Bitcoin Forum

Israeli Internet company Spot.IM will pay salaries in bitcoins

 Israeli Internet company Spot.IM plans to pay salaries to employees in bitcoins. Now she is negotiating with the Israeli tax authority (ISA) about obtaining a permit for the proposed method of payment along with an appropriate method of calculating exchange rates.

According to Spot.IM spokesman Itay Bracha, in Israel, the salary or allowance paid to an employee is taxable. The company offers employees to open an account on the crypto exchange, where they will transfer the converted into bitcoins salary.

To provide insurance against bitcoin volatility, the highest coin price and the lowest on the specified day will be calculated and used as an exchange rate. The staff will also have the opportunity to choose between receiving a salary or part of it in bitcoins or fiat money.

Employees of Spot.IM have approved this offer, as the high fee for conversion will be covered by the company. In addition to net profit, pension funds or other benefits will not be transferred using bitcoin.

In February 2018, the Israeli tax authorities announced that the crypto-currency transactions are assets subject to a capital gains tax. Thus, employees will need to pay a tax of 25% if they will profit from operations with bitcoins.

According to the head of Spot.IM, Ido Goldberg (Ido Goldberg), the company fully supports crypto-currencies and believes that such initiatives can provide confidence in the crypto-currency sphere.

If the company pays by way of BTC, it would be more risky for both parties, as the price of the BTC fluctuates frequently, and we hold them really awe. I think the BTC is only for investment will be more appropriate.

It will be the happiest news for the people in Israel.It will be the exciting news for the people who know more about bitcoin.If they know about crypto currency and bitcoin before means,y ou can sell that bitcoin with best price.If you are new means,you will  sell at low price.

so will you get tax money back if btc continues to drop?  ;D
apart from that: another sign of adoption, lets see if more companies will follow :)

I really like the fact that it's an Israeli company that decided to do this. The people from Israel have very big incomes, i think that the minimum income there is over 1200$, so a lot of BTC will be bought from the market constantly to pay the wages of the employees. Let's hope that more companies will decide to do this in the future.

I think generally speaking it is a bit too early for salaries to be paid in bitcoin and crypto.
This benefits the exchanges where the salaries are paid into because most people will need
FIAT to pay bills and other living expenses.

Receiving part of a salary in bitcoin would be my option if i was presented with it.

This is nothing new as a lot of companies around the world are paying in btc or some also offer the option to be paid either in fiat or btc, so yes crypto has been adopted by many companies around the world.

Yeah. Part-salary would be the most feasible option. As much as I love cryptos, there are places where you just can't spend it - and may even find fiat trumping everything

its very good news when they will pay sallary in bitcoin.it will make the price of bitvoin will climb soon

I think the point of the article was not so much that a company is paying salaries in Bitcoin, I mean come on, so many of us working online and in this forum get our pay in Bitcoin, right?

What is interesting is that Israel was/is anti crypto. The banks are shutting down companies dealing in Bitcoin related stuff, although the courts recently said this was unlawful. So if companies just chose to do that, more Israelis get Bitcoin and go ahead do business without banking approvals. Banks will see that they cannot win the war.

it's not a good idea to pay salaries in bitcoin! people could lose a consistent portion of their salaries...

I think there will be 2 cases can be happen. The first one is that Bitcoin is going to be legalized in Israel and this company will be fine but the second one is this company will be punished because pay salary in BTC is a kind of tax evade cause there are no country has clearly rule for Bitcoin and cryptocurrency income yet.

Not all of the employes can accept it in the future. As you can see that this idea has already applied in so many times but a lot of them are getting tired about the volatility that can decrease their salary anytime. Because in fact that the result of their salary will depends on the bitcoin itself. The market is really volatile.

Personnaly, i would not accept a salary in BTC. Maybe last year yes, but this year no. Volatility of BTC is too high. You can become poorer very fast.

more companies are following the steps of some companies before. this company is not the first company to pay its employees with bitcoin japan company GMO Internet has done it earlier

salary with fully btc is not a fair modal, but btc prices does not important for company if the incomes with btc too.

more companies are following the steps of some companies before. this company is not the first company to pay its employees with bitcoin japan company GMO Internet has done it earlier

I didn't expected something like this from an Israeli company.

