What if salaries were paid in BTC

[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

If companies decided to pay their employees' salaries in Bitcoin then this only means one thing, there will be a huge demand for Bitcoin because these companies have to buy Bitcoin in order to pay their employees, and imagine how many companies are existing out there.  Anything that provides demand in the Bitcoin market is a good thing for the ecosystem because it will strengthen the Bitcoin market and at the same time make the price of Bitcoin surge.

^Exactly and on the positive side, adopting BTC for payments could have some advantages for the BTC ecosystem. It could increase mainstream adoption and usage, leading to more widespread acceptance and potential price stability, and using BTC for salaries probably reduce transaction costs and increase financial inclusion, especially in regions with limited access to traditional banking services.
However, it is important to recognize the challenges and potential risks as well because it is possible governments and central banks often play a role in regulating fiat currencies and monetary policies. The Concerns about potential tax evasion, money laundering, and lack of consumer protections could further impede widespread adoption.

I remember a few months ago a member who was claiming that he was being paid in Bitcoin. I'm not sure if his story was true, but let's suppose it was. Personally, I wouldn't opt for it because salary is part of the money you use to satisfy your daily needs, such as paying for groceries, utilities, rent, and so on. Thus, something as vital as your salary, which is deemed a necessity for your livelihood, isn't advisable to count on a currency that is volatile and may be subject to large price deviations from one moment to another. Moreover, so far, it's not as versatile as fiat money, at least not yet; only a few merchants have adopted it throughout the world, and making transactions isn't as simple as paying with your credit card. Whether we like it or not, Bitcoin is more of an asset than a currency. I'd rather set aside X amount of money each month and invest it than be fully paid through Bitcoin.

I agree with you, I will also continue to choose fiat for salary instead of bitcoin. I like its volatility in investments, but I don't like its volatility affects my daily living expenses. Moreover, it becomes even more pointless to receive salary in bitcoin because we also need to convert to fiat as soon as we receive it because fiat is still the commonly used currency, not bitcoin.
Bitcoin is already an asset, we don't even need to wait for the government to accept bitcoin as an asset or currency, we ourselves have made bitcoin an investment and not a currency. So I doubt who is supporting this idea.

I can't take the volatility either, like right now I receive my salary in USD, but we know that USD keeps going up and down, and sometimes when I sell it to my currency, it is already down, and I can't take it because I have less salary. That is why I prefer to be stable, and we know how volatile Bitcoin can be. If it goes up, then for sure we will be happy, but if it goes down, that is really a problem. For sure, a lot of people prefer local currency to bitcoin, unless you are just making your salary as an investment, like accumulating bitcoin and holding it for a couple of years.

[Rabata]

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

In countries where Bitcoin is not legal, it is not possible to pay salary through Bitcoin because there will be legal complications. Governments will not approve Bitcoin as a substitute for fiat currency. Moreover, if payment is made in Bitcoin, the government will not get any taxes from it. I think this is not possible until the government of any country approves Bitcoin. If a country like El Salvador makes such a plan, it is possible to pay salaries through Bitcoin. However, if any employees engaged in small businesses that are not officially registered are paid through Bitcoin where there will be no hindrance.

[bitzizzix]

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 companies decided to pay their employees' salaries in Bitcoin then this only means one thing, there will be a huge demand for Bitcoin because these companies have to buy Bitcoin in order to pay their employees, and imagine how many companies are existing out there.  Anything that provides demand in the Bitcoin market is a good thing for the ecosystem because it will strengthen the Bitcoin market and at the same time make the price of Bitcoin surge.

^Exactly and on the positive side, adopting BTC for payments could have some advantages for the BTC ecosystem. It could increase mainstream adoption and usage, leading to more widespread acceptance and potential price stability, and using BTC for salaries probably reduce transaction costs and increase financial inclusion, especially in regions with limited access to traditional banking services.
However, it is important to recognize the challenges and potential risks as well because it is possible governments and central banks often play a role in regulating fiat currencies and monetary policies. The Concerns about potential tax evasion, money laundering, and lack of consumer protections could further impede widespread adoption.

I remember a few months ago a member who was claiming that he was being paid in Bitcoin. I'm not sure if his story was true, but let's suppose it was. Personally, I wouldn't opt for it because salary is part of the money you use to satisfy your daily needs, such as paying for groceries, utilities, rent, and so on. Thus, something as vital as your salary, which is deemed a necessity for your livelihood, isn't advisable to count on a currency that is volatile and may be subject to large price deviations from one moment to another. Moreover, so far, it's not as versatile as fiat money, at least not yet; only a few merchants have adopted it throughout the world, and making transactions isn't as simple as paying with your credit card. Whether we like it or not, Bitcoin is more of an asset than a currency. I'd rather set aside X amount of money each month and invest it than be fully paid through Bitcoin.

