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Op-ed: Should I exchange one BTC for one month of labor?

Note: author of this op-ed is Shiliang Huang. He is an opinion leader in the Chinese bitcoin circle. According to the official statistics, the average annual  income of Chinese is 62,029 yuan, or ~5170 a month.

bitcoin freedom
Chapter 0 Introduction
In the last three months, the price of Bitcoin has been climbing upward all the way. Meanwhile the government imposed various regulations time and time again. In this context, I have been asked by a lot of friends: is it appropriate to buy Bitcoin now?

Chapter 1 Government doesn’t like Bitcoin

Do not touch Bitcoin, which is the advice from lot of celebrities and media, especially mainstream ones. If you are a follower of mainstream media, such as the hard-copy newspaper, I believe you must have seen news about Bitcoin and you are advised to stay away from it.
They have three major arguments:

  • High volatility
  • Just a speculation tool
  • Government would not allow Bitcoin to grow

These arguments are based on facts.
Volatility and speculation are two must-have features for anything to be an item of investment and shall be merits instead of bugs. Things without volatility would lose its charm. These should be common sense. Mainstream media advise people to stay away from the price fluctuations and speculative products as their target audience are those who have weak control over their own money. Those who could only allow positive return should stay away from assets with high volatility.
But Bitcoin is not just an asset of investment.
In the past two months, the PBoC tried very hard to interfere with the bitcoin market, which led to high volatility of price. This also confirms the reason why the mainstream media persuaded people to stay away from Bitcoin – the government would not allow Bitcoin to grow.
For the high-net-value celebrities, Bitcoin means nothing to them as their income and social status will ensure that they enjoy high quality financial services at all times. With 100 million dollar in bank account, they will be served with the best customer service in the bank. Any reasonable request will be entertained by the bank. However, they might need bitcoin when their fortune are going to confiscated by the country because Bitcoin is the most anti-regime property for now.
If you happens to be patriotic fans and recently likes to boycott Korean products, I don’t think you need Bitcoin as well. Because you believe that the government can protect everything that you own, and you also believe that there will be “no home without the country”. It’s natural for you to boycott something that your beloved government doesn’t like much.
If you are a monk that is satisfied with inner peace, Bitcoin is not your thing.
The core value of Bitcoin is that it is a kind of asset that really belongs to you. The real value of Bitcoin is a peer-to-peer currency. This is to say that Bitcoin allow two men to complete a transaction without the government backing or third party involvement. In other words, it is a property that is entirely of your own. The money you deposit in the bank and the property that you buy are actually in the custody of the bank and the state care, you can enjoy the essence of these wealth is the bank and the state also admitted. But Bitcoin does not need their recognition.
That is to say, if you are fond of liberty, you must like bitcoin.

Chapter 2 Bitcoin is indeed very expensive
At the price around 8000 apiece, bitcoin is equal to one month’s salary of most people. When you are going to exchange with something with one month of labor, it sure doesn’t look cheap.

The psychological movement of people who are always watching bitcoin price is like this: one feel regretful if the price goes up or lucky if price goes south. There is always a better entry point tomorrow and fear is always constant.
Regret and fear are the inevitable cost to be free. I have been there. I regret not having bought more when price goes up and fear the shrinking of my fortune when price goes down.
On the future of Bitcoin, I have strong belief that the following things will happen, which, of course, is only for your reference:
The government’s cash printer will not stop. There will be more and more RMB. This is the root cause why Satoshi creates Bitcoin, a digital currency that competes with the inflationary currency and cannot be shutdown even by force.
The popularity of Bitcoin is far from over. It is still the early age of digital currency adoption. Whenever we are talking about digital currency, we are talking about Bitcoin. Even at the current price of 8000 CNY, the number of wallet only amounts to millions. After the 21 million supply is securely locked by mathematics algorithm, the scarcity of Bitcoin will continue to exist in the long term.
I don’t see any potential rival to the leading role of Bitcoin in the cryptocurrency field. But I am also uncertain whether the situation remain unchanged in the future, at least I don’t see any challenger on the horizon. If you want to enter the domain of cryptocurrency, Bitcoin could never be circumvented.