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First it was a Japanese company that will start paying their employees with bitcoin.

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It's giving curiosity on what will be the next country that will start considering paying their employees with bitcoin.

Israel is a smart country, bitcoins will be big over there as a lot of innovation comes from Israel. I don't recall many ICOs coming from there but that doesn't mean they are not moving towards a blockchain based future

I agree, I don't understand why it is paid as bitcoin, I can understand some projects pay salaries with their native token but for such companies that is not reasonable.

Personaly I would ask to get 20% of my salary paid in BTC which would be like long term savings because I couldn't pay all the monthly bills and expenses with BTC as the fees to sell it and get the fiat back on my bank account would be way too much in the current system and at my current location.

I really like the idea because it encourages the use of Bitcoin and show trust in its long term value, I hope more companies and employees follow this model.  :D

This news is pretty cool. I read that actually the company has the main office in New York, but is mainly governed by Israeli people. As the CEO made in to Israel Forbes 30 under 30, I think it is quite a solid company that can start a general trend by this action if it succeeds in negotiations with the tax authorities. Israel is a small and technologically advanced country, no doubt they can make changes and help bitcoin become a decent means of payment. Though as their headquarters is in the US, I suppose they might need to deal with American laws as well and that might be tough.

Great news for the entire crypto-currency community. Now many people will start saying that this is not convenient and that all this is garbage, but this news shows that the crypto-currency is already actively being introduced into our world and progress does not stand still.

Opposing american laws would be just like banging your own head into a wall which i would say also this would really be tough and most likely it would failed up. Its good to see such adoption but question on my mind is that the company already embraced the risk of volatility of bitcoin? How they would able to handle or retain such price movement when its already dumping?

The cryptocurrency revolution is not only impactful but sustainable. The naysayers standing on the sidelines had better joined the band wagon and enjoy the benefits instead. Crypto represents the future in our that is changing so fast that no one seems to be keeping pace. This is a welcome development for crypto enthusiasts.

They adopted bitcoin to pay their people with bitcoin so that can be an answer that they are all in to take the risk of bitcoin's volatility.

They are aware of it and it's either the owner or company bought a lot of bitcoin during the dip so they are prepared if there's a sudden price movement that leads to dump.
That company will not do such thing that they didn't conducted research before adopting.

Maybe the company did buy BTC at a very cheap price and now is "dumping" it to his employees as BTC is being dumped. No?
It could be another way to not have to pay for the exchange fees.

I find it risky if bitcoin is paid as salary to employees but if they are offering this as part of investment like stocks in the future it will hold a very rewarding profit in return when its values climbs too high.

Bitcoin is a secured investment i do not know how peoples are unaware in cryptocurrency. In Japan many companies are paid in Bitcoin salary so technology wise some countries are improve self. I think 2025 most of the countries are paid in cryptocurrency so we should accept the future technology then only we will survive in digital world.

I think it's great news, I prefer to get the salary in btc but unfortunately, in my country, it still not possible. I hope it will start with the technology and internet companies and spread to others.

Good day! I myself would agree on a BTC salary but I would prefer it as 50/50, BTC/cash. Cash for daily expenses and BTC I could use as my savings and investment. Maybe the company already have lots of BTC set aside so they don't consider the risk of paying that to their employees.

If paying with BTC is very risky for us, now BTC prices are going down and fluctuating frequently, so the holding of BTC may quickly lose value, and the holder will lose capital in the period short time.

I think it is cool that salary is paid in crypto, since it will open up more companies to follow. On the other hand I don't like the strong volantility of the crypto market. It should be nice to have an option to choose from between fiat money and crypto or a split of let's say 70-30 so you can decide for yourself how to obtain your salary. I definitely would take some crypto.

This is a good move from the company. It will be even better if the employee can choose to receive part of the salary in bitcoin. We still need fiat for expenses and stuffs.

