Bitcoin Forum

http://www.foxnews.com/us/2015/05/21/why-it-might-make-sense-to-pay-your-employees-in-bitcoin-video/ (http://www.foxnews.com/us/2015/05/21/why-it-might-make-sense-to-pay-your-employees-in-bitcoin-video/)

If your company regularly pays wages to international workers, then incorporating Bitcoin into the payroll process could be a major cost saver.

At least, that is the conceit of Bitwage, which bills itself as the world’s first Bitcoin-based payroll service. In order to circumvent the costly fees associated with transferring money internationally, as well as the time it takes for such funds to move from bank to bank, payments made via Bitcoin can save both money and time for employers and employees alike, explains Bitwage’s founder and COO, Jonathan Chester.

“By using technologies like Blockchain,” says Chester -- a public, chronological ledger of all Bitcoin transactions -- “you can actually see exactly where the money is throughout the process.”

Very interesting times indeed.....

Actually, this idea is already told in the "What is Bitcoin?" video. So I believe, this should be working.

The only problem with this is price fluctuation but that will go down in time.

which is indirectly correlated with the price being dumped, because in order to maintain the original value that you need to earn(in this case with a job) you need to dump it fast to not risk to have a worst payment from your job

The main problem for this idea is that the price could drop any moment with bitcoin. So suppose you pay 1 btc and next day you find out the price dropped by 50%. So then what you will do. As long as bitcoin doesn't have a fixed zone, it won't be used for global uses like this.

This idea will be applied able when Bitcoin will have more adoption and price will be stabled at some point with _+ 1%. In current situation this will be disastrous for work if price drops just before cashed them out.This will be seen but in couple of yeras.

Companies can pay their employee in bitcoin, does the employee want to be paid in bitcoin? I don't. I need to pay rent in fiat and buy food in fiat. May there will be a time people prefer wages in bitcoin, it is too early now.

price drop of 50 percent in one day? i mean it can drop like that in one or two weeks but really not in one day

Companies as well as employees both should be ready to use Bitcoin.That will happen when market will be suitable for Bitcoin and people will be able to pay for their daily transactions in Bitcoin.Future belongs to Bitcoin but that day is still very far when a usual person will begin to use Bitcoin with full confidence without any trouble.

Great service, these are the things we need to get Bitcoin going everywhere  ;D ;D I wish my employer paid me in Bitcoin!

Bitcoin is not so volatile, even in the future will be somehow regulated. Pay your employees with Altcoin, that would be a huge problem.
It is good to see this kind of stuff is happening but we need more Bitcoin mainstream, what good has getting paid with Bitcoins if you have to change them all for bucks.

Maybe getting paid a half Bitcoin and a half Fiat could be a good solution..

If your employer pays you via direct deposit you can use Bitwage to get paid in bitcoins.

I have been getting paid in bitcoins since the beginning of 2015 via Bitwage. As for price fluctuations, I get paid every 2 weeks which is good for dollar cost averaging. On top of that, usually if the price goes down after I get paid I hold off on any spending I can hold off on for those 2 weeks. If the price jumps up quickly I buy those things I've been putting off.

In my country this is not legal option because we can't report to the IRS the payment of wages in Bitcoin, only in the national currency.
Perhaps in this way companies can pay part-time staff but still remains the question of the application of income and how to exchange national currencies for bitcoin.

if I owned a company and if I was thinking of paying my employees in bitcoin I would have denied this option from my mind.
a simple reason to deny is converting them to native currency.
the employees should have waited for btc and then waiting again for converting them to their own native currency would have been uneasy task.

No many ppl like you are happy to wait for the rise of bitcoin. They can't tolerate the value loss and would rather get paid by fiat currency.

Not really! Do you read the OP? The company Bitwage provides such kind of service. It Is easy nowadays.  There are a lot of payment processors available as well. 

Paying and being paid in bitcoin is a step towards mass adoption.
Even though we cannot avoid it completely, the further away from fiat the better.

The upside is, if the price rise by 50% your employees will be VERY happy.  ;)

You could work out a system, where you offer the employees a option to decide what percentage of their salary they want to be paid out in Bitcoin.

You could offer them a higher salary, for every percentage they receive in Bitcoin. {Just split the difference in the saving you make by using Bitcoin instead of fiat banking services with them}

Some people might not be able to pay for certian things with Bitcoins {Mortage / Bond payments etc.} So for that, you pay in fiat and the rest in Bitcoin.

There are MANY creative ways to do this, just open your minds to the opportunities.  ;D

It is still early! Hope it come The problem is that the companies have no bitcoin income and reluctant to pay wage in bitcoin due to the extra conversion fees. And as an employee, there are no many places accepting bitcoin payment. Why bother to accept bitcoin wages.

