Miami Mayor Will Allow Employee salaries in Bitcoin

[bitgolden]

This dude is really interested in bitcoin, first it was all about how he was willing to spend tax payer money buying bitcoin and calling it an investment, afterwards it was all about how salaries for the workers, what does he know about bitcoin that we do not know about?

I mean do not get me wrong I am here as a bitcoin lover and I love it very dearly as well, but if I was given responsibility of taxes I wouldn't be really comfortable with anything we could do, I would probably be shocked at first and try to "invest" back into the public, because tax payer money should go back to tax payers and not into some investment, if there is excess amount of money from the taxes we collect there is two things we can do, either give it back to people, or simply use it to make the city better for the people, otherwise investing it makes no sense at all.

[1714788390]

1714788390

[1714788390]

1714788390

[1714788390]

1714788390

[SirLancelot]

Mayor Francis Suarez in an interview with Forbes shared plans to expand the use of bitcoin in Miami, which includes the possibility of paying salaries to city employees in bitcoins.

That’s good, employees should be giving an option to choose between fiat and cryptocurrency, which they would like to receive their payment with and also what percentage they would like to have paid with either option.

I worked for a company that was doing just that, paying employees through Bitcoin, my salary then was $600 and I was receiving all of them every month through Bitcoin, that helped me to be able to have some bitcoins easily as I was converting part of it and leaving the rest in my wallet and when prices go up I would usually make more money from the assets I have stored in my wallets. And it teaches how to invest, cause most of the employees in companies that will choose to be doing this would not have experience of what investment looks like, if they are giving this option they will like to try it out.

[Text]

If I am also one of the employees of a company or government that will make a change in the way I get paid, I will also choose to just receive my salary in Bitcoin payment since I already know about crypto / Bitcoin and I know its trend.  But maybe those who don't know yet will think twice, but of course, they will still be given a choice of what they will still prefer between fiat and crypto.  And at least those who do not know will have an idea, and since those with them are already accepting and using Bitcoin, they will also imitate until they are all the same as receiving Bitcoin.  And of course, neighboring areas will also know this and those who know will expand and expand.  But those who disagree with the imposition of the crypto tax may worry because I know this is one of the fears that the government will do.

[Casdinyard]

If I am also one of the employees of a company or government that will make a change in the way I get paid, I will also choose to just receive my salary in Bitcoin payment since I already know about crypto / Bitcoin and I know its trend. 

Good thing it is just optional and it not something of a one-way choice. I do respect your take with this scenario but In my case, I'd choose to receive my salary in fiat rather than in Bitcoin or other cryptos. I do support this technology but salary in form of crypto will also mean it would be part of your crypto investment. I still prefer putting a certain amount into this technology to be held for a period of time and not totally all of my salary because there is a tendency for the market price to fall and I will be needing my salary to suffice my daily needs. I'd rather invest 20% of every pay off in order to regulate my investment in a way that I will be in control of it, just to avoid that much of a risk.

[k@suy]

The Mayor is optimistic about this but does their employees want that plan?

Employees will surely prefer the usual way of getting their paychecks instead of receiving it by Bitcoin and convert it using a third party platform as they already need the money.

But since the topic said "will allow" means not all can take part and maybe for employees that prefer it.

That's a good thing, if I will be one of their employees I will prefer bitcoin over paycheck , I can convert some of it into cash and will save the rest for the whole year it will be good for long term investment or I can use that bitcoin to buy other hype coins now and sell it as soon as I have gained in just doing that I can have more profit than my salary, this is a piece of good news if some of their employees are into crypto market.

[beerlover]

If I am also one of the employees of a company or government that will make a change in the way I get paid, I will also choose to just receive my salary in Bitcoin payment since I already know about crypto / Bitcoin and I know its trend.  But maybe those who don't know yet will think twice, but of course, they will still be given a choice of what they will still prefer between fiat and crypto.  And at least those who do not know will have an idea, and since those with them are already accepting and using Bitcoin, they will also imitate until they are all the same as receiving Bitcoin.  And of course, neighboring areas will also know this and those who know will expand and expand.  But those who disagree with the imposition of the crypto tax may worry because I know this is one of the fears that the government will do.

Honestly even as a person who has been around for 8 years in the crypto industry, I wouldn't get 100% of my salary in crypto, that would be way too risky and I never suggest that for anyone. Remember we always say that you should only risk money you can afford to lose, and salary is not something people can afford to lose, what happens if bitcoin goes 50% down in a month? Your salary will become 50% less as well and many people can't live with that and would have economical problems.

I invest money I can afford to lose, if all of my investment suddenly becomes zero dollars I would still be fine about it, and nothing in my life would change, I would be upset that they are gone emotionally but financially nothing would change. So if anyone considers this option, I would say maybe get 10% in crypto and 90% in fiat so that you can spend the fiat to live and keep the 10% as an investment.

