Salary in BTC from the Israeli company Spot.IM

[Noelnada]

Personaly I would ask to get 20% of my salary paid in BTC which would be like long term savings because I couldn't pay all the monthly bills and expenses with BTC as the fees to sell it and get the fiat back on my bank account would be way too much in the current system and at my current location.

I really like the idea because it encourages the use of Bitcoin and show trust in its long term value, I hope more companies and employees follow this model. 

[kryptqnick]

This news is pretty cool. I read that actually the company has the main office in New York, but is mainly governed by Israeli people. As the CEO made in to Israel Forbes 30 under 30, I think it is quite a solid company that can start a general trend by this action if it succeeds in negotiations with the tax authorities. Israel is a small and technologically advanced country, no doubt they can make changes and help bitcoin become a decent means of payment. Though as their headquarters is in the US, I suppose they might need to deal with American laws as well and that might be tough.

[DianaZher3]

Great news for the entire crypto-currency community. Now many people will start saying that this is not convenient and that all this is garbage, but this news shows that the crypto-currency is already actively being introduced into our world and progress does not stand still.

[Zadicar]

This news is pretty cool. I read that actually the company has the main office in New York, but is mainly governed by Israeli people. As the CEO made in to Israel Forbes 30 under 30, I think it is quite a solid company that can start a general trend by this action if it succeeds in negotiations with the tax authorities. Israel is a small and technologically advanced country, no doubt they can make changes and help bitcoin become a decent means of payment. Though as their headquarters is in the US, I suppose they might need to deal with American laws as well and that might be tough.

Opposing american laws would be just like banging your own head into a wall which i would say also this would really be tough and most likely it would failed up. Its good to see such adoption but question on my mind is that the company already embraced the risk of volatility of bitcoin? How they would able to handle or retain such price movement when its already dumping?

[Abeleez]

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.

The cryptocurrency revolution is not only impactful but sustainable. The naysayers standing on the sidelines had better joined the band wagon and enjoy the benefits instead. Crypto represents the future in our that is changing so fast that no one seems to be keeping pace. This is a welcome development for crypto enthusiasts.

[terrific]

Its good to see such adoption but question on my mind is that the company already embraced the risk of volatility of bitcoin?

They adopted bitcoin to pay their people with bitcoin so that can be an answer that they are all in to take the risk of bitcoin's volatility.

How they would able to handle or retain such price movement when its already dumping?

They are aware of it and it's either the owner or company bought a lot of bitcoin during the dip so they are prepared if there's a sudden price movement that leads to dump.
That company will not do such thing that they didn't conducted research before adopting.

[xenomorphe1]

Maybe the company did buy BTC at a very cheap price and now is "dumping" it to his employees as BTC is being dumped. No?
It could be another way to not have to pay for the exchange fees.

[eagle10]

I find it risky if bitcoin is paid as salary to employees but if they are offering this as part of investment like stocks in the future it will hold a very rewarding profit in return when its values climbs too high.

[bozo333]

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.

Bitcoin is a secured investment i do not know how peoples are unaware in cryptocurrency. In Japan many companies are paid in Bitcoin salary so technology wise some countries are improve self. I think 2025 most of the countries are paid in cryptocurrency so we should accept the future technology then only we will survive in digital world.

[light22man]

I think it's great news, I prefer to get the salary in btc but unfortunately, in my country, it still not possible. I hope it will start with the technology and internet companies and spread to others.

[Leah38]

Good day! I myself would agree on a BTC salary but I would prefer it as 50/50, BTC/cash. Cash for daily expenses and BTC I could use as my savings and investment. Maybe the company already have lots of BTC set aside so they don't consider the risk of paying that to their employees.

[Yunbalo]

If paying with BTC is very risky for us, now BTC prices are going down and fluctuating frequently, so the holding of BTC may quickly lose value, and the holder will lose capital in the period short time.

[Rano]

I think it is cool that salary is paid in crypto, since it will open up more companies to follow. On the other hand I don't like the strong volantility of the crypto market. It should be nice to have an option to choose from between fiat money and crypto or a split of let's say 70-30 so you can decide for yourself how to obtain your salary. I definitely would take some crypto.

[Caesar-Giulius]

This is a good move from the company. It will be even better if the employee can choose to receive part of the salary in bitcoin. We still need fiat for expenses and stuffs.

[Jasell]

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.

At first I was kinda negative about this but upon reading that the employees accepted this offer and they can choose to be paid part in BTC and a part in fiat money, I nod my head concluding that these employees are already knowledgeable with cryptocurrency and definitely aware of the risks involved. Hoping more companies would follow as this would have a great impact on Bitcoin and to cryptocurrency as a whole.

[Klovezio]

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.

good news for bitcoin market. But if I were working in company willing to pay BTC as salary, I would still ask flat money as my salary, because i could buy BTC anytime I want.

[gabmen]

I think it is cool that salary is paid in crypto, since it will open up more companies to follow. On the other hand I don't like the strong volantility of the crypto market. It should be nice to have an option to choose from between fiat money and crypto or a split of let's say 70-30 so you can decide for yourself how to obtain your salary. I definitely would take some crypto.

Yeah it should be up to the employees if they prefer to receive their salaries in crypto or fiat since not everyone is learned in crypto and people have different needs that may require physical money. And not all will be okay with the constantly changing value of their money

[arthotdog]

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.

This is one good sign that this kind of system will be happening soon,that many and many countries will be using cryptocurrency as payments for employees work,seems like were getting closer to the crypto using world and i lovhearing this.that sooner my company will pay me bitcoin of altcoins too so i dont have to purchase from the exchanges but it will come to my wallet instantly

[Nicol3]

Wouldn’t it be risky for employers and employees if they send their salaries using bitcoin? I mean, we all know bitcoin is not stable and price keeps on fluctuating. So if the salary of an employee would be converted to bitcoin, as long as the employees dont withdraw everything it would be to their advantage.

[rajurathod18]

This really a great example for other countries set by israel and great initiative by spot.IM, if all countries will allow this kind of approach then cryptocurrency will hit mainstream very soon. Blockchain technology have so many things to give to cryptoworlds. Nice information shared by OP, hope all countries will adopt this approach.