Salary in satoshis?

[Danica22]

So salary payment can be made in bitcoin/satoshi but it should be an option and companies can provide even a combination of fiat currency and bitcoin. Employees have freedom to choose their favorite salary payment method in either "Only fiat currency" or "Only Bitcoin" or "A combination of fiat currency and Bitcoin with a chosen ratio".

What businesses and companies always aim for is convenience and speed because that will help them save a lot of things such as time, costs...Paying salaries in bitcoin and having to pay in a hybrid form (BTC+fiat) will only cause more trouble for them, increase costs.

It can be seen that paying salaries in bitcoin is beneficial for the employees but does not create any benefits for the company. If we put ourselves in the shoes of a company/organization instead of just an employee, we will see that there are many things to solve when paying salaries in bitcoin.

[BitGoba]

Imagine if all prices were displayed in satoshis like Marty Bent imagined with his extension Opportunity cost .

In that case it maybe nice to receive your salary in satoshis, or not.

What do you think about it ?

(In France, salaries are mandatory in euros, and pay slips are very complex. Tax and administrative rules are complicated, and few companies pay bonuses in satoshis, probably due to this complexity)

There are services that convert fiat paychecks directly into SATs the moment the money is received.

For example, Strike offers a “Pay Me in Bitcoin” feature  it receives fiat and instantly converts it into sats.

At Bitcoin meetups, I’ve met several people who live entirely on the Bitcoin Standard. They use services like Strike, Bitwage, and others to get paid in Bitcoin SATs and they never touch fiat currencies at all.

[Marvell1]

There are services that convert fiat paychecks directly into SATs the moment the money is received.

For example, Strike offers a “Pay Me in Bitcoin” feature  it receives fiat and instantly converts it into sats.

At Bitcoin meetups, I’ve met several people who live entirely on the Bitcoin Standard. They use services like Strike, Bitwage, and others to get paid in Bitcoin SATs and they never touch fiat currencies at all.

I have also heard about Strike and Bitwage services, but as far as I understand, they only help reduce dependence on fiat but cannot help us completely get rid of fiat and live by bitcoin standards. Because after all, you are paying bills that are displayed in fiat currency, and those services just help you quickly convert from bitcoin to fiat currency or vice versa.

Fiat is still the measure of value, the main unit of measurement in life and we are just trying to fool ourselves by using conversion services.

[DeathAngel]

I have to admit I would not like to take my salary in Bitcoin (satoshis). I love Bitcoin but the volatility is way too high to have my salary paid in it. I might get paid & 2 hrs later the price has dumped 10% I can’t pay all the bills for the month. I buy Bitcoin but I don’t want my entire salary paid in it.

[fredericktaylor]

So salary payment can be made in bitcoin/satoshi but it should be an option and companies can provide even a combination of fiat currency and bitcoin. Employees have freedom to choose their favorite salary payment method in either "Only fiat currency" or "Only Bitcoin" or "A combination of fiat currency and Bitcoin with a chosen ratio".

What businesses and companies always aim for is convenience and speed because that will help them save a lot of things such as time, costs...Paying salaries in bitcoin and having to pay in a hybrid form (BTC+fiat) will only cause more trouble for them, increase costs.

It can be seen that paying salaries in bitcoin is beneficial for the employees but does not create any benefits for the company. If we put ourselves in the shoes of a company/organization instead of just an employee, we will see that there are many things to solve when paying salaries in bitcoin.

Bitcoin is not yet legally accepted in most countries, so it is not the right time to use Bitcoin as a salary. another problem is that the rapid fluctuations in the price of Bitcoin can cause problems when paying salaries.
 
There are some large companies that can implement this process if they want, but for ordinary companies, paying salaries in Bitcoin will be complicated. Companies will be more important if they can send salaries to their employees' accounts with very little cost. From my point of view, it will be possible only when the whole world accepts Bitcoin legally, otherwise it is very complicated.

I can say without a doubt that the way El Salvador is using Bitcoin, all countries will start using Bitcoin, and we may not have to wait long for this.

[DanWalker]

I have to admit I would not like to take my salary in Bitcoin (satoshis). I love Bitcoin but the volatility is way too high to have my salary paid in it. I might get paid & 2 hrs later the price has dumped 10% I can’t pay all the bills for the month. I buy Bitcoin but I don’t want my entire salary paid in it.

Me too, I don't want my entire salary paid in satoshi. I don't know about others but in my opinion it doesn't bring any benefit or convenience to my real life. It makes things even more stressful because like you said, I'll have to deal with the volatility of it and that's inconvenient.

