What if salaries were paid in BTC

[kotajikikox]

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

Government has nothing to do once the company is willing to pay their employees by bitcoin not unless it is banned in that said country so then it cannot be allowed.
and also I believe that there are already some company that exists in which willing or acting to be paying in bitcoin while maybe some is with altcoins.

Actually I am an employee and since I learned about bitcoin , I kept praying that my Boss will consider paying me or us with bitcoin.

[Outhue]

Salaries coming from the government pocket is a No, it's never going to work, but if you are working in tech companies that belong to private personnel then you can bring up the idea of getting paid in Bitcoin and that is left for the owner to accept.

Some jobs online pay their workers in Bitcoin but not all of them, some have the option to choose which payment method you prefer.

The government has no reason to pay its people in decentralized digital money, that's like a slap to their faces.

If you are a big store owner or business owner you can start accepting Bitcoin payments, It makes my Bitcoin accumulation to be more easier instead of buying directly using Fiat.

[Faisal2202]

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

Numbers of replies on your post in such a short time, represents the interest of other members in this discussion. And my opinions is, if you are doing a private job like for a private sector then you can definitely get your wages in BTC unless your employer wants to give you in BTC. Because if your employer doesn't want that then what can you do.

And the only fault i see in getting BTC as wages is that, when your employer fix the BTC price at which you will be get paid, and the time difference might be so huge that there calculating time's price of BTC might be $30,000 and when they are distributing you the amount then the value of BTC could be $29,000.

Other than that i think i can not agree more on this. Because currently i am also getting paid in BTC.

[Litzki1990]

Perhaps the only country currently offering this facility is El Salvador. El Salvador is a country where you can get all the benefits with Bitcoin. There are two local currencies in El Salvador, one is their own currency and the other is Bitcoin, that is, if you work in that country and want to receive your salary through BTC, they will give you this benefit, but you will not get this benefit in any other country. If you have to pay for work in any other country, then you have to pay your work remuneration through the local currency of that country. Because no other country except El Salvador has officially accepted Bitcoin directly, so you will not get this benefit from other countries.

[bakasabo]

I have figured out one tiny disadvantage of having salaries in BTC. As bitcoin blockchain is transparent, and people prefer not to talk too much about how much they earn, we have a conflict of interest here. Think of a guy, who does not care much about having several BTC wallets for different purposes and with time, he flashes his BTC address among his colleagues. All the information, such as where, how much and when suddenly becomes public. People will start to track that persons life.

[Etranger]

Let's imagine that in a country such as Ukraine the salary package can offer you a choice: you can choose between being paid in UAH (Ukrainian Hryvna) or BTC (UAH equivalent).
 The first problem with BTC salary is the question: how the government should monitor this process.
 The second problem is the necessity of exchange BTC into Ukrainian Hryvna.
 The third problem is the possibility to buy something in BTC in Ukraine.

1. Problem. The Government
For instance, I get 0,3 BTC as a payment for my work. I want to buy something with it, using exchange services. How does tax rules may apply to my situation?
There are two scenarios:
1) Tax regulator may provide rule, that I obliged to pay taxes from BTC or any other crypto-earnings in a moment, when i try to exchange BTC in Ukrainian Hryvnas. So, the tax regulator must gain access to monitor my account, where I hold my earnings in BTC to confirm the tax rate of operating due to the rate of BTC itself on the market.
For example, I sold 1 BTC for exchange rate 1 to 30 0000 (in USDT) and then I need to sell USDT for Ukrainian Hryvna (37 Ukrainian Hryvnas for 1 USDT). So, there are two operations, which will be taxed for approximately 20%.
I do not see the possibility of giving monitor access to the tax regulator willingly by my side due to the nature of the crypto-currency.
Also, I do not see the possibility for the government in our time to track all operations in crypto in Ukraine without gaining access to holders account without their willingly cooperation and willingly verification that they are truly the owners of crypto-account.
So, we can make an assumption, that the possibility of that option is low enough.

2) Tax regulator may provide rule, which states, that all operations of income in BTC (or in any crypto) should be taxed immediately after the crypto has been received into the account.
This helps regulators to track the rate between BTC, USDT and Ukrainian Hryvna, but also this may give a chance for companies to pay salary when the rate is low, so there is an open source of manipulation, which only can be reduced to zero by a law, that will oblige companies to pay salaries in a specific time (which opens a new window for market manipulation)
I don't see this option as vital.

