Bitcoin for salary

[MCobian]

We as the crypto community would really like to make Bitcoin for salary, but unfortunately for now only a few countries
alone who might do that. We have to think realistically, because for countries that have not legalized Bitcoin it will ban it
companies that pay their employees salaries with Bitcoin. Now the number of countries that legalize Bitcoin is still very few.
Maybe Bitcoin for salary could be massive in a next few years from now. Right now we just focus on making Bitcoin a payment.

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[maxreish]

This all depends;
 

• on the aggreement between the employer and employess
•   The countries regulation about cryptocurrency (since there is not bitcoin friendly country)

 Let's be realistic in the situation. It will be complicated if the company will give salary direct to an employee's bitcoin wallet if that employernin the first place do not know about bitcoin  or even if he/she knows it, the volatility will make it too strenous to give. It is just easy to cash in your fiat salary to make it as a cryptocurrency so I guess cash as a salary will always be a great choice for employers to consider.

[Betwrong]

it is always best to ask these question from a lawyer who is familiar with the law and specifically the law regarding cryptocurrencies. but in the past i have seen some companies paid part of the salary in bitcoin and of course there is always freelancers who are getting paid in bitcoin although that is not exactly an official salary.

This is the best advice, in my opinion. Laws are different in different countries(and even in different regions of the same country). Ask these questions your local lawyer, and you'll get the best answers. I personally doubt that paying employees in Bitcoin can be legal unless the authorities officially approved it, like they did in New Zealand, for example.

[Warkop]

In my opinion, if all employees know about Bitcoin and know about its use I think there is no problem, but if only a few employees understand Bitcoin it will be a problem for some employees who are not familiar with Bitcoin and they definitely will not want to accept their salary with payment Bitcoin.

For the government in my opinion it depends on which country you are from, there may be some countries that are not allowed to use Bitcoin and there are also those that legalize Bitcoin, if your country legalizes Bitcoin it might not be a problem, but if in your country you ban Bitcoin, you will definitely be dealing by law in accordance with what is implemented by the government in the country itself.

[LogitechMouse]

This kind of scenario will be possible only if:
1. The employer will agree that all or at least some of his employees will be paid thru Bitcoin.
2. The employee will agree on it as well.

It will fall down to the employer-employee agreement. If they agree then it is possible. There are ways to pay different people in just one transaction already and that is how the CM are paying the sig. participants. On the other hand, employee must be knowledgeable enough or at least know the basic of Bitcoin including sending of it to different people. In the end, there is no bad thing on this when both sides are agreeing with it.

[Sapphire915]

If this is pertaining to an industries controlled by the Government, maybe there wouldn't be an issue if both parties agreed on the wage system, using Bitcoin. And above all, this Bitcoin payment/wage agreement can only be implemented smoothly in Countries where the Government accepted, adopted, trust its store of value and believed fully its great features. I think, Bitcoin legalizations to some countries gives freedom to every individuals and other industries - Public or Private sector, anything they want to do with it as long as its in a Legal manner according to the law/rules of a certain Country.

[Becky666]

This will depends on the government or the employer of labor, like:

• What currency do we pay employees?
• Are these employees in love with a particular currency?

With employers conclusion any currency can be use as payment method than fiats. Bitcoin if chosen can be use for salary payment but the problem will be 'how many of the staffs are ready to accept Bitcoin in it state of volatility'?. At the moment, if a company pay me in Bitcoin I will be much happy than be pay in shitfiats.

[ecoe]

Hi, all the comparisons between countries, regulations and currencies take a backseat to Bitcoin ... because Bitcoin regulates itself against the dollar and gold ... and manifests a real price index ... Bitcoin is the Rule now. The volatility has changed sides.

[kryptqnick]

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.

I think this would largely depend on your home country and regulations there. There have been cases, though, when in countries where Bitcoin was in gray zone (not regulated and how it's treated for tax purposes wasn't specified anywhere), the authorities still demanded the income tax to be paid when they learned that someone was receiving income in BTC. But there are also countries with progressive income tax that even starts at zero percent, so if a salary is quite low, the taxes don't have to be paid.
I also found this platform that is supposed to help pay employees in BTC, but I did not dive into it.

[AniviaBtc]

If a company can make bitcoin as a form of salary, then why not? It depends on the worker if he is a bitcoin user or if he is knowledgeable about how bitcoin works in the market. If he knows that he can benefit the thing that he worked hard for then probably he will accept it as a salary. There are still a lot of people who are not that knowledgeable about bitcoin existence and impact in the economy.

