Bitcoin for salary

[FlightyPouch]

Legality of paying btc to your employees or anybody you want to, depends on the country you live in and the state of crypto there. To be very honest, there is nothing that can stop you from paying BTC to your workers, but you need their consent that they are interested in getting paid with BTC. You get paid in BTC, your campaign pays you after calculating your total payment in USD and then convert it to BTC based on its value at that time. I get paid the same way. So what's the problem?

Actually it is very difficult to implement this in a company. First not everyone will have know how about bitcoins and secondly the crypto currency must be legal in the country where this system needs to be implemented. Also you know that taxes are calculated and deducted on salary, companies pays taxes also, all of this needs to be incorporated into the system also.

Well, this depends on the time and company we are talking about. If this is implemented, that just means that bitcoin is not just the crypto currency we know right now, it is been a popular alternative to fiat in this world. That means it is legal and almost all of the people in this world know it is. That also means that income taxes, regulation and the system is not a problem.

[1714721406]

1714721406

[1714721406]

1714721406

[1714721406]

1714721406

[Janation]

Legality of paying btc to your employees or anybody you want to, depends on the country you live in and the state of crypto there. To be very honest, there is nothing that can stop you from paying BTC to your workers, but you need their consent that they are interested in getting paid with BTC. You get paid in BTC, your campaign pays you after calculating your total payment in USD and then convert it to BTC based on its value at that time. I get paid the same way. So what's the problem?

Actually it is very difficult to implement this in a company. First not everyone will have know how about bitcoins and secondly the crypto currency must be legal in the country where this system needs to be implemented. Also you know that taxes are calculated and deducted on salary, companies pays taxes also, all of this needs to be incorporated into the system also.

Well, this depends on the time and company we are talking about. If this is implemented, that just means that bitcoin is not just the crypto currency we know right now, it is been a popular alternative to fiat in this world. That means it is legal and almost all of the people in this world know it is. That also means that income taxes, regulation and the system is not a problem.

I think this also depends on the government.

Upon knowing about this, I don't think the government will just let this slip by. They will find a way to regulate this kind of payments and they will make laws all about it. If that is also the case, I think that a lot of people are actually using it that it is an alternative to fiat hence it might already be accepted or regulated by the government. I think that future is still quite far from now.

[MickLichz]

Legality of paying btc to your employees or anybody you want to, depends on the country you live in and the state of crypto there. To be very honest, there is nothing that can stop you from paying BTC to your workers, but you need their consent that they are interested in getting paid with BTC. You get paid in BTC, your campaign pays you after calculating your total payment in USD and then convert it to BTC based on its value at that time. I get paid the same way. So what's the problem?

Actually it is very difficult to implement this in a company. First not everyone will have know how about bitcoins and secondly the crypto currency must be legal in the country where this system needs to be implemented. Also you know that taxes are calculated and deducted on salary, companies pays taxes also, all of this needs to be incorporated into the system also.

Well, this depends on the time and company we are talking about. If this is implemented, that just means that bitcoin is not just the crypto currency we know right now, it is been a popular alternative to fiat in this world. That means it is legal and almost all of the people in this world know it is. That also means that income taxes, regulation and the system is not a problem.

I think this also depends on the government.

Upon knowing about this, I don't think the government will just let this slip by. They will find a way to regulate this kind of payments and they will make laws all about it. If that is also the case, I think that a lot of people are actually using it that it is an alternative to fiat hence it might already be accepted or regulated by the government. I think that future is still quite far from now.

I think in my country which is Philippines, it's impossible to happen or maybe it will happen after so many years, why? it's simply because not many people in Philippines know about bitcoin or crypto currency in short they don't know what it is or they have a very little knowledge about it. But for me as I've known this industry of course receiving salary inform of any kind of crypto currency will be a good idea because of less hassle but the down side is that the price of crypto is not that stable it changes time by time so before it happen, I guess it need's more further study.

[k@suy]

Legality of paying btc to your employees or anybody you want to, depends on the country you live in and the state of crypto there. To be very honest, there is nothing that can stop you from paying BTC to your workers, but you need their consent that they are interested in getting paid with BTC. You get paid in BTC, your campaign pays you after calculating your total payment in USD and then convert it to BTC based on its value at that time. I get paid the same way. So what's the problem?

Actually it is very difficult to implement this in a company. First not everyone will have know how about bitcoins and secondly the crypto currency must be legal in the country where this system needs to be implemented. Also you know that taxes are calculated and deducted on salary, companies pays taxes also, all of this needs to be incorporated into the system also.

Well, this depends on the time and company we are talking about. If this is implemented, that just means that bitcoin is not just the crypto currency we know right now, it is been a popular alternative to fiat in this world. That means it is legal and almost all of the people in this world know it is. That also means that income taxes, regulation and the system is not a problem.

