Miami Mayor Will Allow Employee salaries in Bitcoin

[(o)(o)ilikeboobs(o)(o)]

Paying employees with Bitcoin is fine, but they will have difficulty converting them into cash. Currently, the transaction costs of cashing out at Bitcoin ATMs are too high and annoying people who are paid in Bitcoin.
Bitcoin should be an investment of their savings rather than a means of daily payment. So paying a salary in Bitcoin is not good in my interpretation.
I wonder if the US government allows them to do that.

[bitgolden]

These are awesome news. Great to see that also governments start to switch into the crypto world. Getting paid on bitcoins is a big step for bitcoins to become the new world currency. If I had the chance to get paid in bitcoins I would take it. The more people use bitcoins the better for us all. We need to try and convince more employers to switch into cryptos.

It is indeed a good news but we have yet to see if it is a sustainable way to pay the employees in the long term. Convincing them won't be a problem since all that it takes for an employee is to see the price chart of bitcoin and they will not be thinking twice about getting paid in bitcoin, the problem is they don't have a lot of choice when it comes to buying essential items and goods when they only have bitcoin.

Even if he could just pay few people in bitcoins, that would be example and that is very important. I have been paid bitcoin salary for nearly 4 years now and I can tell you that it is 100% guaranteed better than regular salary paid with fiat. I have kept some of my bitcoin salary in bitcoin and withdrawn the rest, and that part that I kept became x10 bigger in the end.

There is no way I could have gotten this much richer if I got paid in fiat and made some investments with it, I am not a great investor so I wouldn't be able to make that kind of money in anything at all. So long story short if Miami mayor manages to pay some people in bitcoin, those people will get richer, and others who see that they get richer will ask for it, even if it is 50% in fiat and 50% in bitcoin and if that's possible there will be a lot more people who will ask for that for sure.

[Hamphser]

Paying employees with Bitcoin is fine, but they will have difficulty converting them into cash. Currently, the transaction costs of cashing out at Bitcoin ATMs are too high and annoying people who are paid in Bitcoin.
Bitcoin should be an investment of their savings rather than a means of daily payment. So paying a salary in Bitcoin is not good in my interpretation.
I wonder if the US government allows them to do that.

They should at least make out some surveys if you are the owner of such company where people do agree on receiving their pays in bitcoin form or would just typical stick out with fiat?

Such integration is great for the sake of adoption but for people's situation where fees and exchanging or conversion is something bit hassle on their part.

If they do find out that fee's are too high then they would be surely preferred the fiat.So its better to hear up others voice than on directly making it happen.
As long do government give out permission then these things do really allow to happen.

[nicecrypto]

It is good to think that there is such a city leader having a mindset like this. Adopting btc as a way of payment for salaries to the city employees is a good way, it is also good if he/she will pay equavalent to the previous salary and not by the fix number of bitcoin/s.

Even at that say they pay equivalent to the previous salaries, during the time of withdrawal for the workers, is there not going to be some transaction fees? even it is that they will trade it or use to purchase stuffs online which by the way you can not get everything you need online store that accept bitcoin for now, is there not going to be some fees as well? I believe the workers will be at the losing end and might experience some issues using this directly instead of  say, it was an investment which you might want to hodl to a while cos people want to spend their wages.
By the way, I believe it is a good Idea but I also believe that workers should be the once making that choice to accept Bitcoin as the means for the wages and not fiat.

[Text]

After reading the opinions and grievances of others discussing the disadvantage of accepting bitcoin as a salary I pondered their point and it was correct.  So we work to have an income that supports our daily expenses.  But if employees can accept the cons and understand the risks associated with it, it is up to them to choose Bitcoin for whatever purpose they have.  They can do this if they want to store some part of it, especially if they have a fiat reserve for expenses.  That is, you also can't determine if at a time when you don't have money, is it worth what you hold and if there are any gains to be made?

[AniviaBtc]

Hoping that most businesses or companies will adopt this kind of development or evolution in paying its employee.

This Mayor is really a man of culture, he knows how digital aspects are evolving and how cryptocurrency can really be a useful tool nowadays.

