One of the advantages of using cryptocurrencies is its anonymity. This rationale is frequently missed in the hoopla generated by media sources and the financial industry, which is focused on price volatility. Prices are crucial, but it is even more vital to understand how to pay using cryptocurrency, which is increasing in popularity and traction.
Media panicked when Suárez, Miami's mayor started taking his salary in Bitcoin. The mayor's proved true on this standing while keeping his city payments in Bitcoin even after the bear run hit on.
Let's learn why influencers are so enthusiastic about taking their payments in cryptos.
Why Influencers/Celebrities Prefer Crypto as a Payouts
Here are some legit reasons:
Cryptocurrency is anonymous since it is decentralized and does not need user identification. This helps you conduct your financial affairs in personalized and controlled way. Some would claim that cryptocurrency is pseudonymous since your wallet address can be used to identify you if that information is ever made public.
Many banking services charge you or the business you're shopping at to make or receive payments. Because cryptocurrency is peer-to-peer, there are fewer costs; think of it as cheaper for all parties engaged in a transaction.
We are seeing a trend with social media influencers such as famous YouTubers in Andorra, an autonomous territory next to Spain where several influencers have moved because of tax advantages.
High-risk industry employees ranging from cannabis to adult entertainment to so many others prefer to be paid in crypto because banks are still shutting down their bank accounts.
Companies use stablecoins when offering payouts, therefore, protecting the employee from any crypto pricing volatility.
The peer-to-peer nature of cryptocurrency eliminates the requirement for a third party. Without using any additional services, you may send or receive money from anyone.
You may use cryptocurrency to make or receive payments anywhere you have an internet connection.
Many people lack easy access to financial services like banks and lending institutes. However, the majority have mobile internet access. This enables anybody to make and receive payments, create or receive loans, and access financial services from anywhere in the world.
Payment providers and companies should offer the option to their employees. Crypto payouts are becoming a trend. If any emerging platform adopts this feature as a growth tactic, this will work, and the existing giants may lose a huge chunk of influencers in no time.