I think this also depends on the government.

Upon knowing about this, I don't think the government will just let this slip by. They will find a way to regulate this kind of payments and they will make laws all about it. If that is also the case, I think that a lot of people are actually using it that it is an alternative to fiat hence it might already be accepted or regulated by the government. I think that future is still quite far from now.

I think in my country which is Philippines, it's impossible to happen or maybe it will happen after so many years, why? it's simply because not many people in Philippines know about bitcoin or crypto currency in short they don't know what it is or they have a very little knowledge about it. But for me as I've known this industry of course receiving salary inform of any kind of crypto currency will be a good idea because of less hassle but the down side is that the price of crypto is not that stable it changes time by time so before it happen, I guess it need's more further study.

I came from Philippines also and I second emotion to your opinion because there are three billion people here in the Philippines but less than 1% of our population who knows about cryptocurrency and some of them knows only about cryptocurrency but they are not users so I don't think giving salary through cryptocurrency would be possible here in our country.

[AicecreaME]

Companies would never do that as of now. Imagine having 10,000 employees in your company, meaning you're gonna have 10,000 transaction, (transaction fees) x 10,000 is a very huge amount already. So it's impossible for now, I mean they can do it but in Bitcoin at least. XRP is a good example as an alternative to Bitcoin if a certain company is really serious about their employees salaries in Bitcoin.

But still, it would be better in fiat and if their employees want it to invest in Bitcoin, they can. Less the hassle, less the fees.

[FlightyPouch]

I came from Philippines also and I second emotion to your opinion because there are three billion people here in the Philippines but less than 1% of our population who knows about cryptocurrency and some of them knows only about cryptocurrency but they are not users so I don't think giving salary through cryptocurrency would be possible here in our country.

I am also from the Philippines, kababayan. I live in a province and it is true that there are only a few people know what bitcoin is, let alone crypto currencies. Usually they know some local exchange but they don't actually use it for bitcoins but just for the fiat. People don't even know what it is, let alone use it and receive it as a salary.

[Velvet78]

Bitcoin awareness in Turkey, where I live, is very high. So much so that even the main sponsor of the national football team is a local bitcoin stock market. Despite this, I have never heard someone getting his salary with bitcoin. I think it is impossible to happen in the near future.

[hope_freiheit]

All depends on what kind of company you work for.

Lage corporations: no chance they would pay your salary in BTC, there's just too much bureaucratic headache
Small, nimble, international startups: hell yes (quite common actually, based on my knowledge)

Getting your salary paid in BTC is especially convenient if you are a nomadic individual or one who resides abroad. Depending on where you live, if you can get paid a portion of your salary in BTC from an employer in another country, that should technically qualify as income from abroad which is not taxed in many countries (or, of course, if you get paid discretely it's even better).

Personally I think it's great to get paid in BTC as that skips the headaches in dealing with FX and banks, etc. It also automatically helps you save/hodl money. If you work for a distributed tech startup or crypto startup, you should definitely ask for BTC salary payment!

[dre1982]

depending on the legality of bitcoin in your country, if bitcoin is allowed to access employee salary payments or others, then you can do it. However, are your employees ready to receive a salary this way? Of course you and your employees have to make an agreement, which exchange rate do you want to follow? bitcoin or your local currency? In this case, no one would want to be harmed. So, also think about the volatility of the bitcoin price for the smooth running of your company.

If the payment will be in bitcoin converted to the local currency I don't see any problems. If they say you will get for example 0.2 BTC a month I would think again and don't go for that. The Bitcoin is still to unpredictable and the mortage still have to be paid in local currency.

[shawonngp]

It doesn't seem reasonable to me to take or pay the full salary in Bitcoin. Because a person's family depends on salary. And if this salary is paid through Bitcoin then that salary has no fixed value. Because the price of Bitcoin goes up and down. In that case, it is not possible to estimate exactly how much I will buy and how much I will save.If Bitcoin is suddenly dumped, my entire salary is likely to be halved.

[Chris Barth]

You should know that it may not be convenient for them. Let's say their pay is $200. Sending $200 worth of bitcoin wouldn't be cool or encouraging. If you want to pay them in bitcoin and still have them happy, send the $200 with extra. You should consider the fee it'll cost them to exchange and withdraw it to fiat too. Also, before doing this, ask them their opinion to see how they feel about it(Because it won't be a good idea if it is pressurized)

[Lanatsa]

You should know that it may not be convenient for them. Let's say their pay is $200. Sending $200 worth of bitcoin wouldn't be cool or encouraging. If you want to pay them in bitcoin and still have them happy, send the $200 with extra. You should consider the fee it'll cost them to exchange and withdraw it to fiat too. Also, before doing this, ask them their opinion to see how they feel about it(Because it won't be a good idea if it is pressurized)

A nice point because such transition neither can be good or bad in the view of your own employees and its true that there should be at least extra when sending out funds due to fees
on the process on making those to fiat.

