Bitcoin Forum

Bitcoin is becoming mainstream these days as major companies and investors are planning and already investing huge amounts in Bitcoin to increase their profits in the long run.But what about the working class?Are they willing to accept Bitcoin as regular source of payment in the form of salaries or bonus offered to them by companies? Although the retail investments in Bitcoin is growing with popularity and prices surges during this pandemic period but still a large percentage of people prefer to have stable income in form of fiat.But I was wrong and was surprised to see one such news when I came across this picture on instagram.

https://i.ibb.co/JBR4dWW/Screenshot-20210407-081304-01.jpg (https://ibb.co/8KDpBnn)

So the labour class or workers who work hard are also demanding Bitcoin in salary which is a very positive sign for it's mass adoption.This was one of the main aim of creating decentralised currency accepted by everyone providing them freedom of their funds.They have also recognised btc as one of the financial assest to support their families and increasing their profits also in the long run.Due to demand the government, institutions will have to make rules and regulations for btc adoption and pay the workers.We are moving to some major financial changes which can make btc as major source of payment and financial asset at the same time.Hope for it's speedy growth.

Share your opinions on this one.

People that can afford to put some money away would prefer to be paid at least partly in Bitcoin to avoid 3rd party at buying.
Bitcoin can facilitate even more globalization of the work, since one may do the job, the other one can pay him and neither of them has to know name, country and other details about each other.
Also there are plenty of people still sending money home on the monthly basis and Bitcoin is a pretty good choice for that.

But bull market won't last forever and I won't suggest people have full income in Bitcoin, especially if there's family depending on them and no backup funds in banks.
Also while paying in Bitcoin can help companies do tax evasion, the employees may have to pay income tax when selling their bitcoin to buy food.

All in all it's a rather complicated topic (socially and legally) and unfortunately most countries' legislation is not prepared for this.

Using(and accepting) bitcoin to be able to send it to their families overseas is one of the very obvious use-cases of bitcoin. Wire transfers and whatever oversea transfer options are simply too expensive and takes too long.

On the other hand though, I'm quite surprised that stablecoins seem to not be gaining that much traction for overseas workers. While I sure love bitcoin, some of them simply cant afford the potential losses from the volatility.

Workers cannot realistically live off Bitcoin salaries. Paying people off in Bitcoin is a mistake. Should the crypto enter a winter era, all of their savings will decrease in value substantially. What comes forward from that is a huge number of complaints that Bitcoin is crap and destroyed their lives. I understand it's a great way to quickly send bucks to your family without being asked anything by authorities, but as a monthly wage it's a bad idea.

Also.. what about fees? Will a worker pay $5 in fees for a $1 coffee? Bitcoin isn't as cheap as it used to be. People who've never touched crypto will think getting rich through them is as easy as 1-2-3. Making money out of BTC requires a level of patience very, very few have.

Just my 2c tho.

This type of problem is inevitable. And the reason it will lead to this is because the working class will not take the time to learn about the downs of crypto with no longer having salaries in fiat, and they don't have the time to learn because they have to work. It will be a real problem if this is not passed down with great care.


You're right. The everyday use of BTC (and crypto) generally is posing too many problems. This is why I think there will be a long time before any of this can materialise into what fiat is today. We're taking the right steps but we still have a long way to go...

While you have a point, I'm guessing that most of these people aren't really going to be "hodlers" anyway. I'm guessing it's mostly going to be as such:

1. Them receiving the bitcoin on Coinbase or whatever exchange wallet
2. Converting a good chunk of the bitcoin to local fiat for their personal expenses
3. Send the leftover bitcoin to their overseas family's custodial exchange wallet

I guess not all workers agree with this because most of them are doing the work and they want to get paid the amount of their salary. There is a lot of scenarios that can happen let's say they paid right and equal but the market volatility takes down the price of the bitcoin and this is a large loss to them instead of getting a fair price they lose a percentage of their salary.

It's better if they have choices if they want to adopt or back to the traditional payment of salary.

I am not actually sure that this picture is actually made with actual scenario but no one ever asked to pay them in bitcoins because of the price volatility, imagine the price dumped 20% overnight at the salary day can cause huge issue for the people and especially this day the network will be highly congested and also Whales can use this day for manipulating prices.

This could actually be a good thing for some of the workers to have the opportunity to invest in bitcoins, I guess companies are planning to invest in bitcoin or go all-in when it comes to cryptocurrency.

Resulting in this allowing their employee to received bitcoin as their salary, I mean this is what bitcoin is used for and could make things easier for workers, but hopefully, they don't get scam by these companies.

One of the issues is fees are the workers is the ones to pay fees here? one more thing is bitcoin might not be a good choice, for now, to use still I would go for fiat since its kinda risky for them, probably they would just sell it because they need the salary to survice.