I agree with you, I will also continue to choose fiat for salary instead of bitcoin. I like its volatility in investments, but I don't like its volatility affects my daily living expenses. Moreover, it becomes even more pointless to receive salary in bitcoin because we also need to convert to fiat as soon as we receive it because fiat is still the commonly used currency, not bitcoin.
Bitcoin is already an asset, we don't even need to wait for the government to accept bitcoin as an asset or currency, we ourselves have made bitcoin an investment and not a currency. So I doubt who is supporting this idea.

I can't take the volatility either, like right now I receive my salary in USD, but we know that USD keeps going up and down, and sometimes when I sell it to my currency, it is already down, and I can't take it because I have less salary. That is why I prefer to be stable, and we know how volatile Bitcoin can be. If it goes up, then for sure we will be happy, but if it goes down, that is really a problem. For sure, a lot of people prefer local currency to bitcoin, unless you are just making your salary as an investment, like accumulating bitcoin and holding it for a couple of years.

If you still use fiat for transactions or to meet all your needs and pay installments or something else, it's useless if you receive a bitcoin salary. Because if your salary is only enough for one month's needs then your bitcoin will also run out and if the price drops drastically it will torture you because your salary will decrease in value and how can you meet your unmet needs.
except that a stable bitcoin price might make sense, and for now bitcoin is only good as an asset, or a long term investment that will make you rich in the future and also not to be used if there is no urgent need.

[Venik]

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

Exactly, at least until crypto will be massively accepted. But that's not gonna happen soon.

[DanWalker]

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 companies decided to pay their employees' salaries in Bitcoin then this only means one thing, there will be a huge demand for Bitcoin because these companies have to buy Bitcoin in order to pay their employees, and imagine how many companies are existing out there.  Anything that provides demand in the Bitcoin market is a good thing for the ecosystem because it will strengthen the Bitcoin market and at the same time make the price of Bitcoin surge.

^Exactly and on the positive side, adopting BTC for payments could have some advantages for the BTC ecosystem. It could increase mainstream adoption and usage, leading to more widespread acceptance and potential price stability, and using BTC for salaries probably reduce transaction costs and increase financial inclusion, especially in regions with limited access to traditional banking services.
However, it is important to recognize the challenges and potential risks as well because it is possible governments and central banks often play a role in regulating fiat currencies and monetary policies. The Concerns about potential tax evasion, money laundering, and lack of consumer protections could further impede widespread adoption.

I remember a few months ago a member who was claiming that he was being paid in Bitcoin. I'm not sure if his story was true, but let's suppose it was. Personally, I wouldn't opt for it because salary is part of the money you use to satisfy your daily needs, such as paying for groceries, utilities, rent, and so on. Thus, something as vital as your salary, which is deemed a necessity for your livelihood, isn't advisable to count on a currency that is volatile and may be subject to large price deviations from one moment to another. Moreover, so far, it's not as versatile as fiat money, at least not yet; only a few merchants have adopted it throughout the world, and making transactions isn't as simple as paying with your credit card. Whether we like it or not, Bitcoin is more of an asset than a currency. I'd rather set aside X amount of money each month and invest it than be fully paid through Bitcoin.

I agree with you, I will also continue to choose fiat for salary instead of bitcoin. I like its volatility in investments, but I don't like its volatility affects my daily living expenses. Moreover, it becomes even more pointless to receive salary in bitcoin because we also need to convert to fiat as soon as we receive it because fiat is still the commonly used currency, not bitcoin.
Bitcoin is already an asset, we don't even need to wait for the government to accept bitcoin as an asset or currency, we ourselves have made bitcoin an investment and not a currency. So I doubt who is supporting this idea.

I can't take the volatility either, like right now I receive my salary in USD, but we know that USD keeps going up and down, and sometimes when I sell it to my currency, it is already down, and I can't take it because I have less salary. That is why I prefer to be stable, and we know how volatile Bitcoin can be. If it goes up, then for sure we will be happy, but if it goes down, that is really a problem. For sure, a lot of people prefer local currency to bitcoin, unless you are just making your salary as an investment, like accumulating bitcoin and holding it for a couple of years.

If you still use fiat for transactions or to meet all your needs and pay installments or something else, it's useless if you receive a bitcoin salary. Because if your salary is only enough for one month's needs then your bitcoin will also run out and if the price drops drastically it will torture you because your salary will decrease in value and how can you meet your unmet needs.
except that a stable bitcoin price might make sense, and for now bitcoin is only good as an asset, or a long term investment that will make you rich in the future and also not to be used if there is no urgent need.

