Giving Bitcoin to Employees

[goldkingcoiner]

Theres also another interesting aspect. If you can write this off as some kind of bonus or something similiar on your taxes... Say you say to your employee that you will give them 0.1BTC at the end of the year as a bonus. And Bitcoin price goes to 100k USD dollars.

Currently, lets say, for the sake of simplicity of the calculation, the price is 10k.

Does this mean that the "profit" of 9k USD can be written of on your taxes as a bonus? That would be a better option than say, selling that 0.1 BTC and paying taxes on the 9k USD profit....

[tvplus006]

First of all,you have to ask them first if they want to get paid with bitcoin.But in my own opinion its better to give their salary in the form of money. Considering that they have some bills and taxes to pay, bitcoin cannot use directly for payment. You need to exchange it first into fiat.

I think OP has mentioned that employees are still getting their salary in fiat pay checks. But giving them bitcoin may be a form of incentive that they can manage to grow for future retirement. If the value will increase more, that means there will be a huge pension funds intended for them. But OP, you should also make sure that your employees are familiar about bitcoin and they should be aware how risky it is that anytime their bitcoin can be steal if they become irresponsible of their own accounts.

If the payment in bitcoins will be as an additional reward, then no one will mind this. The problem may arise if the bonuses that were previously paid in fiat are changed to BTC. In this case, the consent of employees will be required, since some employees may not be ready for such changes.

[macson]

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.

actually, this is a dilemma, many entrepreneurs actually want to pay employees with bitcoin but education on crypto is still not good so they are worried that when the price drops, they will think that their boss is doing a scam.  but if each employee is given the choice of being paid via bitcoin or fiat then that is a great freedom for the employee.

[freedomgo]

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.

actually, this is a dilemma, many entrepreneurs actually want to pay employees with bitcoin but education on crypto is still not good so they are worried that when the price drops, they will think that their boss is doing a scam.  but if each employee is given the choice of being paid via bitcoin or fiat then that is a great freedom for the employee.

For those who are not familiar about bitcoin, they will think its a scam. But for those who know well about bitcoin, it will be an advantage for them. However, we cannot expect for most of them to accept bitcoin if its given as a monthly wage since bitcoin is not yet accepted as a  medium of exchange in most of the countries. But if its given as a bonus, then why not. It will be a great asset in the future as long as the owner itself knows how to manage his own bitcoin and make it double or triple from the current value.

[sana54210]

If the payment in bitcoins will be as an additional reward, then no one will mind this. The problem may arise if the bonuses that were previously paid in fiat are changed to BTC. In this case, the consent of employees will be required, since some employees may not be ready for such changes.

That is the thing, even when receiving free money, people could be complaining about it and that is a big issue. Like look at El Salvador, you are not forced to use bitcoin at all, it is not something that you are forced and if you have to accept it as a business owner, you could turn that into cash via the app instantly so you do not have to worry about it, it is only for the people who would like to use it and that is not a big deal to non-crypto people, it is only a positive.

However, people are complaining about it and that is the problem. If you offer free money in crypto form, there will definitely be some people who will complain why it is not in fiat and in their bank accounts, makes no sense to me as well but there are people who complain about everything.

[stadus]

If the payment in bitcoins will be as an additional reward, then no one will mind this. The problem may arise if the bonuses that were previously paid in fiat are changed to BTC. In this case, the consent of employees will be required, since some employees may not be ready for such changes.

That is the thing, even when receiving free money, people could be complaining about it and that is a big issue. Like look at El Salvador, you are not forced to use bitcoin at all, it is not something that you are forced and if you have to accept it as a business owner, you could turn that into cash via the app instantly so you do not have to worry about it, it is only for the people who would like to use it and that is not a big deal to non-crypto people, it is only a positive.

However, people are complaining about it and that is the problem. If you offer free money in crypto form, there will definitely be some people who will complain why it is not in fiat and in their bank accounts, makes no sense to me as well but there are people who complain about everything.

Let's just face the sad reality, that you cannot please everyone no matter how good you are. However, if bitcoin will be given as a free money to his employees, i don't think most of them will complain. And they have no right to complain when its only given as a bonus to them.

