Giving Bitcoin to Employees

[whatthefrance]

Anyone doing this now?

Considering getting each employee a wallet and sending them bitcoin per month.  Or I can give them fiat per month to their wallet and they buy bitcoin...

Cant really do it through IRA or RRSP unless it goes through something similar to iShare EFT. But I'd prefer them to have the pure asset over the long haul.

Any thoughts, ideas, what apps to use, wallets etc...  


Updated -- FEB 9, 2022

Sorry --- the employees will retain their fiat pay checks.  BTC is legal in my country.

The intent is to give them BTC for future savings and growth.  Since there likely isn't much of a return for employees in the future with traditional pensions, perhaps they will have better luck with the growth of BTC they personally hold for the long term.

[carlfebz2]

^ If you are tending to sent out Bitcoins then its better to tell them about creating Electrum wallet which they do possess those private keys and if they are on their first time then
speaking with the basics about Bitcoin and asset security would be good for you to start off and when payday comes then you would sent out those coins
on each of their addresses.

There are similar topics onto this one.
https://www.benefitnews.com/opinion/can-i-pay-my-employees-in-bitcoin
https://readwrite.com/paying-employees-with-crypto-can-your-business-do-it/
https://www.cnbc.com/2021/12/20/more-businesses-offer-pay-in-cryptocurrency-in-a-bid-to-lure-young-workers.html

[sheenshane]

Anyone doing this now?

Considering getting each employee a wallet and sending them bitcoin per month.  Or I can give them fiat per month to their wallet and they buy bitcoin...

It depends on your employee if what they have preferred, a fiat or a Bitcoin that they are going to receive.
They must understand first that the price value of Bitcoin is always fluctuating in the market and anytime soon the value could be up and down.

Cant really do it through IRA or RRSP unless it goes through something similar to iShare EFT. But I'd prefer them to have the pure asset over the long haul.

If you choose Bitcoin, there's no need to worry about this IRA because Bitcoin isn't taxable but I think you need to seek a professional lawyer for this and consult them about this matter, they better know about the government law.

Any thoughts, ideas, what apps to use, wallets etc...

For a free Bitcoin wallet, Electrum is the best choice which also supports a lightning network, you can send Bitcoin at one time to all addresses that you want with a low fee.  Also, hardware wallets are the best choice if they have an extra amount that can afford to buy a Hardware wallet.

[mk4]

But I'd prefer them to have the pure asset over the long haul.

Please don't force bitcoin down their throats. Go with what they prefer, not what you would. Especially taking note that a lot of employees live paycheck to paycheck, and exposing them to short-mid term volatility would probably not be the right move.

[Accardo]

Some Organizations like Twitter have echoed that they'll pay employees with bitcoin the more people that get paid with bitcoin the more it gets adopted by Masses. But, that wouldn't get easy in terms of control. Employees can fee underpaid during the bear market while employers think otherwise if the market soar higher. The Fair Labor Standards Act States that employees should be paid in Cash or it's equivalent. Bitcoin can be equated to cash but it's not a legal tender. The government have not yet legalized Bitcoin. So it all depends on the both parties if they will accept the volatile nature of Bitcoin such that when the price increase the employees make more money and when it drops they'll lose some portion of their salary. They may see it as getting underpaid.

SOURCE

[NeuroticFish]

1. It would be based on what the employees prefer.

2. If you give them Bitcoin you should teach them about local wallet and you should also tell them about hardware wallets and maybe cold storage too. And how to safely store their seed backups. Bitcoin are so easy to get stolen, the safekeeping should be well understood.

3. You may have to also give them some official papers that they can use for tax purpose (crypto capital gains) when they will want to sell those bitcoins.

[yayayo]

You should consult first your employees if they would agree to accept Bitcoin as a mode of payment. You can buy them Ledger to help them secure their wallets and if you are going to pay them monthly make sure that they would receive the right amount since the Bitcoin is volatile so probably additional 2% payment to make sure it was covered. It's just my idea and thinking what are the cons as a worker that would receive Bitcoin as payment.

ya.ya.yo!

[slaman29]

Why not ask those campaigns paying out in Bitcoin like for signature campaigns? They just bypass all those wallet problems and instead just have a loose agreement where you can consider the participants as freelancers.

People used to do it all the time with cash and Paypal, Bitcoin makes it even easier as here's no approval process for payments. Pay and it's paid.

[Wexnident]

Make it an option instead of a guarantee. There might be employees who would not prefer using crypto over fiat, after all, that is their paycheck, they probably use more than 50% for stuff that they need to pay. As for asking for a method, well, it shouldn't be that hard, if they wanted crypto in the first place they should already have their own wallets. If they don't I reckon you can prepare some paper wallets, no need to complicate it as much. It is going to be a temporary storage after all, until they can create their own which shouldn't take long imo.

[Jawhead999]

You should consult first your employees if they would agree to accept Bitcoin as a mode of payment. You can buy them Ledger to help them secure their wallets and if you are going to pay them monthly make sure that they would receive the right amount since the Bitcoin is volatile so probably additional 2% payment to make sure it was covered. It's just my idea and thinking what are the cons as a worker that would receive Bitcoin as payment.

