Getting paid in Bitcoin vs getting paid in Fiat

[Abiky]

Many people are getting paid in Bitcoin these days, as the cryptocurrency grows in popularity worldwide. A salary in Bitcoin is quite a lot different than Fiat. There's no middleman to go through, so the coins are deposited directly to your account without any ID verification whatsoever. Transactions take from minutes to hours in a completely anonymous manner (sort of). One might say it's easy to avoid taxes when getting paid in Bitcoin than getting paid in Fiat. After all, no one will know you own the coins unless you disclose it (or the government is able to link transactions to your identity). Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

[OcTradism]

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future?

Fiat is bad if employees want to have Bitcoin? They will have to pay fees to buy Bitcoin with fiat.

Paid in Bitcoin has pros and cons. Bitcoin is volatile and if payment is processed before a big crash, $100 in payment can be dropped to $80 after one to few hours. Employees don't like it.

I would like to receive my payment in USDT and after I wake up, I won't lose any in fiat value. If I want I can use $100 USDT to buy Bitcoin anytime I want. USDT transaction is faster than bank transfer.

[mk4]

Which type of currency is better for paying employees? Is it Bitcoin or Fiat?

"Better" is subjective, and it will totally depend on the person accepting the money.

Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry?

Totally going to depend on bitcoin demand.

Is working for Bitcoin just like working "under the table"?

Working "under the table" or not is going to depend on the work and the terms agreed upon between the 2 parties, not necessarily the currency paid.

[kryptqnick]

The tax part depends on the region, and there aren't many places where one can get an official salary in BTC, I believe. And apart from the unstable price, we also have to deal with unstable fees. Not to mention the overall lack of places where one can actually pay with Bitcoin.
I believe the currency should be of employee's choice and decided on an individual basis. For now, I think fiat will dominate, as there often isn't enough infrastructure and proper legislative framework to pull this off with cryptos.

[lablab03]

For me IMO i think it's better if employees will getting paid in bitcoin but its better way only unless if the value is keep increasing, because if the value is decreasing you will receive a lesser amount every pay day which is not good.. Unlike fiat that very stable maybe a good choice to keep it as is and better to wait for 13th month pay than waiting for the bitcoin price to increase just to double your salary because it's not stable. Just imagine if there's a long bearish season how's your salary? Lmao

[franky1]

i am from the UK and so avoiding the pound(£) has made me out of UK financial jurisdiction.

during 2012-2015 many merchants were happy to accept bitcoin. fee's were cheap to accept, so then they send to an exchange and then for them to get their £ they wanted.

but now. with all the 2017+ cludged code added to stifle bitcoin to promote sidechains/altnets. merchants find these subchains/altnets too crazy to get involved in. (many flaws, and many ways to lsoe funds or have payments bottleneck)

and fees to remain 'bitcoin accepting' too high to accept onchain.

its now been found cheaper to convert my hoarded coin into a fiat debit card thats not the £(avoid jurisdictional tax tracking)
and then spend the fiat and accept the few % forex exchange rate every time i use my debit card in the UK

yep
bitcoin has become so bad onchain due to 2017+ cludge code.
that its actually cheaper to convert to a non native debit card fiat and spend funds using a 'forex exchange rate' (use a dollar debit card in the uk)


these sidechains/altnets that have been the promised solution to the bitcoin cludge.. have been operating for like 4 years. but these other networks are erroneous, flawed bugged and too much hassle to operate and maintain. (payment success rates are not guaranteed for amounts $25+)

and yet 4 years in bitcoin (2009-2013) had thousands of real world merchants accepting bitcoin and even had conversion gateways like bitpay.

seems there has been too much wasted time in the developer land. where they have been concentrating on trying to offramp bitcoin utility and promote to newbies that they should use these other networks.. but not actually do much on these other networks to actually get it working so that those merchants that accepted bitcoin 2012-2015 found it as easy and cheap and without flaw/irritation to accept payment on these other networks as easily as they did accept bitcoin in 2012-2015.

so yea.. for now im using debit cards(facepalm)

[hitsnorth]

I'm getting paid in LTC on my second job. And i like it, i'm withdrawing some part and the holding the rest of it.

[Silberman]

Many people are getting paid in Bitcoin these days, as the cryptocurrency grows in popularity worldwide. A salary in Bitcoin is quite a lot different than Fiat. There's no middleman to go through, so the coins are deposited directly to your account without any ID verification whatsoever. Transactions take from minutes to hours in a completely anonymous manner (sort of). One might say it's easy to avoid taxes when getting paid in Bitcoin than getting paid in Fiat. After all, no one will know you own the coins unless you disclose it (or the government is able to link transactions to your identity). Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

It depends on the person, for most people today it is obvious they will prefer to get paid in fiat than to be paid in bitcoin, they are not going to want to go through the trouble of finding stores where they can buy stuff with their bitcoin directly or accept the fact that their salary can become smaller if the price of bitcoin happens to crash, however there is a minority of people that could be willing to accept bitcoin as a payment and that is good enough progress when it comes to the adoption for me.

[zanezane]

I am not sure about bitcoin being used for salary given that it's not as widespread in used in many establishments like stores, restaurants and other shops that you can buy goods and services and there's also the volatility that you have to watch out for, one day your salary goes up and the next day it's suddenly half. I would stick to fiat for now as a salary for work.