Bitcoin is not just an easy money, its even more valuable from the fiat currency. But for those who don't know it, it will be a waste of time keeping it. But for those who knew that it would be a great investment in the future, surely they will be grateful for it, than to complain.

[crzy]

If the payment in bitcoins will be as an additional reward, then no one will mind this. The problem may arise if the bonuses that were previously paid in fiat are changed to BTC. In this case, the consent of employees will be required, since some employees may not be ready for such changes.

That is the thing, even when receiving free money, people could be complaining about it and that is a big issue. Like look at El Salvador, you are not forced to use bitcoin at all, it is not something that you are forced and if you have to accept it as a business owner, you could turn that into cash via the app instantly so you do not have to worry about it, it is only for the people who would like to use it and that is not a big deal to non-crypto people, it is only a positive.

However, people are complaining about it and that is the problem. If you offer free money in crypto form, there will definitely be some people who will complain why it is not in fiat and in their bank accounts, makes no sense to me as well but there are people who complain about everything.

Let's just face the sad reality, that you cannot please everyone no matter how good you are. However, if bitcoin will be given as a free money to his employees, i don't think most of them will complain. And they have no right to complain when its only given as a bonus to them.

Bitcoin is not just an easy money, its even more valuable from the fiat currency. But for those who don't know it, it will be a waste of time keeping it. But for those who knew that it would be a great investment in the future, surely they will be grateful for it, than to complain.

Bitcoin is volatile and not everyone can handle that, many this is the main reason why many are still hesitant with Bitcoin. Yes, if its free then why not? Maybe giving them free Bitcoin can start their curiosity about it, and start searching on how Bitcoin works and how they can sell Bitcoin. Employers like this is a good one, they care about the future of their employees.

[Lanatsa]

If the payment in bitcoins will be as an additional reward, then no one will mind this. The problem may arise if the bonuses that were previously paid in fiat are changed to BTC. In this case, the consent of employees will be required, since some employees may not be ready for such changes.

That is the thing, even when receiving free money, people could be complaining about it and that is a big issue. Like look at El Salvador, you are not forced to use bitcoin at all, it is not something that you are forced and if you have to accept it as a business owner, you could turn that into cash via the app instantly so you do not have to worry about it, it is only for the people who would like to use it and that is not a big deal to non-crypto people, it is only a positive.

However, people are complaining about it and that is the problem. If you offer free money in crypto form, there will definitely be some people who will complain why it is not in fiat and in their bank accounts, makes no sense to me as well but there are people who complain about everything.

Let's just face the sad reality, that you cannot please everyone no matter how good you are. However, if bitcoin will be given as a free money to his employees, i don't think most of them will complain. And they have no right to complain when its only given as a bonus to them.

Bitcoin is not just an easy money, its even more valuable from the fiat currency. But for those who don't know it, it will be a waste of time keeping it. But for those who knew that it would be a great investment in the future, surely they will be grateful for it, than to complain.

Bitcoin is volatile and not everyone can handle that, many this is the main reason why many are still hesitant with Bitcoin. Yes, if its free then why not? Maybe giving them free Bitcoin can start their curiosity about it, and start searching on how Bitcoin works and how they can sell Bitcoin. Employers like this is a good one, they care about the future of their employees.

If you are a person or employee who do first out heard off about bitcoin and mainly focuses about its volatility then most people would really see it as an disadvantage on which they would really thought

that it would really be just too risky for them to engage nor get involved and if a certain company owner would mandate that it would really be that compulsory then they wouldn't be having no choice

but its not good to have a company with having some qualms and other things involved with this that's why OP did really make out some question on what to do.If he do sees that his people
is much more preferred with fiat then having bitcoin would be remaining as an optional thing.

[Wawa2013]

If the payment in bitcoins will be as an additional reward, then no one will mind this. The problem may arise if the bonuses that were previously paid in fiat are changed to BTC. In this case, the consent of employees will be required, since some employees may not be ready for such changes.

