Bitcoin for salary

[shoreno]

I can accept BTC if my boss is willing to pay

noice . we need more workers like you that are not afraid to accept bitcoin . the only reason why workers dont want to get paid in bitcoin is because they are afraid with it  . afraid because they are a noob to it and afraid because of unstability if they arent a noob . i work on different companies before including large and small and i experience to recieve my salary in different forms . there is no extra law with what a company is using for payment , they can pay btc or any other crypto

[1714711698]

1714711698

[masphie]

In my opinion,
Your plan to pay salaries to employees in bitcoin is a great idea. And I don't think the government will interfere with your internal problems.

BUT ....
You must be able to explain to employees how your system works. If the employees understand what you want, your problem is resolved.

NOTE.
Your company is not associated with the government

[GideonGono]

Well I don't really want my whole salary to be put up in Bitcoin since I would still convert it into Fiat just to use it to pay for my bills and buy foods.
So for me I would still like to have it in Fiat and just put up how much I would save into Bitcoin.
We couldn't also risk our salary on having less value because of the sudden pumps and dumps that is happening on crypto so it would be better for me to have it in Fiat then convert what I could afford to save in crypto.

[verita1]

First of all, I love the idea that you decide to want to pay your employees with Bitcoin.
Some members have responded that you must receive legal advice to do so and that is correct.
When using Bitcoin in company, it depends on the laws of your country.
It will affect the IRS of your business, yours as the owner and that of your employees
As this analysis shows for IRS taxpayers in the US.

https://www.exodus.io/blog/cryptocurrency-taxes-usa/

If you get paid in Bitcoin, you must report your total wages on your W2 form in dollars. Your employer must report your earnings on your W2 form in dollars, too, by converting payment amounts from Bitcoin to dollars on the date each payment is made. Moreover, tax withholding that applies to dollar wages applies to crypto wages.

[Killrbit]

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.

As for the legalities that would differs from jurisdiction to jurisdiction ( here you need to look at not just your national but also state laws). If i remember correctly there were a countries and few major companies in Japan and Korea that are already doing or experimented with doing this in the past.

Here is list of a few articles i found on it as well about their legality :

1) https://news.bitcoin.com/crypto-salaries-gain-regulatory-recognition-around-the-world/
2) https://dev.to/koabrook/so-you-re-considering-taking-a-salary-in-bitcoin-1ab6
3) https://bigthink.com/technology-innovation/crypto-salary
4) https://markets.businessinsider.com/news/stocks/new-zealand-legalizes-cryptocurrency-salaries-including-bitcoin-2019-8-1028442320
5) https://nomoretax.eu/the-legality-of-cryptocurrency-salaries/

That being said i cant really say how practical it would be to receive ones salary in Bitcoin today considering that most people would have to immediately convert a large portion if not the entirety of it into Fiat in order to meet their monthly expenses. So this might just add a layer of complexity to the process. Also since most governments would require you to pay your taxes on the received salary (assuming the employee plans to pay it) in Fiat it would add another issue owing to the volatility, as i assume that they would tax you on the fiat value of the Btc at the time you received it. If the price however moves down come tax season ( assuming he did not immediately convert his salary to fiat) then the employee would suffer major losses.

[budi691]

It would be interesting if employees are paid using Bitcoin, but there is a regulation in my country that lists the salaries of employees in the labor department using FIAT money, if the company is legal, but if the company is not legal there is no problem paying the employee salaries in Bitcoin,
 * legal here is a company registered in the governmentn*

[Taskford]

If we talk about the usage bitcoin  will provably in good shape for implementing that option but there's a question there. Does the company can afford to lose more money if the market shrink? for sure this is a worse case scenario for them since if they select bitcoins and suddenly a huge crash came for sure the operation of the said company will possibly stop since they might gonna lose a huge amount for that scenario.

[Timelord2067]

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) 

[Kez1817]

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 paying an employee using bitcoin just happen if you are working in online job related to cryptocurrency but if you work is in the government or other businesses ,I think they will not pay bitcoin because it is not yet legalize nor accepted by the government like here in our country. Also if ever there is a company that want to pay bitcoin to their employee ,I think only few people will accept it because not all employee or person are already using bitcoin, some of them are not even familiar with it and also the problem ,bitcoin is volatile, how can be an employee receive his/her salary in a fixed amount using bitcoin?

