Can we adopt altcoin to pay wages?

[Storeplex]

At the moment I only see cryptocurrency working as mean of payments for wages in freelance jobs, mainly because they are likely to be one off payments. For recurring wages though it's a risk to receive your pay in crypto due to the fluctuations, plus you'd have to make sure you're paying all your taxes and if you're on the UK, national insurance too.

If we reach a stage where most places accept crypto as payment it may be more viable as you'd be able to spend it, rather then cashing it out for your currency as you would do right now. Maybe in a few years as cryptocurrency continues to evolve and adoption gets pushed further it may be useful.

[Mr.Noda]

I think this method of payment will suit freelancers! Less red tape and bureaucracy! Officially I think it will not work out.

[AlekSandRAx]

No we can't pay salaries in altcoins. They dont provide stability, security and other important factors needed to do that.

[beehimneff]

Of course it is possible But not everyone will like the high volatility and transaction speed

[face.angry123]

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it? 

At the moment, getting paid in altcoins is very risky. Cryptocurrencies have a fairly high level of volatility, for this reason, the change in their value is quite difficult to predict. Problems with taxation, you should take into account the fact that the procedure for taxation of cryptocurrencies is not currently defined. It is important to remember that there are no legislative acts protecting the rights of holders of cryptocurrency.

[judyrob]

It could have been. However, it will not be applied to everyone. not everyone likes altcoin because maybe they didn't know or didn't even know about its potential. they know altcoin is at high risk due to fluctuations. Maybe that is the problem for them because if there are fluctuations mean their salaries have a value which does not remain if realized by real currency.

[deevan]

I don't think so that most employees would agree with in getting their salaries in form of altcoin, as there are thousands of altcoins some are useless, not worth. Secondly, the altcoin price is highly volatile if the market is in blood then people won't be happy on this and can't wait for the market to recover and no one knows how much time it can take for the market to get stable. Another issue is cashing out altcoin first search for the exchange on which altcoin is listed, create an account, exchange it for Ether or Bitcoin then transferring to another exchange convert in fiat & withdraw to bank account which might take up to 1 week and this might be a headache for a layman to go through cashout process.

[wattcrypto]

I think that would be perfect. IMO a stablecoin is the perfect solution for all of this. At the end of the day we all hate price volatility especially if you're getting paid for a living. I'm a big fan of Havven and their stablecoin.

You should look into them. Great project, team, and development.

https://www.newsbtc.com/2018/03/05/havven-decentralized-stable-coin-ico-successfully-closed-raises-usd-30-million/

[jjdub7]

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it? 

I don't think that this is good idea. The altcoins are way too violate and this would be big problem when talking about wages, because they have to be steady.

[Don Stefanello]

Curentlly its not a good option, first because crypto is so volitile, and second because its still not user friendly, you and your friends might know how to use it but what about 50yr old average Joe whos not good with computers. It is possible in the future for sure, but we are not yet there

[Dcoollakky247]

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it? 

We have a problem to adopt altcoins for wages. Example, if the person have wages for 1000$ per month and you will gave his wages into eth equally to 1000$. The problem is when he cash it out, theres a percentage taken from his capital. So his wages will deducted for that conversion or selling service fee. That wasn't applicable for wages.

This is a two sided coin. You're looking at it in one perception. What if after the wages has been paid in ETH and there's rise in the price of ETH, don't you think he will have more than $1000? What I understand is that if wages are being paid in ETH you can't get the exact value of what you worked for. It's either you are over paid or under paid.

[KobbyC]

Altcoin, the rise and fall is rampant, users might gain a lot in the little work that they do, example, When the price of the token rise at a greater percentage, LOL that will be a massive profit earned. What if the price falls drastically at the end of payment. I am not sure this is a good idea. But in the future, measures can be put in place to make it 100% successful.

[sousay]

I think it is hard to adapt altcoin as mode of payment for wages,there are many things to consider in this,one is the price of altcoin is not stable.

[mario00]

Actually yes, altcoins can be used to pay wages but it would have to be good altcoins like ethereum because no one wants to accept a scam coin or dead coin as a wages. It can be done. Not yet though, cryptos still have a lot of growing and a long way to go.

[hsnjtdj]

I don't think that everyone is willing to accept altcoin as a salary. After all, its price has not stabilized. Maybe it will be possible in the future, but it will take a long time to solve the existing problems.

[leavefifa]

Are not. I do not think that using Altcoin to pay is a good thing. If you use Altcoin to pay, it will not be attractive to employees, because now, the value of the Altcoin is unstable. Workers will not be able to take care of their family life unless they know how much money they can earn in that month. They will worry and choose another job. Altcoin should only be used to pay for those who work and want to collect Altcoin. I think it is good for the manager and the worker.

[yujli]

In fact, some companies are already using bitcoin to pay their employees wages in Japan. I don't think there is any problem. The only problem is that if you earn $2,000 a month, you can get a salary of $1,800 or $2,200. Because the price of bitcoin has been fluctuating.

[ailyn30]

First of all, It is okay to adopt altcoin but as of now it is not stable to make it as a salary wages. But it is okay in a long run.

[fiorilia]

probably a reasonable idea. but of course, the problem fluctuations become a difficult problem is received for that pay. maybe many feel objections because prices always fluctuate erratically. This will also make the income they have no fixed value.

[Haunebu]

In fact, some companies are already using bitcoin to pay their employees wages in Japan. I don't think there is any problem. The only problem is that if you earn $2,000 a month, you can get a salary of $1,800 or $2,200. Because the price of bitcoin has been fluctuating.

This is exactly why this is not feasible in the present scenario. The extreme volatility of this cryptocurrency market is the primary reason why Bitcoin and altcoins cannot be utilized as a method to pay wages currently, but it can certainly happen in the near future in my opinion once the market exhibits lower volatility. Additionally, features like lightning network, segwit wallets etc will help in dropping the transaction fees and transaction times making it much more feasible in the future. As Bitcoin adoption grows over time, altcoins will continue being adopted on a global scale.