[Text]

Good thing it is just optional and it not something of a one-way choice. I do respect your take with this scenario but In my case, I'd choose to receive my salary in fiat rather than in Bitcoin or other cryptos. I do support this technology but salary in form of crypto will also mean it would be part of your crypto investment. I still prefer putting a certain amount into this technology to be held for a period of time and not totally all of my salary because there is a tendency for the market price to fall and I will be needing my salary to suffice my daily needs. I'd rather invest 20% of every pay off in order to regulate my investment in a way that I will be in control of it, just to avoid that much of a risk.

Honestly even as a person who has been around for 8 years in the crypto industry, I wouldn't get 100% of my salary in crypto, that would be way too risky and I never suggest that for anyone. Remember we always say that you should only risk money you can afford to lose, and salary is not something people can afford to lose, what happens if bitcoin goes 50% down in a month? Your salary will become 50% less as well and many people can't live with that and would have economical problems.
~snip

Yes, I know that we have different views on such scenarios and our opinion depends on the status or state of our financial affairs.  I just put myself in the current situation because of the ongoing and circulating news about the successive adoption of Bitcoin so I would like to increase the crypto I hold.  Yes, I also know the risks involved in investing and handling Bitcoin.  Maybe if I knew that crypto could not be exchanged for fiat, I would be hesitant and maybe that would not be my choice. Right now, it is no longer difficult to convert or cash out Bitcoin to fiat just like @k@suy said above.
So I choose crypto because I just think of the opportunity that can even increase the money from the salary.  My job is to convert occasionally to also get a little delinquency.  Maybe we can only store more Bitcoin because we know there are still fiat costs available.  I also don't want to lose Bitcoin because of the benefits.  

[Daltonik]

The story continues as the Miami City Commission voted to explore options for integrating bitcoin into the municipal infrastructure. This was stated by Mayor Francis Suarez:

Ken Russell, the deputy chairman of the commission, called for making sure that the authorities understand "what they are getting into"

[jostorres]

The story continues as the Miami City Commission voted to explore options for integrating bitcoin into the municipal infrastructure. This was stated by Mayor Francis Suarez:

Ken Russell, the deputy chairman of the commission, called for making sure that the authorities understand "what they are getting into"

If they managed to get "pay workers in bitcoin" done already, as in any person who wants to get paid in bitcoin can get paid in bitcoin, that means they are already one step ahead of everyone else, and when they managed to also put some investment into bitcoin from treasury as well, that means we are talking about people who would be great for bitcoin like cities and maybe states and other things so this is great.

I agree that they are doing something risky, that is true, but USA is not my nation so I am totally fine with it, as long as they test it if they fail that would be bad for them and nothing for me but if they succeed that means it would be good for them but great for me. You have to realize governments are much much bigger than companies, Apple was around 2-3 trillion dollars worth for example, USA just has debt that is nearly 30 trillion dollars and that is just the debt. So if governments go into bitcoin it would certainly skyrocket.

[Vatimins]

     This indeed is a smart move. Specially now that this industry is still on it's early stages. Using bitcoin, will make way for other alternative coins out there to also be adopted in the future same as bitcoin if it all works out well. I just hope that the bill would not be too unfair for the crypto currency users and would be showing genuine hunger for innovation by  being more lenient. If this would be the case, there can only be great things ahead of both this industry and the common ones.

[ven7net]

This is probably very good news for the crypto industry as this action will start the massive adoption of crypto around the world in the real sector. Also, this event will help to avoid the problem with inflation, which is very likely in the US in the near future. I also hold BTC and believe in its success. Let's hope the Mayor of Miami succeeds. It is likely that BTC and the entire crypto industry are on the verge of a big breakthrough, and this is very encouraging.

[Daltonik]

Khurram Shroff, head of Dubai-based investment firm IBC Group, plans to buy 100,000 BTC to create the Miami 2.0 Blockchain Strategy Foundation, Gulf News reports, according to him, the decision is due to the request of the American developer Burkhan World Investments for the introduction of blockchain technology in the real estate sector of Miami. 

https://gulfnews.com/business/company-releases/dubais-ibc-group-pledges-100000-bitcoins-the-largest-bitcoin-investment-in-history-to-support-setup-of-miami-20-blockchain-strategy-foundation-1.1613649280442

"...The pledge by IBC group, the largest in Bitcoin history, will be significant in facilitating the digital-currencies adoption across multiple industries and critical in aiding Miami’s vision to integrate Bitcoin in everyday transactions. An avid supporter of Ethereum 2.0, Khurram Shroff was instrumental in its beacon chain reaching the required threshold for its launch in November 2020. As of the date of this article, the beacon chain has more than USD $5 Billion worth of Ether staked to secure the Ethereum Proof of Stake (ETH2.0) to enable decentralized finance, including DeFI and DaPPs.

