NB: Disclaimer "This is not financial advice. Please consult your financial advisor to associate the risks involved"
There has been a growing trend of companies attempting to pay their employees in cryptocurrency, but this has been met with a range of obstacles that have so far hindered its widespread adoption. In December 2017, GMO Internet Co. Ltd. announced its intention to pay up to 100,000 yen (around $900) per month in Bitcoin to its employees, causing a split public reaction due to the volatile nature of cryptocurrencies on the one hand and their potential for explosive growth on the other.
However, there has been a shift in recent months. According to Uphold, a digital money platform in partnership with Bitwage, a payroll processing firm, large corporations such as Netflix, Starbucks, Airbnb, and others already pay their workers through Bitwage, allowing employees to request that a portion of their salary be paid in Bitcoin.
There are strong arguments in favor of using cryptocurrency for payments within the gig economy, as blockchain-based technologies offer transparency, digital payments are faster, and there is the potential to bypass banking intermediaries. Additionally, the ability to enable secure peer-to-peer payments is attractive for all parties involved. The increase in freelancing positions over the past decade has also contributed to this trend. Saif Benjaafar, director of the Initiative on the Sharing Economy at the University of Minnesota, states that "this could be a win-win for workers and the platforms."
