What if salaries were paid in BTC

[BlackBoss_]

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

It started years ago, not recently and it is not new.

Japanese company to start paying employees in Bitcoin

I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .

Governments surely don't like the trend but if they can not prohibit Bitcoin in their nations with their laws, regulations and enforcement, companies and citizens legally pay and receive salary in Bitcoin.

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

It is good way to increase Bitcoin adoption. Because if a company can do it well, their staffs will receive Bitcoin monthly and in many months. So they will have to use Bitcoin at least to cash out. The more exposure and experience they have with Bitcoin, they will more likely to use Bitcoin naturally.

The article in 2017 for a Japanese company writes that that company staffs have two options and were not mandatory to receive all salary in Bitcoin.

[Pandji02]

I'm already receiving my salary in crypto, just not in Bitcoin. It's not something too special, to be honest, I can't just use it, I'm withdrawing every time to pay rent, buy groceries, and all other stuff. With Bitcoin, it would be mostly the same.

[noorman0]

-snip-
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .

Of course, but until now several countries have not finished their research steps so there are no clear laws. In that opportunity it can allow fans to implement bitcoin on their business interests until it seems that bitcoin begins to keep pace with the level of use of fiat in that country.
 

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

That is one step to support bitcoin works, of course it's a positive value for the ecosystem but not necessarily from another point of view.

[Despairo]

It's a company which already run an initial public offering? surely this company will get audited and there's a financial report about wage distribution, the government will know if the company is using Bitcoin to paid the employer. So it's not good idea and possible of getting trouble.

But if it's just a small business or freelance, it seems to be safe since the government will not care about small money. It's similar like this forum has a Chinese local board while Bitcoin is permanently banned there.

[Sarah Azhari]

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

Yes sure, but because all payment countries are currently dominated by fiat, those workers who are paid with Bitcoin will get in problems when buying in what they need. there will be not a problem if some stores or shops accepted Bitcoin also. In fact, today, not all stores accept Bitcoin, only a few, and it also happens with the country that accepts Bitcoin as payment like El Salvador. And that situation could be affect in bitcoin price if all employees are salaried on the same day.

[lienfaye]

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

Is your friend want his salary to be paid in Bitcoin?
There are private companies already paying their employees in Bitcoin. But we can't expect the Government to push this idea on their agencies since fiat or their CBDC are what they recognized.

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

Of course if this happened it's good for Bitcoin for awareness and adoption specially for people who don't know its existence yet. Bitcoin can work as an alternative but the Government will not allow Bitcoin to be the main currency.

[Oasisman]

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 will have a positive effect on bitcoin for sure. However, this will never be easy to implement as well as majority of the workers doesn't want to have a complicated ways of receiving their salaries except for the checks, bank transfers, and other traditional banking transactions. People are comfortable to this kind payroll. Though, I believe there are some companies which is closely associated with crypto have their employees make an option of receiving full salary in bitcoin (we can look it up in google).
And, I have to agree that majority of the government doesn't want to change their currency into something that they don't have a control over with. So, fiat will be here to stay and will continue to co-exist with alternative currencies and cryptocurrencie.

[tread93]

CashApp I have read actually allows for this, they take your direct deposit and then transfer it directly into BTC into the BTC wallet address of your choosing, pretty cool! Nice job Jack Dorsey 👏
 

[ranochigo]

The main currency used around the world is still fiat. This would only make sense if the adoption of Bitcoin increases exponentially, such that you can easily use Bitcoin everywhere and in your everyday life. Otherwise, paying salary in Bitcoin would only complicate things and introduce extra steps to get people to convert their Bitcoins into fiat again. This would be just like paying your salary in USD when you're in Europe. No one would appreciate that.

BitPay has a service which does this however.

[Minor Miner]

Even if you receive your salary in bitcoin, you still need to convert them to fiat afterwards, as fiat is still the main currency and is still being used in all daily needs. This idea sounds interesting and appealing to us at first, but over time it becomes a hassle that we want to get rid of. Because besides the inconvenience that we still can't use bitcoin for our daily needs, bitcoin price fluctuations are also another concern. What if we are in a bear season and bitcoin value is volatile? Would someone be willing to sell their bitcoin when it drops more than 10% or 20%?

[TravelMug]

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

Is it private sector? I mean companies that is not controlled by the local government? If that is the case then it's up to the companies and it's employees as how they are going to used bitcoin as salaries. Of course, for bitcoin enthusiast, this is a win-win situation, but for there there could be majority that is totally against it as they still wanted to have fiat, specially non-crypto employees.

