Employees can get salary in Bitcoin in Miami

[worle1bm]

As the world is now witnessing the rise of Bitcoin in both terms growth and price many big institutions and government are recognising the need of Bitcoin and other cryptocurrencies in their system.The Miami mayor Francis  Suarez said that Miami city employees could soon choose to get paid in Bitcoin rather than in USD as salary because he wants to expand the Bitcoin adoption throughout the city.

Crypto enthusiast and experts like CEO of twitter Jack Dorsey are calling it a smart move as they what impact it will have on growth of Miami city:



The persons, institutions, governments with wide prespective who know what financial payment system will work in future are already making rules and regulations to adopt Bitcoin and cryptocurrencies along with blockchain technology to stay ahead in future with economic becoming strong of nation.

Cointelegraph

What are your thoughts about this?

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[mk4]

All thanks to Francis Suarez. Probably the coolest mayor I've ever heard of and the first mayor or politician of any country or state that I actually follow on social media.

Take a look at his Twitter account, it's filled with bitcoin and crypto stuff: https://twitter.com/FrancisSuarez

[Lucius]

What are your thoughts about this?

This case is not something revolutionary and new, a few years ago we could read similar news that some companies allow their workers to get part of the salary in BTC. At the end of 2017, a Japanese company announced that it would give the possibility of paying salaries to its employees in BTC. Of course, there is always a problem with the price of BTC, which is very volatile, so every employee can find himself in an awkward situation when BTC loses, say, 20% or more of its value overnight - but again, it can profit if the opposite happens.

[Bamselk]

All thanks to Francis Suarez. Probably the coolest mayor I've ever heard of and the first mayor or politician of any country or state that I actually follow on social media.

Take a look at his Twitter account, it's filled with bitcoin and crypto stuff: https://twitter.com/FrancisSuarez

Very impressed that he's done interviews with Coindesk and everything.  Very cool, there's only so far that someone in his position can go promoting crypto but he seems to be taking it to his reasonable limits.

[sunsilk]

Someone has already posted this thread yesterday on Economics.

Thread: Miami Mayor Will Allow Employee salaries in Bitcoin

[so98nn]

What are your thoughts about this?

This case is not something revolutionary and new, a few years ago we could read similar news that some companies allow their workers to get part of the salary in BTC. At the end of 2017, a Japanese company announced that it would give the possibility of paying salaries to its employees in BTC. Of course, there is always a problem with the price of BTC, which is very volatile, so every employee can find himself in an awkward situation when BTC loses, say, 20% or more of its value overnight - but again, it can profit if the opposite happens.

This time its not just future prediction but reality that was brought to life by Francis Suarez. You are talking about the 2017 and we are in 2021 mate! Lot of things have changed right now. I think Mayor Francis has taken bitcoin way lot seriously.

There is one major factor that made this possible and it's authority to take the decisions on state level in America. I think he will get pretty amazing response for his amazing work.

Nonetheless his tag line says it all :

Proud to serve as @MiamiMayor Committed to elevating the quality of life of all  @CityofMiami residents. Blessed to be raising my family in the Magic City.

Today state level acceptance is there, tomorrow it would go county to country and so on! That's the lucid future guys. 

[yazher]

Now it's starting to make Satoshi's dream becoming real one after another. They can still give it a shot especially those people who don't really need a huge portion of their salary. If it was me, I would have chosen to get some BTC instead of fiat. imagine when you started to get BTC from your salary years ago and you don't really spend them at all. Just imagine how much could it have been today? Those Employees really need to consider this chance because right now, the price could go up to more than $50k and if they start to get BTC from now, they could double the amount of salary they got after 2 months.

[jseverson]

Very impressed that he's done interviews with Coindesk and everything.  Very cool, there's only so far that someone in his position can go promoting crypto but he seems to be taking it to his reasonable limits.

I don't think he was interested in crypto initially, but he's been wanting to bring tech jobs to Miami:

Suarez is hoping the move toward bitcoin may appeal to the tech industry and lead more high-tech companies to move to Miami.

