What if salaries were paid in BTC

[Victorik]

As nice as this may sound, it will be counter productive if implemented. Due to the fluctuation in the price of Bitcoin,it will be difficult to pay salaries with BTC, and also who will pay for the transfer fee, will be on the employee or the employer?
So, right now, it won't be a good choice to pay salaries in BTC.

[SamReomo]

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 don't think that it's really a good thing to pay salaries in Bitcoin in its current state because we all know that how volatile Bitcoin is and if someone salary is paid using Bitcoin and suddenly within few hours the market faces a crash then the value of the salaries will be greatly reduced and that's not a good thing at all. I know that inverse of that can also happen, but still there are some chances that market may face a little downward moment every once in a while.

Although, I'm not against such proposal because it would greatly increase the adoption of Bitcoin, but still we will have to wait for the day when the volatility of Bitcoin will be controlled and things will work in our favor. In current state, Bitcoin can be used as a complementary currency for the exchange of goods, but it can be used as a main asset for investments.

[darewaller]

I'm paid in another coin and it's fine. But I don't think people would do it massively

It would be hard to do it massively as a lot of commerce are still not open to accept bitcoin. As we all know there is still an existing mindset of the public about the negative views on using bitcoin. Though I do agree that it will be a good change specially in trading and international transaction, it is something that will take a long time for people to accept and adapt. Hopefully though, one day it will come to that.

I am not sure if it would be that weird. After all you are capable of exchanging it quickly, which means that you could pay people in bitcoins, but all you are going to be paying is the dollar version of it.

Well, you can put your money, the money you would pay in fiat, into an exchange and get something like USDT or BUSD, which means that you are going to have the same amount of money, it is not changing. Then you are going to end up turning it into bitcoin and paying people that same moment, which means that you are only losing the same amount of dollars as you would but they are getting paid in bitcoin instead. If it goes down, it's their trouble, if they preferred bitcoin payments then they took that risk and they have to eat up the losses.

[AnonBitCoiner]

First of all bitcoin is not permitted in every country so it will be difficult because government will not allow it other thing is that salaries are not as large to be equal to the worth of bitcoin.

If salaries are provided in the form of bitcoin then there will not be a constant salaries in one month it will be higher and in other month it will be lower and also you will pay in form of bitcoin for each and everything.

[Blitzboy]

I'm paid in another coin and it's fine. But I don't think people would do it massively

It would be hard to do it massively as a lot of commerce are still not open to accept bitcoin. As we all know there is still an existing mindset of the public about the negative views on using bitcoin. Though I do agree that it will be a good change specially in trading and international transaction, it is something that will take a long time for people to accept and adapt. Hopefully though, one day it will come to that.

I am not sure if it would be that weird. After all you are capable of exchanging it quickly, which means that you could pay people in bitcoins, but all you are going to be paying is the dollar version of it.

Well, you can put your money, the money you would pay in fiat, into an exchange and get something like USDT or BUSD, which means that you are going to have the same amount of money, it is not changing. Then you are going to end up turning it into bitcoin and paying people that same moment, which means that you are only losing the same amount of dollars as you would but they are getting paid in bitcoin instead. If it goes down, it's their trouble, if they preferred bitcoin payments then they took that risk and they have to eat up the losses.

Bitcoin's famed volatility can be mitigated, at least in the short term, by using stablecoins like USDT or BUSD as a go-between for Bitcoin transactions. The recipient has the option of keeping the Bitcoins as Bitcoin or converting them back into fiat currency.

One of the advantages of cryptocurrencies is highlighted by this method. It's fine with decentralization and provides the reassurance of fiat money.

Despite the dangers, Bitcoin and other cryptocurrencies provide users unprecedented control over their own finances. These 'risks' may become the norm as the digital era continues to develop. After all, we can shape the destiny of our own digital currency.

[lousie9]

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 don't. i think that everyone or maybe every country is not ready to do this at this time or in the next few years.
Because Bitcoin is volatile , Bitcoin is not or has not been accepted by all parties, and knowledge about Bitcoin is still minimal in society.
Maybe there are some people who have received their salary in Bitcoin but not everyone can and understands how to use Bitcoin.

[dothebeats]

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 don't. i think that everyone or maybe every country is not ready to do this at this time or in the next few years.
Because Bitcoin is volatile , Bitcoin is not or has not been accepted by all parties, and knowledge about Bitcoin is still minimal in society.
Maybe there are some people who have received their salary in Bitcoin but not everyone can and understands how to use Bitcoin.

This is true. Lack of knowledge and background about Bitcoin is already a deal breaker for a lot of people and thus it is pretty impossible for it to happen today and in the next few years. People will be too skeptical about it, they will not trust something that they have little to no idea about especially when it comes to their money.

[virasog]

That is true, additionally bitcoin's value goes and up and down and hence is not stable enough as means for salary. A lot of workers will find this inconvenient as many uses their salary to pay for fix bills (like rents and loans) and so they will have a problem with the changes of bitcoin value. As far as possibility, it is far from ever happening.

