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Title: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: Wilikon on December 08, 2013, 04:38:21 PM http://gizmodo.com/tiny-kentucky-town-agrees-to-pay-only-police-officer-in-1476739266?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+gizmodo%2Ffull+%28Gizmodo%29
The city of Vicco, Kentucky, has has just a few hundred people. It only recently got its own police officer. And, now, that officer, Police Chief Tony Vaughn, will be the first in the country to be paid in Bitcoin. Because I guess good old fashioned U.S. dollars aren't even good enough for government employees anymore. You might've actually heard of Vicco before, because the itty bitty city enacted a ban on sexual orientation-based discrimination, which isn't what people usually expect from a tiny town. That's great, but the new measure is just weird. The Hazard Herald reports that after formally requesting his paycheck in Bitcoin before the city commission, officials took a month to "do their homework" before approving the measure earlier this week. They're pretty sure its legal. In order to fullfill the request, the city will need a Bitcoin wallet it can use to pay Chief Vaughn in electronic currency. All of his taxes and other deductions will be taken out before he gets paid. Business Insider got in touch with Mr. Vaughn who's not very optimistic about the prospects for American currency—especially for someone whose job it is to uphold the law: "I pretty much think it will eventually take over," he said, "or I hope it does." Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: bryant.coleman on December 08, 2013, 04:45:36 PM The volatility will be a problem I fear. They probably will have to pay him every hour. Or he will have to agree that his BTCs will be converted immediately to USD at the end of working every shift.
Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: Wilikon on December 08, 2013, 06:45:32 PM The volatility will be a problem I fear. They probably will have to pay him every hour. Or he will have to agree that his BTCs will be converted immediately to USD at the end of working every shift. Isn't this BitPay's problems? They've been doing this for a while now. Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: LiteCoinGuy on December 08, 2013, 06:48:19 PM The volatility will be a problem I fear. They probably will have to pay him every hour. Or he will have to agree that his BTCs will be converted immediately to USD at the end of working every shift. Isn't this BitPay's problems? They've been doing this for a while now. jup. they pay maybe 15 BTC at the end of the month and bitpay converts that into USD. he also can keep a little amount in BTC if he wishes. problem solved. Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: Chef Ramsay on December 08, 2013, 06:52:21 PM Love it!! Right in Rand Paul territory!
Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: allthingsluxury on December 08, 2013, 07:09:42 PM Great story.
Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: beetcoin on December 08, 2013, 07:50:53 PM so if he cashes out his BTC, that would be double taxation wouldn't it? it would be on income, and then whatever capital gains he realizes.
Title: Re: Tiny Kentucky Town Agrees to Pay Only Police Officer In Bitcoin Post by: cdtc on December 08, 2013, 07:52:09 PM Things like this really help bitcoin to establish its position and to
start being accepted by more and more people. |