He even said he wants Miami to invest in Bitcoin in the same article. He probably recognized that crypto was starting to boom, and he wanted to be one of the first to ride the wave and hopefully set up a hub as tech firms are leaving San Francisco. But yeah, regardless of his initial intentions, this can't be a bad thing for Bitcoin.

[CaVO32]

Very impressed that he's done interviews with Coindesk and everything.  Very cool, there's only so far that someone in his position can go promoting crypto but he seems to be taking it to his reasonable limits.

I don't think he was interested in crypto initially, but he's been wanting to bring tech jobs to Miami:

Suarez is hoping the move toward bitcoin may appeal to the tech industry and lead more high-tech companies to move to Miami.

He even said he wants Miami to invest in Bitcoin in the same article. He probably recognized that crypto was starting to boom, and he wanted to be one of the first to ride the wave and hopefully set up a hub as tech firms are leaving San Francisco. But yeah, regardless of his initial intentions, this can't be a bad thing for Bitcoin.

It says from the tweets that the Mayor is pushing their area to be crypto hub. He is recognizing that crypto revolution is already happening and a lot of blockchain projects are already existing. He is an open-minded politician and right now, we need more of this kind of politician to help the economy improve because of this pandemic. A lot of businesses are going digital and crypto is just around the corner to assist on this aspect.

[pinggoki]

I've also heard this news not so long ago in which Mayor Francis Suarez is now accepting bitcoin or adapting bitcoin and in the near future, they can choose in which kind of currency they can get their salary if it will be by bitcoin or by fiat. This mayor was really cool and maybe it is because he also sees that bitcoin can bring many opportunities to their city. The world is seeing the growth of bitcoin right now especially when it terms to the price of it, waiting to see some also some leaders to do this kind of adaptation in the near future.

[AicecreaME]

What are your thoughts about this?

This case is not something revolutionary and new, a few years ago we could read similar news that some companies allow their workers to get part of the salary in BTC. At the end of 2017, a Japanese company announced that it would give the possibility of paying salaries to its employees in BTC. Of course, there is always a problem with the price of BTC, which is very volatile, so every employee can find himself in an awkward situation when BTC loses, say, 20% or more of its value overnight - but again, it can profit if the opposite happens.

It's Japan, so it's not surprising at all if they are going to let their employees to choose their salary whether in Bitcoin or in Yen since they are the first country that adopted Bitcoin if I'm not mistaken (correct me if I'm wrong). But in Miami, it's pretty surprising in my opinion since most of the countries still don't adopt Bitcoin that much to the point where they'll do the same like the countries that have been mentioned above.

[Kakmakr]

I think a better option is for people to indicate what percentage of their salary they want to be paid out in Crypto currencies. See, if you get your salary.. you have to transfer money to an exchange to be able to buy bitcoins. This option from your employer allows you to do the same thing, but you are not paying the fees for that.  

So if you regularly buy a fixed amount of bitcoins every month, then this will be a good option for you. It just saves time and a little bit of money, if the employer does this for you.  

I will not do this with the whole salary, because some businesses does not accept Bitcoin payment.. so with them you have to convert back to fiat to be able to pay them for their products and services. (This will cancel out the saving in fees, if you get paid in Bitcoin)  

[RPDesim]

I think a better option is for people to indicate what percentage of their salary they want to be paid out in Crypto currencies. See, if you get your salary.. you have to transfer money to an exchange to be able to buy bitcoins. This option from your employer allows you to do the same thing, but you are not paying the fees for that.  

So if you regularly buy a fixed amount of bitcoins every month, then this will be a good option for you. It just saves time and a little bit of money, if the employer does this for you.  

I will not do this with the whole salary, because some businesses does not accept Bitcoin payment.. so with them you have to convert back to fiat to be able to pay them for their products and services. (This will cancel out the saving in fees, if you get paid in Bitcoin)  

Same, I'd probably accept this kind of salary payment if a lot of establishments and business accepts btc as well. I'd be hard to spend the money especially when you need more cash than cryptocurrencies.

