As we venture deeper into the digital age, the idea of crypto payroll is starting to catch on. Those of us in cryptocurrency startups see this as a potential game changer, but right now it comes with a cloak of volatility. What lessons can we take from silver's unpredictable journey?
Understanding Cryptocurrency Payments: Parallels to Silver
Silver has always had its ups and downs - the video shows us some of that. Its price fluctuated a lot over the years - under $10 per ounce in the 70's, then peaking at over $36 in the 80's, before crashing. I sometimes feel it’s like watching a crypto token go parabolic only to crash again. Crypto payments are just about as wild.
So for those of us in the crypto game, dealing with this wildfire requires strategy.
Planning Around Blood Diamonds and Other Strategies For Crypto Payroll
If you're looking for ways to protect your startup when sending and receiving cryptocurrency payments, here goes.
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Adapt your exposure: The phrase “dynamic position sizing” isn’t new and reflects the fact that it takes time to cultivate relationships with others in the crypto world. So when rare blood diamonds emerge or prices surge for any crypto asset, reduce your exposure until you can verify which blood diamond is actually coming from who so your allocations aren't shuttled into a dump.
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Give yourself more space than you think you’ll need: Silver retraces outsized movements and does so very quickly. For the crypto payments side of things, build extra generous risk buffers into every deal you do because one day, you're dealing. The next day, you're unable to deal.
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Acknowledge the fear: A reputation for treating contractors or extra people upfront and with respect is worth standing behind, tbh.
Stablecoins: Your Best Friend in Dealing with Cryptocurrency Payments
Stablecoins are just the antidote for how insane both silver and cryptocurrency prices can be and give us ways to ace both payrolls and any gaming questions.
- For every 2nd day bear, there goes a payment of $500k.
- Pay your streamers faster than they’d expected.
The growing liquidity was also key.
External Factors Impacting Crypto Payroll
Silver, like all commodities, is influenced heavily by hyper inflation. Absent something else influencing inflation right along with it, that will play out. The same goes for crypto payments. So keeping abreast of external factors will matter.
- The need to do taxes for payroll.
- Whether or not coders will be paid last or first when a province has had enough green and wants silverals.
Final Thoughts: Embracing the Future of Crypto Payroll and Payments
Crypto payroll and payments will become the next avenue of personality, with it. They’ll help the said personality. Sort of how silver did.
Even those nostalgic times, if it’s the path chosen, would take that difference like double gauntlets for our own time. While we don’t know what future holds, I’m hopeful crypto payments and payroll will become a daily, routine way of life. I really want to work.
