What if salaries were paid in BTC

[Edcrypto91]

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

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[Woodie]

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 .

It would be nice to know why your friend thought some countries would benefit from crypto salaries instead of what they have already
But then again if you think about it, going crypto in terms of wages would be expensive for anybody to keepup has price is always fluctuating meaning running costs and wages would go over budget as to what they are used to and they would drop this newly adopted monetary system unless they go the stable coin route.

so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Such a development is always going to be a positive for the crypto ecosystem,  but frankly speaking, I think it would hurt the local systems in place as control will nolonger be in the hands of the local systems inspite bitcoin having a recording keeping system of its own.

[Nwada001]

It will be hard before that can be done, as there are a lot of factors that could prevent that from ever happening.
Even if the president of a country wants to make Bitcoin legal tender, there will definitely be a lot of racism in the country, and not everyone will agree to that idea.

Not everyone working under the government has knowledge of Bitcoin and won't accept payment with something they don't know how to use.

Fee: who will pay for their individual fee, as there might be more for the government to spend than what they budget since the Bitcoin network can be congested sometimes and the fee is very high?

Fiat usage reduction: Salary payment helps the government circulate their local currency across the country; if they adopt the use of Bitcoin as a means of paying salaries, it will force everyone to become all-digit, which might at some point start rendering their local currency useless.
 
Using Bitcoin to pay all countries civil servants is just as simple as replacing their local currency with Bitcoin. Bitcoin lacks the feature to entirely do that.

[mk4]

A minority of bitcoin-related companies have been doing this for a while now. You don't expect the masses to want it though (at least in the near term) — most people just want a decently-stable money that they could use to spend. That's it.

[NeuroticFish]

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 .

In some countries, especially where inflation is huge, this would make sense, since people may not lose a lot of money from the moment they receive it until the moment they spend it. Or, even more interesting, a salary that's constant in bitcoin can be interesting in such countries, especially in the months when the price is going up  

But government will not like that because then the company that's paying can avoid taxes. Also the employee may need to be careful because he may have to legally pay taxes for the bitcoins he converts to fiat in order to buy all he needs (especially if the shops don't accept bitcoin).

I am in favor of getting a part of the salary as bitcoin as investment, but all of it can be troublesome in countries with low acceptance in shops.
So it greatly depends on the country too, after all.

so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

In theory it should be good. In practice, if the employer will buy at pay day the bitcoins from exchange and the employee will sell them back to the exchange next day, ... not much. Something more is also needed.

[bittraffic]

If the company hiring him is in the crypto space, I think there will be no problem for the company paying in BTC. The employees would be happy to receive BTC. Let's say Crypto Exchange hired him and him working independently online. It will be a problem if the company is not making money in crypto.

The issue is how will the government collect tax from these BTC earners because they will have to convert the coins to fiat before it's possible. The government might not allow this.

[The Cryptovator]

I've come across information suggesting that some companies offer the option of receiving salaries in Bitcoin, though I'm unable to recall their names at the moment. If you're interested, you could use a search engine to find these companies. However, it appears that widespread adoption of Bitcoin as a salary payment method is hindered by its volatility and legal considerations. The feasibility of paying salaries in Bitcoin is heavily influenced by a country's stance on cryptocurrency; if a country does not permit the use of Bitcoin, it becomes practically impossible to implement such a payment system. Unless governments begin to accept and integrate Bitcoin as a legitimate payment option, it is unlikely to replace fiat currencies for salaries in the near future.

[coolcoinz]

I think that it should only remain as an option. Nobody should force anyone to do this as this is not CBDC. That's how bitcoin remains different from all the other options pushed by governments.
So, why is it a good idea? Because it popularizes bitcoin. Many people wouldn't be tempted to try it out if it wasn't given to them for free. They wouldn't bother to register at a centralized exchange, but an employer endorsing it, like they do in El Salvador turns things 180 degrees. More people trying it out means more people being interested in saving in bitcoin. More bitcoin savers means less centralized power, less freedom.

[KalOlak]

I've come across information suggesting that some companies offer the option of receiving salaries in Bitcoin, though I'm unable to recall their names at the moment. If you're interested, you could use a search engine to find these companies. However, it appears that widespread adoption of Bitcoin as a salary payment method is hindered by its volatility and legal considerations. The feasibility of paying salaries in Bitcoin is heavily influenced by a country's stance on cryptocurrency; if a country does not permit the use of Bitcoin, it becomes practically impossible to implement such a payment system. Unless governments begin to accept and integrate Bitcoin as a legitimate payment option, it is unlikely to replace fiat currencies for salaries in the near future.

2023-05-08. Turkish Lira Volatility Jumps, Banks Climb in Pre-Vote Trading. Lira’s one-week implied volatility surges to 7.4% from 8.4%

[Odusko]

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

The prevailing realities around bitcoin and government of most countries around the world have paused a limitation on the realization of payment of salaries in Bitcoin since most countries around the world are yet to come to terms with the potential and ability of Bitcoin to offer at alternative ways for workers to invest and save their salaries properly.
But since the government is against Bitcoin, and sees Bitcoin as a threat to their control of the financial sector, they won't adopt Bitcoin not to talk of making it as wages for workers' salaries.

