Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,094 trillion. Bitcoin has dropped by nearly 3% this week. Ethereum lost almost 1% over the past seven days. XRP is down by nearly 5% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector maintains the total value protocols (TVL) at around $40 billion. Crypto…
History has been made in the realm of Bitcoin and cryptocurrency payments. For example, Bitwage – a cryptocurrency payroll and asset services company – recently processed the world’s first lightning network payroll. In what seems like a growing fusion between Crypto and Sports, the payroll belonged to USL professional soccer player Alex Crognale.
Powering The Bitcoin Salary
BitWage revealed the milestone in a statement to Bitcoin Magazine earlier today. Both Crognale and Bernard Parah – CEO of Bitcoin native Fintech organization “Bitnob” – have had their entire salaries processed through lightning.
The Lightning Network is a layer-2 bitcoin scaling solution, allowing Bitcoin to facilitate global payment volume through deferred settlement. Various organizations adopted it to enhance Bitcoin’s use cases as a medium of exchange. These include Jack Maller’s “Strike” wallet, which allows instant and cheap international remittances, and El Salvador’s Chivo wallet.
“Bitcoin’s Lightning Network promises the ability to enable global, instant payments for almost no fees,” said Bitwage. “Our vision for Lightning payroll is one where any user can add the wallet of their choice, get paid their salary, and immediately spend it through any merchant connected to the main network.”
Lightning network wallets “ACINQ” and “Wallet of Satoshi” helped Crognale and Parah receive their payments. Meanwhile, Bitcoin infrastructure provider “Voltage” provided a lightning node for BitWage to facilitate dedicated salary payments.
Athletes On Bitcoin
It somehow comes as no surprise to find an athlete being one of the first to officially receive his payroll in Bitcoin. Numerous others, including Tom Brady, Russell O Kung, and Odell Beckham Jr., have all agreed to or expressed interest in receiving pay in Bitcoin.
“Being paid in bitcoin brings the benefits of sound money to everybody in the world,” said Daniel Alexiuc, CEO of Wallet of Satoshi. ”We’re looking forward to many more people using this fast, convenient, and low-cost method of payroll.”
One of the strongest arguments for a Bitcoin salary is its fixed supply cap, making Bitcoin earnings immune to regular currency devaluations caused by inflation. While annual inflation in the US currently resides above 6 percent on the dollar, Bitcoin’s value has more than doubled every year since its inception.
It’s not just individual athletes taking part in it, but exclusive sports clubs, too. For example, Perth Heat – an Australian Baseball Club – is moving towards a full Bitcoin Standard. The club will pay athletes and employees in Bitcoin while exchanging its dollar reserves for Bitcoin.