Many people think that getting paid in satoshi will make investing more convenient and easier but on the contrary, I see it as a barrier preventing us from buying cheap bitcoins. What if we get paid today (satoshi), and tomorrow the price of bitcoin suddenly drops 10%-15%? Not only did we lose, but we also missed the opportunity to buy BTC at a low price.

[madnessteat]

Personally, I don't see the point in paying wages in satoshi, because in this case, most of the funds will have to be converted into national currency to pay for utilities and have fiat money for life, because not everyone has the opportunity to make payments only in Bitcoin. Therefore, I think it is better to receive wages in national currency and convert part of the earned funds to buy Bitcoin. In fact, you will need to perform the same conversion process, but in this case, no one will know how many Bitcoins you buy and at what addresses they are stored.

[Danica22]

Bitcoin is not yet legally accepted in most countries, so it is not the right time to use Bitcoin as a salary. another problem is that the rapid fluctuations in the price of Bitcoin can cause problems when paying salaries.
 

Bitcoin's legitimacy is one reason but not the biggest one, its volatility is a more worrying issue.

There are some large companies that can implement this process if they want, but for ordinary companies, paying salaries in Bitcoin will be complicated. Companies will be more important if they can send salaries to their employees' accounts with very little cost. From my point of view, it will be possible only when the whole world accepts Bitcoin legally, otherwise it is very complicated.

Conversely, I think small companies will adopt bitcoin more easily than large companies because with fewer employees, it will be easier to handle. Meanwhile, for large businesses with thousands, even hundreds of thousands of employees like Apple, Google...this becomes extremely complicated and costly. Think about it, how much time and effort would it take them just to adjust the payroll of thousands of employees to match the current bitcoin price every month? Whereas with fiat money, they don't need to do anything extra.

I can say without a doubt that the way El Salvador is using Bitcoin, all countries will start using Bitcoin, and we may not have to wait long for this.

Don't want to disappoint you but for me, the adoption of bitcoin as a currency in El Salvador was almost a failure because the people there refused to use it as a currency.

[OcTradism]

Conversely, I think small companies will adopt bitcoin more easily than large companies because with fewer employees, it will be easier to handle. Meanwhile, for large businesses with thousands, even hundreds of thousands of employees like Apple, Google...this becomes extremely complicated and costly. Think about it, how much time and effort would it take them just to adjust the payroll of thousands of employees to match the current bitcoin price every month? Whereas with fiat money, they don't need to do anything extra

Small companies and merchants for example, can easily accept Bitcoin but in a long term, they will have to struggle with their small business treasury management. If you need any example that shows accuracy for my saying, look at El Salvador and their Bitcoin Legal Tender policy that was initiated years ago, in the last market cycle.

Keep it simple, small companies are most vulnerable to Bitcoin price volatility and they mostly don't have proper business treasury management in order to go through most volatile months well without impacts on their business money flow and treasury.

https://www.politico.com/news/magazine/2022/05/12/el-salvador-bitcoin-currency-struggles-00030422

[Altryist]

I have to admit I would not like to take my salary in Bitcoin (satoshis). I love Bitcoin but the volatility is way too high to have my salary paid in it. I might get paid & 2 hrs later the price has dumped 10% I can’t pay all the bills for the month. I buy Bitcoin but I don’t want my entire salary paid in it.

If salary were my main source of income I would probably not want to receive my salary in bitcoin either. It would only make sense if I could pay with bitcoin in stores and cover all necessary services. But if every month I had to sell bitcoin and pay all my main expenses in fiat money it would be inconvenient. And if besides that I already had other sources of income from which I could receive fiat and cover all my expenses then of course I would just keep my salary as an investment for holding. So it is possible but it depends on certain conditions.

[AbuBhakar]

I have to admit I would not like to take my salary in Bitcoin (satoshis). I love Bitcoin but the volatility is way too high to have my salary paid in it. I might get paid & 2 hrs later the price has dumped 10% I can’t pay all the bills for the month. I buy Bitcoin but I don’t want my entire salary paid in it.

If salary were my main source of income I would probably not want to receive my salary in bitcoin either. It would only make sense if I could pay with bitcoin in stores and cover all necessary services. But if every month I had to sell bitcoin and pay all my main expenses in fiat money it would be inconvenient. And if besides that I already had other sources of income from which I could receive fiat and cover all my expenses then of course I would just keep my salary as an investment for holding. So it is possible but it depends on certain conditions.

