Bitcoin for salary

[pragna]

I don't have lot knowledge about different things about legalities or some government things.

I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

Interesting idea from you but i think if any government did not accept BTC to his country that must be foul and no body will accept it as its illegal. On the other hand BTC market is very fluctuating and and fixed salary may be ups and downs because of market condition and finally there is a chance of ban your company from govt side. So its only possible for that countries only where BTC legal.

thanks.

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[DarkDays]

As long as the employee agrees to be paid in BTC then I think it is fine depending on the level of regulatory laws around crypto currency.

Usually, short term jobs pay in BTC irrespective of the above and there's been no problem because the person then when they cash out in their countries currency then they legally have to declare it as salary and pay tax on it. 

So, as long as the employee extracts the money in legal way then I guess it is fine but I suggest to be mindful of the country's legality regarding pension.

As they mist see you as an employer who wants to pay their employee in crypto just to avoid paying corporate tax or something similar.

[Mpamaegbu]

but how about those employees who does not have that much knowledge about bitcoin, they might just accept it til they know it is volatile, very volatile.

I don't think anyone will accept a payment means they don't understand.

If the employees wants it too

This is the vital area. There should exist an understanding and agreement before Bitcoin as method of payment can be effectively deployed.
I remember once when I was to renew my annual rent in 2017 and I was moved to try the Bitcoin option (which seemed seamless for me) as my landlord was based in the US but I quickly dropped the idea as I soon realized that the dude was old school and may not understand or want to accept Bitcoin for payment. I was too laggard myself to try explaining anything to him then. The point I have laboured to make here is that this thing has to go with the parties involved coming to agreement before it could be used. You don't have to impose it on any employee. Otherwise you may run foul of the law as aggrieved employees can make a case out of it.

[Oceat]

I doubt if there's problem about implementing it but the fact that most countries banned Bitcoin or having trouble trusting the volatility this might be the problem for them. What they need is a stable coins that would give them exactly what the salary supposed to be. Bitcoin is not suitable for that since the volatility of it is too high that's why I think most of the government/businesses avoid to use this kind of payment method.

[bitzizzix]

It's not as easy as it says and it all depends on the country you live in, if bitcoin is illegal in your country, can bitcoin be used as a salary because it fluctuates and will be noticed by the government and will definitely be a problem if it's banned in your country.
and if the method is done individually or in a business that does not have a large workforce, it is likely that the method is applicable.

[Lizzie_Girl]

Why do some many people ask? "Is it legal"? I swear some people believe every little thing you need to do needs to be passed through some official legal law.
Is it legal to walk? Do you need to have it written somewhere that it is legal to walk in order for you to understand that it is ok to do? Well it is the same thing.

You can pay someone in whatever you want to. As long as both parties agree. I would not want to live in a world where paying someone a certain way is not legal would you?

I doubt if there's problem about implementing it but the fact that most countries banned Bitcoin or having trouble trusting the volatility this might be the problem for them. What they need is a stable coins that would give them exactly what the salary supposed to be. Bitcoin is not suitable for that since the volatility of it is too high that's why I think most of the government/businesses avoid to use this kind of payment method.

No country has banned bitcoin what the hell?

I don't have lot knowledge about different things about legalities or some government things.

I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

Hmm this will depend upon the corporation/business if they have the option of paying BTC as your salary. Not to mention, this would also require for its employees to know and have wallets that are compatible of accepting cryptocurrencies.

This will be relatively difficult for countries who are not exposed to cryptocurrencies since only a handful of people know its existence. In addition, you should take into consideration the laws of a country since there are regulations that require for companies to strictly pay currency for their salary. Even if the employee were to agree for bitcoin as salary, this can easily screw up the company if it exposes that they are being paid of bitcoin.

You just making things up. Stop it.

[palle11]

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

This is questionable to your government. It is possible and if it is already approving the use of bitcoin. This will be good and easier  for bitcoin users among the workers there. You can suggest that to your government department and that will be taking tovyour government but if you know your government is discouraging people to use bitcoin by making hard rules against it, you don't need to try convincing your government .

[Igor17Krik]

I think that in the near future this is impossible. Bitcoin has too much value and it is unprofitable for neither the employer nor the worker. Moreover, what's the point of getting bitcoin if you need too many actions to cash it out and buy something.

[Bitcoinislife09]

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

This is questionable to your government. It is possible and if it is already approving the use of bitcoin. This will be good and easier  for bitcoin users among the workers there. You can suggest that to your government department and that will be taking tovyour government but if you know your government is discouraging people to use bitcoin by making hard rules against it, you don't need to try convincing your government .

The bitcoin market price is increasing and decreasing most of the time and using it as a salary in a company is not a good idea. When you think about it there should be no problem doing it as long as everything checks out or it's approved by the company and bitcoin has no problem when it comes to your government. But it might be a big loss to the company because of the bitcoin value that is going up and down. Unless your company is not a bitcoin investors or doesn't have any connections or doesn't even use bitcoin there is no reason to use it at this time as a salary. I think when its a small exchange or bitcoin wallet I think bitcoin as a salary is fine at that business.

