Bitcoin for salary

[Asuspawer09]

I think if the company is going to implement it there should be no problem depending on the country, but their could be some issues when it comes to the transactions since bitcoin is anonymous.

There are so many payment methods that are available that could be used than bitcoin when it comes in my country since bitcoin is not yet adopted in my country online transactions like ATM or debit card is the best choice for a salary so that employee could easily withdraw in any ATM in the area.

Even with bitcoin, you gonna need to withdraw in an ATM because bitcoin is not yet accepted in a lot of stores, so spending it is not the best choice but it needs to be converted in the local currency.

[1714746759]

1714746759

[0nline]

It depends on the state / country. Look into local laws first.

[Shasha80]

I agree if Bitcoin is used for salary, because it will be very interesting if we work and get paid with Bitcoin. But there will definitely be
obstacles with government regulations, even though some countries have accepted and legalized Bitcoin. This does not mean that the
government allows companies to pay their employees salaries in Bitcoin. Seeing that Bitcoin is volatile, it is possible that the government
will prohibit the use of Bitcoin for salary.

[pixie85]

You could pay your employees directly to their bitcoin wallets but you're still going to pay their taxes and insurrance with fiat money like you'd normally would.

You don't have to worry about them and how they do their taxes. It's not your job to make sure they are abiding the law.

The method of paying employees in cryptocurrency can be unpleasant on the government

The government often makes things unpleasant for us so it's a bit like breaking even

[adzino]

I doubt anyone would wants to be paid with bitcoin as their salary from regular jobs. Bitcoin isn't predictable. No one knows what is going to happen and it is extremely volatile. Someone receiving say $4,000 USD in bitcoin as a salary might end up having $3,900 USD as spendable within the period of one confirmation. I mean, we have seen price of bitcoin dropping by 100s  of dollars within few minutes. The same might be true for the opposite. Within few seconds the value of his coins might rise, but no one wants to take risks. They have fixed bills to pay where the rise or fall of the price of bitcoin doesn't change the amount to he has to pay!

[Twentyonepaylots]

I strongly advise against it unless the employee himself/herself requests for it. Why? Because of the volatility factor which needs to be taken into consideration here. Salaried individuals usually depend on consistent salaries every month.

It would just be fine if it will be still a currency based, say dollar then will just be converted into bitcoin when the pay day comes. Not much of a deal I think. But then the only problem here is the laws and regulation by the state or country where you live in, if you're living in a problematic country for bitcoin like India then there are possibilities that you'll never experience it.

However, BTC volatility would practically make this difficult since the employee may receive higher or lower salaries due to the fluctuations over time.

And yes, another problem would be the volatility rate of bitcoin, since it is high there are chances that it will be reduced or increase over time.

Instead, the better option here would be pay using stablecoins like Tether, TrueUSD, Gemini USD etc whose volatility is drastically low leading to consistent payments.

Why not if they can seamlessly do this, but in my opinion giving salaries through employee's banks is still at its best compared to this one.

[Calvinpiva]

Using Bitcoin as a salary is a good thing and will save a lot of time for employees to receive their salaries.
But I think not all governments would agree with this, because paying employees through banks we donate to the government buy tax.
So if we will use Bitcoin, the government will lose a large percentage of tax that was earning from employee salary.

[Mahanton]

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.

Yes you can make this possible but im not really that much expert when it comes to legal aspect and also the big question here if that your employee would agree into that new system
on where they do accept crypto rather than receiving a fiat without any hassle on making conversion unlike when they do receive crypto directly which we know that it does still need to be
converted to fiat which basically means that it would still involved some fees for such transaction but if you the boss will compensate it then it wont really be that much of a problem.
Legal talks then it vary on whats the stance of government on your place towards cryptocurrencies.

[Yamifoud]

Aside from unregulated, the issue of its legality will be a big factor that Bitcoin won't be accepted as for salary. The government won't likely to give support with this new system as it might compromise individuals especially when they don't have enough knowledge about crypto. And to the fact that Bitcoin is not already accepted as a currency, a mode of payment globally, they still need to convert it in FIAT which it gives them hassles.

Well, the intention will be good but this is not already the time for this. We need more support from the community and most especially from the government. Once it was approved, people could have their trust and have their option as well if they want Bitcoin or just to remain in FIAT.

[taufik123]

for now in my opinion it is not right for employee salaries to be paid in Bitcoin. some company employees do not understand about Bitcoin and even what cryptocurrency is. It is very risky to pay employee salaries with Bitcoin because of the very high fluctuation of bitcoin prices and it is more risky.

The government also will not approve it because there will be many risks, while in some countries like mine in Indonesia Bitcoin regulation is only used as commodity trading and is not allowed to be used as an official medium of exchange let alone use it as employee salaries.

Bitcoin does have many advantages, but it is still not suitable for application in all sectors and needs further development and adjustment.

[seoincorporation]

This topic depends on what country are you thinking of, they have different laws about bitcoin. I'm in México and here bitcoin is not considered money, it's called a 'Digital Active'. That way if you use it to make payments it's not considered as a payment because is not money, so it's considered an exchange.

