% Of the Salary Should Be In Cryptocurrency
The survey results have shown that most respondents would prefer to get paid in bitcoin. However, Real Research asked what percentage would the survey participants prefer to receive in crypto.
Looking at the results, 41.22% say they prefer receiving 10% of their salary in crypto. Then, 10.92% say 50% of their salary, 10.73% prefer 100% of their salary and 8.33% say 20% of their salary.
In particular, many companies now allow payments in crypto. For instance, microblogging and social networking service platform Twitter now permits influencers to receive tips in BTC. Specifically, Twitter users globally on iOS devices can now send and receive digital payments. Also, Former Real Madrid striker David Barral is the first football player whose transfer got paid in BTC. Therefore, crypto use is becoming mainstream.
In conclusion, it is time that many companies introduce crypto in salary payments. Specifically, people’s interest in crypto has surged over the years. But the industry is still struggling with regulatory measures as it is constantly evolving. Thus, there are continued conversations about crypto regulation. Crypto use cases are gaining mainstream. It is thus possible for crypto to reach legal tender status just like fiat currencies in the future.
|Survey Title||Public Perceptions on Receiving Salaries in Cryptocurrency|
|Duration||September 23 – September 30, 2021|
|Number of Participants||50,000|
|Demographics||Males and females, aged 21 to 99|
|Participating Countries||Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.|
Real Research News is the media platform that presents insights and studies of wide-range of topics. It focuses on insights gathered from its survey app.