Imagine African countries using Bitcoin to pay salaries,

[shinratensei_]

I don't see this happening in Africa especially Nigeria, even if CBN just lifted the ban recently doesn't mean the government will start paying salaries with bitcoin, seeing the increase of bitcoin adoption in Nigeria still doesn't mean people will like the payment method and the government will not just pay salaries using bitcoin. Just imagine the government starts paying with bitcoin what will happen to those workers that has zero knowledge about bitcoin and when dealing with government jobs it has nothing to do with age sometimes that's why most elderly men still work as government staff so do you think people like this will accept the payment method and talking about the high transactions fees businesses that accepted bitcoin as a means of payment are regretting talk less of government workers, I personality don't like the idea when it comes to the government sector but private business can adopt this method especially if the CEO is a bitcoin enthusiast

doesn't need to be enforced to the whole population its like giving alternative, whether to be pay through fiat or btc is fine, it depends on the individual to choose.
but I do agree that maybe even the government themselves might not agree with the idea, since its more likely gonna be concerned about the volatility but honestly its a great idea, since the price of bitcoin are keep increasing anyway overtime the allocation for pension fund could be allocated to bitcoin investment basically like 401k plan but with cryptocurrency thats gonna be great retirement plan tbh, but thats just my opinion, after all, bitcoin also have its share of volatility that causes it to dump unless we have indefinite time to hold its might expose some problems.

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[icalical]

As far as I know Bitcoin is not a legal tender in Nigeria, so if you are working in registered company in Nigeria, your company would need to follow government regulation and using the national currency. But if you are working in small/individual company that hasn't been registered then I guess you can ask your employer, but I don't know how the law works in Nigeria so there might be a problem.

What could be the problem is the fee and transaction delay I think if the network is busy you might get your payment delay or your employer will need to pay more fee. That case won't happened if you paid with cash.

All that being said I do agree that using Bitcoin for salary payment will significantly increase it's awareness.

[pinggoki]

That's an attractive offer but considering that we're still mostly fiat when it comes to stuff like commodities and services, I think that it's not a good thing that you're only getting paid in bitcoin, maybe if they offer 30% of your salary then that's probably more acceptable but other than that, it's problematic especially if you're paying rent too.

[AVE5]

I have seen any form of the government sectors paying salaries with the means of Bitcoin or any related cryptocurrencies. To my best of knowledge, crytop currencies has been on suspension prohibiting any form of crytop transactions alongside in the governments sectors but in lately December 2023 the banned of the crytop currency was lifted meaning that the government sectors and the banks are now authorized to start acceptingbto transact with the crytop currencies. So on this note, as time keeps up most of the government sectors may have their salary earners the opportunity to receive their payments through the crytop currencies so, there is every possibilities of advancement in earning salaries with the Bitcoin crytop currency in the country Nigeria even though it has come through yet but a matter of time.

[KupaCrypto]

In Nigeria here the ban on Bitcoin have just been lifted, there people can take advantage of it, not just people, but governments too, most of these government officials actually have Bitcoins, most of them might be in to crypto currencies because it is very easy to purchase crypto currencies when you are a government official in this country, you will have the capital to purchase as many as you want,  
I know businesses that pay through Bitcoin, no jokes, but they are private companies owned by individuals outside the country, making Bitcoin a legal tender will be the stepping stone of this , tho most self centred officials in the government won't buy the idea, but generally it I think it will boost the economy of Africa.

[slapper]

This innovative idea could transform financial institutions! Bitcoin in remuneration structures through Bitwage or Papaya Global is feasible. Think about it: Bitcoin's blockchain technology provides security and transparency. This might greatly reduce fraud and fund mismanagement, right? Think about cross-border payment simplicity. Paying salaries in Bitcoin could reduce banking fees and exchange rate concerns in countries with a large diaspora or overseas workforce.

Creating a government organization to manage Bitcoin salaries could boost the economy. The goal is to put the country at the forefront of financial technology, not simply digital currency. This might spur global tech investments and local fintech breakthroughs. It may also promote financial literacy and tech expertise, encouraging innovation. This prospect excites me! The adjustment may be difficult, but the long-term rewards for the economy and individuals may be revolutionary.