That is the thing, even when receiving free money, people could be complaining about it and that is a big issue. Like look at El Salvador, you are not forced to use bitcoin at all, it is not something that you are forced and if you have to accept it as a business owner, you could turn that into cash via the app instantly so you do not have to worry about it, it is only for the people who would like to use it and that is not a big deal to non-crypto people, it is only a positive.

However, people are complaining about it and that is the problem. If you offer free money in crypto form, there will definitely be some people who will complain why it is not in fiat and in their bank accounts, makes no sense to me as well but there are people who complain about everything.

Let's just face the sad reality, that you cannot please everyone no matter how good you are. However, if bitcoin will be given as a free money to his employees, i don't think most of them will complain. And they have no right to complain when its only given as a bonus to them.

Bitcoin is not just an easy money, its even more valuable from the fiat currency. But for those who don't know it, it will be a waste of time keeping it. But for those who knew that it would be a great investment in the future, surely they will be grateful for it, than to complain.

Bitcoin is volatile and not everyone can handle that, many this is the main reason why many are still hesitant with Bitcoin. Yes, if its free then why not? Maybe giving them free Bitcoin can start their curiosity about it, and start searching on how Bitcoin works and how they can sell Bitcoin. Employers like this is a good one, they care about the future of their employees.

For ordinary people and lack of knowledge, they must be worried about the volatile Bitcoin price. Even though if they understand how to use Bitcoin,
they can use the volatile Bitcoin price to make a profit. Therefore it is very important to learn Bitcoin properly, to know how to use Bitcoin. I agree that
a good employer is how they think about the future of their employees so that their lives are more prosperous, most employers only think about their
own interests. So if an employer gives free Bitcoins as a bonus to their employees, it is a good thing that can change the future of his employees.
Not only the employees will get extra money, but employees are indirectly given education about Bitcoin. Because as you said giving Bitcoin for free,
will arouse curiosity. From there employees who curious about Bitcoin will start looking for information and studying Bitcoin, once they understand
about Bitcoin, that's where their future will change for the better.

[nhaila]

In countries where Bitcoin is legal tender, payroll allowances can be paid through Bitcoin. Especially if the banks of that country support bitcoin only through bitcoin Will be able to pay salary allowance.

[nur rochid]

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.

This is not surprising. At present the country is being updated as much as the people of the country but it is getting updated. Once upon a time, everyone in this country used to do paper money transactions, but now, this time let's do Mora transactions There will be a time when paper money may not exist but electron currency will remain.

developments will bring something new, so it will require a lot of adaptation for all people. Therefore, it is not surprising that there are many pros and cons. but because of the urgency of the development of that era, later everyone will get used to using it, like the current fiat, and is currently in the process

[OrangeII]

well, it's great to give employees bitcoins. it's just that, it requires education, and maybe the company should provide a hardwallet if the company's goal is to provide them with savings in the long term. other than that, it might open up employees' insight into the crypto world. after bitcoin, they may be familiar with altcoins like ethereum, bnb and others. well, if bitcoin is legal in my country, and i own a company, maybe i would suggest giving 30% of salary in crypto, and the rest in fiat. well, they could only use 70% of it for their daily needs, and the rest they save.

[Mauser]

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.

For existing employees it might be hard to switch some of their pay into bitcoins, but for new employees that could work. When making the salary negotiations you add to the contract that 10% of the salary is paid out in bitcoins. Going the way through a retirement fund is also a good idea. I remember when starting at my current job, I could choose between 5 different funds as investment, 3 mixed ones, 1 stock only and 1 bond only fund. These investment funds where pre choose by the company, so maybe you could offer your employees some crypto funds. In the end it has to be the choice of employees, you can just give them good incentives to go for cryptos.

[kapalmabur]

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.

This is not surprising. At present the country is being updated as much as the people of the country but it is getting updated. Once upon a time, everyone in this country used to do paper money transactions, but now, this time let's do Mora transactions There will be a time when paper money may not exist but electron currency will remain.

developments will bring something new, so it will require a lot of adaptation for all people. Therefore, it is not surprising that there are many pros and cons. but because of the urgency of the development of that era, later everyone will get used to using it, like the current fiat, and is currently in the process

Adaptation is a normal thing especially many people who don't really know about cryptocurrencies,
with the pros and cons it is also good because then it opens a discussion,
development will always be there so those who can't adapt in conditions like today where digital development is really fast then they will lose

[michellee]

In countries where Bitcoin is legal tender, payroll allowances can be paid through Bitcoin. Especially if the banks of that country support bitcoin only through bitcoin Will be able to pay salary allowance.

