Salary in BTC from the Israeli company Spot.IM

[sinkfish]

not many, maybe 1/100,000 companies will do. mostly are crypto/IT related company. it still a long way to go for coffee shop pay salary in crypto.

[1714176767]

1714176767

[1714176767]

1714176767

[aggeyysido]

This is a step towards future technologies and reliability. Any national currency can lose points in a day. So I think that's a good thing.

[chip1994]

I don't know if this company can be successful with this kind of payment or not. But I believe that this company will be punished by the government cause as I know there is no country has clearly rule for taxes for BTC or any cryptocurrencies income so this is also a kind of tax evasion.

[demobad]

If employees agree to receive a salary in BTC, then why not, especially BTC can be sold when the rate rises and make good money on it.

[Natusik]

It's a very interesting idea to receive salary in bitcoins, but it seems to me that it would be better to pay wages in USDT (Tether) - this coin has low volatility and real support by the financial assets!

[Julunguul]

the salary should be paid in cash, and we also know that until now the BTC price has dropped causing it is also not worth going forward. some other companies that implement policies like this are better to rethink

[Gaff]

I don't know if this company can be successful with this kind of payment or not. But I believe that this company will be punished by the government cause as I know there is no country has clearly rule for taxes for BTC or any cryptocurrencies income so this is also a kind of tax evasion.

Yeah I agree with you that until now if the company still in their process of giving salary through in Bitcoin form but they have a sort of arrangement regarding the volatility of the coin but I disagree with you regarding the tax evasion because the OP said that the company are having an arrangement through their tax deduction, it just a matter of both parties approval to pursue the different strategy.

[Zilery]

And it's neither good nor bad. This is the reality. More and more companies nowadays are beginning to accept payment in cryptocurrencies. This is becoming the norm. Why discuss what is inevitable? Cryptocurrency is the future of humanity.

[wxxyrqa]

And it's neither good nor bad. This is the reality. More and more companies nowadays are beginning to accept payment in cryptocurrencies. This is becoming the norm. Why discuss what is inevitable? Cryptocurrency is the future of humanity.

I am more than confident that not all employees of the company are satisfied with this innovation. Crypto currency is unstable and their salary will not be stable either.

[privedvelosiped]

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.

If a company accepts only bitcoins and altcoins, then it is logical that it pays all its employees profit in bitcoins, and if this company uses Fiat money, then it is not logical. The price of bitcoin and altcoins compared to the Fiat currency jumps. Could bankrupt the company.

[batang_bitcoin]

I am more than confident that not all employees of the company are satisfied with this innovation. Crypto currency is unstable and their salary will not be stable either.

It's for sure.

There's a company on Japan as well that loved this adoption but the current situation of these countries are different from each other. Japanese loves more to get involved with cryptocurrencies but I don't know with the Israeli people, they probably are still in the process.

[myown2cents]

It is not the first news about the salary payment by the employer of part of the salary by crypto-currencies. But it seems to me that this is a wrong way out of the situation, this is an imposition against the will. And it is a very stupid method of attracting new investors.

I am not sure that would be imposing against anyone's will. It is their terms, and obviously as long as what they want to do is not against any rule, I do not see any case someone would have against them as the case may be.

I see it as a great one though considering we really want to see the space being utilized effectively and we sure do not know the reason why the company will prefer to go this way, but since some of the concerns are covered regarding using crypto exchanges as well as the volatility, I really do not see this as a problem.

[Getcoinsite]

Any update if this becomes reality now?I have been seeking for many proof about companionship being use bitcoin or other altcoins to pay their employees because from this actions we can distinguish how far cryptocurrency goes till now and i know many of us are waiting for this breakthrough

I am more than confident that not all employees of the company are satisfied with this innovation. Crypto currency is unstable and their salary will not be stable either.

It's for sure.

There's a company on Japan as well that loved this adoption but the current situation of these countries are different from each other. Japanese loves more to get involved with cryptocurrencies but I don't know with the Israeli people, they probably are still in the process.

Let us not mentioned japan for thise kind of issues as we know that the whole japan accepted and uses bitcoin as real currency so there no impossible if they use this as payments for whole system

[Ayston]

If they will oe paid BTC today and the BTC is still low as its price today the employee will be lucky if the price pump for this coming end year...
People now on that place will be influence by crypto and spread word for it is now on its way to let the others know about the goodness of Bitcoin.

[batang_bitcoin]

I am more than confident that not all employees of the company are satisfied with this innovation. Crypto currency is unstable and their salary will not be stable either.

It's for sure.

There's a company on Japan as well that loved this adoption but the current situation of these countries are different from each other. Japanese loves more to get involved with cryptocurrencies but I don't know with the Israeli people, they probably are still in the process.

Let us not mentioned japan for thise kind of issues as we know that the whole japan accepted and uses bitcoin as real currency so there no impossible if they use this as payments for whole system

I'm not comparing Japan and Israel but having a type of example for this one is suitable.

He said that they are some employees that aren't satisfied with the said adoption so I've given an example where employees willl certainly love receiving their salary in bitcoin. They aren't only using it as a payment system but they are using it as their pay check as well.

[chocolah29]

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.

Companies should also consider the monthly bills and expenses in daily living of their employee and its families.

So here's the scenario;
My boss paid me on btc and since my salary is for our expenses in daily living, I should be familiarize in trading bitcoin and I need to convert it to fiat. My salary is worth $500 in bitcoin and when I trade it to fiat I'll just have more or less $470 left since I need to pay for the transaction fee. So instead that $30 that I can be use in buying food it just end up paying for transaction fee. So where's the convenience?

So basically, paying in bitcoin should take a lot of consideration and it shouldn't mandatory for all employees. It will be better if they just choose which one they'll prefer.

[SpringfieldM1A]

not many, maybe 1/100,000 companies will do. mostly are crypto/IT related company. it still a long way to go for coffee shop pay salary in crypto.

Apparently, IT related companies will be on the front line of things when it comes to adopting cryptocurrency for payment before any other institution will start going the same way. It is a good thing though that this is something that is probably active, although it would have been good to know to what extent this is still going on presently in the company.
At least, they were still able to find a way around the whole fluctuation and for the fact that the exchange is willing to collaborate with them in protecting the interest of the staff, this still looks great. The advantages are there as well as the disadvantages, but in the long term, I see more advantage.

[Scorpion777]

It is not the first news about the salary payment by the employer of part of the salary by crypto-currencies. But it seems to me that this is a wrong way out of the situation, this is an imposition against the will. And it is a very stupid method of attracting new investors.

in this there is something interesting. If employees are not against receiving a salary, then everything is fine and if this method is made against employees, then it must be canceled

[entrepmind23]

So basically, paying in bitcoin should take a lot of consideration and it shouldn't mandatory for all employees. It will be better if they just choose which one they'll prefer.

As what is posted by OP, the choice to receive the salary in bitcoin is an option because they cannot just easily force it to their employees to just exclusively receive it in bitcoin since there would be employers who would not be interested in it. This is the advantage of having a company owner who is a cryptocurrency enthusiast because he knows how to introduce bitcoin to others which is through salary.

However, I am just concern in the part wherein they would deposit it in a cryptocurrency exchange because what if the exchange is hacked then their coin would be gone with it. It would be better to deposit it in the bitcoin wallet of the employees.

[Chinedumike]

Wow... Way to go 👍. I think this is a step in the right direction. Other I.T firms and technology industries should take a lead from Spot.IM What they are introducing will really help the mass adoption of cryptocurrency and will consequently lead to higher demand for digital currencies and assets.