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Author Topic: Salary in BTC from the Israeli company Spot.IM  (Read 1024 times)
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June 18, 2018, 07:54:37 AM
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 #1

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.
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June 19, 2018, 04:07:53 PM
 #2

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.

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June 19, 2018, 04:20:32 PM
 #3

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.

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.
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June 19, 2018, 07:03:02 PM
 #4

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

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June 19, 2018, 07:13:25 PM
 #5

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.

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June 19, 2018, 07:35:57 PM
 #6

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.

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June 19, 2018, 07:58:43 PM
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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.

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June 19, 2018, 10:03:23 PM
 #8

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.
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

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June 21, 2018, 12:48:42 PM
 #9

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

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June 21, 2018, 12:57:49 PM
 #10

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.



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June 21, 2018, 01:13:26 PM
 #11

it's not a good idea to pay salaries in bitcoin! people could lose a consistent portion of their salaries...
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June 21, 2018, 01:28:29 PM
 #12

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.
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June 21, 2018, 01:47:11 PM
 #13

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.

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.
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.





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June 21, 2018, 01:49:59 PM
 #14

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.

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June 21, 2018, 01:51:29 PM
 #15

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
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June 21, 2018, 01:53:44 PM
 #16

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

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June 21, 2018, 01:57:26 PM
 #17

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
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June 21, 2018, 02:00:10 PM
 #18

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

First it was a Japanese company that will start paying their employees with bitcoin.
It's giving curiosity on what will be the next country that will start considering paying their employees with bitcoin.


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June 21, 2018, 05:58:24 PM
 #19

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

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swissgang
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June 21, 2018, 06:14:17 PM
 #20

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.

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.

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