What if salaries were paid in BTC

[goldkingcoiner]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

I get a lot of my income in Bitcoin and other crypto. But I see it no different than a salary even though I do not have a boss.

The only issue is having to learn how to not to spend it. Because it seems to me that spending a cryptocurrency like Bitcoin is so easy and efficient, that you might not notice when you start spending large amounts of BTC. Unlike with paper fiat money, BTC does not possess the quality of physically tangible value. But since spending is a good thing then that might make BTC into a strong positive force for the economy, if it were the global money standard and all salaries were paid in BTC.

Of course if the government accepted that, then the price of Bitcoin would skyrocket like in the past. We would see ridiculous prices.

[serjent05]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

I get a lot of my income in Bitcoin and other crypto. But I see it no different than a salary even though I do not have a boss.

The only issue is having to learn how to not to spend it. Because it seems to me that spending a cryptocurrency like Bitcoin is so easy and efficient, that you might not notice when you start spending large amounts of BTC. Unlike with paper fiat money, BTC does not possess the quality of physically tangible value. But since spending is a good thing then that might make BTC into a strong positive force for the economy, if it were the global money standard and all salaries were paid in BTC.

Of course if the government accepted that, then the price of Bitcoin would skyrocket like in the past. We would see ridiculous prices.

It will be the same once you converted it to paper money.  Since there are not so many merchants that accept Bitcoin in my place, I am converting my BTC to fiat money in order to pay for the bills and use it to add more financial support to my family.

If Bitcoin is used as salaries, as I stated, there will be a huge demand on the market and will result in increase of price of BTC.  But I believe such idea is too much for an employer since he have to buy BTC and distribute it to his employee when he can just pay them with fiat money and avoid the trouble of extra steps in paying his staff.

[macson]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

for some things, i think bitcoin is still quite difficult to use as a means of payment rather than just an investment asset, the discourse on bitcoin being used as a salary payment has been discussed in this article (https://www.theguardian.com/us-news/2022/jan/21/eric-adams-new-york-city-mayor-paid-cryptocurrency)

fees problem, bitcoin regulations in the country, and also fluctuations in bitcoin prices are the main points ^(reasons) why bitcoin is still quite difficult to make as a salary payment, even so bitcoin paid campaigns in this forum ^{(signature campaign)} are actually suitable as examples by countries that want to make bitcoin as a means of paying salaries ^{(to be honest paying salaries with bitcoin is not difficult at all)}

[Agbamoni]

I pressed two buttons, and it cost me 35 cents to complete the transaction within three minutes. There are many individuals with significant financial resources who have grown weary of traditional banks. This is precisely why Bitcoin can be utilized as a means of payment for salaries, as there are numerous people with substantial funds who wish to avoid being involved in the complex systems, whether they are involved in illicit activities or are law-abiding citizens. Unfortunately, banks tend to disapprove of my attempt to transfer my money.

[usekevin]

It will be the same once you converted it to paper money.  Since there are not so many merchants that accept Bitcoin in my place, I am converting my BTC to fiat money in order to pay for the bills and use it to add more financial support to my family.

If Bitcoin is used as salaries, as I stated, there will be a huge demand on the market and will result in increase of price of BTC.  But I believe such idea is too much for an employer since he have to buy BTC and distribute it to his employee when he can just pay them with fiat money and avoid the trouble of extra steps in paying his staff.

Actually when you convert to paper money immediately,you don't have any profit from the bitcoin.If you hold the same bitcoin for a period of 3-6 months, then you analysis the correct value of the same bitcoin.Surely you will get 10_20% of minimum profit from the same bitcoin.Even you can buy some valuable coin using your bitcoin salary.It will multiple your money to 2* or 3* of your income.This was main reason for the people to ask their salary in bitcoin as compared to paper money.

[Ayebabara]

That will be very much interesting but how is it possible to use bitcoin to pay salaries of workers because it only 0.001% just imaginative figure of countries accepting bitcoin in the world so such thing will not happen for now and if it happened, it will be years to come and not now.

[posi]

It will be the same once you converted it to paper money.  Since there are not so many merchants that accept Bitcoin in my place, I am converting my BTC to fiat money in order to pay for the bills and use it to add more financial support to my family.