Chapter 3 The government can suppress the price of Bitcoin

As the Chinese government further strengthens the supervision of Bitcoin, China’s major exchanges extends freezing of bitcoin withdrawal on Wednesday. Even Yunbi, the one exchange that insist on processing bitcoin withdrawal, succumbed yesterday. A vertical drop of 500 yuan was observed on Yunbi.
Unfortunately, if people are free to choose, Chinese may have more voice in the field of bitcoin with their hard-working spirit. The development of Bitcoin in China could have been faster and had the opportunity to become the center of the Bitcoin world. Unfortunately, Bitcoin looks evil in the eyes of the authority and it must be stopped.
The strength of market is very powerful. Capital is ubiquitous. As long as there is a tiny crack, capital will find its way in. The regulators can only suppress short-term price, the effect of which might be numbered in days.
Unless extreme measures are taken, like complete closure of exchanges, forcing all bitcoin transactions going underground; or mining farm are shut down and relocate overseas. This might have long-term effect.
You have to trust the instinctive craving for freedom of human being.

Chapter 4 Final words

Possession of Bitcoin is one way of having freedom, because Bitcoin can survive under mighty power.

COMMENTS(63)

  • BitcoinAllBot
    5 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • cryptorific
    5 months ago cryptorific

    Whatcha out buddy, you’re sounding a bit subversive, the pboc may not like it…

  • 8btccom
    5 months ago 8btccom

    So play nice to be liked by pboc?

  • hl5460
    5 months ago hl5460

    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

  • n0ne
    5 months ago n0ne

    If you feel yourself comfortable with the price then go for it. The price is quite good to profit you much higher, because we are in the zone were bitcoin is found above $1000 since February 14. So based on the needs its good to exchange to fiat, also etf approval is nearing which might give positive or negative effect though majority of users believe that etf gets approved.

  • Dudeperfect
    5 months ago Dudeperfect

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.

    I think in this year we might see some price fluctuations in the price chart and thus there will be some entry and exit opportunities. If you can manage to go with SIP (systematic investment plan) which focuses on buying in small quantities but in higher frequencies then you will have a good average price at the end. (It’s my personal opinion and do your own research before investing).

  • mobnepal
    5 months ago mobnepal

    I think yes you should as bitcoin price tends to go up with time, you may get more than what you have agreed in terms of USD by end of the month. Also i think you also save tax on your income if you get paid in bitcoin.

  • Dimelord
    5 months ago Dimelord

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.
    Just spend for your essential requirements like food,clothing and buy with the rest amount bitcoin,i mean 0.5 or 0.7.Just do it for two months and you will be having 1 bitcoin.Bitcoin has doubled in price over the last six months,and i hope your bitcoin would also double within this year.

  • buckrogers
    5 months ago buckrogers

    The way I see it, you are looking to gamble, or you wouldn’t bring this up.If you want to be in on bitcoin, then go for it, the trend is what it is, moving, always, right now its up, can it make more than 1 month’s FIAT salary? no one knows, and anyone who tells you otherwise is full of crap.If you can afford to try it for a month I say go for it, if not then don’t bother, you are basically gambling thanks!

  • Sundark
    5 months ago Sundark

    Never go all in with Bitcoin. Diversification of your investments is a key strategy. You don’t have to exchange whole BTC at once. While I personally believe that BTC is worth it and you will definitely profit, maybe not instantly but at some point in time for sure.Quote from: buckrogers on Today at 05:25:05 AM
    If you can afford to try it for a month I say go for it, if not then don’t bother, you are basically gambling
    It is not gambling, we can see patterns and charts of bitcoin markets. We know how bitcoin works and that BTC will be worth more in the future.

  • Schuyler
    5 months ago Schuyler

    That’s not a big decision to make at all, because it is an easy one. Go for it and work hard for that one bitcoin. If it’s going to be just a one month gig, then it is still ok. But if it’s going to be a regular job, then better so you could accumulate bitcoin faster than others could.

