The discussion of cryptocurrency’s mainstream adoption has been going on forever and the only way to turn it into reality is by finding the easiest mass influential method.

Salary in Bitcoin?

That is the demand of Canadians at the moment. A survey of 1000 Canadians brought to light the demand and current use of cryptocurrency in the country and what they expect from the future.

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Your Capital is at Risk

Presently crypto payments aren’t accepted by every business in the country.

Although some retailers do accept crypto currently, it is yet to be accepted conventionally. And the process would have to start with none other than the king coin, Bitcoin.

Of the surveyed individuals, about 81% of them had used Bitcoin at some point in their life. Following by a gap of 33% is Ethereum which holds about a 48% usage domination.

Other altcoins used by the focus group included Dogecoin which was used by 28% of people, followed by Litecoin and Cardano at 18%

And their usage comes from the fact that 2021 had crypto hyped the most ever as over 58% of the users jumped into this space less than a year ago. Only 4% of the 1000 individuals were truly dedicated users as they had been using crypto for more than 5 years.

The duration of crypto being used | Source: Capterra

Alas, most of those who entered the crypto space did not join with the intention of truly utilizing the strengths of this technology. About 58% of respondents said that their motivation was to make profits through cryptocurrency.

However, some 26% of them truly looked forward to escaping the clutches of the regular banking system, and being paid in crypto would certainly enable them to do so.

Reasons for why cryptocurrency | Source: Capterra

This particular reason has been driving not just Canadians but also people from other countries to be paid in crypto.

Earlier last year Australian companies too began paying a portion of their employees’ wage in crypto. And the year before New Zealand made it legal for salaries to be given using digital currencies.Advertisement

But This Is a Matter of Concern…

While 64% of the respondents refrained from using crypto due to a lack of knowledge, another 44% feared the end of cryptocurrencies’ demand in the future.

Reasons for why not cryptocurrency | Source: Capterra

Although another reason why being paid in cryptocurrencies such as Bitcoin and Ethereum would be risky is the rampant volatility of the market.
Within the span of just the last 3 months, Bitcoin shot up by 65% to touch $67,500 and then dropped back to $41.9k as of press time.

Bitcoin and Ethereum’s volatility – Source: FXEMPIRE

Thus, maybe looking into a more stable form of cryptocurrency such as stablecoins (USDCUSDT, etc.) would be advisable for paying wages in crypto.

Source https://www.fxempire.com/news/article/over-64-canadians-desire-to-be-paid-in-cryptocurrency-as-per-survey-870843

By block head

Block Head is a blockchain journalist.