Bitcoin for salary

[mezzaluna]

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.

That might actually be a good way for them to study Bitcoin but would still take lots of experimenting and a long amount of time. Bitcoin being acknowledged by the government would be a big step if ever developed further. Being payed in Bitcoin might come with a lots of investment before implemented since they cannot just make Bitcoin appear at that moment.

[abel1337]

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. 

I agree, It would be a such a hassle for employees to convert every time they received their payment unless the employees are aware of the crypto ecosystem.
If crypto will be the salary of employees, Employees will be forced out to learn about crypto and it will be natural if they are shocked about the volatility of the value of their salary.

I think it's not practical for company to do this. Unless the company is a crypto-related company like exchanges and other custodial wallet companies out there.

[Renampun]

...

it looks like a topic like this has been discussed before but has sunk....
giving salaries using Bitcoin is great because it can monitor the outflow of funds, but the relatively high fees and the volatility of prices which fluctuate rapidly are still obstacles.

[erikoy]

It can be possibly done like for example the employer source of income or has the bitcoin income and seeing it that it would be great to use the opportunity to convert the bitcoin income into salary for his employee. I myself had tried this earning some cents of bitcoin here while learning at the same time with cryptocurrency to which I convert all my earnings into buying a prepaid load for those who wanted. I have the app that could be use for this though it has only small profit but it is still business as long as I am earning with it then it is good as alright.

[molsewid]

Depends on the employee, some of them want it. Some of them will disagree. Not all employees know bitcoin and most of them prefer cash.

Cash is ready to use in daily needs compare to bitcoin you need to convert it to fiat then transfer to a bank account.

If this is not illegal you might consider taking their opinion before changing your salary method to your employees.

The hassle and fees problem in converting bitcoin into cash might put them to quit their job.

he isnt asking the opinion of the employee but he wants to know if theres an extra requirement if he wants to pay using a btc if he owns a company  or a business . btc works like a cash now and it does not need conversion before you use it . what can an employee do if the company will pay in btc ? they will accept it or they will quit but if the onwer is not strict maybe he can make an exception and pay others with thier prefered option .

Agree. However, my point is if employees disagreed on this matter, they could sue the company if it's illegal or quit their job if they don't have the choice to choose what is their preferred salary option.

And when the employees agree in bitcoin's salary, I think as long as they signed a waiver or form that they already received their compensation, there's no problem for the company.

[DoublerHunter]

^ The concept of using bitcoin as payment of your employee is good if there is an exchange that they can immediately exchange to the fiat and also if there is a store in your place that accept bitcoin, straight forward, bitcoin in your place is very common to use in daily in most departments stores and shopping center which is very convenient to use. Another factor is, this salary probably is net gross that already deducted from their monthly amortization in any government company assurance. Nevertheless, there is no problem if your country did not ban bitcoin.

[Sadlife]

There are no laws of Bitcoin taxation, and it would conflict with a country's taxation evasion rules. I guess to be safe, only use Fiat as payment for employees. Bitcoin has not yet not been recognized by governments as legal money so there maybe restrictions in its usage, depending on a country.

[Mahdirakib]

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.

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

You said that what I wanted to say. Bitcoin network become busy unexpectedly. So there is a possibility that their salary tx may get stuck for few days. And bitcoin price isn't stable. As a result they might get higher or lower amount while they receive it and able to exchange in fiat money. Everyone would be happy if the price rise during this time. But no one wish to see the sudden dump.
The employees need to exchange his currency to fiat money if company pays him through stable coin like Tether, TrueUSD etc. Cause they can't buy their daily commodities with those coin. So I don't think it would be a good idea as well.

[Latviand]

This is one of the good ideas that I've read when it comes to bitcoin adoption. Making bitcoin as a salary is really what can matters the most to those people who are educated about it. If you have an idea on what bitcoin is, then probably you know how important this cryptocurrency to someone who owns it.