I also oppose entirely if my main job is paid in bitcoin because my whole family depends on that money, and I don't want bitcoin volatility to affect my family life. No matter what anyone says, we don't need to lie that we feel satisfied when our wages are paid in a volatile currency. Unless those people don't need to use their monthly salary, and it would be a bad idea to accept bitcoin payments for people who depend on their monthly salary. Bitcoin is not a stable currency and it is not suitable for payments such as wages.

[dothebeats]

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.

[Inwestour]

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.

So far, this will not be of any mass nature, since the average resident uses a salary for daily needs, and bitcoin is not yet adapted enough to be used as a fiat. But I would be happy if I were paid a salary in bitcoins, since I save part of my salary for buying bitcoin and, if necessary, I can easily convert bitcoin to fiat if necessary.

[jasonjm]

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 is far from possible because everyone needs a stable and fixed amount of income to manage their expenses. Bitcoin price volatility is a major concern and it will not be manageable for governments/ companies to send a fixed amount of BTC to every employee.
For BTC to be used for salary disbursement, it should be accepted/ regulated in the world. 

[passwordnow]

I'm paid in another coin and it's fine.

It's fine if that coin has a lot of volume and is tradable in many exchanges. But if not, there's also the agreement that you can set with the payee if you also believe to the coin that they're about to pay you.

But I don't think people would do it massively

Yeah, it's because of that preference, and if it's a liquid coin there won't be any problem at all. But the majority prefers to have it in the form of Bitcoin because it's not just being accepted as a payment but also it's a direct asset and investment for the receiver.

[Bitcoin_people]

It would be really awesome if bitcoin payments were offered instead of fiat currency. We know that most of the world is currently accepting bitcoin payments in shopping malls for purchasing various products. As the popularity of this Bitcoin has increased day by day, it can be understood that the government of the countries will pay salaries in Bitcoin in many countries in the future. If we focus on one country then we can definitely say that bitcoin payment is really good and convenient. If we look at El Salvador, we can replace everything with Bitcoin. In El Salvador everything starts with bitcoins and what factories and institutions are paid by bitcoins. There people can take whatever salary they want in firat currency and bitcoin which makes the country really attractive. Now if the governments of other countries approve the replacement of fiat currency by Bitcoin then it is certainly possible to move forward economically. If the salaries of various organizations are paid by Bitcoin then I think it is definitely a positive step.

[Ultegra134]

If you still use fiat for transactions or to meet all your needs and pay installments or something else, it's useless if you receive a bitcoin salary. Because if your salary is only enough for one month's needs then your bitcoin will also run out and if the price drops drastically it will torture you because your salary will decrease in value and how can you meet your unmet needs.
except that a stable bitcoin price might make sense, and for now bitcoin is only good as an asset, or a long term investment that will make you rich in the future and also not to be used if there is no urgent need.

Personally, I'm not depending solely on my salary; I save a decent percentage every month, which is used towards my savings. I believe that I've got enough money to get me going for at least a year without working, so I'm not worried about not making ends meet just because Bitcoin's value has fallen. Thus, I could possibly afford to get paid in Bitcoin if I preferred.

However, I'd rather not have a volatile salary; what's the point anyway? You can't directly spend your Bitcoin towards your daily needs unless you're using an exchange such as Binance by funding their debit card, something that we all know is frowned upon. A stable Bitcoin also wouldn't make sense; use stablecoins if that's what you're after. Get paid in fiat, and then create an investment plan depending on how much money you can afford to set aside for this purpose.

[Antonas1]

It's still difficult for it to do (at least for now) because in the majority cases, people from lower socioeconomic classes have not been "touched" by Bitcoin due to lack of literacy and distrust.

[Dr.Bitcoin_Strange]

OP, I think the reason why some people have not accepted to use Bitcoin is because it is not a stable currency like fiat, so even if wages or salaries are paid in Bitcoin, most people will sell it back to fiat immediately they get paid. The reason is that they do have an urgent need to spend money, so they will not hold the Bitcoin they received from Pay; they will just sell it off. It really did make sense to some people, while to many people, it doesn't. Your friend is only living in imagination because Bitcoin cannot be used to pay a salary unless the government has finally approved of Bitcoin being used as legal tender.