If Bitcoin is used as salaries, as I stated, there will be a huge demand on the market and will result in increase of price of BTC.  But I believe such idea is too much for an employer since he have to buy BTC and distribute it to his employee when he can just pay them with fiat money and avoid the trouble of extra steps in paying his staff.

Actually when you convert to paper money immediately,you don't have any profit from the bitcoin.If you hold the same bitcoin for a period of 3-6 months, then you analysis the correct value of the same bitcoin.Surely you will get 10_20% of minimum profit from the same bitcoin.Even you can buy some valuable coin using your bitcoin salary.It will multiple your money to 2* or 3* of your income.This was main reason for the people to ask their salary in bitcoin as compared to paper money.

LOL, what are you talking about? If you can easily make such a profit then you can also use fiat currency and buy bitcoin for profit. You don't need to be paid in bitcoin to do that. What you say has nothing to do with us getting paid in bitcoin, what you say is about investing, and you can also invest using fiat.

What makes you sure that you will make a profit holding bitcoins within 3 to 6 months? And what do you rely on to be sure that investing in altcoins will give you 2, 3 times returns?

[coinerer]

That will be very much interesting but how is it possible to use bitcoin to pay salaries of workers because it only 0.001% just imaginative figure of countries accepting bitcoin in the world so such thing will not happen for now and if it happened, it will be years to come and not now.

it will not be a good experience for low paying job because Bitcoin has a  transaction fees who is around $1+ but when people get fiat money as salary directly in there hand  then he can use a properly without any transaction fees. but if people accept payment as Bitcoin So it will be a digital method but we don't know if it will be liked by everyone because everything has its fans as well as its haters. But as a Bitcoin user it would be much better for me and I have no problem accepting it

[salad daging]

fees problem, bitcoin regulations in the country, and also fluctuations in bitcoin prices are the main points ^(reasons) why bitcoin is still quite difficult to make as a salary payment, even so bitcoin paid campaigns in this forum ^{(signature campaign)} are actually suitable as examples by countries that want to make bitcoin as a means of paying salaries ^{(to be honest paying salaries with bitcoin is not difficult at all)}

There are still many restrictions in a country so that bitcoin is difficult to make as an employee salary because there will be many factors making this difficult to do, a country has regulations so it must be fulfilled and must not be violated.
This forum is global so payment in the signature campaign I think is still very reasonable because here the majority is discussing bitcoin we will not take issue with it but people who don't know what's what then it becomes a problem for him.

Fiat is easier to use in an area, it must be easy to do anything with fiat while bitcoin is still difficult to reach in certain areas and there are still many who reject bitcoin.

[radjie]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

This means that the wages a person receives will not have a fixed value if the salary is paid in Bitcoins.  Of course, this will greatly affect the economy of each country and can affect the circulation of money itself.

[adzino]

That would be great actually, but how many people would want to accept bitcoin as a form of payment? First of all crypto currencies are very volatile. What if after receiving their payment the price crashes? They would regret accepting bitcoin. Secondly, I am sure they don’t pay their bills or rent using crypto. So they will have to eventually convert their payments to fiat first. They will lose some money due to fee and stuffs like that.  So why would they want to accept bitcoin if they eventually have to convert it to fiat? Wouldn't it make more sense to receive payments in FIAT first and then buy bitcoin with their savings?

[lizarder]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.

Then what are the results of the discussion and what can be concluded, because not all countries accept bitcoin and there are certain rules that can limit bitcoin as a commodity asset and not legal as a legal tender.

I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

More precisely not all governments allow fiat to be replaced by bitcoin, but no one knows how it will turn out in the future, because if we say it is impossible then El Salvador has already taken that step. Maybe the approach is different and needs further adaptation on this issue, but realistically in the near future this is not possible, because there are certain limitations that may not work as quickly as we would like regarding salaries paid in bitcoins.

Regarding the issue of salary being paid with bitcoins depends on the person receiving it and maybe not everyone is willing to be paid with bitcoins for certain reasons. For example because the country they live in does not fully accept bitcoins or there is no place to buy something using bitcoins.

[qwertyup23]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

This depends on the law of a country whether they allow the utilization of BTC as legal tender.

In the Philippines, wages/salaries should be paid in the legal tender prescribed by law. Any other means of payment is prohibited and this is strictly followed. If in the event that salaries/wages are being used as payment, then the law should allow so.