2. Problem. The Exchange
Do I really have an option to spend a BTC as easy as Ukrainian Hryvnas in stores? Well, some fancy stores which sale technical staff such asL iPhone, MacBook, Dyson and Marshall sound design may include crypto as a payment, but mostly crypto payments won't be accepted on 98 % of  Ukrainian stores.
Answer is simple - there is no legal changes in tax law (Code of Taxes),  but there is a law for cryptocurrency. It means that crypto is legal, but income of it is questionable, and banks will block any payments in that form of payment.
So, I need to to change BTC in Ukrainian Hryvnas constantly (BTC into USDT, USTD in Ukrainian Hryvnas).
One day banks may ask where do i get my money, and due to reasons that I've written above, there can not perceive my BTC earnings a legal. So, my only option is cash and low-budget buyings.

3. Problem. Possibility of buying

We estimated above, that earnings in BTC are possible, but buying something may seem not so possible. OF course there are shady schemes that will help you out to buy something like an apartment for yourself in BTC, but you won't have a reliable paper for the kind of operation due to absence of legal tax regulation, therefore where will exist questions about operation itself.
For things like iPhone, stores may also use shady schemes, but the amount of money not so sufficient as buying a flat.

As a conclusion, I may suggest that BTC salary in Ukraine is highly questionable due to restricted areas of spending BTC, absence of tax law for that kind of operations and non-transperent monitoring of that operations by the government.

[reagansimms]

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

It is not impossible that salaries are paid in Bitcoin, before carrying out these actions, it is necessary to educate all employees to know how to sell Bitcoin to fiat. It's impossible for the company where your friend works to give a salary in Bitcoin for himself, the company has policies and every policy needs to be obeyed by all employees.
90% of employees working in a company want a stable salary, they are also in different circles. Salaries in fiat money are the best solution for those who have never made transactions using Bitcoin, it is also necessary to consider convenience for employees before making a decision.

[flyingcarpet]

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

It is not impossible that salaries are paid in Bitcoin, before carrying out these actions, it is necessary to educate all employees to know how to sell Bitcoin to fiat. It's impossible for the company where your friend works to give a salary in Bitcoin for himself, the company has policies and every policy needs to be obeyed by all employees.
90% of employees working in a company want a stable salary, they are also in different circles. Salaries in fiat money are the best solution for those who have never made transactions using Bitcoin, it is also necessary to consider convenience for employees before making a decision.

This is difficult to do, but not impossible. At least to start with, they can get some of their salary in bitcoin. For example, 10% of it. In this way, everyone working in the company has invested in Bitcoin. Some sell the day they are bought, while others hold it as an investment. Such things can be done, but I don't think they will accept their full salary in Bitcoin. Maybe if they just have the money they earn as a bonus, the company can pay that amount in Bitcoin.

[MarjorieZimmermanGinger]

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

That has been the case for several companies that pay salaries via bitcoin, but not everyone expects to be paid with bitcoin for some reason and maybe your friend has heard of that from some of the media he's trying to browse.

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

It depends on the government, although this step will be more positive for the bitcoin ecosystem, I don't think the government will take this step to pay salaries because it will affect the country's policies in terms of fiat currency transactions and will affect the stability of the fiat currency itself. Unless this step is taken when the country has established bitcoin as a legal tender, there is a lot of opposition on the part of some to this step and I am sure that many countries would not do something like this.

[ImThour]

Will not make any difference I would say. Companies in the past tried this model, it just adds another step to the payee to convert it back to actual money to pay his expenditures and bills.
If we are talking about freelancing or a contract that is an online mode, there I can see a big role of Cryptocurrency or Bitcoin in general. As it will allow them to pay for the work instantly without worrying. In the actual world, no big corporation will be doing this anytime soon.

[KiaKia]

It's never going to happen because the government of every country has their own centralized currency, they can control it, they are the one printing the money, it's by far the best interest for them to pay government workers with the same currency, Bitcoin? Nah the government won't want that to happen, it's why we are still this far behind in crypto space.

The oy advantage that's even here is the easier way of keeping some Bitcoin for long term hold, the stress of changing fiat to Bitcoin will be gone but still, even if younger paid in Bitcoin you will need to exchange some back into Fiat, because you need Fiat to spend your Bitcoin, many stores offline are not accepting Bitcoin and crypto still.

[naira]

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 don't really know which country your friend is referring to, but if it refers to a freelance organization or online-based work it might make sense. It's just that when bound the government is still unsure because the government remains in the corridor of fiat which is its responsibility in order to carry out economic growth. Fiat makes the only legal means of payment in any country, even though it implements the second payment option, fiat's position is still number 1 as salary distribution.

