Though for decades the idea of remote work seemed unsustainable, it has moved to be a regular business practice over the past few years. Many major companies in an array of industries now have vast remote teams. When you work remotely, most companies offer you the option to be paid in various ways, including cryptocurrencies.
Cryptocurrency is a relatively new payment method, and we want to make sure you understand the ins and outs of using this payment option. We want you, as a member of a remote team, to feel confident when working with crypto.
No matter what industry you are in, whether you are a remote engineer or a programmer, you may find yourself having the option to purchase cryptocurrency like a stock-like option or even being paid in it. So, what exactly is cryptocurrency? The short definition is that it is a digital currency that is decentralized and is founded on the computer science of cryptography.
Let us break that down a little further so you can have a more comprehensive understanding of the currency. All cryptocurrency is decentralized, however, it does not that all cryptocurrencies have not been issued by any government or bank. The cryptocurrency is controlled from beginning to end by those that use it.
On top of this, the currency is digital. Many of them are not based on any traditional monetary scale, like dollars or gold. It is created using math and a network of computers, making it the same process no matter where you are in the world.
When it comes to remote work and having teams distributed around the world, there are a lot of reasons cryptocurrency can be advantageous. Here are a few we think might pertain to you as tech talent:
More and more cryptocurrencies are being put on the market all the time, but a few are more dependable than others. These, for the most part, are cryptocurrencies that have been around for a while. Some of the most trustworthy options include:
There is a wide range of other options; these are just the most popular, reliable, and stable.
Like with anything in life, there are always risks when using cryptocurrency. We know that you won’t feel comfortable diving into this pool if you don’t understand those and the benefits.
So here are the most significant risks when it comes to cryptocurrency:
So is it safe? Blockchain technology can actually be very safe and secure and the volatility of cryptocurrency can be offset with stablecoins. Some say it is even safer than online banking with a traditional bank. Because of the ability to track the transactions so easily, it is often simple to find issues that can arise and fix them. There are risks, though, as we just mentioned, and you have to be vigilant.
USDT is what the crypto word called a stablecoin. This type of cryptocurrency keeps a fixed value according to a fiat currency, crypto active, or commodity. No matter what currency the coin is tethered to, the coin will keep the value it started with. This makes the price fluctuation more predictable and not as volatile.
Like with all cryptocurrencies, USDT can be sent anywhere and at any time. It can also be used to shore up your investments with other cryptocurrencies. You can trade in one and then convert to a USDT to maintain better stability of your bottom line.
USDT has an almost 1:1 relation with the dollar, making it safe and stable to use.
When you use USDT, you will find yourself confronted upon transfer with three chain options. Each has its own features, and we wanted to give you a look at some of the biggest, so you will understand which one will be the best for you:
At Nexton, we use TRC20 to do crypto payments to our team members and interviewers. We assume this cost, so whatever you bill us will be accredited in your wallet.
When dealing with digital currency, you will need an excellent virtual wallet. Several options will work well with trading USDT and TRC20. Find one with a wide range of USDT options while also handling a variety of other cryptocurrencies, so you have choices.
Here are a few of the best wallets:
This depends on the third-party app you choose. You can sign up for several accounts that can help you transfer these funds into your traditional bank account.
The first step will always be to sign up for the service and set up your account. Then you will send the request to redeem your USDT to the exchange. After which, once approved, these USDT coins will be transferred to your bank account.
Whether you are a remote team member or an external interviewer, we know you want security when it comes to receiving your money, which is why we have added the USDT crypto payment option for our team and our external interviewers.
Hopefully, this quick guide to cryptocurrency has helped you understand the benefits and how to use this form of currency. Now you have an idea of what cryptocurrency is and so much more. It is a viable option for trading and getting paid for your work. If you are interested in switching to this method reach out to your point of contact at Nexton.