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Author Topic: Bitcoin would make payroll awesome  (Read 1539 times)
BitMonkey
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August 31, 2012, 11:00:13 PM
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As I sit and wait for my check to be printed and signed by payroll dept.,
So I can drive to the bank (the one where the check is issued from so it can be done same day)
Where i had to open an account just for this situation
So I can cash first and then deposit (Thus avoiding a hold).
And have access to some buying power.

It would be awesome if they paid me in BTC,
Just issue distributions to everyone's address in the morning.
Shit by lunch its good to go.

Some guys have to deposit check and wait for clearance which is a nightmare.

Just thinking out loud

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August 31, 2012, 11:27:47 PM
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Everyone I know has electronic automatic deposit into their checking account. But I'm sure not everyone can get that. Bitcoin would indeed be awesome for payroll, and pretty much everything else that involves money. Cheesy
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August 31, 2012, 11:38:32 PM
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I guess the only complexity versus single-bank-account direct deposit, would be making sure the employer sends the funds to a different address each time?  Otherwise for any payment you send out, the recipient has access to your salary history, unless you do all your payments through a coin mixer.  This and other similar situations are why I think mixing will eventually have to be default behavior either in clients, or as part of the protocol.
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August 31, 2012, 11:47:04 PM
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I was thinking about this. This would be the last step of where I would use a bank once BitInstant has debit card and billpay.

I would just have my direct deposit go straight to a bill account and a spending account.

I would even write up some budgetting software for my wallet so that my family spending could be trickled out throughout the month (keeping the wife from spending all of the paycheck on a shopping spree). I tried to do it once where I sent so much money to a checking account every day but the bank stopped it because of too many transfers in one month, plus if more was spent than was in the account the bank would charge a fee and let the spending go through.

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August 31, 2012, 11:56:30 PM
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I was thinking about this. This would be the last step of where I would use a bank once BitInstant has debit card and billpay.

I would just have my direct deposit go straight to a bill account and a spending account.

I would even write up some budgetting software for my wallet so that my family spending could be trickled out throughout the month (keeping the wife from spending all of the paycheck on a shopping spree). I tried to do it once where I sent so much money to a checking account every day but the bank stopped it because of too many transfers in one month, plus if more was spent than was in the account the bank would charge a fee and let the spending go through.

If you are using plastic, you can stop automatic overdraft rapes.  When the law changed a few years ago, all of my credit card companies were hysterically begging me to opt in to overcharge protection so that they could charge me $35+ if I ever went over limit.  I declined them all, and now if a charge would ever accidentally take me over my limit, it is merely declined, for free.  It's happened a few times when I wasn't paying attention.  I just put away the card that pays 2% cash back and have them redo the charge on the card that I rarely use because it only pays back 1%.

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September 01, 2012, 12:02:18 AM
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I was thinking about this. This would be the last step of where I would use a bank once BitInstant has debit card and billpay.

I would just have my direct deposit go straight to a bill account and a spending account.

I would even write up some budgetting software for my wallet so that my family spending could be trickled out throughout the month (keeping the wife from spending all of the paycheck on a shopping spree). I tried to do it once where I sent so much money to a checking account every day but the bank stopped it because of too many transfers in one month, plus if more was spent than was in the account the bank would charge a fee and let the spending go through.

If you are using plastic, you can stop automatic overdraft rapes.  When the law changed a few years ago, all of my credit card companies were hysterically begging me to opt in to overcharge protection so that they could charge me $35+ if I ever went over limit.  I declined them all, and now if a charge would ever accidentally take me over my limit, it is merely declined, for free.  It's happened a few times when I wasn't paying attention.  I just put away the card that pays 2% cash back and have them redo the charge on the card that I rarely use because it only pays back 1%.

Good to know. I have gone to my banker several times to have them override an overdraft fee. Usually it is their fault for holding up my money for a deposit too large.

They say the same thing every time...we let it go through because 'what if it was your mortgage'.

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September 01, 2012, 02:05:50 AM
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Everyone I know has electronic automatic deposit into their checking account. But I'm sure not everyone can get that. Bitcoin would indeed be awesome for payroll, and pretty much everything else that involves money. Cheesy

Yep, I'm wondering where the OP is located that the banking system is so primitive.  It's standard here to have your wages deposited directly into your bank account and then pay all your bills online from your bank account.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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September 01, 2012, 02:31:07 AM
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Everyone I know has electronic automatic deposit into their checking account. But I'm sure not everyone can get that. Bitcoin would indeed be awesome for payroll, and pretty much everything else that involves money. Cheesy

Yep, I'm wondering where the OP is located that the banking system is so primitive.  It's standard here to have your wages deposited directly into your bank account and then pay all your bills online from your bank account.

I'm guessing it was either a first or last check, either of which is likely to (still) be done by hand.

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September 01, 2012, 02:47:13 AM
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If they issue in the morning it's good to go by morning, not lunch :-)

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September 02, 2012, 11:32:58 PM
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Lol, they buy you $3000 worth of bitcoins for payroll and the market crashes or Gox is hacked, by the time you receive it in the morning it's now worth $1500. If you had EFT deposit, and were a gambling man you could easily set up your account to receive payroll and sweep funds to a bitcoin exchanger automatically or have it sent to an ATM payroll card you've mailed to an exchanger to pay you out. Just hope the price per coin doesn't plummet

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September 03, 2012, 01:11:02 AM
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Lol, they buy you $3000 worth of bitcoins for payroll and the market crashes or Gox is hacked, by the time you receive it in the morning it's now worth $1500. If you had EFT deposit, and were a gambling man you could easily set up your account to receive payroll and sweep funds to a bitcoin exchanger automatically or have it sent to an ATM payroll card you've mailed to an exchanger to pay you out. Just hope the price per coin doesn't plummet



Of course the inverse could happen too - your paycheck doubles by lunchtime and you call in sick for the next two weeks!  Grin
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September 03, 2012, 01:06:38 PM
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As I sit and wait for my check to be printed and signed by payroll dept.,
So I can drive to the bank (the one where the check is issued from so it can be done same day)
Where i had to open an account just for this situation
So I can cash first and then deposit (Thus avoiding a hold).
And have access to some buying power.
Dude, it's 2012. Nobody gets a printed payroll paper check anymore, which he has to drive to the bank (WTF!?) to deposit there and wait until it clears or whatever.

Don't get me wrong - I would absolutely prefer BTC over regular banking. But if your employer simply wires everybody's salaries in the morning, you and your colleagues got that shit on your bank accounts in the afternoon, and you can immediately spend it wherever you want with PIN, credit card, or even get old fashioned cash from an ATM.
(at least that's how it works here in Europe, dunno about certain underdeveloped regions in the world...)

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