We have the same opinion. I don't like the idea of receiving our salary in bitcoin as we would still need to convert it to fiat to he able to use it on our everyday expenses. Add to that is its fast volatility, the value of our salary will fluctuate quickly and could decrease if the price of bitcoin goes down.

I also don't think companies or employers will use bitcoin as a salary for their employees as the amount in satoshi would always change and could be confusing for their finance department unlike using fiat where the value is fixed and stable.

[Swordsoffreedom]

If bitcoin becomes legal tender and prices of goods and necessities are listed in bitcoin, it would be great to have our salaries paid in satoshi. But if we still need to convert bitcoin to fiat, receiving salary in bitcoin will not make any sense, even cause more disadvantages. It will take time to convert and during the conversion we may incur losses if the bitcoin price suddenly drops. Just a quick thought reveals that there are a lot of problems, it doesn't bring as many benefits as some people are saying.

So I don't like this idea either and it's not worth considering.

[Woodie]

I like the "Opportunity Cost" name very catchy...and I think the idea is well thought of just not sure who feeds them the exchange rates to avoid assets or whatever it is from being over or under valued.

And saw the browser extension in action from the Amazon photo, and I think along the way I think users could mistakenly over pay as it quotes in Sats/BTC sometimes of which a user thinking it's BTC could pay 1 sat value in BTC which is not small change, anyway  hope such costly mistakes don't happen.

[apogio]

My salary is in FIAT and I can't change it, even though I 'd like to change it.

But for my side-hustles, I usually request BTC (sats) and I am happy with it. If a client prefers to pay in FIAT, I ask for a premium, which gives them a fake sense of choice *


* this idea was introduced by BTCSessions and I like following it.

[Becassine]

For the moment, half of the voters could accept being paid in BTC. It's true that this could be a real headache for both employees and employers because of the volatility: BTC is both a currency and a highly volatile investment; I don't think anything equivalent exists.

Do you think BTC will ever stop being so volatile? Will it ever stop its wild ride?

[Smack That Ace]

Do you think BTC will ever stop being so volatile? Will it ever stop its wild ride?

Bitcoin can become more stable, it is already happening. As Bitcoin matures and its capitalization increases, its volatility will decrease. That is why we no longer see big dumps, nor do we see Bitcoin going up 1,000% or 10,000% in bull cycles like before. Bitcoin will gradually become as stable as gold and there will come a time when it will no longer be an attractive investment but will be used more as a safe haven.

[arwin100]

For the moment, half of the voters could accept being paid in BTC. It's true that this could be a real headache for both employees and employers because of the volatility: BTC is both a currency and a highly volatile investment; I don't think anything equivalent exists.

Do you think BTC will ever stop being so volatile? Will it ever stop its wild ride?

Could be an head ache especially if what they usually do is to sell immediately their receive coins.

But if they have plans to invest on for long term I guess they would just ignore those volatile movement of Bitcoin.

Although I know some are not capable to handle the volatile nature of Bitcoin since they have personal obligation need to attain I guess with this the employers should give them an option to receive fiat or even stable coins.

Nope I don't think its volatile nature would stop but rather will continue since its normal for Bitcoin to move that way.

[purple_sparkles]

It’s really great to get paid in satoshis — especially when it happens during a prolonged bear market. If you have the ability to hold onto the coins for a few years, your salary could grow several times over. Not all investments can offer that kind of return, especially for people who aren't really into trading. And during a bull cycle, it's a perfect opportunity to lock inhigh price point.

[justdimin]

I have to admit I would not like to take my salary in Bitcoin (satoshis). I love Bitcoin but the volatility is way too high to have my salary paid in it. I might get paid & 2 hrs later the price has dumped 10% I can’t pay all the bills for the month. I buy Bitcoin but I don’t want my entire salary paid in it.

That's probably better. Even if someone say that they love Bitcoin, they don't really need to get paid in Bitcoin for a full-time job they are doing because as you said, the price is extremely volatile sometimes, and even though it can go up as well and that can be beneficial for them, but what if it goes down? We often see the market dumping all of a sudden, and sometimes those dumps are pretty deep, so that can obviously make the person lose a good amount of money from their salary, and they probably can't wait for the market to recover since they would need funds.

So even if someone loves Bitcoin, they should get their salary in fiat or a stable currency, and then use a portion of their funds to buy Bitcoin with it. This way, they wouldn't be worried about the volatility of the market and they won't lose any money other than the small amount that they will need to pay for the fees when buying Bitcoin, but that's nothing compared to the loss one could incur in a market dump.