As for the effect, of course there could be, but it's going to be small and the only one that is going to be happy here in the bitcoin loving employees as he no longer have to invest. Or better yet, he could setup like 60% in BTC and 40% in fiat salary. That will be really awesome for companies that is willing to give that to their employee as a setup.

[Stella Mese]

in this case of course will reap the pros and cons because usually people will like to receive a salary in fiat currency which is of course stable, whereas if paid using btc which has a fluctuating nature of course it will make the person receiving the salary more profitable if they have received a salary the price of btc go up suddenly and sell it when the btc price rises or lose money when the salary is received, the btc price immediately drops and sell it when the btc price drops.

In my opinion, using this system will certainly make the price of btc fluctuate even more because usually an employee will sell btc for their daily needs.

[adaseb]

If salaries were paid in Bitcoin then I am assuming the result will be only slightly positive since many who have bills to pay would need to automatically sell to pay for goods and services. So there would be both a buy and sell transaction and the result would be the same.

There would be a small amount where the holder might keep the Bitcoin because they don’t need it as an investment. So there would be no sell pressure on that end. But for most they would need to sell to get fiat.

[Cantsay]

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

There's really nothing to reply this post of yours.

Your friend insisted that the salary of some country be paid in Bitcoin, but sorry to ask has your friend ever been paid in Bitcoin in the company he works? In as much as majority of Bitcoiners (those that truly understand what Bitcoin is, not the buy high and sell low set of Bitcoiners ) would love this, it's not going to take effect in all countries. Although some companies might decide that they want to pay their workers in Bitcoin since what they deal on is majorly related to Bitcoin, that's the company's decision, while others might decide to stick with the normal fait they have been transacting with before. Just take note this issue of paying workers with Bitcoin for now is not going to happen but with time and better understanding of Bitcoin it might come to reality.

[wxa7115]

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 find it unnecessary, unless you are living in a country in which the adoption of bitcoin is very high then most likely you will have to convert your bitcoin to fiat and lose some money on that conversion, and in that case it would be better for you to receive fiat directly instead.

And once you have bought all of what you need and you are sure you have enough fiat to cover some future unexpected expenses then you could decide to convert your fiat to bitcoin, which is basically what we are already doing anyway.

[randomghod]

In fact, there are a large number of organizations that are fully transitioning to cryptocurrency payments.
I have designed websites for such companies that pay their salaries in bitcoins.
Personally, I have worked on 3 projects like this, so it's no longer just a fantasy

[Kakmakr]

I am one of the lucky people that made arrangements with my work to pay 10% of my salary in Bitcoin (BTC) .... They support Bitcoin and approved it, so I do not have to convert it from Fiat to Bitcoin myself.

I use that money to buy lunch at some local food vendors that accept Bitcoin, also something that we introduced to them and now they are accepting Lightning Network payments. 

[Davidvictorson]

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 have a strong belief that in my country despite the crackdown on crypto, there would be some individuals in tech progressive companies that would have opted for this option may not a 100% but 50 - 50. They do it for several reasons like inflation, recession and economic uncertainty. Also, countries with currency turbulence and outdated banking systems, like some in Latin America, see the highest level of crypto payments. We have also heard of high-profile individuals like sportsmen and politicians choosing to receive part or all of their pay in Bitcoin. As bitcoin education grows and we see an increase in adoption, we would also see more employees accept bitcoin paychecks as a legitimate payment method. Bitcoin-funded payroll systems offer advantages like swift cross-border payments but face challenges like volatility and compliance issues.

[Helena Yu]

Same old same case when someone force something to be paid or use Bitcoin as a currency when buying Bitcoin is very easy through an exchange or P2P. Yeah you need to spend some money because you need to pay the network fee or trading fee, but it's your choice, as long as you want to hold Bitcoin for long term, you will not care about the fee you need to pay.

[yudi09]

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

They're not going to want it [paying wages in bitcoin]. In the world of sports there are several clubs that are rumored to have paid players' salaries with bitcoin. In 2021 NFL players choose to be paid with bitcoin and other cryptos as reported in several local media. Football players have also been paid with bitcoin and other cryptocurrencies. There are also big companies that pay. This shows that bitcoin is known by many people to be a solution and has happened.

Hoping that those whose salaries are from the people will not approve because it can become a problem for them if fiat currency is useless.