  • olyaru
    5 months ago olyaru

    Quote from: barnes13 on Today at 06:52:30 AM
    Don’t spend all your salary to buy Bitcoin, you can spend 30% from your salary to buy Bitcoin, 30% is like a save, buy the Bitcoin everytime you got salary and save Bitcoin more profitable than saving your money at Bank, with Bitcoin you have you get advantage when price of Bitcoin go up.
    Investments in bitcoin for the future are very effective. Of course the advantages of crypto currency are quite obvious and I think that you can save money saved in bitcoin. Virtually nothing to lose, because this money we still spend on bullshit.

  • hl5460
    5 months ago hl5460

    Quote from: maydna on Today at 03:06:21 AM

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.

    i think you don’t have to buy a whole of bitcoin but you can make order buy in small parts of bitcoin so you can have your salary to filled your need in daily. its not good to risk your salary just to buy bitcoin although you are tempting with the increasing of price and if you only buy bitcoin with your one month salary, then how you can filled your need for daily if you don’t have money to buy something? be wise and not too greedy just to see bitcoin price is good for now but its up to you, i only can give this advice to you and i hope you can understand.

    With such a high price, daily purchase seems to be too minute and withdrawal has become a big problem.

  • maydna
    5 months ago maydna

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.

    i think you don’t have to buy a whole of bitcoin but you can make order buy in small parts of bitcoin so you can have your salary to filled your need in daily. its not good to risk your salary just to buy bitcoin although you are tempting with the increasing of price and if you only buy bitcoin with your one month salary, then how you can filled your need for daily if you don’t have money to buy something? be wise and not too greedy just to see bitcoin price is good for now but its up to you, i only can give this advice to you and i hope you can understand.

  • RoommateAgreement
    5 months ago RoommateAgreement

    one problem with bitocoin only salary is that you need to spend money to stay alive! like buying groceries and paying the bills and stuff. and for all of these things you need fiat.so you either have to keep exchanging bitcoin for fiat and buy with it or you have to go through a third party that offers some kind of card you can use and end up paying higher fees.another problem is the price. lets say you got paid at 8000 yuan and 5 days later you wanted to buy something and price was at 7800 CNY what will be the plan!

  • pooya87
    5 months ago pooya87

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.

    that means going all in bitcoin and i never suggest that to anyone.price still is volatile and that makes it hard to rely on bitcoin as all your money to have and when the amount grows your headache grows with it also. because if you have for example 0.1BTC and price moves up and down then not much problem but when you have 1BTC or 10 and so on the smallest change is stressful unless you had that amount a year ago and are already in a huge profit which is not the case for monthly payments.

  • Warkop
    5 months ago Warkop

    I think it is a good thing to keep bitcoin today, and there is the possibility of bitcoin will reach higher in the future, but I think you do not need to buy bitcoin with the results of your money in the work, because it is a real result you can biyaya you buy needs your everyday, I suggest you better join the bitcoin signature lies in service compensation in one week I think it was enough for your storage during the show was still running.

  • Kakmakr
    5 months ago Kakmakr

    As with anything in life, you have to save for something, if you cannot afford it. I have a strategy that has worked well for me. I set aside a tiny portion of my salary every month for buying bitcoin. The thing is, I do not buy every month and this is where some people make the mistake. I save this extra disposable cash in a separate savings account, linked to my exchange. When I see a dip in the price, I buy low and when I see the price rise again I sell for profit. I re-invest that profit and buy when it is low again. ^smile^

  • Herbert2020
    5 months ago Herbert2020

    only for one month, then yeah why not. if one month payment is not life and death for you then yeah. but for many people who live from paycheck to paycheck and at the end of the month they have less than they spend it is not such a good idea.going in bitcoin should always be with money you can afford to lose. it is a great investment and a great currency but it is not free of risk. and the risk is not just about the price, what if you lost your private keys for example because of hardware failure or a fire.

  • erpbridge
    5 months ago erpbridge

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.

    Is it a one month deal or for long term ? Long term would be a foolish move to make as you would rather be going up or down due to the bitcoin price swings. Short term, its better than accepting cash as you can sort of skip the taxes for now and instead pay it forward or use it to pay your large bills with it. Will save you the taxes. Obviously, I don’t recommend doing this if your country has a strict tax policy. But earning and spending it in bitcoin itself, might save you from paying the taxes.

