Payment processor Strike has announced the launch of a new feature that will allow users to convert their paychecks into Bitcoin. This feature brings workers one step closer to collecting their paychecks in Bitcoin. Instead of employers paying wages and salaries at BTC, employees can take the money they receive and convert it into their cryptocurrency in one easy step.
Receiving pay-checks in Bitcoin
Strike enables users to convert all or some of their paychecks into BTC. Instead of cashing in on Fiat and then returning to BTC, users can convert directly to BTC using the paychecks they receive. This feature, known as “Pay Me in Bitcoin”, was announced on Thursday and is one of the strike attempts to make it easily available to BTC users.
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Strike El Salvador is best known for helping with the bitcoin adoption journey, but they are also a bitcoin-centric payment processor that allows users to accept and pay on BTC. And with the new feature, pay in BTC without any hassle.
By completely bypassing the strike, employers are required to accept and initiate their employees in cryptocurrency. Instead, employees are given the power to decide whether they will convert their paychecks into fiat currency or cryptocurrency. This also means that employees are not limited to the payment options that their employers use. No matter what the company does for individuals, they may choose to deposit their paychecks in Bitcoin.
BTC price trading above $61,300 | Source: BTCUSD on TradingView.com
Follow Coinbase’s lead
The announcement of Strike’s “Pay Me in Bitcoin” feature comes just weeks after Coinbase launched a similar feature. In the announcement post, Coinbase shared that customers are now able to deposit their pay-checks directly into cryptocurrency to facilitate their trading activities and, like Strike, has made it easier for users to convert their money into cryptocurrency.
This feature is welcomed in the crypto space as investors can now decide to deposit their entire pay-check or a portion of it into their cryptocurrency trading account. Customers can also choose to deposit their paychecks directly in Coinbase in US dollars, which they can use to conduct their trading activities on the platform.
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Similar to Coinbase, Strike has announced that the feature will initially be available to users in the United States. Roll-outs may work for other countries, but there is no confirmation. Although users can only convert their paychecks to Bitcoin at Strike, Coinbase offers a wide variety of users as they can convert their paychecks into more than 100 cryptocurrencies currently listed on the exchange.
Featured image from Inc. Magazine, chart from TradingView.com