[lumeire]

Companies can pay the salaries of their workers in bitcoins only if it is legal in their country and sadly in most of the countries there isn't any whiteline regarding the legality and illegal aspects of cryptocurrencies and never to forget that even now only a few percentage of the world population know about cryptocurrencies, so why would companies go to such extremes for the benefit of their employees when they can easily pay their employees through cheques, bank transfer or in cold hard cash.

[Slow death]

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?

In my country it would be illegal because when the person receives the salary, social security money is always discounted and if you paid the person for bitcoin there would be no way for social security to discount the money. remembering that the money deducted from the person's salary by social security Is for the purposes of retirement and blood or death pension

Especially on the department of government that is about the labor or employment.

it would definitely be a big problem and I wonder how in the future governments would make someone pay bitcoin wages and at the same time the government discount for social security

[matchi2011]

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.

It depends on the country you resides if the government is allowing their citizen to use bitcoin or they prohibits on using it. If it is legal, then there is nothing to worry about. The only thing you need to make sure is if your employees are willing to accept their salary in bitcoin or if they are not.

Very important to consider this, knowing if your employees are willing to
received the payment using this cryptocurrency.

Most of those people who are not really aware of this system always avoid accepting this as payment due
to the nature of being unpredictable, value always at risk unlike regular fiat you are not worried about volatility.

[Betwrong]

In my opinion,
Your plan to pay salaries to employees in bitcoin is a great idea. And I don't think the government will interfere with your internal problems.

BUT ....
You must be able to explain to employees how your system works. If the employees understand what you want, your problem is resolved.

NOTE.
Your company is not associated with the government

It's not the question of whether employees want to receive payments in BTC, rather it's the question of legality of such payments. Sooner or later the government will interfere, make no mistake about that. Any state needs money to finance national defense, education, transportation, health care and so on. And those money come from taxes. So, the government should figure out first how to tax crypto payments, and only then allow it. Some countries have already done that, as we can see from replies in this thread.

[wanted sliter]

You can agree with your employee on how to transfer wages. Bitcoin is also a good way to do that. Your employees must know about Bitcoin and accept transactions.
I think it's pretty tough because they'll have to find a way to liquidate bitcoin into cash. If it were me, I would accept 50% bitcoin and 50% cash.

[bakasabo]

What about your ideas if a company earns in cryptocurrency and will pay salary in cryptocurrency (ie Bitcoin), and company that earns in fiat, and pays in cryptocurrency. I would partly agree with salary in Bitcoin, if my company earns in crypto. But if company operates in fiat money, pay me in bitcoin, and later I convert it back to fiat. That situation have a broker logic.

What is your opinion?

[Rafiqul]

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 it depends entirely on the government of that country; If the government of a country legalizes the use of Bitcoin as a currency and allows the payment of Bitcoin as salary allowances to employees of various departments of the government, then of course it is possible to give them Bitcoin as a direct salary in the Bitcoin wallet; This will increase the transparency and dynamism of the work. I believe that in the future, Bitcoin will be introduced as celery.

[Benefactor]

It depends a lot on your current location and what country you are in. You must know that different countries have declared online currencies illegal for the country. If you fall into any of these countries then you need to get rid of this worry. Because the governments of all these countries will never give you the legitimacy to do it. And even then, if you want to do this by going against the government, you may have to stand up to the law.

[Findingnemo]

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.

Afaik, japan planned to pay some of their government officials with cryptos in the year 2017/18 but I guess they dropped that idea since bitcoin is not really stable so the employee may not get the right amount of salary in the fiat value due to rapid price changes.But there is no problem with paying them in cryptos as long as cryptos are legal and regulated in that country.

[LogitechMouse]

What about your ideas if a company earns in cryptocurrency and will pay salary in cryptocurrency (ie Bitcoin), and company that earns in fiat, and pays in cryptocurrency. I would partly agree with salary in Bitcoin, if my company earns in crypto. But if company operates in fiat money, pay me in bitcoin, and later I convert it back to fiat. That situation have a broker logic.

What is your opinion?

I see your point in what you are saying.

Its kinda useless if you will accept your salary in crypto (particularly in Bitcoin) if the company itself isn't accepting payments thru cryptocurrency. It will just cause a bit of confusion with the company and a lesser salary for you too because of the conversion fees probably and the transaction fees. That is why I don't see that this will be possible in most of the companies right now but I think there are some companies that are allowing this but these companies are accepting crypto at least.

[qwertyup23]

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.