Does this picture really reflect the desires of the heavy workers / construction workers? I'm not completely sure yet. It is possible that the drawing was made up of only a few small parts of them. Even with their knowledge of bitcoin, I think they only know how expensive it is. Behind the article above they don't think about how winding the process you get from bitcoin salaries until you share it with your family. But it is true that if crypto is an alternative transaction between worlds it can make fees small for a few coins. But for the class of BTC, BCH sending costs are very expensive but apart from that there are other alternative coins.

There aren't no factual data or statistics to this claim, so while we know that there is indeed a huge demand and interest on bitcoin from the general public, it doesn't necessarily constitute to the workers wanting bitcoin as a form of payment for their work.

A huge percent of laborers are still well below the middle class—those who can at least afford some leeway on how they spend their salary—and are still struggling to make ends meet, especially during the pandemic when most prices soared due to logistics, supply, or other constraints on the chain. For sure these laborers would prioritize putting some food on the plate and a roof over their heads above all things. Most of the salary that they are receiving don't even last long on their hands, and are immediately used to pay for rent or to buy for a few weeks worth of supply.

While the added option of receiving your salary in bitcoin could be a good idea for some people, I don't think it's a must right now considering that the economy is still in a pretty bad shape and is still struggling to recover.

How did that article ended up having that number, a million? it is not questionable that many would love to use it for transfers as it's becoming popular and known what bitcoin really is. But that statistic that says about a million foreign workers, how did they collected that data or did they do any survey that have ended up with a result of a million foreign workers? as much as we like it and hearing it is very encouraging but sometimes the data that has been said on articles aren't that much truthful imho.

For me, it would nice to receive a salary in Bitcoin. But the issue is how will I cash out it. For now, whatever earning lately selling peer to peer. But I would face problems if the amount is big and regular. Because my government does not accept Bitcoin. Holding for a long time wouldn't possible due to daily needs. So the same problem would have occurred if the company willing to pay a salary in Bitcoin. But there would choose, workers would choose payment methods accordingly. I know if most big companies want to pay a salary in Bitcoin then it would be a massive adaption for Bitcoin. But it would take more long time to introduce Bitcoin to worldwide workers.

I think that employees should be able to make their own decisions about the preferred currency (fiat or crypto) because their money is their choice and responsibility. As for the risks, I think the salary would still be fixed in fiat, just paid in BTC. And in that case it would be easier for people to send money to relatives who live in other countries, and it's not like when you're paid in Bitcoin you cannot convert the money you need into fiat. It's also very interesting how many people are indeed interested in such options because a screenshot of an image from social media doesn't say much.

I am not getting what is the demand here? If they just want bitcoins to send payments home they can very easily buy bitcoins with whichever currency that they receive. If the demand is that the labour rate be pegged in btc value I think it's impossible until the employer gets his revenues in BTC why would he take such a huge exchange risk? If anyone in the working class thinks BTC is so lucrative why aren't they buying it on their own? I think it's impossible for anyone to make their payments/expenses in cryptocurrency while the income stream of that company is in cryptos. Will these workers do the same for their expenses?? The answer is an obvious no. Moreover, with such high daily volatility, it makes no sense currently to peg anything in bitcoin.

Feels like:
https://i.imgur.com/kJnJ1JJ.png

The workers are rebelling against the bankers, the revolution has come comrades!!!
We the steelworkers of the USSR are going to only accept bitcoins!!!!

Unfortunately, the truth is the ones that will afford to risk a part of their income to be paid and KEPT in BTC and not immediately sell all the coins for fiat to buy food are not going to be factory workers but people from the upper class, it's a simple question of income and expenses.


It's millions bruh! Millions!
And the data is there, worle1bm has found it on Instagram, it has to be true!!

If that would have been the case we would have gone above 60k a long time ago,  imagine billions of $ buying coins to pay those wages, and furthermore imagine that if those people demand their wage in BTC it means they have already bought and are constantly buying coins, but it's not that time yet a few thousand maybe, millions, no there is indeed a lot of room to grow but let's not fool ourselves we've reached that level already. Plus imagine the payment day for 10 million people or the 20 payments days as it's going to be a long wait to pay that many with 400k tx a day capacity.
 

I was going to say something similar. Bitcoin today is primarily a store of value: it makes much more sense to save it than to spend it. So why are workers going to collect their salary in Bitcoin if they are going to spend it? Only a select few can save it, as you comment. Spending a financial asset (which today is not a currency) when everything indicates that in the coming years it will continue to rise more and more does not seem very smart financially speaking.