Even if the company can pay salary in bitcoin, they need to offer that to their employee. If not all employees accept bitcoin, the company can not force them to receive their salary in bitcoin instead of still using fiat. The company can offer to pay their salary half in fiat and half in bitcoin so the employee will have a new investment for their future. The idea is to open their minds about bitcoin as their new investment besides traditional investment so they can have a chance to make another revenue from bitcoin.

[qwertyup23]

You have to check with your current laws if it is legal to pay your employees with BTC. As far as I remember, there are countries in which their law expressly provides that their payments should only be made with legal tender. Assuming that your country does not support BTC or view it as legal tender, you might face potential issues/consequences in the event that the employees sue you.

Personally, I would prefer this kind of setup. As someone who is an advocate of using BTC into our transactions, this would greatly improve and showcase the use of BTCs to my fellow colleagues as well.

[boyptc]

Sorry --- the employees will retain their fiat pay checks. 

Didn't they agree to receive a portion of their salary in bitcoin? That's okay as they've signed a contract and they shall receive what's exactly written on it as the salary.

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.

The intention isn't bad.

But not everyone has the same mindset as you. You may see and feel sincere of helping them but the bigger picture is that they're not seeing that sincerity you have and may decline to receive btc. That's okay, they can buy it on their own.

[Silberman]

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.

actually, this is a dilemma, many entrepreneurs actually want to pay employees with bitcoin but education on crypto is still not good so they are worried that when the price drops, they will think that their boss is doing a scam.  but if each employee is given the choice of being paid via bitcoin or fiat then that is a great freedom for the employee.

For those who are not familiar about bitcoin, they will think its a scam. But for those who know well about bitcoin, it will be an advantage for them. However, we cannot expect for most of them to accept bitcoin if its given as a monthly wage since bitcoin is not yet accepted as a  medium of exchange in most of the countries. But if its given as a bonus, then why not. It will be a great asset in the future as long as the owner itself knows how to manage his own bitcoin and make it double or triple from the current value.

What is ironic about the whole thing is that the ones that could stand to benefit the most out of a company policy like this are the ones that don't know a lot about bitcoin, after all those that would gladly accept bitcoin are either heavily invested in bitcoin already or people that would have bought bitcoin on the short term anyway, so while a policy like this may seem like a good idea at the same time I do not think it can possibly help those that actually need it the most.

[Finestream]

Sorry --- the employees will retain their fiat pay checks. 

Didn't they agree to receive a portion of their salary in bitcoin? That's okay as they've signed a contract and they shall receive what's exactly written on it as the salary.

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.

The intention isn't bad.

But not everyone has the same mindset as you. You may see and feel sincere of helping them but the bigger picture is that they're not seeing that sincerity you have and may decline to receive btc. That's okay, they can buy it on their own.

But we can't blame the employees if they decline the offer and prefer to receive fiat because they are seeing fiat as more useful than btc.  And that will be the mindset for those who have not discovered the real value of bitcoin, but for those employees seeing the bright future of bitcoin, i guess they will accept the offer heartily. But anyways, if its given as a bonus, then once the OP release bitcoin to his employees, that means the employees will have now the full control over bitcoin, so its up to them if they will hold bitcoin or convert it into fiat.

[The Cryptovator]

Well, since Bitcoin is legal in your country you may encourage your employees to get a salary in Bitcoin. So more people will be introduced to Bitcoin. This means it's an adaption for Bitcoin. Though I don't have employees but pay Bitcoin for some works that hire for marketing purposes. Yea, they are familiar with Bitcoin and cryptocurrency. Those aren't familiar hard to manage them to accept Bitcoin. But at least I tried to pay through Bitcoin or other cryptocurrencies, especially for marketing.