Bitcoin Forum

So the idea of banks annoys me. The whole concept of giving your money to someone to keep for you, meanwhile they invest it, get a living off it, loan it, and if you ever want to withdraw it they keep a record of it. They share your info with the government, and ask you mandatory personal information pretty much every time you talk to them.

I would like to convince my employer to pay me in bitcoin. How complicated would it be for them (who know next to nothing about bitcoin) to do that?

The literal answer is "simple", he/they just repeatedly buy some BTC and send the correct amount to you.
Sadly, their tax situation would be more complex and (at this time) even "qualified tax professionals" might have trouble giving quality advice.

An increasing number of people will be paid a salary in BTC, but it starts with Bitcoin companies (for example blockchain.info) and companies that accept BTC as payment.

The employers know nothing about BTC. It is impossible to convince them to pay BTC as salary in one night. You'd better switch job which offer BTC salary.

Asking could be a way to find out if you are (he is) considered really valuable and they want to make every effort to keep you happy.  ;)

the funniest part i find is when people make a speach like that.. and then go and sign up to coinbase or bitstamp, which:
ask for personal information at registration
ask for manditory information each time you use the service
which make profit from your withdrawals and fund movements
which hold onto your coins and set withdrawal limts
which keep records on every trade/withdrawal/deposit
which report suspicious activity and all your information to government agencies

so unless your boss signs up his business account to a method to obtain bitcoins himself, to then hand to you. Where you then never use an exchange or a delivery service asking for your home address etc.. your not really achieving much difference..

Why don't you just ask for the money in cash then buy the bitcoins yourself? Would probably save a lot of hassle.

It's easiest to get paid in bitcoin if you're an independent contractor rather than an employee.

You can use services that let you invoice in fiat and receive bitcoins so that your customers don't need to know anything about it: https://coinvoice.com/

This is probably the best for you, you can still ask them for the Bitcoins but if it turns complicated, you should get them by yourself.

Bitcoin value needs to be stable before it can be used on everyday transaction.

This is what you should do. There was a story somewhere of a guy who asked for his payment to be in Bitcoin at the last peak of $1.2k and the accounting was done at that price,but by the time the company bought it,transferred it and by the time he was ready to sell that, it's price had dropped a lot and he was left with less than half his salary for almost a quarter of a year. So no,not right now. Do it only if you feel that your lifestyle can absorb the shock of getting a little less. If you're living tight or have a major life event coming up,get it in dollars only.

highly unlikely, unless you go to work for a bitcoin business(exchange, gambling site, sport book, one of the bitcoin start-ups, etc...).

Your employee probabilly only receives fiat as payments, and there are taxes to convert fiat to bitcoin, so you'll end up receiving less than normal.

Yes a 1099 contractor with the bit coin amounts in fiat would be the simplest way to go. You do give up some benefits and have to pay more in taxes and social security.

Why don't you simply have your paycheck direct deposited into your account at an exchange and have the exchange automatically buy bitcoin whenever they receive a deposit?

It's very simple and there are companies, services, and api's to help them automate the process.

The real trick is convincing your employer to do it. Although it may be simple it still shakes things up, its extra work someone has to do, and if you work in a corporate environment it can be very hard to get all the top execs all on board with the idea.

It'd still be taxed and until you're sure that you can buy anything and everything you want using bitcoin where you live you best not ask for such a thing.

I could see it working if your employer already takes payment in Bitcoin. But it's likely that you'll still have to pay rent or mortgage (whatever you got), electric bill, heating bill, and food with fiat. Which means you'd still have to convert Bitcoin to fiat anyhow.

Thanks for all your replies. Yeah, taxes don't bother me I'm cool with paying what I owe. - What bothers me are banks and credit cards knowing everything I do and controlling my money. Just the other day once again my credit card was frozen because I was traveling.
Some great ideas here, thank you! I think I want to put the bug in the employer's ears just to see if they want to give it a shot, or else maybe just go with cash and find a BTC ATM somewhere near me. I wouldn't trust sending money directly to an exchange - thank you gox!

you pay the taxes that you can't afford to pay tax lawyer to minimize for you.

Do you know of any that do that in the US?  I would love to do a percentage of my paycheck that way.

BitPay is working on a beta service to make it easy for employers to pay you in bitcoins. Similar how they allow companies to accept bitcoins without any hassle.

I would think payment processors like Bitpay and Coinbase would be able to assist with this eventually. But it would take quite some time, I think, before most employers would ever jump into paying people in bitcoin.

That's only when you are exchanging fiat for BTC and it is an "icky" step that we will all have to live with until BTC becomes the standard method of payment (unless you mine them directly or get them through LocalBitcoins.com). Once you have the BTC, those restrictions no longer apply. I can envision a future where everything is done via BTC. The company would receive BTC from customers and use this to pay for rent, electricity, and utilities. The boss would then pay his employees with BTC and the employees would use their BTC to pay for their mortgage and groceries. Most coins wouldn't touch an exchange. They would simply be transacted through addresses that each person holds the private key to.

Coinbase has a recurring buy option from your bank account. You could setup a US bank acct and have your US employer direct deposit into that account. Then setup your recurring buy from coinbase to trigger after pay day. Your cost will be 1%.

There are some great ideas here, perhaps this topic should be promoted to a sticky and get paid in Bitcoin?  :D

Does that really work? Can you really fund your account from any bank account, even if it's not your own? That would be fantastic.

I'm sure you have to prove that it is your account.

Trouble is that it will be on the record that you bought BTC. Better to withdraw cash and find a BTC ATM.

You still need to verify the bank account by at least logging in the with  bank credentials (or for later levels you might have to work with deposits). And it only applies to US bank accounts for the time being, so don't think it'll work with any other bank. To fund it from someone else's, you'll need their log in details at the least, and I'm pretty sure the owners will notice the fraud once you make a deposit.

What spainful is saying is true, yes you can setup a recurring purchase via coinbase.

You need to fund your coinbase account with a bank account that you own. They will send two small deposits under $1.00 and you need to tell them what the amounts were.

Best thing for you to do is become a freelancer and accept only bitcoin as payment. You are your own boss and you can do what you want then.

Instead of doing this, you could offer a discount for paying you in bitcoin, but when you are paid in fiat, you can simply convert the fiat into bitcoin via local trades on LBC.

You can fund from any bank account as long as you have the routing and account number (so yes). I think this would be the easiest way for you if direct payment in BTC from your employer is too difficult, and the amount is a consistent (recurring) amount.

I'm not sure you'd have much if a business if you only accepted bitcoin at the moment.