This is like the company is vouching them to get paid in Bitcoin because you're giving free Ledger and pay 2% above from the fiat amount, I don't think the company will want that since they paid more than actual payment except the company got endorsement from Ledger or other platform related with Bitcoin.

The simple answer is you don't really need a specific wallet, apps etc to use, if they've bought Bitcoin of course they already have their own wallet. You only need to have his address in order to send coins.

[Ararbermas]

Ask them first if they want to receive bitcoin instead of fiats.. Because you know not all people are fan of crypto currency wherein there are some people who prefer to have cash on their pocket. Actually its a good idea but we have different perspective in everything so ask them first which way of payment is good.

[livingfree]

How many employees do you have?

Did you asked them to receive bitcoin voluntarily or whoever wants to get paid in bitcoin?

Or I can give them fiat per month to their wallet and they buy bitcoin...

You give them their salary according to their contract and let them decide if they want to buy bitcoin and do whatever they like with their money.

[LoyceV]

Why do you call it "giving" to employees? Usually they earn their salary, so it's not a gift. If it really is a gift, it wouldn't matter if they're your employees or not. If it's their salary, I don't think you should be the one deciding to pay them in Bitcoin, unless there's a specific reason for it (such as running a Bitcointalk signature campaign).

The best I can think of is making it a bonus: you can for instance hand them a loaded paper wallet with company logo, but it's kinda important they understand what they're holding before they start messing with it. And it's important you know what you're doing too, so you don't just print this with the company's network printer.

Where I live a small amount (for Christmas) would be tax free, and a larger amount would be considered taxable income (just like fiat or for instance shares).

[Viscore]

Anyone doing this now?

Considering getting each employee a wallet and sending them bitcoin per month.  Or I can give them fiat per month to their wallet and they buy bitcoin...

Well it depends on your employees if they want to get paid through bitcoin.It is better to ask them first.
As for me, if I am one of your employpee. I would rather choose to receive my salary in cash.Since i have to make payments for all my bills through local currency. Not just that, bitcoin is too expensive to used as a payment for my day to day transactions.Getting paid in any crypto would be riskier rathen than buying it with my salary.

[mardaed]

I think it is the best to have a conversation with your employees first, since they are the party in concerned, they must be consulted nonetheless. It is their decision whether or not they would prefer to receive bitcoin instead of flat, or vice versa. While this is a great way to encourage adoption, it’s not good to force nor oblige other people of our own intentions even if it’s good in nature.

[palle11]

It has to be a deliberation and not just your decision. What you need to do is to expose them to bitcoin and those who already know how the volatility increase or decrease their worth can understand while those that are still confuse will be taught and at the end is their own decision not yours. You remember the football player Messi, he chose to be payed partly in bitcoin and fiat on his move to PSG.

[tvplus006]

Considering getting each employee a wallet and sending them bitcoin per month.  Or I can give them fiat per month to their wallet and they buy bitcoin...

I don't think that this type of payment for work, if it is official, will be legal. You should consult with a lawyer and your accountant before making such changes to wage. It would be right for you to talk about investing in cryptocurrencies, but each employee must make their own choice.

[jrrsparkles]

Anyone doing this now?

Considering getting each employee a wallet and sending them bitcoin per month.  Or I can give them fiat per month to their wallet and they buy bitcoin...

Cant really do it through IRA or RRSP unless it goes through something similar to iShare EFT. But I'd prefer them to have the pure asset over the long haul.

Any thoughts, ideas, what apps to use, wallets etc... 

They can have any wallet they want but if you are going to send multiple outputs in a single transaction then you need a wallet which supports it, no worries Electrum will do the job which supports all types of address and you have the private keys to control your address. But you can't say that employee have to buy Bitcoin with the Fiat they receive because they need to spend it for their survival and only remaining should goes to investment.

[teosanru]

Anyone doing this now?

Considering getting each employee a wallet and sending them bitcoin per month.  Or I can give them fiat per month to their wallet and they buy bitcoin...

Cant really do it through IRA or RRSP unless it goes through something similar to iShare EFT. But I'd prefer them to have the pure asset over the long haul.

Any thoughts, ideas, what apps to use, wallets etc... 

This definitely isn't going to happen in my country, my country has already kept a 30% tax on cryptos which means anyone who sells his cryptocurrency will have to pay a tax of 30% on sale proceeds subtracted by the cost of acquisition, in case employee would give him cryptos then you will have to pay tax of 30% on the whole amount which obviously will become a huge unnecessary burden on the employee. Moreover talking about it from the point of view of companies too, they will only be ablt ot do this thing if they are earning in cryptos themselves because only then you would have that much crypto readily available with you to pay off employees otherwise you will either end up gaining or losing in dollar terms if you have contracts of payments in dollars only.

[maydna]

Before you decide to pay your employees in bitcoin, you should know if bitcoin is legal or illegal in your country. If it is legal, you should ask your employees whether they want to accept their payment in bitcoin or still in fiat or you can divide their payment into two forms, in bitcoin and fiat. If they don't want to accept their payment in bitcoin instead in fiat, you can't force them and still give them payment in fiat. It will depend on how your employees know about bitcoin, but perhaps, most of them still don't know about bitcoin.