Requesting to be paid in Bitcoin
Hi everyone,
Like I mentioned in my previous post, I lost my job due to the coronavirus and today is my last day. My place – I live in the Philippines – is going on lock down in 2 days and I hope my last pay will be on my account by then.
The thing is: I am growing concerned that the bank will shut down or limit the amount you are allowed to withdraw. The pandemic situation isn’t getting better yet, and we do not know if it will in the near future. In that case, leaving the little money I have in the bank is a considerable risk for me.
Since pretty much all governments are starting to print money like crazy, and I do not think any savings in USD or any local fiat will be safe either. I do not mind, however, storing USD as DAI for the simple reason that it will be easy, fast and relatively cheap for me to convert it to Bitcoin if the inflation starts to kick in.
Plus it will be necessary to protect myself from volatility as well.
I have decided to request to be paid in BCH/DAI.
Most companies hiring on upwork are small to medium businesses that might be willing to accommodate if they are eager to hire any particular employee – and I believe I have what it takes to make requests.
However, I understand most companies won’t go through the hassle of dealing with cryptos volatility, which will mean ever fluctuating wages, ie a nightmare for them.
So I have thought about a possible solution:
Let say the company agrees to pay me 1000 USD per month. I could request for them to make 1 purchase of 1000 USD at the beginning of the month, at whatever price BCH is that day. Then divide the amount of BCH they got by the number of days I will work during that month… And then send my salary every day, or week – depending what we agree upon.
For example, let say the company hire me today. They will purchase 1000 USD worth of BCH at 220 USD per BCH for the first month – basically 4.5 BCH.
That amount of BCH will be my salary for the month, whatever the price fluctuation will be during the month. If I work 20 days this month, I should get 4.5/20 = 0.225 BCH every day, or 1.125 BCH every week (as I will only be working 5 days a week).
I could then protect myself from the volatility by saving a part - or all of it - in DAI as soon as I get paid.
Basically it is a way for me to bypass the banks all together and to get a sound form of money for my work, without asking anyone else to deal with the crypto volatility.
Of course, if my employer is crypto savvy, I could ask him to pay me directly in DAI and avoid this scheme all together.
Any thoughts, comments or suggestions will be greatly appreciate, as I will start my interviews very soon.
Take care!
Just lost my job today
Hi everybody,
This post was not created to inspire pity, nor it is a way to covertly ask for financial support from this community. I am looking for none of that. Kindly keep your tissues and your wallets in your pocket.
My name is Emmanuel, I am a french guy living in the Philippines for the past 12 years or so and I am also the father of 2 beautiful kids. I am saying that to explain in what situation Im in right now - and also to excuse my questionable English.
Since I am not a Filipino citizen, I do not have access to any financial services in the Philippines beside a regular bank account, and since I do not go back to France regularly - I came back only 4 times in 12 years - I do not have access to any financial or social services in France either.
And I take pride in not asking for that. I grew up in a general distrust of governments and financial organizations, and I never had an "assisted" mentality. Even when I was living in France, I never asked any reimbursement from the french health care even though I was entitled to it. However, I am not rushing to pay taxes either.
What I have, I earned it by creating businesses or by working for other people. That is how I have always done things.
No wonder I ended up in this space.
Now I work online. I have built small businesses and a big youtube channel at some point, but a few months back I decided to sell my main business to invest more heavily into crypto. It was clearly not the best time to invest, but I know what I am doing. I've been in this space since mid-2016, and I think I understand the potential this space has to offer.
That is why you don't need to worry about me today. I do have some money aside. However, when I sold the business and invested, I decided to take a day job online to secure an income for my family while this space develops.
I just lost this safety net due to the virus today. That is why I decided to exchange some of my crypto holdings into DAI to make sure to have enough if times gets real ugly.
And boy oh boy, once you really need to get to your funds quickly, you realize what works and what is just a smoke screen.
This morning, I realized Ethereum was the project giving me the most options in the shortest amount of time, and without outrageous fees.
I like Tezos for the on-chain governance success, however this project is no use to me *right now*. Eth might be governed by a herd of unicorns, but it works.
I will surprise no one here if I told you the user experience of BTC was just too slow. It is not the project I invested in back in 2016 anymore.
BCH is clearly the easiest and fastest to use, and as soon as they add the option to switch from BCH to USDt from within the bitcoin.com wallet, it will be even more useful - I simply cannot wait for that.
Bottom line is: In the situation I am in today, I do not want to leave any money in the banking system - however, I cannot take the risk to have all my savings take a 20% drop within a few hours.
For the same reasons that I do not want my money in the banks, I do not want my money on exchanges. So I need to take advantage of the Defi ecosystem that is *thank god* (god is probably a group of devs) available to us today.
I need to be able to access my funds fast, and to be able to send and receive money in a fast and reliable way. So here it is:
To use as a currency: Bitcoin cash. To use as my bank, Ethereum's defi. To store my value short term: USDt, and DAI.
The rest, I will drop for now until this shit show stabilize a bit.
Hope this whole situation resolves fast. Keep safe out there!
A quick introduction
Hi Everyone,
It is the first time I decide to participate in a community. As a quick introduction, I’m a French guy living in the Philippines for the past 12 years. I discovered bitcoin in 2016 and have been addicted since.
At the time, I was running a popular French YT channel and made a couple of videos early 2017 to spread the word to my community (https://www.youtube.com/watch?v=UJlz8nLTxFI). Mid 2016 to early 2017, nobody was talking about bitcoin as a store of value without talking about its use as a currency as well.
Since then I saw the chain split, the community split, and the rise of speculation. I saw the segwit 2x bullshit, I saw the dispute over the name and ticker, and the rise of the “let’s never use bitcoin” narrative.
It simply doesn’t make sense to me… No matter how scarce the unit of account is, what is the value of a ledger with no transactions in it?
Like many of you, I've been through all the emotions described in the wall street cheat sheet. The sharp rises of the price followed by the slow and depressing falls kind of killed the speculator in me… But it never changed my belief in this technology. Bitcoin is the money of the internet, and as long as internet exists, bitcoin will make sense.
At this point in time, Bitcoin Cash is the best version of bitcoin in my opinion.
BTC isn’t trying to make things easy for any business, so let hodlers hodl, I guess...
BSV could be interesting as well, as a few intelligent people are working on it… but the fact the CSW is involved is a big red flag at the moment.
BCH is the most straight forward, welcoming to new business, newbie friendly version on Bitcoin, and I think that is what is needed.
I believe that we are right now in the calm before the real storm. Bitcoin was created to fight what is coming, and it is time to give the regular folks the practical knowledge for them to have an alternative to the current financial system.
I always wanted to get involved in this space, but I didn’t know how. However, I had an idea a few weeks back that uses BCH and SLP tokens in a new way that could create jobs and help the whole crypto community at the same time. I need to put some orders in my thoughts first, but I will write about it soon to get this community feedback.
I just wanted to introduce myself to you all.
Talk soon.
@Emmanuel1985