It's awesome to get your wage in Bitcoin but one thing's for sure, if someone's getting paid in Bitcoin and he/she has a family to feed, they're not gonna take any chances and will dump immediately. Even the few hours/minutes from the moment you get paid to the moment you actually sell could mean you lose a few Dollars and if you're really down on your luck you could end up with only a fraction of your salary. It might be ok for a college student who's got a day job though  :)

If I'm not wrong a country in Europe dont allow employers to pay employees in Bitcoin. Should be Sweden or Finland. Not sure. It is somewhat a old news. Anyway, I do hope that more and more companies will be paying workers with Bitcoin.

Some working people will enjoy making money off of price fluctuations as they day-trade with part of their paycheck, and others can instantly convert to the "safety" of paper money. Either way, "price fluctuations" are an opportunity, not a problem.

The thing is your employer pay huge banking fees, to transfer money to you, then you pay huge fees to use that money. {ATM withdrawals / Credit & Debit card fees etc etc.}

This is not the same for all countries, but it's applicable to most. In the countries with high banking fees this would be ideal.  ;)

It is a nice option for people with a trade, eg. Plumbers / Electricians etc.. You offer the option to be paid in Bitcoin as a added payment method. This will open up a extra payment method and it would prevent situations where people run away after chargebacks and bouncing cheques.  :o

So it will work for some and not for others.   ;)

Especially when you compare that against paypal where you have the receiving fee, then later the exchange rate fee to convert back to the local currency and don't forget the withdrawal fee. By the time, that is done, you will be left with almost nothing. I just wonder why a lot of people haven't really realize the potential. 

HAHA paying my employees in bitcoins is not such a good idea for me since I have to deal with many transactions per day.

Then hire employes for manage your employes payments, the course of mankind in this world is based on the decisions and thoughts of goverment and CEOs, if we are lazy or too greedy for keep the Job of pumping on any way the Bitcoin, the price will still going down and so the bad press.

The price fluctuations are not that bad. If you are living paycheck to paycheck you may want to re-think your spending habits. If you are able to wait between the time you are paid until either A: the price goes up or B: you get paid again, then you will always be spending at or above the amount of money you earned on pay day. Do this long enough and you will eventually double one of your paychecks.

For me it is ideal because I am paid in dollars but live in Europe. Selling bitcoins via localbitcoins I actually make a 10% profit on every euro that I convert. By doing this I am basically getting at least a 10% raise plus the amount of extra value I get by only spending when the price is higher or equal to the amount of my paycheck (the price does go up between paychecks at times as well).

And if all you do is get paid in bitcoin and don't try to time it by spending when the price is high you are essentially dollar cost averaging, so over time your pay averages out.

http://www.toolsformoney.com/dollar_cost_averaging.gif

If only the bitcoin price keep stable, I think many company will use bitcoin to play their employess. Beside efficient also bitcoin has low fee for transaction. Everyone like that !

Isn't BitWage just BitPay in reverse? With BitPay, you have person A who wants to receive fiat and person B who wants to give BTC and the exchange is able to happen because BitPay instantly converts the BTC to fiat. With BitWage, you have person A who wants to receive BTC and person B who wants to give fiat so the exchange is able to happen because BitWage instantly converts the fiat to BTC.

At least that's how I think it works?

Yep, that's how it works. Bitwage gave me a direct deposit number to give my company. My company deposits to that account and BitWage immediately converts it to bitcoins and sends it to my public key.

Damn, excellent idea. How do you declare the 10% profit for tax purposes? <Capital Gain?>
After reading this, I am seriously thinking of asking for a percentage of my salary to be paid in Bitcoin.
I buy small amounts every month anyway, so I might ask them to buy it for me, and I save on the extra charges/profit people add to the price on Localbitcoins.

Another way to think about this is:
If a employer buy a huge amount of Bitcoins when the price is low, and they pay it to their employees when the price is higher, they could reduce their salary portion of the business. <They also benefit from a price increase>
 

I really like the service Bitwage is offering, and it is positive to see these kind of services gaining mainstream media attention.

You don't even need to ask your employer. Just sign up on BitWage and your employer won't even know.

If you can split your direct deposit between two bank accounts you can set the percentage yourself.

I agree with you JD, I really like bitwage and the way they are targeting the mainstream.

Thanks for sharing the article, it does make a lot of sense to pay your employees in Bitcoin. In my personal opinion, i think that receiving your wage in Bitcoin would be nice. However, I think that it should be optional of course, Bitcoin's volatility could be a problem for some people, but Bitcoin has been fairly stable recently.

What happens when it's the other way around?

Yes if more and more companies starts paying their employees their salaries in bitcoins the more and more people would start knowing what bitcoin is and start adopting it and that would be the best for the bitcoin users who wants that acceptance should go high.