[tygeade]

I heard many African countries are strict with Bitcoin and even if let say they are not, I will still doubt that they will be having this idea, since many countries who has a stable relationship with BTC are still not doing it. Maybe we are still early for this? As of now, we are only lucky here in the forum to first experience it.

I am not aware of those crypto payroll agencies you listed there but that was cool. Employers can try using it, if they think it's a hassle to manually send the BTC's to their workers. BTC is decentralized so it has nothing to do with the government, although BTC must be legalized first by the governments in order for the employers to start doing this innovation.

Many African countries are basically "de-facto dictatorship", they may not be as dictators as you might see from China, but more like Russia. In theory, Russia is a democratic nation, they do have elections, have you ever seen Putin lose an election? That dude is a dictator that makes sure that he wins, there is no scenario where he loses, but you still go out to vote right?

So, that is kind of the situation at many African nations as well, maybe not in the highly developed ones like Egypt or Nigeria or South Africa, but there are plenty that are doing terrible. This is why you should be considering the possibility that you may end up with some more strict approach to it, you might be allowed, but you would be watched for sure.

[jrrsparkles]

I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies  like Bitwage,papaya global, ontop,  which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent  into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.

Even if governments pay in their own fiat, what is stopping the people who receive it from converting it into bitcoin and using it?

Honest;y, we are not yet there to see such things of government giving the employees to receive their salary in bitcoin and I hope that day will eventually come.But let's focus on what is at the table now and I get that you are implying that their fiat are highly unstable and undergo inflation more than they supposed to be, but the choice is in our hands.

[|MINER|]

BTC is in high demand right now.  Big institutions are interested in BTC transactions.  World wide transactions are possible through it.  But I don't think African governments will legalize it. They will never do it, i.e. never introduce BTC as a payment. Because it will damage their traditional currency.  They never want their fiat currency to suffer.  So it is also wrong to expect that they will introduce BTC as payment.

[kryptqnick]

I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies  like Bitwage,papaya global, ontop,  which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent  into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.

Paying salaries in Bitcoin can be risky, considering that it's digital and volatile. If a country has a low percentage of Internet penetration and the population there has a very low level of digital literacy, paying salaries in BTC can be a very unkind thing to do because people can lose access to it, struggle with learning how to use it, lose some of the much-needed funds to volatility and/or fees, etc. Bitcoin can be a choice, but forcing it upon people isn't a good idea. And adoption of Bitcoin makes sense in places where people are already very familiar with laptops, smartphones, daily usage of the Internet, something like mobile banking, etc. Otherwise, it's just too much, all at once, when there are other priorities.

[Issa56]

I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,

No African country has adopted the system yet, but from the way things are going, if any African country will be adopting the system, then the first country that I am expecting is Nigeria. With the way bitcoin adoption is spreading so fast and the current president who is in power really in support of bitcoin, all the bans that were placed on cryptocurrency by the previous administration have been lifted just within the short period of time that he got to power. Let’s hope to hear more good news about cryptocurrency from him.

[Kingbtc2]

I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies  like Bitwage,papaya global, ontop,  which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent  into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.

African countries will first adopt Bitcoin as a legal tender before they can start to talk of paying their workers salaries in Bitcoin, with the adoption it will be more convenient for them to pay salaries in their local fiat currencies. Central African republic, is the only known African country that has adopted Bitcoin as a legal tender and only them can easily make that kind of decision to pay workers with Bitcoin. I believe that private companies in Africa, can decide to pay their workers with Bitcoin, so far it is not banned in that country, but many workers will prefer to be paid with their local fiat currency, so that they can easily spend it in their country. With government adoption as a legal tender it will be easy to transact Bitcoin in any country.

[someone703]

But government agencies? That's a different story. They operate on a bedrock of stability, risk aversion, and established systems. The volatility of Bitcoin, no matter how alluring to us, can send shivers down their spines. It's like asking a seasoned captain to ditch the trusty map and navigate by the stars – an exciting experiment, perhaps, but not for everyday sailing.

The employees, too, have a valid point. Wages are the fruit of their labor, the bedrock of their lives. Receiving them in a fluctuating currency, no matter how promising, can introduce a dose of anxiety they might not be comfortable with. It's not just about trusting the tech, it's about trusting their livelihood.

So, what's the answer? