[Poll] Are you using BitWage to get any of your paycheck paid in bitcoin?

[Elwar]

I'm a long term HODLER & massively bullish but I'll admit I have 0% of my salary paid in bitcoin. I buy bitcoin regularly & I HODL.....but......my employer (funnily enough my Dad) isn't interested in integrating bitcoin into his business or wage paying systems.

I don't see the point in getting paid a high % of your salary in bitcoin right at this moment for a number of reasons.

- The bitcoin price fluctuates
- You can't spend bitcoin in many places in every day life

I'll watch from the outside on this but most people need to pay pills, what if they get paid 5,000 USD a month. Wages go in Friday night. Saturday morning the price has dropped 10%. Average Joe can't afford for that to happen.

You can't pay for gas with bitcoin, you can't get your weekly food shop with bitcoin. For me bitcoin is a long term investment not something I can use every day.
Don't get me wrong, I would love bitcoin to be accepted everywhere but until that day comes getting paid any more than say 10% of your wage in bitcoin is stupid.

The way I do it for bills is that I am paid every 2 weeks, if I get paid on Friday and the price goes down I cut back my spending for that 2 weeks. If I absolutely have to, I just pay my bills on that next Friday.

But what I have noticed is that at some point in those 2 weeks the price is higher than when I got paid. When that happens I pay for things I have been putting off. While people are posting pictures of rockets and trains, I'm paying bills.

And the Bitcoin price doesn't fluctuate all that much lately.

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[bitcoinmasterlord]

I already thought that BitWage won't start high because there are simply too many things you only can pay with a bank account and not with bitcoins. But when they allow a partly paycheck to be converted?

Though i wonder if an employer in fact would split payment and send them to different bank accounts.

[nydiacaskey01]

my answer to that question is no. I don't really have a job right now so I don't get no paycheck

[Possum577]

Do you know what BitWage charges employers or the employee for this service? They have to make their money somewhere...perhaps they're taking a piece when they convert from fiat to BTC, they're getting the spread...that's my guess.

The responses so far are pretty polarizing, only a few people are into it but of those who are they're all in!

[fryarminer]

Do you know what BitWage charges employers or the employee for this service? They have to make their money somewhere...perhaps they're taking a piece when they convert from fiat to BTC, they're getting the spread...that's my guess.

The responses so far are pretty polarizing, only a few people are into it but of those who are they're all in!

No fees while in Beta. My guess is that they make money on the exchange.

[Kprawn]

I guess one or two of the advantages of doing this would be the following :

1. You do not have to do the buying yourself. {Save you some time}
2. The employer pay for the fee's or commisions {Depending on how it is bought}
3. Your salary could increase every month. {The oposite is also true}
4. You pay less banking fee's {stop orders / withdrawal fee's}

You could have the best of both worlds, if you ask your employer to only pay say 50% of your salary with Bitcoin, or only the % you would have bought, when you were paid in fiat. {Say 10% every month} 

 

[fryarminer]

I guess one or two of the advantages of doing this would be the following :

1. You do not have to do the buying yourself. {Save you some time}
2. The employer pay for the fee's or commisions {Depending on how it is bought}
3. Your salary could increase every month. {The oposite is also true}
4. You pay less banking fee's {stop orders / withdrawal fee's}

You could have the best of both worlds, if you ask your employer to only pay say 50% of your salary with Bitcoin, or only the % you would have bought, when you were paid in fiat. {Say 10% every month} 

 

To be honest I don't see the point if it is only for part of your paycheck. If it is only for part, you still need a bank, and if you still want to keep your bank, you could make purchases of Bitcoin yourself on exchanges of your choice and it could vary every month according to the needs of the month.

I think this is for people who are sick of banks monitoring your life and want to get out of the system. Going back to the coffee cans of freedom.

[fryarminer]

I got my first paycheck in bitcoin from Bitwage - it cleared today.
My electronic transfer company needed two months to complete the switch, so last month they sent me a paper check.
Pretty awesome! I'm excited!