Cryptocurrency enthusiasts believe the rise of cryptocurrency is evident in the coming years. To put this to a litmus test, a ‘social experiment’ was carried out by the company Midex, in which a number of employees across companies over the world, were asked if they would willingly accept their salaries in the form of cryptocurrency. What was derived from this experiment was a bag of assorted reactions and opinions on the same – a confusing feat!
The company, Midex, went into complete ‘spy-mode,’ by recording their ‘targets’ reactions with the aid of hidden cameras and then going ahead and posting these set of reactions on its official YouTube channel.
The sample size of this experiment was 50 participants and five international charitable organizations that were not conversant with the cryptocurrency sector.
Midex, which mainly deals in exchange and blockchain infrastructure for businesses, devised a plan in partnership with different directors of the various offices to conduct this experiment. It started with proposing to their employees the possibility of using cryptocurrency as their payment option, along with the traditional mode of payment.
The results came in shortly after that, with the “pro-cryptocurrency” group ardently awaiting results. Overall, the study found that a modest 36 percent of workers were in favor of receiving their salary with cryptocurrencies and additionally, a couple of them were willing to let go of traditional modes completely and switch to a cryptocurrency-based salary system.
“It was quite interesting to see how ordinary office workers would react to this if they were offered a salary or a share in cryptocurrencies,” said Midex.
All of the selected participants (employees) were given their personal space and time to ponder over this ‘offer’ and to research about cryptocurrency calmly. There was no forceful or quick turnaround time demanded.
What was found was, a vast majority relied on their close ones for advice on this fairly new topic; however almost everyone had at least heard the term ‘cryptocurrency’ in their life before. So, they weren’t complete strangers to this idea, which was either a curse or boon.
This proposition came as a joke and many thought of it as a ‘prank’ as the first reaction. A gentleman repeatedly asked for assurance and if it was a lawful thing to do in the wake of fraudulence going on all over the world. After giving it a thought, one person agreed to it.
What was also found was, the younger audience was more receptive to this idea and thought of it as ‘great.’ They took their time and space, one even vaping while trying to come to a conclusion. However, the one who thought it was ‘great’ ended up choosing the traditional fiat money after debating over the phone with someone. In contrast, the ones who showed disinterest in this proposal formerly accepted this novel offer at the end!
The Highs and Lows of It
The entire set of refusals cannot be blamed on the participants or cryptocurrency. Lack of knowledge in this field and the working of cryptocurrency in the ‘real world’ as compared to the ‘digital world’ can be the potential red flags for the participants in question.
However, this topic can be addressed in the grey area of legality in many countries. In some, it is completely illegal which poses as the major drawback of cryptocurrency. For many, this switch from traditional fiat to cryptocurrency can be stressful and cause inconvenience. Also, in some territories, extra taxes are imposed on the use or exchange of cryptocurrencies.
Talking of its pros, cryptocurrency could also be easily changed in many platforms and countries. Transactions are fast, cheap and secure; they function as a global currency, so there may be no need to make changes in other territories and no reliance on a bank or centralized entities.
There may be a long list of its pros and cons, but one thing remains in surety, the employee will be able to see a surge in their salaries in a short time, if they switch to cryptocurrency, as its value will keep increasing.