A recent study revealed that some people are not averse to the idea of getting their partial or entire salary in form of cryptocurrency and the number is increasing. However, is it really a sensible idea to have digital currencies as your sole source of income today?
The cryptocurrency space can resolve many problems and offer a flexible and excellent way of transferring value and money globally. Although, you may not be always able to spend it directly, it can be sold for a fiat currency for unlocking its value. So, what makes many people still resist the idea of accepting a digital currency as their salaries?
For a majority of people, it is not an issue to receive a small fraction of their earnings in the form of a cryptocurrency. They can even regard it as an attractive perk. However, it is a reality that several aspects of our lives today depend on what can be validated and tracked by centralized financial systems such as brokerage firms and banks.
Even today, most of these centralized systems around the world are completely unaware of the value of Blockchain/cryptocurrency assets. Such an attitude may trigger serious problems for those people who accept their salaries through digital currencies.
Purchasing Vehicles With Crypto Salary
A report published by Blockonomi stated that while purchasing a four-wheeler, people would normally try to get a loan from a bank or other financial institutions. A person needs to fulfill several criteria for being eligible to get the loan. Some of these are adequate cash for down payment, proof of income, and a reasonably good credit score.
In case a person wants to make the entire payment through cryptocurrency, he or she could sell them for a fiat currency in advance to purchase the car. If any major purchase needs to be made, a person has to sell his/her digital currency for a fiat currency many months in advance. It is to demonstrate to the bank that they have a stable balance.
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