I agree that Bitcoin volatility may be the reason why people may hesitate to take salaries in BitcoinBTC but if people are clever enough, they would know that Bitcoin prices will always be moving in the upward direction in the long run. So even if they take salaries in bitcoin, they can convert them instantly into fiat money and keep some savings still in bitcoin for the long term.

If you ask me to keep some money saved for the future, I will always prefer Bitcoin over a dollar or any other local currency. The reason for this is that the value of your money in dollars will always decrease due to inflation and the money in bitcoin will always increase due to limited supply.

[AHOYBRAUSE]

The idea is nice but there are too many things playing against it.

First of all, not everybody accepts btc, only a tiny part of anything does. You can't pay your rent in btc, can't go shopping (mostly), can't pay your bills.

So you have to convert it into fiat, which cost money and you lose %. Also the price matter too much. Some people have to count every single $. OF course if the price goes up shortly after you get your salary, that's great. But if it drops those people will be in serious trouble since every single $ is important. Suddenly you see yourself down 100-200 or more, but you calculated with this money.

Too many problems against much less advantages.

[Lorence.xD]

That is true, additionally bitcoin's value goes and up and down and hence is not stable enough as means for salary. A lot of workers will find this inconvenient as many uses their salary to pay for fix bills (like rents and loans) and so they will have a problem with the changes of bitcoin value. As far as possibility, it is far from ever happening.

I agree that Bitcoin volatility may be the reason why people may hesitate to take salaries in BitcoinBTC but if people are clever enough, they would know that Bitcoin prices will always be moving in the upward direction in the long run. So even if they take salaries in bitcoin, they can convert them instantly into fiat money and keep some savings still in bitcoin for the long term.

If you ask me to keep some money saved for the future, I will always prefer Bitcoin over a dollar or any other local currency. The reason for this is that the value of your money in dollars will always decrease due to inflation and the money in bitcoin will always increase due to limited supply.

Of course we would prefer Bitcoin over dollars as we know the potential and value of Bitcoin. We have knowledge for Bitcoin that we would like to be paid in Bitcoin but how about the other workers? Not only the volatility of Bitcoin would be the issue for them but also the hassle that they still need to study Bitcoin and knows how it works like converting it to fiat money because not all people have the time to study as they really need to work their ass off just to provide their needs or for their family. Maybe it would work for people like us as we know how to manipulate Bitcoin. It might be possible in the very future since people might get difficult to understand from the transition of currencies.

[Cookdata]

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 got me silent for some seconds. This is a very good move if the company should adopt bitcoin for bitcoin payment of salaries, they will get to spend through Bitcoin, live the life they want all on chain transactions without ever touching the fiat again and bitcoin been a global currency and censorship resistant, it will ease the pain of boardless transactions without anyone stepping on your toes, it will also expose employees to bitcoin, how its been use and done and, many more.

However, there is a major difficulties when it comes bitcoin for settling payment for workers, many of them will reject the option of receiving bitcoin for payment because you can't keep bitcoin for 30 days without having price fluctuation, it may go up or may come down, it is 50:50. Many salary earners love to keep their money into saving, they wouldn't be happy if they left for $100 change to $80, that is about $20 loss with 20% reduction in values which is possible in monthly frame, it will be a disaster for those who hold more than that but I guess they will be happy when there is 20% increase in price. I think many will not accept this option of bitcoin for work.

Furthermore, when bitcoin are been used to settle workers, they will have to sell it to buy basic needs and pay bills, the government also collects tax when you receive bitcoin as payment which is around 10% to 30%, that is like working and giving everything to the government when it is possible to have static of 10% when you don't earn above more than $20k, instead of converting bitcoin to fiat to pay unnecessary expenses and tax, pay banks tax, why not receive everything in fiat and save the headache. After that, anyone that wishes to buy bitcoin can do so from their salaries.

[gunhell16]

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

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

[OcTradism]

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

With HD wallets, your company can do that but as a staff and receiver of their Bitcoin payment, you must be a Bitcoin investor and understand that price can change a lot within a few hours. When you understand all these, you will not feel disappointed and panic when a few hours after receiving your salary payment in Bitcoin, its temporary value can drop to 10% or 20% lower.

You must have plan to use those bitcoin from your salary. Like when price drops 10% or 20%, you will not have to sell it to have cash.

[Forever101]

If salaries were paid on bitcoins on global scale, poverty will increase. Here are my reasons on this issue. Investors will love to invest before month-end and then cash out when month ends having known that the government will buy more bitcoins which will be distributed, more also if the government or private companies hold huge amount of bitcoins which will be distributed on monthly basis, investors will take the advantage to dump the market before workers withdraw or convert their coins to fiat. This phenomena will leave the market in a dangerous position for workers as they run shortage on a dump market. Don't forget that, they need money for their day-to-day living. I can only believe this suggestions as illusion  in respect to the volatility of Bitcoin, no workers will agree to this terms

[salad daging]

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

Yes maybe for you it will be happy, but what about other people who do not like bitcoin or do not understand it let alone they work in a manufacturing company whose majority is the head of the family who does not know anything about bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

True I feel so this will never happen. How can fiat be eliminated by bitcoin, I feel it will never happen but if your scenario is like that then the government will lose control because every holding bitcoin will not be controlled by the government, while my principle is until any government will maintain fiat from all aspects whatsoever.