I doubt they will want to accept bitcoin as a regular source of payment. Bitcoin is currently more of a store of value, then a currency that can be used as a regular coin for making daily life transactions. There "are" flaws that needs to be fixed. Look at how crazy the fees become when the network is underload. Lets not talking about how slow the network confirmation becomes if you don't pay "premium" fees.
Bitcoin wouldn't be idea, but perhaps some other crypto currencies might suit better?

Hello everybody. I do not know about the demand in the whole world, but the fact that in my team, which has 16 people, - Bitcoin was bought, in the last 6 months, by 9 people. People who do not even understand cryptocurrency really start saving money, not in a bank, but in cryptocurrency. I think it cannot be otherwise - the excitement for Bitcoin is not only among workers, people in the far corners of the country and in villages are already thinking of investing in Digital Gold. The Internet now exists in the most remote areas - news spreads quickly - there is nothing to be surprised at.

Getting salary in Bitcoin is both good and bad. Good because you can grow your money if you save BTC unlike fiat that depreciate with time, BTC will only grow in value.
But that's the one side of picture, BTC is highly volatile too. If you need to cash out BTC, it is possible that it's price is less than it was at the time when you get it paid.
Then you will suffer loss.

For the past few months, I've been seeing a lot of people who are getting interested in bitcoin and maybe the reason behind those things are the sudden surge of bitcoin price however I've also seen a of people who is currently accepting and demanding bitcoin as their salary or maybe a way of payment method in some business and just look this thread in which they are demanding their salaries in a form of bitcoin which is quite good because of this they will be able to receive their salary through the use of bitcoin. Another thing is that when they need to send their salaries to their families overseas then it would be more convenient and comfortable.

The volatility is the main reason making people afraid of bitcoin. Bitcoin is still in the first (or maybe second) phase of being acceptance and therefore, the price surge strongly over 10 years. There are people who cant accept the risk involving. They believe they have worked very hard so that no one is able to steal their money. They also want to stay away from any term of investment.

When bitcoin becomes more stable (it will occur when the power of bitcoin = gold), they will definitely invest their money in bitcoin. That is not too late at all. Gold is still being bought by tons of people

Even if the demand for bitcoin increase, many workers still do not know about bitcoin and they prefer to receive their salary in fiat money so they can use that money to buy their needs and they can use it for the other things. They will hard to cash out their salary in bitcoin, especially if there are no local store accept bitcoin as the payment and they need to use online third party that will help them to convert their bitcoin to fiat money. But still, that is a great idea if the workers can accept bitcoin as the salary because that can open the opportunity to them to have a new investment.

Thanks Captain Obvious, you don't say. Of course the demand grows because more people are blinded by the glitter that bitcoin emanates with its current prices, it will definitely make people want to get paid in bitcoin because they want to get their piece on the bitcoin pie.

I was also impressed by the message of this image on Instagram. I have found the link of its origin. I have not seen it mention any source. But the argument is consistent with reality, it is true that foreign workers are affected by sending money to their relatives if they do it with fiat: The transfer time and the cost are not compared if they do it with some crypto and in addition to taking advantages when they gain in price.

https://www.instagram.com/p/CM5V5dBl-tJ/?igshid=11cuq7976wcv3 (https://www.instagram.com/p/CM5V5dBl-tJ/?igshid=11cuq7976wcv3)

It'd be great for the mass adoption that's for sure. But I'm not sure about how many people would like to prefer such thing as getting paid with Bitcoin. Because they already can make investments after getting their salary in fiat.

Here is my opinion. Workers' jobs and tasks create value, and that value can be calculated in dollars per hour of work. If we are going to pay them bitcoins, then regardless of what they did - whether it is a good job or a sloppy job, once Bitcoin price is up, then the value of what they did somewhat increased as well. But not all jobs are good jobs, there are those who are getting paid and did a mediocre or a sloppy job. That is not what the industry wants. So Bitcoin will never be used as salary, ever.

I am sure that there can be a good number of people who are workers and are getting attracted with Bitcoin. However, this may not be that easy for any company to implement so the best thing to do is to educate these workers on how they can themselves invest with Bitcoin. Even Tesla as of the moment is not paying their workers with Bitcoin - correct me if I am wrong though. In the past, there were reports of some companies issuing salaries in the form of Bitcoin, but I realized they must have been just marketing ploy as nothing then happened after some months especially when BTC entered into its winter stage. Anyway, this is a good option to explore and I am sure that those who are eyeing on cryptocurrency will be excited to get paid in Bitcoin. Or maybe we should also encourage our freelancing sites like UpWork or even Fiverr to implement this idea themselves.

Bitcoin demand workers and how, I think I need clarification because bitcoin the way am seeing bitcoin and the it works, I don't think there's a particular set of people who control bitcoin, or it has a specific place  one Central place that people work. I have to notice that the life of crypto is differs.