IBC Group was recently approached by landmark U.S based real-estate developer Burkhan World Investment LLC, to increase the adoption of the blockchain technology in Real Estate and to enable efficiencies in government and private sectors. “Making the largest Bitcoin investment in history is proof of our commitment to assisting cities adopt Blockchain, which we see as the key to enabling widespread adoption,” reiterated Khurram Shroff..."

[Vishnu.Reang]

LOL.. look at the state of Bitcoin today. It is down by more than 20%. Imagine what will happen to the employees, in case they were paid with Bitcoin. Will they be OK with a 20% reduction in their salaries? By the time they convert their Bitcoin to fiat cash, a significant chunk of it will be gone. Anyway, I don't think that paying salaries with BTC is a good idea, since the acceptability remains low. Those who receive BTC may need to convert it back to fiat for most of their expenses.

[Yatsan]

It will be a smart move towards Bitcoin adoption and usage but still employers must consider the choice of its employees to freely choose for their own if they wanted Bitcoin or still remain into fiat upon receiving their salaries for the reason that despite Bitcoin's popularity, there are still people who do prefer fiat instead of Bitcoin for their own personal reasons and for the fact that Bitcoin value is really that volatile and not that always into the trend of rising because it have ups and downs, it will still be best if they would let them choose on what type of currency they wanted their salaries to be.

[Text]

LOL.. look at the state of Bitcoin today. It is down by more than 20%. Imagine what will happen to the employees, in case they were paid with Bitcoin. Will they be OK with a 20% reduction in their salaries? By the time they convert their Bitcoin to fiat cash, a significant chunk of it will be gone. Anyway, I don't think that paying salaries with BTC is a good idea, since the acceptability remains low. Those who receive BTC may need to convert it back to fiat for most of their expenses.

Most likely, at the moment it is not okay for them to have a reduction in part of their salary for those who receive and choose BTC. Even though BTC's acceptability has grown and increased, it still does not really lose its volatility. So employees should be aware of the consequences of accepting it, they know that the value of their income can decrease or increase.

Also, that is not permanent. Those who really receive the BTC should be the ones who have enough knowledge about it, especially in its price movement, and are sure of the risk involved. They will only accept the BTC if they still have a fiat to spend like now they do not first touch the received BTC due to its depreciation and wait for it to rise again before they convert if they want to.

[Sithara007]

Can we use Bitcoins in the local supermarket? Or can we use them to pay school fees, utility bills, medical bills, or rent? Unless these things are possible, I don't see a point in paying the salary with Bitcoin. There is no logic in making the payment with Bitcoin, when the employee ultimately need to convert back to fiat cash to take care of his daily expenses. It can only cause inconvenience, in the form of time and fee required to convert BTC to fiat.

[goldade]

I believe this is a great news for the bitcoin community. It shows how good and fast the adoption of bitcoin can be. If the mayor of Miami allows employees salaries in bitcoin, then it means the government are slowly coming around to acknowledge the fact that bitcoin has come to stay.
I, however, do think that this is not the right time. Many of these employees, if not all, would have to convert their salaries back to fiat in order to pay bills and spend. What then is the essence of the salary in bitcoin when I even have to pay transactions fee in order to have my money in fiat.
An idea such as this can only be successful when bitcoin can be used to pay for goods or services without having to convert to fiat.

[MCobian]

A very bold step taken by Major Francis Suarez by allowing employee salaries in bitcoin. If many politicians and world leaders think like Major
Francis Suarez, surely Bitcoin development will be much faster, and also the price of Bitcoin will be much more expensive. But I believe salaries
in Bitcoin are not a must, but this is a payment option only. So each worker will be given the option of whether to continue to receive a salary
in fiat or in Bitcoin. Because not everyone wants to get a salary in Bitcoin, and I believe Major Francis Suarez will not force employees to accept
salary payments in Bitcoin.

[virasisog]

LOL.. look at the state of Bitcoin today. It is down by more than 20%. Imagine what will happen to the employees, in case they were paid with Bitcoin. Will they be OK with a 20% reduction in their salaries? By the time they convert their Bitcoin to fiat cash, a significant chunk of it will be gone. Anyway, I don't think that paying salaries with BTC is a good idea, since the acceptability remains low. Those who receive BTC may need to convert it back to fiat for most of their expenses.

It's one of the downsides of using crypto as means of paying g salaries. It's a good initiative for Miami's mayor and it is favorable for the crypto community since this will bring a lot of crypto exposure. However, price fluctuations in crypto might affect an employee's salary. Not to mention the fees they have to pay if ever they need to convert it to cash or even transfer their funds. I know some of us thinks of it as good news, but looking at the bigger picture this could be bothersome for some employees especially those who are not used to crypto.

[doomloop]

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.