[Mahanton]

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

With HD wallets, your company can do that but as a staff and receiver of their Bitcoin payment, you must be a Bitcoin investor and understand that price can change a lot within a few hours. When you understand all these, you will not feel disappointed and panic when a few hours after receiving your salary payment in Bitcoin, its temporary value can drop to 10% or 20% lower.

You must have plan to use those bitcoin from your salary. Like when price drops 10% or 20%, you will not have to sell it to have cash.

Volatility would really be the main concern specially if you are that the employee of a certain company which do make out such changes when it comes to payment or your salary and if you are that someone who isnt prepared then you would be basically be finding out ways on making direct conversion or selling it out on the time that you would be able to received it because we do always prefer on getting our paycheck in 100% and its true that on the time that you would really be receiving it on Bitcoin form on which the value would really be making out those kind of movement on which this had been the case.It would be good if they would really be making out some meetings first or announcement on such change so that if majority of their employees wont really be liking the new system of their payment then the owner would really be giving out some options in between fiat and Bitcoin itself because it would really be just that a selfish act if you do really be deciding on forcing them out on getting one option. Always be mindful about the condition and situation that your workers
had because we know that not all would really be that agreeing on such changes.

[bayu7adi]

Unfortunately, at present, such a scenario is not feasible in my country (Indonesia), as the government has yet to authorize BTC transactions. Even though it does not pertain to buying or selling goods, salary payments fall under the category of transactions between companies and service providers.

Suppose salaries were allowed to be paid using BTC. In that case, my prediction is that cryptocurrency exchanges would experience a surge in monthly visitors, as workers would promptly convert their earnings into FIAT money and commence their day-to-day expenditures. Around 20% of individuals might engage in speculation, hoping for a future price surge. It's as if he's earning a much larger salary due to the volatility of Bitcoin.

[LittleBitFunny]

Unfortunately, at present, such a scenario is not feasible in my country (Indonesia), as the government has yet to authorize BTC transactions. Even though it does not pertain to buying or selling goods, salary payments fall under the category of transactions between companies and service providers.

Suppose salaries were allowed to be paid using BTC. In that case, my prediction is that cryptocurrency exchanges would experience a surge in monthly visitors, as workers would promptly convert their earnings into FIAT money and commence their day-to-day expenditures. Around 20% of individuals might engage in speculation, hoping for a future price surge. It's as if he's earning a much larger salary due to the volatility of Bitcoin.

Yes, it is the exchanges that will benefit the most if our salaries are paid in bitcoin but fiat is still our main currency. But it would be pointless and silly if we receive our salary in bitcoin but still need to convert to fiat for our daily needs. If the government accepts, that means they already treat bitcoin as a currency, and if it is already currency, we don't need to convert to fiat. But that scenario probably won't happen because if it does, what will the future of fiat look like as governments use them to control us?

[Queentoshi]

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

Salaries should not be paid in bitcoins because the bitcoins will be quickly converted to cash for use by the workers almost immediately after they receive it. This is because bitcoin is not yet generally accepted and there are not so many shop owners and businesspeople that will accept bitcoins for payment. If there had been, then the bitcoins received in form of salary can easily be used directly for transactions without need for change, and it will not create any issue.

[Inwestour]

if the salary base is based on fiat, I don't think it's a problem, so every month we will earn different amount of bitcoins, because if monthly salary is based on bitcoins and we earn bitcoin amount every month, it will hurt us, because the bearish season lasts more longer than the bullish season. but to be honest I'm more comfortable with the current situation, we get fiat salaries, and we can invest as we wish in bitcoin, because after all fiat is recognized in our country, and all payment transactions use fiat in my country

If the bear season lasts much longer than the bull season, then you will be able to get more bitcoin in the bear market, right? So it's not all that bad after all. But the choice, of course, remains with each of us, whoever is more comfortable, especially since now almost no one has such an opportunity to receive a salary in bitcoins.

But you still need fiat for your life, you can't survive without fiat, and if your salary is paid in fiat, you can also convert to bitcoin easily without having any trouble.  furthermore, I find converting from fiat to bitcoin helps us to be more financially proactive than converting from bitcoin to fiat. What happens when you get your salary in bitcoin and 1 hour later bitcoin drops 10%?   but if you get your salary in fiat, the bitcoin price drop gives you a bigger chance when bitcoin is already 10% cheaper.
We all invest in bitcoin because we believe in its potential, but is it okay for it to become a currency or a payment method because of its volatility?  as I know volatility is good when we use it for speculation, I have never heard that volatility is good when used in payments or currencies.

What if the price goes up by 10% after getting paid, then you can buy less bitcoin. This is a bad example because bitcoin is quite volatile and you never know where it will move in an hour, local movements are unpredictable. Bitcoin will have to be converted to fiat if that's your only source of income, but if that's the case, then you don't need to worry about it. If it’s more convenient for you, you can immediately convert bitcoin to fiat after receiving your salary and you don’t have to worry about further growth or decline, because you will have the actual amount of fiat that is defined in your payroll.