Unless in a few countries like El Salvador where bitcoin is already made legal tender, but even at that, the world bank and opposition parties in the parliament won't allow that to happen even in El Salvador.

[Upgrade00]

If this was done on a global scale it will be a positive for Bitcoin. It could also open the door to Bitcoin being valued of itself or by the amount of work one puts in to get sats instead of valuing it against fiat currencies.

We are a long way away from this happening and people being open to actually getting paid in Bitcoin without the need to convert it to local currencies inorder to spend it.

[Aikidoka]

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 think it would be quite hard to tell whether giving people salaries using bitcoin would be beneficial for a country. The main concern is that bitcoin's price fluctuates a lot and making it unsuitable as a stable form of salary and I think that not all countries have officially accepted bitcoin as a digital currency yet.

Perhaps, in the future such a scenario like that could happen but I don't believe they will completely replace fiat currencies. For decades people have been using fiat currency to purchase goods and services and it remains an essential part of our financial system.

[Lady_Versatilebae]

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

The idea seem nice but I don't think it will be possible considering the fact that not everyone in the country have knowledge about Bitcoin and how it works and secondly most persons barely knows how to operate the internet very well let alone managing a Bitcoin account, that means hackers will deal with people mercilessly, also considering the gas fee of sending Bitcoin to millions of people as a payment is very high so there is no way any employer will consent to using Bitcoin as a means of payment, so to me is not a welcome idea considering those fact

[Mpamaegbu]

The world is evolving, truly. I think it's going to be a long walk before we get to the point were Bitcoin will become a major channel for the payment of salaries, globally. It may happen, but considering the poor nature of electricity supply in the world; it will take a long time to achieve. Electricity is the life wire of the internet. Bitcoin can't be accessed without the internet. We all can see what's happening with that. Yes, I know and acknowledge that already companies/businesses are paying in Bitcoin but that's just a very minute population. These companies doing that shouldn't be a point of reference to use Bitcoin payment option because both scenarios aren't the same.

[panganib999]

Once I thought it would be stupid cause then again bitcoin's very volatile and it could you know, decrease the value of the people's pay, especially since a rendition of this thread was made back in the past. Now I don't think of it as deranged anymore cause a lot of people in this industry has stopped receiving payments in stablecoins and are happily accepting money in bitcoin and other coins. I think this is great cause it drives usage and adoption, and in my case, it became a conversation starter that lead to some of my acquaintances becoming involved with the industry too. So while the threat of losing some of your money is still there, the overall benefits it give in the adoption department outweighs the risks by a longshot.

[milewilda]

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 private companies or employers then this could be applied but of course it would really be still varying or depending on countries laws and regulations on which if ever a certain employer would really be adding that kind of option then for sure they would really be trying out to clear things first because we know that going against with regulation would really be putting your company or business to risks on getting closed specially if Bitcoin or crypto was prohibited then you had made out the wrong decision.If you do own a company and sees up that the place you are operating are still in neutral when it comes to cryptocurrency then you could
always apply on having that option on giving salary or paycheck in Bitcoin but of course you would be still needing to consult out first if your employees are really that willing to accept Bitcoin
knowing that price and value is volatile on which some people wont really be tending on accepting something like this and would rather preferring on accepting fight for sure.

[Ndabagi01]

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

That will be a positive development for the bitcoin ecosystem, but there is a significant likelihood that the government will not allow it to happen anytime soon. Even if they can't control bitcoin, they won't want anything to do with promoting it, even if the people have started using it. 

It's not a bad notion if your friend wants his income in BTC, but it will rely on the company he works for; nevertheless, waiting for the government to do so is a pipe dream that will not come true anytime soon or in the future. I as an individual who knows and appreciates what I stand to gain from being paid in bitcoin, will want that to happen, but individuals who aren't well-versed in bitcoin will lose interest if this is done without a thorough understanding of the bitcoin market on their part because of its volatility.

[KalOlak]

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

MicroStrategy pay their board of directors in Bitcoin.

[sunsilk]

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

Those countries that dislike Bitcoin won't allow it for real. But to those free countries, these companies can do whatever they want, if the wages are paid in Bitcoin then I don't think they can have any sense of being mad at them unless they're too strict at all.

If you have been long on this forum, it is no longer a thing that there are services that have been paid in Bitcoin. And I have read it before that there are companies that do really pay their employees with Bitcoin.

Some company may give their employees an option what to do receive, cash or bitcoin.

[kawetsriyanto]

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.

It depends on the laws/regulation on the country. In my country, you can't use Bitcoin to pay for goods or services. It can be used for an investment only. So, there is no way to pay the wages/salaries with Bitcoin. The owner of the company will be imprisoned and pay a fine if he/she forces to pay the salaries/wages of the employees with Bitcoin. But in the country that Bitcoin is legal for any purpose (including for payment tool), a company may consider to pay salaries/wages with Bitcoin. For example, if the company is located in El Salvador.