[Ararbermas]

Of course through bitcoin is much better than fiat, because with crypto currency you will receive a full payment every week or every months depends when the salary will be made without tax. Wherein unlike fiat that you need to pay for something every payday and it's very expensive to be honest. because sometimes they took 20 percent from your salary.. I was like damn! ok i'm the beneficiary but seems unfair in my personal opinion. Lol probably if i can decide which payment will be used i think we should switch to crypto currency not that fiat anymore because it's not really fair for those employees who's working 8-9 hours especially those always have overtime that only received $1 for every exceeding hours when it comes pay day.. How sad.

[romero121]

If you go through the list of companies that pay its employees in terms of bitcoin is by choice and not by compulsion. The employees can decide whether to get paid in terms of bitcoin or fiat. Though fiat payment have got more advantages, people doesn't take it into consideration. Maybe a small portion will go as savings/investment whereas the major portion is used for daily/life needs.

For this reason only a little people who work abroad accept bitcoin as payment, because it gives them the ease of transaction without the intermediate and can avoid additional charges and procedures if transferred in fiat.

[dupee419]

You can't say Bitcoin is better than Fiat, with its volatility, it's either you'll win or lose with your day-to-day payments, one thing I also want to clear out is that you can never say that you'll be able to avoid taxes with BTC as payments, there is no middleman but it is possible for your salary to still get cuts depending on the price.

And, in my own opinion, I honestly think that Fiat is more practical, especially if you have a job that pays you a huge amount, fixed price, the tax maybe a downside but you are sure with the amount you'll get, meanwhile, with Bitcoin, the enemy is the volatility, it could be a friend or an enemy, you can get an advantage once the price is going up, but with the price going up, it also must go down, therefore, the amount of Bitcoin you'll get heavily depends on its price, this is the downside with Bitcoin, but a risk I think a lot of people are willing to take.

[AniviaBtc]

It depends if you are knowledgeable about bitcoin and how cryptocurrency works in the market and in the industry. You can really engage in to something that you don't know.

Getting paid in bitcoin us much better for me because I know how to use it and I have some other funds that I can utilize for personal use.

But if you really need the money immediately then choose getting paid in fiat instead, be practical.

[ILuckyGuyI]

I don't know whether there is a need for people to get paid in Bitcoin. Because we can already buy Bitcoin with fiat money that we earn at work. But when fiat money is fully gone, then we can see more people getting paid in Bitcoin and the digital currencies.

[Kasabus]

I don't know whether there is a need for people to get paid in Bitcoin. Because we can already buy Bitcoin with fiat money that we earn at work. But when fiat money is fully gone, then we can see more people getting paid in Bitcoin and the digital currencies.

I think this is more of an individual's choice whether he chooses to get paid in bitcoin or fiat. And eventually there's no wrong being get paid in bitcoin as long as he knows how volatile the price that it can get into lower value any time.

For me, since fiat still dominates the financial system, it would be better to choose being get paid in bitcoin. With all the money i have, i know i will be able to accumulate bitcoin if ever i decided to buy some of them as part of my investments.

[Marvelman]

I'm getting paid in LTC on my second job. And i like it, i'm withdrawing some part and the holding the rest of it.

Seriously? It would be interesting to know a little more about your second job. Is it related to crypto?
But you don't have to share if you think that would violate your privacy. I can understand that.

[uneng]

Many people are getting paid in Bitcoin these days, as the cryptocurrency grows in popularity worldwide. A salary in Bitcoin is quite a lot different than Fiat. There's no middleman to go through, so the coins are deposited directly to your account without any ID verification whatsoever. Transactions take from minutes to hours in a completely anonymous manner (sort of). One might say it's easy to avoid taxes when getting paid in Bitcoin than getting paid in Fiat. After all, no one will know you own the coins unless you disclose it (or the government is able to link transactions to your identity). Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

For most people payment in fiat is better, because it's widely accepted by every stores and services. If they received their wages in bitcoin, they would have to convert it first to fiat in order to use the money. This operation would decrease their liquid wage and purchasing power, since a percentage is needed to complete the exchange.

On the other hand, if the person doesn't use his wage entirely during the month and save a lot of money, it's better to get paid in bitcoin, because this way he will cashout BTC more rarely, paying less fees, and consequently having a large bitcoin growing investment without the need of purchasing it every new month and paying more fees.

The key point is how much you can avoid paying in fees by getting paid in Bitcoin or fiat. So it really depends on each person.

[CryptocurencyKing]

This is a now question option, I wouldn't even think it twice before choosing the bitcoin payment option. Only a complete numb would prefer payment in fiat ahead of bitcoin. Even having fiat in my local bank account feels as though I am stressing or loosing something not to talk of receiving payment in bitcoin.
Bitcoin is not just a currency, it is a valuable investment. One who has got bitcoin has also secured an investment that appreciates more than its depreciation. Having the mindset that bitcoin is secured and would last is the hope and also, not believing is the main reason why people would often prefer otherwise. Its of great advantage to have an investment in bitcoin even as you diversify your investments.

[dothebeats]

It’s in the person to decide which currency would they want to receive in exchange for their work or their craft. I myself am okay receiving cryptocurrencies for something I do on the side, as I add those into my investments stash and merge it with my other crypto holdings. I am a bit afraid to do KYCs to enroll on exchanges due to different data leaks from even huge companies, so I ensure that I only do basic verification to just exchange a few coins to cash whenever I need to and that’s just it. This question is highly subjective, as there are different use cases for either currency.

[LFC_Bitcoin]

I think it’s a good idea to get paid in fiat monthly & then buy whatever amount of bitcoin regularly as you please. It’s cool in a bull market if you get paid & then all of a sudden the price goes up 20% & you obviously have 20% more money but obviously the same can work in reverse & it might lead you to not being able to pay your bills & eat for the month

So in conclusion just get paid in fiat & DCA whatever you can afford into bitcoin.