  • barnes13
    5 months ago barnes13

    Don’t spend all your salary to buy Bitcoin, you can spend 30% from your salary to buy Bitcoin, 30% is like a save, buy the Bitcoin everytime you got salary and save Bitcoin more profitable than saving your money at Bank, with Bitcoin you have you get advantage when price of Bitcoin go up.

  • Idrisu
    5 months ago Idrisu

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.
    One bitcoin for one month of labor is ok to me depends on what you will be doing. If you are specialize on a high demand course  it might not be ok as most programmers and medicals doctors earned three times of that. Again, if you are from countries like USA 1bitcoin may not be able to take care of all your need in a month. Though am happy people can now employed for bitcoin now.

  • ralle14
    5 months ago ralle14

    Quote from: Sundark on Today at 06:15:10 AM

    Quote from: buckrogers on Today at 05:25:05 AM
    If you can afford to try it for a month I say go for it, if not then don’t bother, you are basically gambling
    It is not gambling, we can see patterns and charts of bitcoin markets. We know how bitcoin works and that BTC will be worth more in the future.
    It’s still risky because the price could go down after a few days due to sec’s etf decision. Imo better wait for the sec’s decision before doing this because the decision can heavily give an impact to the price.

  • sportis
    5 months ago sportis

    Quote from: RoommateAgreement on Today at 04:16:40 AM
    one problem with bitocoin only salary is that you need to spend money to stay alive! like buying groceries and paying the bills and stuff. and for all of these things you need fiat.so you either have to keep exchanging bitcoin for fiat and buy with it or you have to go through a third party that offers some kind of card you can use and end up paying higher fees.another problem is the price. lets say you got paid at 8000 yuan and 5 days later you wanted to buy something and price was at 7800 CNY what will be the plan!

    If you read the article when @OP made his post you will understand that the logic behind this is not that he will work for one month and his employer will pay him with bitcoin instead of the usual fiat (here yuan) but only a comparison to understand more people the value of a bitcoin. Reading the article there is a paragraph stating that celebrities and media try to convince the Chinese do not invest their fiat to bitcoin speaking and writing only about the volatility and that government will not allow bitcoin to grow. The conclusion is the authorities in China are using any means to force people to stay away from bitcoin.

  • ivanst776
    5 months ago ivanst776

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    It’s based on your needs, I wouldn’t go for that don’t know why, I hate exchanging bitcoins for anything else as I want to just hold them.If you think you can afford it then go for it but try with a smaller amount, don’t go 100% because it is too risky and if the price crashed then it could hurt you, believe meThe best scenario is when the price will be increased and you compare your salary is now 1.1x 1.2x of what you have invested when the price was cheaper.

  • xuan87
    5 months ago xuan87

    I think exchange all of your salary into bitcoin is not a good idea, and then with bitcoin you still won’t be able to buy all your daily needs, so you can only hold your coin into investment, so only exchange the part where you want to keep it as investment and then we still don’t know what could happened with bitcoin don’t put all of your saving into bitcoin

  • countryfree
    5 months ago countryfree

    I’d be happy to be paid with BTC. I’ve already asked for it, but the people I’m working with can’t do it. It would just take some organization, with a monthly exchange of a part of my income into cash. Maybe in a few years…

  • ivanst776
    5 months ago ivanst776

    Quote from: countryfree on March 12, 2017, 11:37:14 PM
    I’d be happy to be paid with BTC. I’ve already asked for it, but the people I’m working with can’t do it. It would just take some organization, with a monthly exchange of a part of my income into cash. Maybe in a few years…

    You still have the opportunity to buy bitcoins with the money you receive in fiat or in other forms so don’t get disappointed. If we have large monthly expenses then it would not be efficient to be paid in bitcoin as we have to exchange them in fiat or making online payments through third party services like plastic or virtual bitcoin debit cards.Whatever happens, even if the bitcoin price reaches the moon, I can’t exchange 100% of my income in bitcoin unless I have a large reserve in cash or in local bank.