At first I was kinda negative about this but upon reading that the employees accepted this offer and they can choose to be paid part in BTC and a part in fiat money, I nod my head concluding that these employees are already knowledgeable with cryptocurrency and definitely aware of the risks involved. Hoping more companies would follow as this would have a great impact on Bitcoin and to cryptocurrency as a whole.

good news for bitcoin market. But if I were working in company willing to pay BTC as salary, I would still ask flat money as my salary, because i could buy BTC anytime I want.

Yeah it should be up to the employees if they prefer to receive their salaries in crypto or fiat since not everyone is learned in crypto and people have different needs that may require physical money. And not all will be okay with the constantly changing value of their money

This is one good sign that this kind of system will be happening soon,that many and many countries will be using cryptocurrency as payments for employees work,seems like were getting closer to the crypto using world and i lovhearing this.that sooner my company will pay me bitcoin of altcoins too so i dont have to purchase from the exchanges but it will come to my wallet instantly

Wouldn’t it be risky for employers and employees if they send their salaries using bitcoin? I mean, we all know bitcoin is not stable and price keeps on fluctuating. So if the salary of an employee would be converted to bitcoin, as long as the employees dont withdraw everything it would be to their advantage.

This really a great example for other countries set by israel and great initiative by spot.IM, if all countries will allow this kind of approach then cryptocurrency will hit mainstream very soon. Blockchain technology have so many things to give to cryptoworlds. Nice information shared by OP, hope all countries will adopt this approach.

after Japanese companies  now an Israeli company are taking cryptocurrencies to public acceptance it is good for cryptocurrency industry hopefully silicon valley to get pays in bitcoin

I think is not a welcome idea

There are lots of people that are having salary only in crypto, there are some people in sport that have stable salary in bitcoin for example, they are having something that will be normal in future.

With such a high volatility, I don't know if employees would be ready to take salary in BTC. People expect a definite amount of monthly salary as they have family to support. think giving salary in BTC at this point isn't a really good option as most of the employees will convert it in fiat as soon as they receive it. Bitcoin still hasn't reached a point where it can replace fiat as a salary or as a currency use.

To date, Bitcoin has fallen very low and has never been stable. On this basis, it is very difficult to calculate salaries for employees and therefore receive a salary will be unprofitable in Bitcoin.

I guess what? the majority of them will try to ignore it. They have been thinking in so many times. It's not easy to liquidate your bitcoin just in some seconds. they will always try to choose the fiat money to received their salary. Bitcoin is really volatile especially we are still at the bearish trend and we don't know what it will be ended.

Israeli high-tech companies are now competing with other companies and employees claiming higher wages. In the face of that, the company has found a new way to attract and retain employees. High level of technology in this environment: the company has proposed to pay wages by bitcoin.

While i fully support adoption of bitcoin and other cryptocurrencies in real life, I feel this is a very risky move for both employees and managers of the company. As an employee would you knowingly accept payment when you know that the fiat value of your salary could drop more than 50% tomorrow? As a manager would you hold funds to payout employees when you know it could be worth less than what you originally bought it for and may have to buy more tomorrow? So many risks..

This will be exciting news for people who know more about bitcoin. If they know about the currency and bitcoin crypto beforehand, you can sell the bitcoin at the best price. I really like the idea for encouraging the use of Bitcoin and showing trust in its long-term value.

I strongly support if the salary is paid by using bitcoin.

If employees support payroll then this includes tremendous developments. They include advanced and developing companies but when they are allowed by taxation in their country. I'm amazed.

If this is really happening i guess i would pray that this should be made in my country as bitcoin is hard to purchase with its huge price,but if i can earn this because of my salary from regular job then i would be very thankful .hoping my government consider this action for the peoples benefits

Wow, this is a great news for all of us. Isaraeli is starting to innovate their payroll system. Its a gpod opportunity to the employees because they can earn a big amount of money. Its a good to know that even though many countries banned bitcoin in their country still their has a country accept it and give opportunity to all people. However, I am hopeful that this not a fake news. Hopefully, it will also adopt here in my country.

For the moment, who choose BTC for salary is losing a lot. That's a very bad idea to accept being paid in BTC.
Except if your idea is to become poor or help your company liquidate his BTC.

ofcourse it is a good new but i think it is still very early for such things. because volatility is very high (that is why thiss market is so profitable) and workers can stay in bad position after a strong dump.

