(Image from CNBC)
Do you know you can even pay tax in Bitcoin in some countries?
My first encounter with Bitcoin was when I hired a developer who was based in Brazil and he asked if I could pay him in Bitcoin.
(Subsequently in 2010 and 2013, my hedge fund received offers to invest in Bitcoin as well)
I couldn’t understand why he would ask me to pay in Bitcoin. Neither do I know where to get Bitcoin to pay him.
Fast forward today, I am in the process of hiring 200 people from 100 countries under LATTICE80 Fintech Hub and I am paying most of the current team in cryptocurrencies. (not in Bitcoin in most cases though.)
Why am I using Cryptocurrencies to pay them instead of using banks or even Fintech services?
1. My team prefers to get paid in crypto tokens and I can file it properly.
The reason my developer wanted to get paid in Bitcoin was simple. It is faster and cheaper. Yes. Bitcoin is volatile but often than not, it is lesser volatile than their own currencies in many countries! (Surprised?!)
2. It is faster and easier than bank transfer and Fintech services.
It is faster, cheaper and also much more transparent. (There are even more options than Bitcoin and Ether now)
Most of the time, I have no problem with Banking and Fintech services but whenever something happens with the money transfer, banks and occasionally fintech services, do take a very long time to track the fund back. They may ask you to pay for it too!
Do you know every single transaction of Bitcoin is on the public ledger and everyone can see? Yes. Sometimes it is very TOO transparent.
3. It is the future of banking transactions.
What is the technology we have now? Something we can track every single cent transaction? From the time the money has been created till now? Yet affordable?
I guess Blockchain / DLT will be the single most affordable yet scalable technology we have to solve most of the compliance issues. (Not just fixing problems but sustain the system economically till we can cover all the single transactions.)
I urge all the bankers, entrepreneurs and central banks to look into it.