  • Ayers
    5 months ago Ayers

    i would do it yes, spend whatever you can for bitcoin now, because in the near future buying bitcoin would be very hard for two reason, the first is because the money needed to buy the same bitcoin would be far higher and the second is because more people will hoard for a greater value and will not give away their coins easily making exchange having less liquidity

  • calkob
    5 months ago calkob

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    If you can afford to and are able to still purchase food and rent for the month then i would say go for it.  That bitcoin could be worth a fortune some day and it will be the best months earnings you will ever have had.  I would love to get a months wages in bitcoin.

  • BTCLovingDude
    5 months ago BTCLovingDude

    this has been discussed in the past too. people talking about is it even possible to only life of bitcoin and get paid in bitcoin and only use bitcoin. and it may become possible in the future but not yet.it is not enough for one person to fully go bitcoin but the rest of the world have to do that too. and not to mention the volatility. as the article also says, that always is a deal breaker when it comes to wanting to receive money. if you wanted to keep it long term it wouldn’t have mattered though.

  • OhMyCoin
    5 months ago OhMyCoin

    “Bitcoin looks evil in the eyes of the authority and it must be stopped.”Well, because they want to control everything…

  • anonbit992
    5 months ago anonbit992

    I love bitcoin and would love to invest into them. But if I were you, I wouldn’t do that because I will not be able to stand the volatility of bitcoin, I will find it very hard to sleep. If you can stand the volatility after investing a major portion of your salary, then go for it. I know that it is kind of hard to decide. Why don’t you simply toss a coin and when the coin is in the air, you will get the answer in your mind.

  • Yakamoto
    5 months ago Yakamoto

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor
    That’s actually an incredible look into some of the stuff that goes on in China, surprising that something valued at $1.2k USD is worth more than a month of labour in one of the more wealthy countries throughout the world (based on total wealth). In another way it makes sense, since there are so many people wages are driven down and the wealthy will buy things like this up.It might be worth it for some people. It’s a huge decision. For others, not so much.Only invest as much as you can afford to lose.

  • BingoDog
    5 months ago BingoDog

    Don’t spend the whole month,salary on bitcoin. I don’t want to,say that this is bad investment, no, it’s good but still risky and you don’t want to spend all your money, there is no need for that. Better invest little by little for a longer period and collect coins. Or maybe find some additional source of income so the part you could invest in bitcoin.

  • BitcoinHodler
    5 months ago BitcoinHodler

    all i can say is that i wouldn’t do it!this means i get all my month’s salary in bitcoin and i am not ready for moving 100% to bitcoin as my only currency and the world is not yet ready and i have expenses in my life that i have to pay with fiat and in my country exchanging bitcoin to fiat is a bit of a hassle.

  • Mometaskers
    5 months ago Mometaskers

    Quote from: sportis on Today at 10:14:41 AM

    Quote from: RoommateAgreement on Today at 04:16:40 AM
    one problem with bitocoin only salary is that you need to spend money to stay alive! like buying groceries and paying the bills and stuff. and for all of these things you need fiat.so you either have to keep exchanging bitcoin for fiat and buy with it or you have to go through a third party that offers some kind of card you can use and end up paying higher fees.another problem is the price. lets say you got paid at 8000 yuan and 5 days later you wanted to buy something and price was at 7800 CNY what will be the plan!

    If you read the article when @OP made his post you will understand that the logic behind this is not that he will work for one month and his employer will pay him with bitcoin instead of the usual fiat (here yuan) but only a comparison to understand more people the value of a bitcoin. Reading the article there is a paragraph stating that celebrities and media try to convince the Chinese do not invest their fiat to bitcoin speaking and writing only about the volatility and that government will not allow bitcoin to grow. The conclusion is the authorities in China are using any means to force people to stay away from bitcoin.

    Yup, I was actually confused a bit when I read the article. I thought he was asking a question too. I don’t think the Chinese government can really hinder bitcoin to the point of being unusable. People in other countries would simply fill the niche the would be left if mining in China was drastically cut, for example.As for what most people here are discussing, yeah, I’d give up work for a month if I’m sure to get BTC1. It’s currently worth more than 3 month’s salary here in my country. Then I’ll immediately cash out before the price fall.