Well, whatever... If in the future will occur such race courses... Although there are advantages - virtual money is not lost and no one will steal. And the wife is not taken away!!!! A joke!!!

I think if the company is not related to blockchain industry, bitcoin, it is only a interesting decision to pay salaries in btc but I don't think it is meaningful.

This is great,

I think that allowing the employees to choose is a nice thing for this company to do, at the moment those who invest in essence pay ourselves in bitcoin in the sense we just convert our fiat paychecks to bitcoin, the method above saves on exchange fees etc.

This is good, because you can pay with cryptocurrency anonymously. In addition, people will be able to increase their money with the correct analysis and distribution of funds.

In my opinion, if you pay with BTC, I will never agree, maybe because I'm afraid the value of BTC will decrease, because in the past time, the BTC value decreases and we lose a large amount

I am very impressed with the steps taken by the israel country, this country has become one of the countries that make bitcoin as a scary thing, this step has been done by japan and proved harmless as many people say

After all these years i have seen most people do ask about adoption on where bitcoin or other crypto would be applied into businesses or companies which do pay up such coins but now it do already happen but people do say things other way around. This is an advantage for those crypto enthusiast workers but for those who dont have any knowledge at all they would really rather choose up fiat because they dont like to recieve a thing that do changes its prices any second or minute depending on how the market moves.

The fact is that Fiat people use not only because of the habit, but also because of the fact that everyday life is easy to use ordinary money, not crypto currency. It seems to me that the crypto currency will still take its place in the financial world, but it will be used only in certain spheres of human activity.

This is a good thing IMO, if I were one of the worker in that company, I would choose part BTC and part fiat option, because one would need money for day to day activities and also one would be holding BTC which in long term is a sure bet for investors. Just hope that more good news like this is going to continue

The same is practiced in Japan, at the same time on a large scale. Companies are well aware of the high volatility of cryptocurrencies and reduce risks. It's bad for hired staff.

Good news, because getting salary in Bitcoin will involve more people in cryptocurrency. Unfortunately, spot.im do not have opened job positions for freelancers https://www.spot.im/jobs/

It's like a salary or a mortgage in dollars. Someone one only in the win, and the other is completely dependent on the market. Although if the salary is tied to the same dollar, and depending on the rate of the crypt and the salary will be recalculated, it is good. And so I think it's bad, plus it's move product.

It's not good, and not bad. I think this is just an attempt to attract attention, the marketing course of the company owners. Perhaps they are thus trying to promote Bitcoin in their country.

They accept their salary in BTC equivalent to USD from their payroll. I don't see any problem with this set-up as I heard many companies that offer their employee a salary in BTC. It's up to the employee if they want to invest it or convert into FIAT. This is a good example of mass adoption of bitcoin that could increase the demand of bitcoin in the future.

I also agree, its a bit too early nor for salary payments in bitcoin purely
because other industries and services have not caught up with the trend.

Utility bills and living expenses cannot be paid with bitcoin yet.
Its a bold move and its good to see both employer and employee's willing
to accept bitcoin payments.

This is definitely not a good idea for a certain company to use btc as their terms of paying the employee. Btc is a very volatile currency the value is fluctuating every now and then. It is so unfortunate for the workers to works in that company. What if btc goes down so the company compensate thier salary? I don't think so the company would do that.

It seems to me that one company should not have a strong influence on the crypto currency market in order to make some adjustments to the pricing of the crypto currency.

This is definitely good news, as other companies can follow this example, which will greatly affect the popularization of cryptocurrencies.

My opinion is excellent, in 1 it is anonymity, in 2 more security, in 3 everyone can increase their wages by playing on the growth and decline,additional motivation is not to sit out of the blue,because the money should work.

This could be very risky. Most people think about the value the BTCs will have in the future but what if instead of going up the value keeps going down. And one day you wake realising you have 40% less compared to 2 months ago.

Yes, most of the people will do the same thing because when the price of Bitcoin is low we might get a higher value. So some part of the money should be in fiat currency for our daily needs. Not only Israeli company very soon many companies will start giving salaries in terms of Bitcoins only in the coming days.

these good news, doesnt effect market. but small bad news crashes market. at least 10% loss in market in a bad new

I think that this is good, the cryptocurrency is only beginning to gain momentum in the market and such a balance as a salary in the form of BTC will be able to bring it to a new level.