It is very difficult to let people know that bitcoin can make profits, they just think that bitcoin is a scam and it doesn't have any value in the market. That's the reason why ignorant people prefers to have fiat money as a salary, because it is easy to use in buying goods, it is a real money and they are not that into the use of modern technology.

[lepbagong]

I think for now it can't be applied because the legality of cryptocurrency is still not complete in several countries

Obviously, I agree with that opinion that there are still many countries that have not recognized it as a legal and recognized means of exchange. Of course this will have its own problems later.
it is better to stick to things that are already working maybe more practical and easier.

[LimLims]

The idea is completely great Op.
But this is not new tbh.
Many micro job employees and freelancers get their payment/salary through Bitcoins.
Yes there is still some sort of steps required to make it an official way of giving salary for permanent jobs.
But in many countries still the government considered Bitcoin as illegal. So it will be really hard to make into effect to pay the permanent employees through Bitcoins.

[blckhawk]

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 is not what about if it is legal or not in a particular country. Bitcoin and other cryptocurrencies are too much volatile to become as payment for employees. If you will imagine it is more like you were using Bitcoin on your daily expenses which is not a good thing to do. Bitcoins and other cryptocurrencies are more appropriate to be used as an asset rather than a currency due to the character it has. Apparently, using these cryptos would pretty mess up the system hence we should better leave fiat on this matter.

[Wind_FURY]

OP, are you going to buy Bitcoin to pay your employees in Bitcoin, or do you plan on accepting Bitcoin payments to earn the coins to pay your employees?

It's better to use whatever you are using currently, don't use it if it doesn't fix any inefficiencies.

[Detrix]

Bitcoins don't really have a set value. It's based entirely on global exchanges, and it depends on how people buy and sell it online. Also Bitcoin and other cryptocurrencies are treated by IRS as property, not currency. According to the Fair Labor Standards Act, employers must pay their employees in cash or other negotiable instruments such as paychecks. Since bitcoin is treated as property, it's highly unlikely that the Department of Labor will consider bitcoin as cash or a negotiable instrument for wage payment. So, to answer your question, government can't pay employees using bitcoin for many reasons, some of them touching on its legality.

[Assface16678]

Bitcoin as a salary is not quite a good idea because not all people are knowledgable with this coin and also the marker is volatile you don't want to lose any amount of money because of this kind of volatility.

If you are an employee or a worker all you want is to have your hard work paid with the right amount and this is a fixed value.

If you make a salary with the use of the bitcoin there are some instance like

They will pay you and the market price of the coin is 12k dollars after a few minutes the market price drops into 8k this is so huge loss to you and as a worker, you don't want to have this kind of loss to the money you need to fairly pay.

Not a bitcoin payment but instead a digital payment but still in fiat currency and this is the best for now because some of them are stable and does not have too much market movement.

[traderethereum]

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 best thing that you can do is ask with your government to make it clear because they make the regulation and they are officials of the government, so I am sure they will know about legal or illegal of using bitcoin as the payment for your employee.
Probably, in some countries which accept bitcoin, the owner can pay the employee using bitcoin directly to their wallet.
It can not be applied to many countries, especially if that country is not giving any statement about the use of bitcoin or legality of bitcoin in their country.
So until you ask your government, it is better to pay your employee using the method that you already used, so you don't break any law in your country.

[kayvie]

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.

[Timelord2067]

If you want to research paying employees in Bitcoin, then look to getpaidinbitcoin.com.au which has been doing just that for a number of years now.  You instruct your employer to deposit some, or all of your wages into the account and after setting things up, you are either paid the entire amount in bitcoin, or, a portion with the remainder being on sent to a fiat wallet.

[maria1110]

I can accept BTC if my boss is willing to pay

[Saisher]

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.

There will be no issue if your country consider Bitcoin legal, first thing that you need to do is to ask the labor department in your country about making their salary converted to salary, it should have approval of the majority of your employees there should be legalities on this, to avoid complaints from your rank and files, if you asked me I want Bitcoin to be my salary, because we have a lot of local exchanges in our country.