I don't know how much workers know about Bitcoin in the world wide. Bitcoin payment or salary it's so complicated issue, because when workers will send it to their own country for family and there it it's considering illegal stuff by government how they will convert in fiat money? i don't think its wise demand for the global workers even it's not stable coin.

I am actually surprised that the working class is willing to receive payment in Bitcoin. I get it if company executives and/or investors are interested in crypto, but most people in working class aren't getting it yet and have this biased attitude. All they need is a fixed salary which they are used to and can easily spend. I imagine if many of these people received payment in BTC they wouldn't know what to do with it and how to use it. Besides, what's the point in salary in BTC if many people spend whatever they earn in a month. They would probably convert BTC to fiat right away.
It would be helpful if you could give some real sources to this news because a pic from Instagram could simply be a joke to catch your attention.

Funny how people believe in social networks and news like this that have no firm foothold, but are just the fruit of someone’s imagination. For the thing to work, workers and their families should understand how to handle Bitcoin wallets, what is a public address and what is a private key, how to set the fee correctly and how much it ultimately costs to convert from crypto to fiat.

Imagine the example of a worker who works in a foreign country and got a part of the salary in BTC and wants to send it to his family. Let's say he uses a custodial wallet (because that's what the company he works for requires), and the service will charge him a fee of 30k-50k satoshi, which is a minimum of about $17 up to $30. Furthermore, the family that will receive the BTC must sell it for a fiat, and that can cost them at least another 5% -10% of the amount they received.

All this of course carries the risk that no one in the process will fall victim to clipboard malware or fake wallet - and that of course the price of BTC will not lose xx% in value overnight.

If the goal and main reason why workers are demanding to be able to receive or acquire their salaries in terms of Bitcoin because of the seamlessly fast transaction that can be held to send their salaries to their family at home, then it would be a good thing to be done since many big companies are now enganging into Bitcoin investment. But it must come first into better understanding the one can be able to maximize the usage of Bitcoin if he knows how to handle and make use of it properly. It will become nonsense being able to acquire Bitcoin as a form of salary to send back of home of the household have no knowledge prior on what Bitcoin really is. The demand might be increasing but still there will be lots of factors to consider to make such thing possible.

I might be one of the workers who is very happy to receive salary payments via bitcoin because as well as for future assets, if there is a need, just sell it in fiat

If they will be getting a fixed amount of bitcoins, neither the employer nor the employee would want that because let's say $3000 is 0.05btc today but 0.05 btc could became $10k tomorrow and would bankrupt the employer or it could become $1000 and ruin the employee.

The companies don't collect bitcoins, they collect USD and they borrow USD from the banks. However, it would work they get the fixed dollar worth of bitcoins. But then, the employee would be getting USD but only using the bitcoin network instead of his bank account when he is collecting his pay checks.

The employee can buy bitcoins with his income any time they want from the exchanges any way. Why would they want to take them as bitcoin? It would only create more load on the network.

It's not about 'demanding salary in btc to send to their homes', but their eyes are lately opened that they have missed out on a great opportunity already. The companies will not start paying any salaries in btc because the fees are very high and if the employees are looking to be paid in btc, better buy btc and send it to their home within seconds. What's the big deal?

That would be the greatest news for bitcoin and those workers community too. There has some point if the workers is a foreign worker then if he get paid in bitcoin and he wants to send his salary to his family then he might pay little fee. Where bank charges is little bit costly. There is a good sign. But there has also a problem like if the other country dosen't support bitcoin. This will be the problem. And we also know that bitcoin has 2 sites 1st is fully bullish and 2nd is fully bearish. Thats the risky point for the workers. If there money got crushed then it Will be soo bad for them. Lets see what progress done by them. Hope for the best.

This is exciting to see workers demanding to be paid but I was not surprised to see foreign workers, just imaging the companies that now accept Bitcoin a  means of payment of goods and transaction will find it  easier to yield to the call of their workers for a scenario like this but for my Country now till looking forward  to the day that workers will demand to be pay in such.

undoubtedly, the trend in the cryptocurrency market can always change from the better to the worse, but nevertheless, we are now witnessing a real period of bullish run, which will be quite protracted. Even if we assume that today workers will receive Bitcoin as a salary, then theoretically this investment will bring them huge profits in the future. I believe that these are the goals that the workers are guided by, since Bitcoin today still cannot be considered a reliable storage due to its volatility.

Wow this is really great that people are becoming aware of potential bitcoin is but at the same time they should understand how much volatile bitcoin is.
What if the price of bitcoin dumps right after a person has received his monthly wages. The Employers should sign a contract determining the volatility of bitcoin and the employees must be aware of the risk. Only after such a contract the employees should have the option to receive the salary in bitcoin.
I would definitely get my salary in bitcoin  :P