[Iroh]

It would be really awesome if bitcoin payments were offered instead of fiat currency. We know that most of the world is currently accepting bitcoin payments in shopping malls for purchasing various products. As the popularity of this Bitcoin has increased day by day, it can be understood that the government of the countries will pay salaries in Bitcoin in many countries in the future. If we focus on one country then we can definitely say that bitcoin payment is really good and convenient. If we look at El Salvador, we can replace everything with Bitcoin. In El Salvador everything starts with bitcoins and what factories and institutions are paid by bitcoins. There people can take whatever salary they want in firat currency and bitcoin which makes the country really attractive. Now if the governments of other countries approve the replacement of fiat currency by Bitcoin then it is certainly possible to move forward economically. If the salaries of various organizations are paid by Bitcoin then I think it is definitely a positive step.

It would be really nice if salaries were paid in btc. For those who wants anyways. Not everyone I think, would want to be paid for their services in bitcoin.
While it’s safe to say the popularity and perhaps usage is regularly increasing, I don’t know about governments of the world paying their employees later in the future with bitcoins. I don’t see that happening. Paying employees with CBDCs later in the future seems more likely than paying in bitcoin.

Paying middle to lower income earners in bitcoin would mostly have them swapping the bitcoins to whatever fiat currency being used in their locale. I don’t think a low income earner would favor being paid in anything except his local currency that he can immediately use.

[pawanjain]

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 would really like to get paid in BTC if it were a preference or may be get my salary in 50% fiat and 50% BTC.
That way I would get the flexibility to use both at my convenience but yeah the sad reality is that the governments are far from making this a possibility.
Although are jobs that do pay in BTC but our day to day jobs don't have that option as of yet.

[Blitzboy]

It would be really awesome if bitcoin payments were offered instead of fiat currency. We know that most of the world is currently accepting bitcoin payments in shopping malls for purchasing various products. As the popularity of this Bitcoin has increased day by day, it can be understood that the government of the countries will pay salaries in Bitcoin in many countries in the future. If we focus on one country then we can definitely say that bitcoin payment is really good and convenient. If we look at El Salvador, we can replace everything with Bitcoin. In El Salvador everything starts with bitcoins and what factories and institutions are paid by bitcoins. There people can take whatever salary they want in firat currency and bitcoin which makes the country really attractive. Now if the governments of other countries approve the replacement of fiat currency by Bitcoin then it is certainly possible to move forward economically. If the salaries of various organizations are paid by Bitcoin then I think it is definitely a positive step.

Bitcoin is growing worldwide every day. Virtual currency is censorship-free and central bank-free. Who wouldn't want that? You're right: El Salvador is leading. The first nation to legalize Bitcoin. "Crypto-paychecks" would be liberating if salaries were paid in Bitcoin. What a financial freedom leap! As we advance toward this crypto-future, we must address complex regulatory and security challenges. Im excited about the Bitcoin shift, but I know the road to crypto-utopia will be long and difficult. That makes it exciting, right?

[Nwada001]

But government employees already have everything they need, so why do they need bitcoin? Not everyone needs bitcoin like we do, we need to be realistic about that.

But this all depends on which government they are working under, or will I say it's based on what kind of employment they have with the government, because not everyone who is under the government pay check is living above a country's poverty level.

All civil servants are receiving their salary from the government, no matter the level of which they have attained since they are being classified grade by grade, and that's how their salary defers. Here in my country, with just my weekly signature earnings, I can consider myself more financially stable than most of the government employees out there. My point is that not all who are under the government are rich. Even if they are Rich, Bitcoin is not only for the poor. Rich people also want more if we are to look at it as a means of acquiring wealth. Most of them also want to try out new things and, at some point, avoid the public's eyes in some transactions that they will want to perform.
 
I agree with you that not everyone needs Bitcoin like we do here, but those above-mentioned points alone do not restrict anyone from wanting to own Bitcoin. We have those who were financially stable and famous even before Bitcoin, but we all have them right now, bagging more Bitcoins than we are doing. Owning Bitcoin is a choice that anyone has to make for themselves; either you want it or you turn a blind eye.

[coinerer]

Bitcoin is a digital currency that anyone can use as they wish but many may like Bitcoin and many may not like it.  So I think paying in Bitcoin would be forcing Bitcoin on everyone.  Which does not support Bitcoin. And on the other hand Bitcoin is still restricted in many countries so it will take a long time to spread globally. But the topic of salary in Bitcoin is very exciting for me because I know about the benefits of Bitcoin.  And I get paid in Bitcoin every week by signature campaign 

[ChiBitCTy]

It entirely depends on what country we are talking about.  Some countries are of course much more conservative than others and wouldn’t even think of allowing this but others will be more open to it. For instance China wouldn’t even consider it, but I believe nations such as the United States would eventually be open to it. In fact I don’t believe there’s any laws against it right now?

[CryptoCasinoGeeks]

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.