Someone recently asked if I would accept my salary in crypto. I would. As a matter of fact, I would even prefer to have it in crypto.
My crypto “bank account” offers me so much more than my traditional bank account.
This is how my life would look like if I’d receive my salary in crypto:
Receive my salary in DAI (Ethereum-based USD stable coin)
A part of my DAI salary will go into micro-investing
Another part of DAI will go into my savings account
Nothing special here, I can do all of that with traditional banks too. However, what I can’t do with conventional banks:
- Use my micro-investing account as collateral at any time to receive more dollars. This can be very helpful in times you need more liquidity and don’t want to sell any of your assets. The whole process takes a few minutes and a service fee of around 20 cents (no matter the amount).
- Receive 6 - 20% annual interest on my savings account. I don’t have to lock my savings account for X months, and I have access to it whenever I need it. Interest is being received pretty much every second on the amount that is currently on the savings account. You are earning interest on the money you’re not spending.
- You can offer your available liquidity to an exchange to earn trading fees (there's no minimum amount needed). This means you don't have to "just hold" your investments. You can put your investments to work and earn fees by providing liquidity to others.
Cool! Can I see?
Yes, I’ll share some screenshots of how it works (this is not my account).
Lend or borrow using your investment account as a collateral:
The savings account:
The application is named Instadapp, powered by Ethereum. Built by two young developers from India and funded by top tier investors such as Naval Ravikant.
Read more about Instadapp: https://medium.com/instadapp/integration-utilities-1189f688ccc1
To conclude, I’d rephrase the question:
Would you accept your salary in programmable money? I sure would.