If your friend insists that it was found in a certain country, of course there are already laws governing it, but back when employee salaries use Bitcoin, we can see the impact so far.

[kryptqnick]

It would be nice to know which countries the op's friend meant because I don't think it's a common thing to have salaries paid in Bitcoin. People have mentioned El Salvador, and I think there were some experiments in some US states as well, but that's pretty much it. I wouldn't mind getting paid for everything I do in Bitcoin, as long as the tax implications don't leave me worse off than with fiat. If there's a high tax-free amount, low taxation or no special taxation at all (like in El Salvador), getting paid in Bitcoin can be okay. Of course, it would be much better if, along with it, it was possible to use Bitcoin directly to buy groceries and stuff, but I wouldn't mind even without it, assuming that selling for fiat is simple.

[dlightag]

That's going to be a good idea in the cryptocurrency ecosystem by implement Bitcoin as a means of salary payment, which we open more civil servants eyes on crypto calculation base on Bitcoin price fluctuations and with that most of people we like to invest anytime price of Bitcoin as long government has approved using Bitcoin as a means of payment.

[laurenB7742]

It's never going to happen because the government of every country has their own centralized currency, they can control it, they are the one printing the money, it's by far the best interest for them to pay government workers with the same currency, Bitcoin? Nah the government won't want that to happen, it's why we are still this far behind in crypto space.

The oy advantage that's even here is the easier way of keeping some Bitcoin for long term hold, the stress of changing fiat to Bitcoin will be gone but still, even if younger paid in Bitcoin you will need to exchange some back into Fiat, because you need Fiat to spend your Bitcoin, many stores offline are not accepting Bitcoin and crypto still.

I also don't think that will happen, because if the government allows businesses to pay salaries in bitcoin, it means they accept bitcoin as a currency, a legal payment method. So what happens with fiat, and let's not forget that they never intended to give up fiat. Fiat is the perfect tool for the government to control us, so it would be naive to think that one day when bitcoin becomes ubiquitous, they will accept bitcoin just because we use it. I never expected it and I don't feel it is necessary because we also need to convert to fiat if our salary is bitcoin.

[Ahli38]

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've heard of some tech companies offering their employees the option of part-paying in crypto but that was years ago. And I didn't hear anything else from the company. (Sourch) But to be honest, I don't really know whether a country that only considers Bitcoin and Crypto as commodity assets can allow a company to pay its employees in crypto? will it be legal or not? I'm quite curious about this. and maybe will try to find out about the laws in my country regarding this matter. Although at this time I think that it all depends on the agreement of the employees and the company concerned. But what is clear in my country is that maybe no one has paid their employees with Crypto yet. Or maybe I just don't know about this.

[yazher]

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 I'm not mistaken there are companies that give their employees a chance to convert some of their salaries to bitcoins when they get them and some are willing to take their salaries as bitcoins fully. Others can just actually convert it as soon as they received it in order to preserve the company from any blame when the crypto market is not looking good. right now there are not many who want to do this since the bitcoin price is so volatile that sometimes will only take an hour for the price to change from high to low or vice versa.

[rachael9385]

Salaries paying through Bitcoin is not a bad idea, but that's if Bitcoin is accepted in your country, on the other hand if the managing director of a company decided to pay his/her workers with Bitcoin the workers have no right to question it because he has the company and he knows what's good for the company, besides if an M.D decides to pay workers with Bitcoin he might have seen the positive side of it, so this are the country that allows salaries to be paid through Bitcoin, also this are the names of companies that pays their workers salaries through Bitcoin, and this are some companies that you can make payments through Bitcoin, is like I have seen similar threads that has same points or whatever.

[leonair]

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 still not familiar with any story like this. But if companies start taking steps to pay salaries through Bitcoin, it will be good for many and not for many.  Because for those who have a low-paying job and can't make savings with that money to support their family, receiving salary in Bitcoin will become a hassle for them. But it will be a good experience for those who love Bitcoin and have high paying jobs.  However, such a system will take many years to be implemented because Bitcoin is still not legal in many countries.

[Agbe]

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

Mostly in Africa, we need such as payment option in Africa, and as you said the government will not permit that but if the private institutions use it to pay their workers and when the public servants see the benefits from the private workers there will be an agitation or protest to adopt it in the public domain (public offices). But we should also consider the flustrating nature of bitcoin so if bitcoin is used as payment option, there are so me months salaries might be reduced and some might be higher. So we have to think of all the areas before adopting to pay.