  • arransiv
    5 months ago arransiv

    Depending on where you live,there are countries where that would be a pretty sweet deal and I would definitely take it,then sell some of the BTC to support my needs and the rest I will keep,if in the country you live in it seems like a good opportunity go for it,I think it’s pretty cool that you can work for BTC

  • ice098
    5 months ago ice098

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    try not to quit your job for bitcoin, earn bitcoin in your free time Make it as your hobby or your past time ,you are taking a rest but also earning.Make it as your alternative currency in case of  lackness.

  • MWesterweele
    5 months ago MWesterweele

    Quote from: hl5460 on Today at 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    yes you may , I have friends that quits their jobs for bitcoins, they earning bitcoins more than what they earn in their jobs. They can achieve their monthly salary for a couple of days only.

  • neochiny
    5 months ago neochiny

    Quote from: Yakamoto on March 10, 2017, 03:34:38 PM

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor
    That’s actually an incredible look into some of the stuff that goes on in China, surprising that something valued at $1.2k USD is worth more than a month of labour in one of the more wealthy countries throughout the world (based on total wealth). In another way it makes sense, since there are so many people wages are driven down and the wealthy will buy things like this up.It might be worth it for some people. It’s a huge decision. For others, not so much.Only invest as much as you can afford to lose.
    One month only? Lucky you. In my place, 1 Bitcoin’s been going for about 2 months of work, based on the average wage here. It’s been so since the year started. [sigh]1 whole Bitcoin’s basically become something to save up for, for several months.  At this rate, $500 per BTC (1 month here)has become naught but a pipedream.

  • izanagi narukami
    5 months ago izanagi narukami

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    Bitcoin is something unique and it has high value more than gold recently. Just make sure that you have made your decision before try to change into bitcoinGoverment also take responsible for this as they legalize bitcoin and allow their people to use bitcoin for salary

  • erickkyut
    5 months ago erickkyut

    I think it should depend on the kind of work and the work load. 1BTC is not bad for a month salary here in our country. It is already beyond the monthly minimum wage that an ordinary employee can earn but if the work load is far beyond the ordinary, 1BTC is not enought. You should ask first for the type of work.

  • hl5460
    5 months ago hl5460

    Quote from: Yakamoto on March 10, 2017, 03:34:38 PM

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor
    That’s actually an incredible look into some of the stuff that goes on in China, surprising that something valued at $1.2k USD is worth more than a month of labour in one of the more wealthy countries throughout the world (based on total wealth). In another way it makes sense, since there are so many people wages are driven down and the wealthy will buy things like this up.It might be worth it for some people. It’s a huge decision. For others, not so much.Only invest as much as you can afford to lose.

    People may put too much hope on ponxi scheme like MMM to make quick fortune, or a way to escape the class barrier.

  • 7788bitcoin
    5 months ago 7788bitcoin

    My option is that, if you need the salary for daily living, then forget about taking BTC. If you are really keen, maybe a fraction of a BTC?Until now, investing in bitcoin is still risky. Same advise – never invest more than you could afford to lose…

  • marketone
    5 months ago marketone

    In this world the most valuable currency is bitcoin, so think twice before selling them because once you sell them it will be very hard to buy it back.Because right now I am depending on bitcoin earnings only, so monthly I am using only the amount which is useful for my daily life and rest I am saving bitcoin in cold storage for my future needs.

  • Kevin77
    5 months ago Kevin77

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor
    Well, see even if the price went down ( considering the worst case ) then the price wont just become 0 in no time, since that’s not how bitcoins works and hence you can just keep them with you and when you see a continuous downfall you should sell them. The benefit you get doing this way is that you always have the luxury to enjoy high prices if they are reached while still having the ability to sell smelling a descend.Quote from: erickkyut on Today at 01:25:47 PM
    I think it should depend on the kind of work and the work load. 1BTC is not bad for a month salary here in our country. It is already beyond the monthly minimum wage that an ordinary employee can earn but if the work load is far beyond the ordinary, 1BTC is not enought. You should ask first for the type of work.
    In many developing countries, I guess it would be great achievement if they are able to get one full bitcoin as one month wages as per the current bitcoin price is staying above $1100 levels.

