What is a Bitcoin Employee Benefit Plan?A Bitcoin Employee Benefit Plan facilitates the purchase of bitcoin is held in individual accounts for those employees who wish to enroll. This offers employees the ability to be paid in bitcoin. It basically allows employees to be paid in bitcoin with a portion of their paycheck. With a Bitcoin Employee Benefit Plan and Bitcoin Savings Plan, one question stands out—why would an employee want to be provided bitcoin in the first place? In this guide, we’ll discuss more details on the Bitcoin Employee Benefit Plan and Bitcoin Savings Plan. Read on to learn more.
There’s no denying the many benefits Bitcoin provides. While everyone wants a piece of the Bitcoin pie, it may be difficult to do so for those who live paycheck to paycheck. A Bitcoin Employee Benefit Plan simplifies this by setting up a monthly benefit for employees that go right into their account each pay period. Rather than having the employees’ dollar cost average into bitcoin themselves, The process is streamlined. Those unfamiliar or new to Bitcoin and cryptocurrency will get a 5-week crash course on the subject. This Bitcoin educational course teaches them the importance of Bitcoin (more on this later).
With a Bitcoin Savings Plan, you can choose any amount of your paycheck to be converted into Bitcoin. There are no transaction fees either. Easily grow your bitcoin savings over time! New hires and veterans alike will love the Bitcoin Savings Plan. The more they understand the Bitcoin benefits, they’ll love accumulating this new money.
Why would employers want to install a Bitcoin Employee Benefit Plan in the first place? Why would an employee want to create a Bitcoin account too? From the employer’s perspective, a Bitcoin Employee Benefit Plan or Bitcoin Savings Plan is yet another way to entice and attract employees. Some will know the power of crypto and Bitcoin, while others will have their interest peaked.
Bitcoin has a finite supply of 21 million. This makes Bitcoin powerful to hold for the long term. Many see the grandaddy cryptocurrency as a store of value for this very reason. The purchasing power of fiat (US dollar) is on a steady decline. Hedge against this and inflation with Bitcoin. The good news is with a Bitcoin Employee Benefit Plan, you can start “stacking sats” on auto-pilot. Before you know it you’ll have a decent amount of bitcoin in your pocket. Bitcoin Employee Benefit Plan is technically a custodial wallet. This means you are not in full possession of your bitcoin. Thankfully, it allows you to move your bitcoin to a self-custody wallet.
As an employee, it makes sense for you to have a portfolio that is diverse. This is so you are not putting all your eggs in one basket. For example, you could have some gold, some bitcoin, stocks, ETFs, real estate, and NFTs.
Bitcoin was designed to be a peer-to-peer (p2p) electronic cash system. Rather than using it for strictly a store of value, you can use it to transact as you normally would with cash. Your bitcoin will have more purchasing power than fiat. You could also lock in your bitcoin and purchase a gift card from many merchants when the price is high. Another option is to get a Bitcoin debit card. This is another off-ramp for those who wish to spend their bitcoin. The best is when a merchant accepts bitcoin. This is especially great if you’re in a foreign country because you won’t have to deal with converting anything to the native currency.
When it comes to Bitcoin and crypto, you won’t have to wait very long for your transactions to show up. Things are a lot speedier with Bitcoin and you’ll avoid common banking costs too. Many times employees will have to wait for their paychecks to appear in the banks. With Bitcoin, it’ll arrive in seconds or minutes!
Don’t let mainstream sway you when it comes to Bitcoin and crypto. While you will want to learn good habits for security and privacy, Bitcoin is secure by default. As long as you hold your private key to your Bitcoin wallet, you’re good. Remember the mantra—not your keys, not your coins. The blockchain becomes more secure the more computing power is added to it. The blockchain allows anyone to see the public and open ledger at any time.
Bitcoin and cryptocurrency transactions are pseudonymous. This means that while you can see the transaction on the blockchain, no one will know any data pointing back to you.
If your company offers a Bitcoin Employee Benefit Plan, you ought to sign up for it. As you can see, there any many Bitcoin benefits to discover. Once you accumulate a decent amount of bitcoin, what can you do next with it? When the value is high, you could cash out and take out a loan.
Here at First Financial, we make the process easy for you.
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©1996-2023 First Financial®, All Rights Reserved. All other products and company names are trademarks of their respective companies. First Financial® does not provide any investment, financial, tax, legal or other professional advice. We recommend that you consult with financial and tax advisors to understand the risks and consequences of buying, selling and holding Bitcoin.*Not all lenders can provide up to $5,000. Must be 18 or over, outside of New York, South Dakota and Hawaii to sign up for a Bitcoin Savings Account.
