If Someone Pays You In Cryptocurrencies, Should You Accept it?

CompareHero.my Team

CompareHero.my Team

Last updated 10 November, 2021

Just about every single day, you’re bound to hear some chatter around Bitcoin or other cryptocurrencies. As of September 2021, there are more than just a handful of companies that accept cryptocurrencies as payment methods. And recently, even the country El Salvador has adopted this new form of currency. It cannot be denied that this new form of asset is quickly and silently seeping into our daily lives one day at a time. 

Owing to that, technology-savvy companies are pushing this adoption even further by offering the option for employees to receive their compensation in cryptocurrencies. Although it may sound daunting, as we’ve been accustomed to bank payments for decades, it’s really not too complicated. 

By the end of this and after showing the pros and cons of getting paid in cryptocurrencies, you’ll be better equipped with the knowledge to make your own decision. 


  • Quick payments

It’s been known that you’ll have to wait a few days, sometimes even up to a week, to receive or make payments with a foreign bank account. But cryptocurrency doesn’t follow any jurisdictions or borders. So regardless of where you are in the world, the transaction will be passed from anywhere within 10 minutes down to a few seconds. 

Also, because you’re cutting out the middleman, you won’t be slapped with those pesky wire transfer fees anymore. 

  • Simplicity

Truth be told, your first interaction with cryptocurrencies can be quite nerve-wracking. After all, it’s still money that we can spend that we’re talking about. But the good news is that it’s not as complicated and intimidating as it sounds. 

All you need to do is really just sign up for a crypto wallet. If you’re living in a crypto-friendly part of our planet, it’s even better because you can just use that to pay for your purchases. In Malaysia, however, we still need to convert that back to fiat currency if we were to use it. But even then, it’s still just a click of a button on your smartphone. 

  • The pros of volatility

It’s true that cryptocurrency prices can fluctuate quite a lot, especially now that we’re still in the infancy stages. But that isn’t always a bad thing. 

The optimistic point of view of this issue is that because we’re still rather new to it, its full potential has yet to be realized. That means whatever cryptocurrency that you’re getting paid in stands a very good chance of having its value appreciated in the future. Particularly Bitcoin because of its nature of a limited supply of 21 million

This is the opposite effect of being weighed down by inflation. For instance, if you’re getting paid 1 Bitcoin today, which equals approximately RM190k as of 11 September 2021, this specific Bitcoin might be worth a lot more in 2 years. Who knows, your RM190k worth of Bitcoin in 2021 might be worth RM250k in 2022. 



  • The cons of volatility

Volatility can bite you too. 

It’s quite common to see Bitcoin having 10% fluctuations in a day. Simply put, if we get paid when Bitcoin is at $50,000 and it drops to $45,000 when we ‘cash out’, we’ve just lost ourselves $5,000 worth of money. 

This can be a huge issue as market timing can be extremely stressful and there is nothing we can do about it. It’s even more impactful when it’s the money we use to pay our bills. It’s completely rational as well because the statement “What if Bitcoin drops from $50,000 to $5,000?” is still a possibility. 

  • Vulnerability

When we’re talking about credit cards, Visa and Mastercard have zero-liability policies. When we’re talking about our money in the banks, we have the insurance of PIDM. But when it comes to cryptocurrencies, we are pretty much on our own. There isn’t any fraud protection money to call and there is no one to help you cancel the transaction. 

On top of falling prey to scams, it’s also common to have cyberattacks and having attempted hacks into your wallet. After all, everything is just on the screen. And the chances of recovering your money are slim to none, considering the fact that the hacker can be anywhere in the world. 


  • Tricky taxes

Bitcoin has been in our society for about 13 years, but it’s only recently that we’re seeing more spotlight on this new asset. Because of that, most governments have yet to be informed enough about it, and in return, it makes our tax paying difficult even tougher than it already is. 

If you’re planning to take the plunge and request BTC payments, it’s always better to get yourself an accountant that also has crypto experience. This itself might be another cost for you, so it’s up to you to decide if it’s worth it. 

As it stands, more and more companies are investing in Bitcoin and paying their employees with it. There is no telling if this mass adoption is a fad, but one thing for sure is that it is not slowing down anytime soon. If you agree that cryptocurrencies are the future, now is probably the best time to get paid in Bitcoin and be ahead of the crowd. 

Disclaimer: Neither CompareHero.my nor the content on it is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on CompareHero.my is for general information purposes only and is not intended to be personalised investment advice or a solicitation for the purchase or sale of securities.

Compargo Malaysia Sdn. Bhd. and/or its affiliates cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. CompareHero.my may receive compensation from the brands or services mentioned on this website.

Want to know more about cryptocurrency? Check out the article below:

Is It Too Late to Invest in Cryptocurrencies?

The CompareHero.my team is comprised of many talented individuals, sharing their knowledge, experiences and research to help others make better financial decisions.


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

Subscribe to our newsletter to stay up-to-date with exclusive money-saving tips & great deals