I'm happy that these kind of news are existing and really happening due to bitcoin's prevalence in the market and economy.

[Darkelf11]

This is so good for the people who really love the use of bitcoin and they can use this as an investment but now I'm just wondering what if the lower class people or workers is this a good idea? I think with quite a bit of knowledge regarding bitcoin with market volatility they can't too much to adopt these changes it's good only for the middle and to the upper class because they can handle and keep updated about the possible movement of the market.

[Kittygalore]

~

There's nothing to worry about volatility if this is your concern since for sure their salary are still fix in USD value and if you are worried about if they lose some money for holding well thats isolated case since they have an optiom to cash out or either hold and remember the potential of possible good profits is by doing a long term hold and might they will earn richest from it by holding bitcoins and thats a good benefit what can employee might possibly got for accepting bitcoins.

You might be right about that, I might be worrying over nothing. Maybe they should also add the option of splitting the salary to fiat and bitcoin or make the employee choose how it should be split, have they already addressed the issue about the taxes though because AFAIK even minimum wage earners in USA has to pay taxes.

[jaberwock]

A very good news indeed but I don't understand the difference between getting bitcoins as the payment of your salary or getting the money in your bank in dollars and buying bitcoins with it directly. Whether your take bitcoins or cash or bank it does not change the fact that it completely depends on the employee what he prefers and if actually wants he can easily get his salary converted in bitcoins.

But yeah good news, shows there is interest from big companies and them paying Bitcoin to their workers will at least bring positive energy if not anything else and inspires some guys to take their salary in bitcoins.

I am getting all of my salary in bitcoin right now and I can talk about how freeing it is, I can spend it if I want to, or I can turn it to cash if I want to, or invest it however I want, it is really amazing. Fiat always had this scary thing because my money is in the bank, whenever I need money I just cash out some bitcoins and spend that, so basically I do not keep too much fiat in my bank account, I keep it in bitcoin as long as I can, that allows me to take advantage of this situation that we are in. Plus when bitcoin goes up, my salary looks like it went up as well, I really like that.

I think the best thing for us to do right now would be to make sure that we do not end up with a big drop, if there is a big drop that would be like I got paid very little, but aside from that I am doing great with bitcoin salary.

[milewilda]

A very good news indeed but I don't understand the difference between getting bitcoins as the payment of your salary or getting the money in your bank in dollars and buying bitcoins with it directly. Whether your take bitcoins or cash or bank it does not change the fact that it completely depends on the employee what he prefers and if actually wants he can easily get his salary converted in bitcoins.

But yeah good news, shows there is interest from big companies and them paying Bitcoin to their workers will at least bring positive energy if not anything else and inspires some guys to take their salary in bitcoins.

I am getting all of my salary in bitcoin right now and I can talk about how freeing it is, I can spend it if I want to, or I can turn it to cash if I want to, or invest it however I want, it is really amazing. Fiat always had this scary thing because my money is in the bank, whenever I need money I just cash out some bitcoins and spend that, so basically I do not keep too much fiat in my bank account, I keep it in bitcoin as long as I can, that allows me to take advantage of this situation that we are in. Plus when bitcoin goes up, my salary looks like it went up as well, I really like that.

I think the best thing for us to do right now would be to make sure that we do not end up with a big drop, if there is a big drop that would be like I got paid very little, but aside from that I am doing great with bitcoin salary.

Dont you have any savings in fiat form since you dont like banks? If thats the case then you should better make out some savings at least even though you do hate banks that much.
Its good to hear out that you do accept bitcoin fully as your salary even though it is volatile but still you do see on the positive side of things where everybody couldnt really be having
the same views like yours.Some would still much prefer on accepting fiat as their salary and avoid volatility as they dont like on accepting something which can possibly
decrease but for those who are aware on the risk then they can choose up on what they do prefer.

[verita1]

This is a great decision from Miami Mayor Francis Suárez. After reading the comments of the announcement made on twitter by the mayor, the response was very positive. Some believe that this idea will come up to other municipalities and public and private institutions anywhere in the world.