[newwest]

Many of the employees in various countries would love to receive the salary in bitcoin , but only thing I guess in between the employer and employee the regulation comes in and till the point that is not clear and not being boosted employer would not think to do anything than the normal. Employees should be given an option of regular credit vs bitcoin and let them choose it.

[seramania]

wow this is a surprise for workers, they can get rich quick if their salaries use bitcoin. Imagine if within a few months the price of bitcoin was soaring, they could get many times their salary. This is like a dream that has been rumored for a long time but in 2021 it will be realized, hopefully it will calm down

[Lucius]

This time its not just future prediction but reality that was brought to life by Francis Suarez. You are talking about the 2017 and we are in 2021 mate! Lot of things have changed right now. I think Mayor Francis has taken bitcoin way lot seriously.

I'm talking about things like this happening in the world a few years ago, and you think the world is going to change because of something that might happen in a city in the US then you're wrong. What you don't take into account is the fact that every federal state in the US has its own rules and laws - so you shouldn't expect other states to become crypto-friendly just like that.

After all, what will be the percentage of those who would accept the entire salary in BTC or maybe only a part? And what about the whole infrastructure that would be needed for that - educating those who will make payments and finally those who will receive those same payments?

I already see an example of a confused worker who received a salary in BTC :

- Boss, I don't think you calculated my salary well for last month - I'm missing $200...
- Sorry, the price of BTC dropped overnight - that's why your BTC is now worth less than 12 hours ago...

[btcsmlcmnr]

I already see an example of a confused worker who received a salary in BTC :

- Boss, I don't think you calculated my salary well for last month - I'm missing $200...
- Sorry, the price of BTC dropped overnight - that's why your BTC is now worth less than 12 hours ago...

As employers they will care about salary in fiat or stable coin. I know it ruins the purpose of use bitcoin as salary payment method. If staffs are bitcoiners, they will do love to receive salary in bitcoin. For non bitcoiners, they will not feel happy if they wake up and see salary is less than what they would see (BTC price drops or crashes).

- Rates for payments need to be described publicly.
- When salary payment will be proceeded? It would be hours when people are not sleeping, at night.
- Transaction fees should be high enough to avoid long waiting for confirmations and avoid price changes.
- If possible, option to convert bitcoin to fiat or stable coin, for staffs who need it.

[lifeforcepools]

But how many would want to? I do not think so.

[Reid]

All thanks to Francis Suarez. Probably the coolest mayor I've ever heard of and the first mayor or politician of any country or state that I actually follow on social media.

Take a look at his Twitter account, it's filled with bitcoin and crypto stuff: https://twitter.com/FrancisSuarez

Dude, it's the first time I have heard about him. Thank you.
I browsed his Twitter account and all you could see is tech, tech, and tech.  
A mayor who believes in technology. I guess we could see some good change now instead of the old school traditional ways.
I mean, they could still use traditional ways but fused together with technology and it will be awesome.

I hope he could pursue to make other mayors do the same, better, other countries.

[milani]

All thanks to Francis Suarez. Probably the coolest mayor I've ever heard of and the first mayor or politician of any country or state that I actually follow on social media.

Take a look at his Twitter account, it's filled with bitcoin and crypto stuff: https://twitter.com/FrancisSuarez

"The mayor admits he’s always been fascinated with the idea of bitcoin. Its mathematical nature appeals to him and he’s aware of the growing popularity of bitcoin among the American people" - the words of Francis Suarez for Forbes. It is really an outstanding person. My applauzes to him. They have plans after accepting Bitcoin as the means for paying salaries - to accept Bitcoin and other cryptocurrencies as the mean for paying taxes and fees on the local level, and some city's treasury investments shoukd be in Bitcoin. Will see what points will be implemented. But nevertheless this person impressed me a lot.