But for countries who have bitcoin as money on a legal way, should be easy to use it for payments and get a tax ticket from it.

[taufik0911]

This topic depends on what country are you thinking of, they have different laws about bitcoin. I'm in México and here bitcoin is not considered money, it's called a 'Digital Active'. That way if you use it to make payments it's not considered as a payment because is not money, so it's considered an exchange.

But for countries who have bitcoin as money on a legal way, should be easy to use it for payments and get a tax ticket from it.

the same as in Indonesia, it is unlikely that this can be done because bitcoin is only recognized as a commodity not a currency so that the salary using bitcoin or altcoin is not legal
and one more thing that I know that work done using the internet is not subject to tax fees

[Melloiga]

I would say that it depends on the employee/s. If they're okay with getting paid in Bitcoin and they sign the agreement and provide receipt on receiving their salary in Bitcoin. There shouldn't be any problem. As long as you cover in the agreement that you're not responsible for any loss they might incur due to loss of value in Bitcoin.

[Ridwan Fauzi]

I don't think it is an illegal act, like in my country who still ban bitcoin to be use as payment method. With this thing, my government only ban bitcoin for payment system only but there is no rule to ban bitcoin to pay the labor.

Maybe there is something that should be considered, since bitcoin is not known by most people, do they want to change it? The utilization of bitcoin is still lack in all countries (I guess), maybe many people out there who didn't know how to use it.

[20kevin20]

I'm not sure how this would work?

What happens if you an employee and the value of the currency goes down?

would the employee be ok getting paid less for their work? Bitcoin is'nt regulated by an authority that makes sure  they get paid the same.

If you agree to being paid 0.2 BTC a month, you'd have to agree with this huge risk right from the start.

There's another option: being paid the equivalent of a certain sum in BTC. But as soon as you get paid, the risk of having your salary go up or down is going to be present at all times. If a company has the possibility to pay in crypto though and an employee accepts it, why not? It's like being paid in Tesla shares, except it's decentralized and you can pay stuff with it.

[Fredomago]

I'm not sure how this would work?

What happens if you an employee and the value of the currency goes down?

would the employee be ok getting paid less for their work? Bitcoin is'nt regulated by an authority that makes sure  they get paid the same.

If you agree to being paid 0.2 BTC a month, you'd have to agree with this huge risk right from the start.

There's another option: being paid the equivalent of a certain sum in BTC. But as soon as you get paid, the risk of having your salary go up or down is going to be present at all times. If a company has the possibility to pay in crypto though and an employee accepts it, why not? It's like being paid in Tesla shares, except it's decentralized and you can pay stuff with it.

True. You need to be aware about the volatility of this cryptocurrency before agreeing to received it as payment.

For us  who already understand that factor, we are willing to take it and decide what to do after receiving our salaries, some might exchange it right away and others will keep it as it is for investment purposes.

And with concerns in regards to government, it really depends from how the laws are being implemented in regards to crypto existence from where you are.

[n0ne]

Bitcoin for salary is a very good idea and japan has the most of companies that pays bitcoin salaries to there employess. This  is really  a very great step.

This news rolled out years back. That was during the bitcoin market moving towards the peak and acquiring more users towards it. A company in Japan wants to start paying employees in Bitcoin and to what extent this has come to reality isn't known. In this regard, the employees need to agree on accepting bitcoin as salary considering the volatility.

[bakasabo]

Bitcoin for salary is a very good idea and japan has the most of companies that pays bitcoin salaries to there employess. This  is really  a very great step.

Yet still people need to convert bitcoin to Japanese yen to be able to do their daily spending. Would be interesting to see their labor contracts and how the amount of monthly bitcoin salary is explained and calculated.

For example if a persons receives 0.5 bitcoin monthly. Week ago it was equivalent of $5750, but today it is $5000. Subtract exchange and withdrawal fees. What will he get in the end ? About $4800, when he should have received $5750? Of course the company can take this rate fluctuations on their balance, but how long will they be able to do it?

Imho it is too early to think that Bitcoin can be paid as a salary, until it will be accepted everywhere in your region or country.

[Leviathan.007]

Well, if you open a bitcoin wallet and do give the governments the kyc information, government won't have any problem because they can easily track your transactions and ask you for the tax later also there won't be any money laundry. However, if you don't consider the government issues, there are many legal and illegal jobs paying the workers and employees by bitcoin, monero or the other crypto currencies. It totally depends on the country and how the react to bitcoin. 

[lienfaye]

For crypto enthusiasts I think there wont be any problem to receive their salary directly to their bitcoin wallet. But this is not the case to employees who are not aware of bitcoin existence or prefer to get cash for their salary. We know crypto is high volatile so there's a chance to get your money higher if the btc is uptrend or lower, depending on the market movement. It is not easy to spend too due to lack of merchants, you cant buy using bitcoin in small store with goods and other necessities because you have to convert it first to fiat. Hassle to those who really in rush to get their money. This can be a good idea if more businesses and establishments are already accepting bitcoin as one of their payment method, otherwise its not convenient for some employees.