I expect the same thing should happen with other employers as well and others. This is the very good news about crypto.

So far I can not find any advantage of paying a working day with Bitcoin. In any case, in life We need real money and will have to sell Bitcoin for Fiat. But Bitcoin today is unstable and how will your salary in Bitcoin feel?

It is not the first news about the salary payment by the employer of part of the salary by crypto-currencies. But it seems to me that this is a wrong way out of the situation, this is an imposition against the will. And it is a very stupid method of attracting new investors.

not many, maybe 1/100,000 companies will do. mostly are crypto/IT related company. it still a long way to go for coffee shop pay salary in crypto.

This is a step towards future technologies and reliability. Any national currency can lose points in a day. So I think that's a good thing.

I don't know if this company can be successful with this kind of payment or not. But I believe that this company will be punished by the government cause as I know there is no country has clearly rule for taxes for BTC or any cryptocurrencies income so this is also a kind of tax evasion.

If employees agree to receive a salary in BTC, then why not, especially BTC can be sold when the rate rises and make good money on it.

It's a very interesting idea to receive salary in bitcoins, but it seems to me that it would be better to pay wages in USDT (Tether) - this coin has low volatility and real support by the financial assets!

the salary should be paid in cash, and we also know that until now the BTC price has dropped causing it is also not worth going forward. some other companies that implement policies like this are better to rethink

Yeah I agree with you that until now if the company still in their process of giving salary through in Bitcoin form but they have a sort of arrangement regarding the volatility of the coin but I disagree with you regarding the tax evasion because the OP said that the company are having an arrangement through their tax deduction, it just a matter of both parties approval to pursue the different strategy.

And it's neither good nor bad. This is the reality. More and more companies nowadays are beginning to accept payment in cryptocurrencies. This is becoming the norm. Why discuss what is inevitable? Cryptocurrency is the future of humanity.

I am more than confident that not all employees of the company are satisfied with this innovation. Crypto currency is unstable and their salary will not be stable either.

If a company accepts only bitcoins and altcoins, then it is logical that it pays all its employees profit in bitcoins, and if this company uses Fiat money, then it is not logical. The price of bitcoin and altcoins compared to the Fiat currency jumps. Could bankrupt the company.

It's for sure.

There's a company on Japan as well that loved this adoption but the current situation of these countries are different from each other. Japanese loves more to get involved with cryptocurrencies but I don't know with the Israeli people, they probably are still in the process.

I am not sure that would be imposing against anyone's will. It is their terms, and obviously as long as what they want to do is not against any rule, I do not see any case someone would have against them as the case may be.

I see it as a great one though considering we really want to see the space being utilized effectively and we sure do not know the reason why the company will prefer to go this way, but since some of the concerns are covered regarding using crypto exchanges as well as the volatility, I really do not see this as a problem.

Any update if this becomes reality now?I have been seeking for many proof about companionship being use bitcoin or other altcoins to pay their employees because from this actions we can distinguish how far cryptocurrency goes till now and i know many of us are waiting for this breakthrough


Let us not mentioned japan for thise kind of issues as we know that the whole japan accepted and uses bitcoin as real currency so there no impossible if they use this as payments for whole system

If they will oe paid BTC today and the BTC is still low as its price today the employee will be lucky if the price pump for this coming end year...
People now on that place will be influence by crypto and spread word for it is now on its way to let the others know about the goodness of Bitcoin.

I'm not comparing Japan and Israel but having a type of example for this one is suitable.

He said that they are some employees that aren't satisfied with the said adoption so I've given an example where employees willl certainly love receiving their salary in bitcoin. They aren't only using it as a payment system but they are using it as their pay check as well.

Companies should also consider the monthly bills and expenses in daily living of their employee and its families.