  • geopolisch
    5 months ago geopolisch

    Quote from: Yakamoto on March 10, 2017, 03:34:38 PM
    It might be worth it for some people. It’s a huge decision. For others, not so much.Only invest as much as you can afford to lose.
    Most people go to the mistake of putting all their saving into bitcoin thinking that they are going to become rich of it because bitcoin is a sure thing but quite the opposite, the bitcoin involves a lot of risks and if you don’t play it smart and pick the right time to buy or to sell you could end up losing a lot of money.Still, buying bitcoins with one month’s full salary once per years is the thing I also have done twice since 2013. But it will be purely up to the level how much we afford for spending.

  • qiwoman2
    5 months ago qiwoman2

    I think it’s a good idea, why not? I don’t have a regular job where I would earn fiat currency. Any income I earn now is through bitcoin related projects, investments or other digital currencies. It’s the panacea for the jobless as well as those in regular jobs.   

  • CoinFoxs
    4 months ago CoinFoxs

    I think it’s totally up to you, you don’t need others suggestion because if you feel that the price of bitcoin is good or high than your monthly income from labor then go for it and if you think that you can make more money than one btc then do work hard and make more money in yuan.

  • doomistake
    4 months ago doomistake

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    Bitcoins price is always fluctuating, even though the SEC didn’t approve that bitcoin ETF causing its price to decrease again, but right now, it is on its way on increasing again. So, investing your money in bitcoin is not a bad idea after all, because you are going to make profits here in the long run, though, my suggestion is not invest all of your one month labor for it because you are going to need fiat in your daily expenses.Just half of it will do, or 3/4 of it, just not the whole salary that you are going to get in one month, because it is hard to invest it all while you don’t have anything left in you to buy foods and stuffs that you need in order to feed yourself, or your own family if you have one.

  • Zadicar
    4 months ago Zadicar

    If i were you i would accept it as a form of payment to may hardwork from my job since we do all know bitcoins price does increase in future or longer runs which means our salary would potentially go even higher unlike on recieving fiat it would still remain unlike on bitcoin but still the risk of lossing part of your money would be still there.If you cant accept the risk then stick to local fiat.

  • raven7886
    4 months ago raven7886

    Quote from: geopolisch on Today at 03:31:12 PM
    buying bitcoins with one month’s full salary once per years is the thing I also have done twice since 2013. But it will be purely up to the level how much we afford for spending.
    How you are affording to buy bitcoins with one full month’s salary, I just wonder it will be possible for me only if my signature campaign pays me some surprise bonuses. But there will be no big issues when you are still affording to do so with your other savings.I just see these all as how much faith people are having with bitcoin and its future, really motivating me. Just get into some plans to buy more bitcoins with my few available resources.

  • vantyzz
    4 months ago vantyzz

    If you get to exchange 1 bitcoin every month and this does not cause you any inconvenience, then you have a good income. I would also like to earn this way. I am confident that this is the right investment

  • Ron~Popeil
    4 months ago Ron~Popeil

    Quote from: vantyzz on Today at 05:37:15 PM
    If you get to exchange 1 bitcoin every month and this does not cause you any inconvenience, then you have a good income. I would also like to earn this way. I am confident that this is the right investment

    Yes that’s income cum investment as you get salary in the form of bitcoin and on the other end the value of bitcoin keeps increases with little dip occasionally and i am sure that the value of bitcoin will be around 2000 USD by the end of 2019 or mid of 2019 as per my prediction based on my research so if you earn 12 bitcoin for a year as salary and now the value of btc is around 1100 approx and by 2020 it would have crossed 2000 USD which will leave you with a profit of almost 5000 – 1000 USD without any investment or hardwork.

  • hl5460
    4 months ago hl5460

    Quote from: ivanst776 on March 12, 2017, 11:09:19 PM

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    It’s based on your needs, I wouldn’t go for that don’t know why, I hate exchanging bitcoins for anything else as I want to just hold them.If you think you can afford it then go for it but try with a smaller amount, don’t go 100% because it is too risky and if the price crashed then it could hurt you, believe meThe best scenario is when the price will be increased and you compare your salary is now 1.1x 1.2x of what you have invested when the price was cheaper.