Businesses can be affected by giving this bitcoin a big opportunity to make people earn it in the way they can and they want.

[so98nn]

The thread is full of similar answers, I would like to add my opinion with different outlook though.

I will never accept my salary in the form of BTC. Let's assume you get it in the form of BTC. Now, this is more or less foreign currency for us since it's out of the box currency if seen with regulatory point of view. So there comes few challenges while using this salary at the end of day!!

Whenever I will have to use it, I will have to either cash it out from local exchanger (extra fees to be paid). OR I will have to look for the shops which accept the bitcoin directly. Some of them will literally make you await until there is at least one confirmation on the blockchain.

In case of emergencies, I am dam sure bitcoin would be the worst payment portal since no healthcare sector will accept it or has provision to trade it.

So, if I am getting my salary in terms of RTGS, SWIFT, directly credited to bank then that's the bestest.

[oprahwindfury]

Let it be  how it is right now.Companies,usually;convert it their crypto currency as Fiat  and pay to the employees.Not every where bitcoin is  acceptable specially like non- European countires(Except some).So,it is necessary to have fiat currency.Bitcoin's price does not  stay at the same price  and that's why it is kind of investing.It can be profitable or the result can be the negative.But the fiat will be the same. So Fiat is comfortable for salary.

[Ludmilla_rose1995]

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.

In our country, it is illegal and punishable. In my country, Bitcoin can only be used as a stock and investment commodity. Our government has passed laws that say that paying and purchasing using cryptocurrency is illegal and will result in penalties or fines. However, bitcoin holders who do not use it as a payment method are legal.

[rajakulam]

If a company is owned by a local government it will definitely violate the rules, but if the company is owned by someone, of course it will not be a problem, because all the authority to pay employee salaries is regulated by someone, but considering the uncertain bitcoin price, it will be troublesome when paying employee salaries.

[playingpolice]

You might be able to get away with this easier if you are paying an independent contractor, but paying your employees salary with anything other than local fiat seems like it could be a logistic nightmare and challenging to do legally.

[posi]

If a company is owned by a local government it will definitely violate the rules, but if the company is owned by someone, of course it will not be a problem, because all the authority to pay employee salaries is regulated by someone, but considering the uncertain bitcoin price, it will be troublesome when paying employee salaries.

Violating the rules either the company is owned by local government or individual is done on purpose buddy because every countries have it own legal rules and regulations about crypto taxes payment and better for company or an individual intent to receive salary through cryptocurrency be well informed about those rules and regulations before receiving salary through crypto. An example is where I'm from no tax is pay if you hold crypto but if you convert to fiat the exchange site pay government the tax of the amount of crypto you converted into fiat.

[finaleshot2016]

IMO, receiving salary digitally and actual money doesn't have many differences, and receiving digital money doesn't mean we must pursue BTC as salary.

People are very practical these days, with or without pandemic or crisis, workers prefer to receive the exact amount of their salary. Unlike in BTC, there's a chance, even it's little, that price might go down on the time where they received the salary through BTC payment. So BTC for a salary isn't really practical especially here in our country where most people value money. It will be only applicable to those people who have huge salaries and do have knowledge or doing investments.

Well, it'll be a good move as long as it promotes cryptocurrency in our country but I'm sure that only a few people will agree on this. Also, most people threat bitcoin as an asset, not a currency, so it'll be hard to adapt it as payment for salary.

[buwaytress]

Maybe it's just easier to forget about all that complication, and request for a slight modification to the employment contract that only adjusts the mode of payment. Done this many times over the years especially in countries with volatile fiscal economy. Contract simply choose a currency agreed on by both parties, with a clause that accepts a flexible mode of payment.

Then you go through Bitwage, and choose any percentage to be converted to btc at the rate during exchange. It's just a roundabout way of buying bitcoin at dollar cost average really.

Apologies if already suggested, didn't see it on the pages I skimmed through.

[husencoe]

it all depends on the policies of the government of the country, if the country has legalized cryptocurrency, of course paying employee salaries does not violate the rules, but if cryptocurrency is still illegal in the country, then paying employee salaries via bitcoin is a prohibition, all lies in the status of bitcoin in a country

[Reid]

As long as you pay your taxes then it won't be a problem. I think.
But the idea might be a problem for the employees.

Imagine them just cashing it out monthly to another currency. Their own paper currency.
Then it's like you paid fees then they pay for exchange fees which have lower selling rates.
No, it's difficult to have a better end in this era. Maybe in the next 5-10 years when merchants accepting it grows.
That way, they know they can spend it without a money changer service.