Personally, I would prefer that my salary be paid as 50% in fiat; and 50% in cryptocurrency depending on my liking. But this kind of payment method is relatively difficult to accomplish given the structure of payment that must be secured by the company.

[Sexylizzy2813]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Having salaries being paid in Bitcoin would be one great experience depending on the country because I don't think some countries would buy the idea of paying with Bitcoin since is not acceptable.
Another problem that is stopping it from happening is the government, they won't let it go down that easy since is not like fiat that can be monitored while Bitcoin can't be monitored. The government would do everything possible not to let Bitcoin come out of the open. The idea is charming but is not going to be easy for it to happen (paying salaries with Bitcoin).

[WatChe]

The only way for this to be possible is if salaries were paid in BTC but were set in fiat or with some stablecoin. Otherwise salary negotiations would be a nightmare and the ever increasing price of BTC due to the surge in demand would make a lot of companies go bankrupt. Governments would also have to step in and apply regulations, a lot of them are likely to ban the use of bitcoin altogether.

On a more personal level I would rather get paid in something with more stability, the world economy is somewhat rocky as it is, no need to add more instability to anyone's life.

There are many if and else in getting monthly pays in bitcoin. The governments are offended since they cant tax a decentralised bitcoin. Secondly the most important issue in receiving pay is bitcoin is its volatility. You receive pay when Bitcoin was 30k and in the evening it went down to 29k and next morning it up again. These are few questions that need to be answered first before we start receiving our pays in Bitcoin or in some other crypto.

[Dr.Bitcoin_Strange]

On a more personal level I would rather get paid in something with more stability, the world economy is somewhat rocky as it is, no need to add more instability to anyone's life.

Yeah, your choice. But it doesn't mean that even if you are paid your salary in Bitcoin, you will not have the choice to sell it off immediately after receiving your payment. Although it's just an imaginary thought, even if it were to become reality, people would not be forced to hold and spend it, but for those who would still want to hold Bitcoin, it will be an advantage to them because they can only sell a little fraction of the Bitcoin for what they want to spend on and keep the rest in Bitcoin. Perhaps some people even say that they have discovered that they are able to save more in Bitcoin than in fiat because they can easily hold Bitcoin, but fiat is just something they can easily spend. If fiat salaries are replaced by Bitcoin, some people will also be happy about it.

[uneng]

Well, since I'm paid in BTC through signature campaign I think I can already consider to have my salary paid in BTC, so I have a personal experience on this matter.

In my opinion it's great. There are more pros than cons. I just need to exchange into fiat money I'm going to use for daily expenses, while the rest of the money remains in BTC for investment and long term gains purposes.

Cons consist in having to pay transactions and middleman's fees, what decrease your liquid wage and the well known volatility which can push your money's value downside on short term (although the opposite is also possible, what would be interesting in this situation).

[Ayers]

Well, since I'm paid in BTC through signature campaign I think I can already consider to have my salary paid in BTC, so I have a personal experience on this matter.

In my opinion it's great. There are more pros than cons. I just need to exchange into fiat money I'm going to use for daily expenses, while the rest of the money remains in BTC for investment and long term gains purposes.

If you get your salary in fiat you can also do this easily and quickly, and I don't think have too much of a difference between the two. You can also convert your fiat salary to bitcoin immediately upon receipt and the rest to spend.

Cons consist in having to pay transactions and middleman's fees, what decrease your liquid wage and the well known volatility which can push your money's value downside on short term (although the opposite is also possible, what would be interesting in this situation).

This is the downside and also the reason I wouldn't support it. Our daily lives are tied to fiat and it would be inconvenient if our wages were bitcoin and its volatility.

I would support if it was a side job and paying in bitcoin could be a great idea. But if it's our main job and we need to use that paycheck on a daily basis, then that's not as great as many people are saying.

[Mauser]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.    

[xSkylarx]

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.    

You still need to convert it to your own currency, even if you were paid in bitcoin. You are right; only a few merchants accept bitcoin as payment, and again, they are so few that you also don't notice them because most of the services that we pay for are in fiat. I haven't seen one that was receiving bitcoin as their main salary, but my coworker is almost doing this because we are paid via Paypal and it is banned in their country. I've tried to ask him, but he refuses, as I've seen again on TV that bitcoin is illegal.