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How to Convert Direct Deposits into Cryptocurrency

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March 15, 2022

Few technologies are as hot as cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.

Cryptocurrencies are trading at sky-high rates.

Cryptocurrencies are showing up as assets on the balance sheets of more companies. Some businesses said they will start accepting cryptocurrencies as payment. Financial institutions are begrudgingly recognizing the technology as inevitable. And more individuals are using cryptocurrencies as an investment vehicle and a hedge against inflation.

Without a doubt, businesses, banks, and individuals are embracing this technology that uses math, rather than third-party banks, to facilitate nearly instant irrevocable transactions across the globe.

77% of millennials are interested in learning more about cryptocurrency, according to the Mastercard New Payments Index.

75% of millennials surveyed by Mastercard, said that they would use cryptocurrency if they understood the technology better.

Moving forward, cryptocurrency could represent the future of payroll.

Converting Payments to Cryptocurrency

New services are making it easier for individuals to purchase, hold and transfer cryptocurrency.

It’s being done by converting direct deposit payments into cryptocurrency.

Here’s how it works:

  1. Individuals determine their cryptocurrency choices and allocation percentage and provide their employer or pension disbursement provider with the routing and accounting information of a trusted and secure third-party bank account used to receive and automatically convert direct deposit payments into cryptocurrency.

  2. Using a trusted third-party bank account to receive and convert payments is important in countries where it can be difficult for some people to get a traditional bank account. Individuals can convert as much of their paycheck to cryptocurrency as they want.

  3. Cryptocurrency choices and allocation percentages can be adjusted each pay period. Of course, individuals also can leave their choices and allocations unchanged week-to-week.

While more employers are offering cryptocurrency conversions as a benefit to their employees, there is no need for an employer to know that an individual is having their direct deposit converted to cryptocurrency. The employer only needs to know the bank account the funds are deposited to.

The Appeal of Converting Payments to Cryptocurrency

More individuals are interested in converting their payments to cryptocurrency.

Why?

  • Individuals can immediately transfer cryptocurrencies to others no matter where they are, without the hefty fees of a wire transfer.

  • Cryptocurrencies also provide individuals with a more affordable way to remit money to some countries.

  • Cryptocurrencies are perceived to outpace inflation.

  • Cryptocurrencies are an alternative to central banks and authoritarian regimes.

By converting direct deposits into Bitcoin and other cryptocurrencies, individuals can get started with cryptocurrency fast, earn interest on their money, bypass the cryptocurrency exchange process, dollar cost average into the cryptocurrency market, and automatically invest in cryptocurrencies.

Employers can use the service as an incentive for their employees without having to worry about additional fees, complicated paperwork, changes to their payroll process, or tax reporting changes.

Twitter, the City of Miami, and the National Basketball Association’s (NBA) Sacramento Kings have publicly said that they are investigating the possibility of paying employees using cryptocurrency.

All this is designed to help drive cryptocurrency growth among individuals. In fact, with some services for converting direct deposits into cryptocurrency, payees can hold or move cryptocurrency received through the service, but they cannot cash out and send the money to a bank account.

Convert Direct Deposits to Cryptocurrency

The adoption and volume of cryptocurrency has grown tremendously over the past few years. Now, new services are making it easier for individuals to convert their direct deposits into cryptocurrency.


Help your employees and contractors convert direct deposits into cryptocurrency with us.

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