[goldade]

This is still dependent on the adoption of bitcoin by government of different countries. When governments endorse bitcoin and it is being used by the masses, it then becomes a question of whether the company would want to pay in bitcoin or if the employees would want to accept bitcoin as salary.
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come

[Hypnosis00]

This is still dependent on the adoption of bitcoin by government of different countries. When governments endorse bitcoin and it is being used by the masses, it then becomes a question of whether the company would want to pay in bitcoin or if the employees would want to accept bitcoin as salary.
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come

That would be their decision and I think it is just optional for every employee to get paid with Bitcoin or fiat. If most establishments never accept Bitcoin, still it not make sense because they will convert it into their local currency. In that case, I've preferred also to paid with fiat to avoid a hassle in my part.

Yes, it somehow the moment will come soon and we don't need to rush with it until such time that we are totally prepared for it. Things can't just be done in a year, a decade but it must be done once we fully welcome in those changes.

[Anna138]

This is still dependent on the adoption of bitcoin by government of different countries. When governments endorse bitcoin and it is being used by the masses, it then becomes a question of whether the company would want to pay in bitcoin or if the employees would want to accept bitcoin as salary.
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come

This can only happen if bitcoin is somehow controlled by the government, which means it will lose its preferential function - to be an anonymous, independent financial unit. In any case, what has already happened to bitcoin over the past 5 years gives us the honor of being proud to be present at this even

[Devawnm367]

I am sure as long as taxes being paid after making a certain amount income it would be ok. But also I think it would really only matter when he chose to exchange the crypto for fiat.

As long as you do not sell the crypto I do not believe you have to pay taxes on it.

But as an employer I think you giving it as a payroll you would have to claim it so I am not sure. The (example) $400 you pay him today may only be worth $300 tomorrow. Or $600 next week!  You may have to document the price at the time of payment! This would be a great question for a tax company!

On another note I live in Grwat Arkansas if your looking to hire another person and pay BTC. LOL

[momchilandonov]

It all depends from your country and regulation. It's illigal almost everythrere

[lepbagong]

I think that in the near future this is impossible. Bitcoin has too much value and it is unprofitable for neither the employer nor the worker. Moreover, what's the point of getting bitcoin if you need too many actions to cash it out and buy something.

I think it is true, because it is impractical to force it to do so because what is needed is convenience so that it can be used immediately, if this is of course we will make transactions first because we know that not everyone can directly accept bitcoin as a means of payment. do not force things that are not profitable for workers.

[Wind_FURY]

It should be noted that many if not all Signature Campaigns here on BitCoinTalk pay out their participants directly in BTC.  Some have a set price in BTC per post whilst others state a price in $ US which is then converted into BTC when the payout occurs.  (Essentially it's already happening)  

Hahaha. But technically, it's still in Bitcoin.

I believe people, in general, would not spend their Bitcoin if it wasn't earned Bitcoin. Plus if Bitcoin doesn't solve an innefficiency for OP, he should not use for payment of salaries.

[milani]

I don't have lot knowledge about different things about legalities or some government things.

I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

First of all it may be possible in case BTC is accepted like the means of payment along with banking cards and fiat. Because especially governmental employees have to declare their income that is official at least once a year, so they should include into their declarations the means that are allowed in their country. And of course lots of depend on the inner policy of the country. And also BTC for salary is not very suitable because of its changing price)))

[bonjouros]

It is pretty far that bitcoin will be use by the governments as salary in paying their employees. There are many hurdles yet that needs to be resolve before it will come into reality but with regards to other organizations or companies then I am pretty sure that there are few already that are already implementing it.

With regards to my experience, I have also used bitcoin as a salary to my employees that are in other countries so time will surely to come that bitcoin will use by most of the governments that are ready to accept bitcoin in the future.

[k@suy]

It is pretty far that bitcoin will be use by the governments as salary in paying their employees. There are many hurdles yet that needs to be resolve before it will come into reality but with regards to other organizations or companies then I am pretty sure that there are few already that are already implementing it.

With regards to my experience, I have also used bitcoin as a salary to my employees that are in other countries so time will surely to come that bitcoin will use by most of the governments that are ready to accept bitcoin in the future.

I think in public institutions it is very imposible for now to use bitcoin as a salary of the employees because now everyone knows how bitcoin works and what is bitcoin and also it depends on the country you are living because there are countries who do not adapt bitcoin as a mode of payment or what and also there are governments who do not accept bitcoin as part of their daily living.

[Betwrong]

Hmm quite interesting for us, but how about those employees who does not have that much knowledge about bitcoin, they might just accept it til they know it is volatile, very volatile. But I honestly think that it is possible with these 3 factors, 1.) if the company wants to leap a very risky method of paying their employees, 2.) If the employees wants it too and 3.) If the state of the country does not prohibit the use of bitcoin in any way, even in paying wages. I don't know much about the legalities of labor wages, if it can be done using fiat powered coin just like the cheque, but I guess it is too off especially the volatility rate of bitcoin is our main concern.

The biggest impediment to adopting BTC as a payment method would be the law. Labor laws in most countries specify exactly how employees can be compensated. And BTC isn't one of the ways. They would need to be amended, and that would be an uphill task.

That's right, we need wise laws/amendments regarding receiving salary in Bitcoin. Some current rules are ridiculous and I would regard them as unacceptable. For example, in this BBC article they say that "employees may need to pay capital gains tax if their Bitcoin has risen in value". But what about Bitcoin going down in value? Would the government compensate the loss in that case? Maybe it would, because it would be fair after all, but this should be spelled out in the law.