Exploring:

• State legislative priority
• Paying employees in Bitcoin
• Investing City treasury in Bitcoin

We got it done ✅

https://twitter.com/FrancisSuarez/status/1360069847971954690?s=19

[uelque]

I feel like I want to move in Miami.  

What I can only say about this is what a great move by the City mayor. Paying employees using bitcoin will surely bring great impact in bitcoin community, more people will come, which means more profit on the coming months. Can't imagine how much change could this kind of action bring, knowing the count of people in that land, I guess it is surely big. Hands up to him.

[Daltonik]

According to a letter published on the website of local authorities, the Commissioner of Miami-Dade County in Florida, Cohen Higgins, announced the creation of a working group to study the possibility of paying taxes in digital assets as a means of payment, Bitcoin, Ethereum and Litecoin are considered. http://www.miamidade.gov/govaction/legistarfiles/Matters/Y2021/210817.pdf

[Daltonik]

The mayor of Miami, Francis Suarez, at the last virtual summit of Ethereal, said that in early March he bought bitcoin and Ethereum. He made the decision after the US Senate approved a $1.9 trillion bailout plan.
According to Suarez, people will not want to store the currency in US dollars, so cryptocurrencies will continue to grow. The official added that bitcoin has reached too high a level of acceptance to fall under the regulatory ban.  https://www.youtube.com/watch?v=y__YwqrJuYE

[bryant.coleman]

The latest new from Francis Suarez is that he is pushing for a pro-Bitcoin legislation in Florida.

https://www.miamiherald.com/news/politics-government/state-politics/article250961884.html

Unfortunately the bill has got stalled in the Florida senate and the chances of any forward movement looks very slim. But at the same time, the bill has attracted bipartisan support (which is still not enough to pass it).  Republican Party's Vance Aloupis (the representative from Miami-Dade) is sponsoring the bill in the House.

[Daltonik]

In Miami, the use of bitcoin is becoming more widespread, for example, the Miami-based yacht manufacturing company Prime Experiences has added the ability to pay for services in bitcoins. Prime Experiences also announced the transfer of web services and mobile platform to the blockchain in order to improve the security of transactions. https://www.prnewswire.com/news-releases/prime-experiences-is-set-to-revolutionize-the-luxury-yacht-charter-market-by-accepting-crypto-technology-as-payments-in-the-us-301292888.html

[Daltonik]

Francis Suarez, a Miami major, has revealed what he has in his crypto portfolio and talks about Elon Musk as the trigger for bitcoin's volatility. The mayor also noted that he is a big fan of Elon Musk, however, in no other markets other than BTC, the price of an asset can be raised by ten to twenty percent by just one tweet from one person. https://u.today/miami-mayor-unveils-his-crypto-holdings-refers-to-elon-musk-as-volatility-factor-for-bitcoin

[Daltonik]

Crypto Company Blockchain.com announced the relocation of its U.S. headquarters from New York to Miami and the expansion of its staff. Miami Mayor Francis Suarez noted that the move of the bitcoin exchange "reflects the essence of the movement" of the city. https://www.prnewswire.com/news-releases/crypto-company-blockchaincom-moves-us-headquarters-to-miami-301304969.html

[hannahB4]

After all that has been ongoing in the market recently and reading this kind of thread, it gives serene peace that can not be traded for anything that the future for bitcoin is brighter than we have seen. Many more believe in it and a one-man claim shouldn't be agreed to saying anything otherwise.

[Daltonik]

An anonymous buyer paid $22.5 million in cryptocurrency for a penthouse in the Arte Surfside luxury condominium located in Miami. This is written by Forbes. The four-bedroom apartment with four bathrooms and a terrace with ocean views is located on the ninth floor. The cost per square foot was $4,440.50.  https://www.forbes.com/sites/petertaylor/2021/06/07/miami-beachs-most-expensive-penthouse-just-sold-in-americas-largest-known-cryptocurrency-real-estate-deal-that-could-change-housing-forever/?sh=42829b8d64a6
According to the publication, this is the most expensive purchase of real estate for digital assets at the moment. It took ten days to close the deal.