Earlier this year, around March, I began using a service that allowed me to turn part of my paycheck directly into Bitcoin. It was an easy for me to avoid transaction fees at brokers and it allowed me to set and forget my investment into Bitcoin.
The service itself is pretty straight forward. Once you get set up and vetified you have a few different options. For me the best option was to set up a direct deposit account that I could use for my employers pay roll. The nice thing about my company is that they use ADP for pay roll services and ADP happens to have a very robust and user friendly mobile app. Because that app has so much to offer, it even allows changing of where you'd want the paycheck to be sent to. Here is where I would add the new address that Bitwage gave me. The one thing to make sure you do is allocate things correctly. I still want 97% of my paycheck to go into my bank account as normal. Therefore I only want to allocate 3% to be sent the the Bitwage address. From there Bitwage will convert the funds into whatever asset is selected.
Because I decided that I wanted to receive my funds in bitcoin, I needed to provide them with an address. The safest thing to do would be to have your own wallet with your own keys. However, I am a yeild chaser to I have my bitcoin send to my BlockFi address where it gains interest. That's just the risk I personally take, I know that isn't right for everyone.
Seeing the power of bitcoin and crypto in general has really made me want to steadily contribute to my collection more. Buying into a stablecoin isn't enough for me after seeing bitcoin hit $40k.
Bitwage doesn't always have the best purchasing price when it comes to converting your funds to crypto. I justify this by using the dollar cost averaging theory as well as taking into account all the fees I would other wise by sending money to an exchange and purchasing there and then sending it to BlockFi. It might be a break even by that point.
Right now I have 1/8 of a bitcoin with a few piles of sats lying around in different places. I'm hoping this will get me to my next milestone goal of owning 1/6 of a bitcoin.
What're you're thoughts? Do you want to get paid in bitcoin? Do you use any other similar services/strategies?