So here's the scenario;
My boss paid me on btc and since my salary is for our expenses in daily living, I should be familiarize in trading bitcoin and I need to convert it to fiat. My salary is worth $500 in bitcoin and when I trade it to fiat I'll just have more or less $470 left since I need to pay for the transaction fee. So instead that $30 that I can be use in buying food it just end up paying for transaction fee. So where's the convenience?

So basically, paying in bitcoin should take a lot of consideration and it shouldn't mandatory for all employees. It will be better if they just choose which one they'll prefer.

Apparently, IT related companies will be on the front line of things when it comes to adopting cryptocurrency for payment before any other institution will start going the same way. It is a good thing though that this is something that is probably active, although it would have been good to know to what extent this is still going on presently in the company.
At least, they were still able to find a way around the whole fluctuation and for the fact that the exchange is willing to collaborate with them in protecting the interest of the staff, this still looks great. The advantages are there as well as the disadvantages, but in the long term, I see more advantage.

in this there is something interesting. If employees are not against receiving a salary, then everything is fine and if this method is made against employees, then it must be canceled

As what is posted by OP, the choice to receive the salary in bitcoin is an option because they cannot just easily force it to their employees to just exclusively receive it in bitcoin since there would be employers who would not be interested in it. This is the advantage of having a company owner who is a cryptocurrency enthusiast because he knows how to introduce bitcoin to others which is through salary.

However, I am just concern in the part wherein they would deposit it in a cryptocurrency exchange because what if the exchange is hacked then their coin would be gone with it. It would be better to deposit it in the bitcoin wallet of the employees.

Wow... Way to go 👍. I think this is a step in the right direction. Other I.T firms and technology industries should take a lead from Spot.IM What they are introducing will really help the mass adoption of cryptocurrency and will consequently lead to higher demand for digital currencies and assets.

The spread of such news globally is also encouraging for us, so it is a good news and development that attracts attention of all countries.

There's nothing wrong with that. First, it increases the level of trust in cryptocurrencies. Secondly, employees are still given the opportunity to receive only part of the salary in the PTS. And a very important point is the issue of taxation. The salary of working people in Israel is subject to taxation, so you need to decide how much and how taxes will be charged.

I think that in Israel not very arrogant officials, because they have legislation at the highest level and therefore taxes should be within the normal understanding. But nevertheless, I do not take the crypto currency as a salary, because it does not have a stable price.

Salary in cryptocurrency does not have proper liquidity in the traditional market. Perhaps in the future this will be more advantages. Not yet.

I would not want to get paid in BTC. I prefer to calculate my income in advance and know its size. In here in long-term investments in the form of MTC I would invest.

All I can say is WOW! I hope this thing happens in other countries out there and companies do something like this because it is really good. If you were want to ask me I would love Bitcoin as my salary.

I have always considered Israel a very advanced state on a par with Japan. And if they do something, it's something that turns out to be very right. Because my answer is good!

As for me, salary in Bitcoin it's very good, but it should be possible to implement it in the everyday life of the country.

If the employees of that company are willing to accept bitcoin as their form of payment then they should be completely free to do exactly that, however if I was in that position I will say that I will not accept bitcoin as a payment form yet, I say this because in my country there is no place near me where I can use my bitcoin, so I would prefer to receive fiat and then convert to bitcoin whatever I was willing to lose.

My opinion on this is that if you want to change the usual view of things, you need to move in this direction. I think that Cryptocurrency can become a constant currency for turnover.

How looks the situation? Have they come to an agreement with the tax regulator? If they succeeded, it would surely be another step towards full usability of Bitcoin.
Does anyone know the link to the source, or any information channel in which we can follow this case?

That is very risky if they using Bitcoin to pay salary to their employees because Bitcoin fluctuates what if Bitcoin dump they cannot get their minimum salary,but if the management pays bitcoin based on their minimun wage income even Bitcoin will dump no employees will affected.and also it is a good news that their are companies now adopting Bitcoin as their source of payments it helps Bitcoin to become more useful and popular.

Maybe some people with that thing will understand first or educated what they must do, even in Japan there are some company already pay their employees with Bitcoin, (correct me if i'm wrong)

It can't be good or bad. It's risky and unstable. For a certain amount of work, the contractor will receive a different income depending on the exchange rate. If employees are satisfied with this-then this is only the pros.