    Do you think it’s good idea to buy and hold on a monthly basis? like 1000 yuan a month?

  • Money Maker Shaker
    4 months ago Money Maker Shaker

    Quote from: hl5460 on Today at 02:54:45 AM

    Quote from: ivanst776 on March 12, 2017, 11:09:19 PM

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    It’s based on your needs, I wouldn’t go for that don’t know why, I hate exchanging bitcoins for anything else as I want to just hold them.If you think you can afford it then go for it but try with a smaller amount, don’t go 100% because it is too risky and if the price crashed then it could hurt you, believe meThe best scenario is when the price will be increased and you compare your salary is now 1.1x 1.2x of what you have invested when the price was cheaper.

    Do you think it’s good idea to buy and hold on a monthly basis? like 1000 yuan a month?

    if you are making $2000 yuan a month and your expenses are not more than 1000 yuan a month then yes it is an excellent idea to buy and hold bitcoin with that excess amount each month.although i’d suggest buying with 80% of the excess amount to be safer.

  • Yanisumin
    4 months ago Yanisumin

    You should consider your life status, if you are single and don’t have someone to support(e.g. wife or kids) and you have enough salary for a one BTC and an extra money to supply needs for one month, it is okie to exchange it. But if the risk is that you will have an insufficient amount of money for a month, you should reconsider.A:50/50; 50% for BTC and 50% for the allowance in one month is a good choice tho’.

  • Xester
    4 months ago Xester

    Exchanging your bitcoin for a months labor is not a bad idea. Well many sites like sites that offers signature campaigns gives bitcoins as form of salary to the typist who applied under them. But if you are not comfortable with it then just pay them with your local fiat currency. You dont need to be troubled with such simple matters. After all if you keep your bitcoins you will earn more profit later and so its much better to pay them in fiat currency.

  • ilovefeetsmell
    4 months ago ilovefeetsmell

    I will go for it. I will exchange my labor into bitcoin. It is the same process of paying your work per day or per hour. It is profitable to pay you one btc a month. It is okay for me to do it.

  • pooya87
    4 months ago pooya87

    Quote from: hl5460 on Today at 02:54:45 AM

    Quote from: ivanst776 on March 12, 2017, 11:09:19 PM

    Quote from: hl5460 on March 10, 2017, 02:55:42 AM
    At its current price, 8000 yuan a coin is more than one month salary of a Chinese. A sequence of number would cost me 22 days of working, that’s a big decision to make.http://news.8btc.com/op-ed-should-i-exchange-one-btc-for-one-month-of-labor

    It’s based on your needs, I wouldn’t go for that don’t know why, I hate exchanging bitcoins for anything else as I want to just hold them.If you think you can afford it then go for it but try with a smaller amount, don’t go 100% because it is too risky and if the price crashed then it could hurt you, believe meThe best scenario is when the price will be increased and you compare your salary is now 1.1x 1.2x of what you have invested when the price was cheaper.

    Do you think it’s good idea to buy and hold on a monthly basis? like 1000 yuan a month?

    it is hard to answer these things with just numbers, you should consider this in a percentage basis. for example you make some amount in total each month. lets call that 100%.out of this amount you spend 70% of life utilities, and you are left with 30%.from that amount you can invest either all of it or smaller portions. i do something like 20% investment and 10% goes into my bank so i can have access to cash directly without needing to liquidate my assets.

  • joshy23
    4 months ago joshy23

    I would say go try half of your bitcoin change to your fiat because we all know we have to everyone of us need to pay or buy something like food and bills to pay. But the only issue here I’m seeing is the unstable price of bitcoin maybe you can lose a few bucks here and there if you chance if right away then the next day the price rises. Losing a few bucks is already big for some people, but I guess the decision will likely depend on the current market price, it you think its high enough for your, then convert it to fiat, otherwise hold it.

  • NorrisK
    4 months ago NorrisK

    It is too much of a hassle imo to recieve your salary in bitcoin. It is not easy to use them daily and to pay your bills. Ultimately, you are going to be better of by receiving your salary in fiat, doing your expenses and using the leftovers to buy bitcoin instead. You won’t get a full one, but you will still build a solid stash over time.

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