Quite hassle eh on your part? Being a crypto enthusiast isn't bad but there are some situations that should be in exclusion due to various factors but if you do really push it hard
then you can do it but be sure that everyone would really be in order because some people wont really like the idea on accepting on something which might
really be that too technical for them.

For people who are aware with crypto then they might consider this option but for vast or majority then I do still doubt on that.

[CarnagexD]

depending on the legality of bitcoin in your country, if bitcoin is allowed to access employee salary payments or others, then you can do it. However, are your employees ready to receive a salary this way? Of course you and your employees have to make an agreement, which exchange rate do you want to follow? bitcoin or your local currency? In this case, no one would want to be harmed. So, also think about the volatility of the bitcoin price for the smooth running of your company.

This would cause a massive dump on the price of bitcoin. Deposits from the employer will pump it a little, and ofccourse the employees are bound to withdraw it. This will cause a severe dump into the price and may even halt one of the biggest reasons bitcoin is at its prestigious level right now which is trading. So I'm totally against it. Not because I don't support bitcoin, but because supporting this venture will hurt the other commerce.

[tanjiran]

snip--
But still, it would be better in fiat and if their employees want it to invest in Bitcoin, they can. Less the hassle, less the fees.

However, paying conventional money is the best option. Not all employees understand bitcoin, right? after all, not everyone agrees with this, considering the huge risk, especially as an employee who makes that income the main source of his life. After all, there are easy ones why choose the more complicated ones?
One day, if bitcoin has been accepted and is truly effective and adopted in many sides of life, making bitcoin a salary can be an alternative. But it looks like it's going to take a long time.

[Crptomagma]

Bitcoin is also a currency and it’s can be converted to any currency in the world. So with these understanding I don’t see any big deal with paying salaries using bitcoin.Its just to educate the employees about bitcoin and help them setup their wallet now instead of having account details the company would rather request for the wallet address of their staffs. All payment would be made through bitcoin and the staff is left with the option of trading the bitcoin or using it for other markets purpose.

[ghost424]

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.

The process is possible and can be done but what is lacking is the amount of time to do research for each country to adopt this possibility. Most government departments are not even knowledgeable with Cryptocurrencies even those side of government who are leaning within the Technology side. Bitcoin as a salary would be first implemented in Private Companies since they can have their own researchers within their facilities to conduct if its a better form of salary.

[nelson4lov]

This can be only done in countries where there's no restriction on the use of bitcoin, organizations can decide to pay their employees with bitcoin it doesn't concern the government, but also have it in mind that not all employees will understand how to use bitcoin,they are not technologically inclined, most of them might not even know how to browse on the internet, so I think this will be the only hindrance for this payment method.

[fishbonez11]

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.

If that is a digital company and employees are into Cryptocurrency, that may be a good option. But if its a usual company, that will only create problem for the company since they will have to convert fiat to coins and after the employees have received it, they have to convert it from coins to fiat. That doesn't makes sense, its hassle and will cost a lot of money to do that. I think it is going to be possible in the future, we are too early to jump into that kind of system. Its possible but not timely.

[Casdinyard]

This can be only done in countries where there's no restriction on the use of bitcoin, organizations can decide to pay their employees with bitcoin it doesn't concern the government, but also have it in mind that not all employees will understand how to use bitcoin,they are not technologically inclined, most of them might not even know how to browse on the internet, so I think this will be the only hindrance for this payment method.

Asking also the consent of the emplyees from doing so is a must. What if they are really not into cryptos? That they prefer fiat salary? There is a tendency for them to oppose with idea. But atleast educate oneself before sharing the knowledge in order for you to be convincing if you are making this action to help the employees. 'coz not all people are willing to take risks on investments. Also, there is an option to convert into fiat but there are fees in exchanges which would somewhat lessen the exact salary. It is a good idea to do so but it requires ways in order to be effective or successful. The thought is already there.

[CODE200]

Bitcoin is also a currency and it’s can be converted to any currency in the world. So with these understanding I don’t see any big deal with paying salaries using bitcoin.Its just to educate the employees about bitcoin and help them setup their wallet now instead of having account details the company would rather request for the wallet address of their staffs. All payment would be made through bitcoin and the staff is left with the option of trading the bitcoin or using it for other markets purpose.

If they are not interested with cryptos, it would be inconvenient for them because they will need to use exchanges in order to fully make use of their salary or if it is third party, fees will be shouldered by them, unless not. But if they prefer fiat, you don't really need to convince them, sharing your knowledge would be a good approach but you cannot do nything if interest is lacking in the first place.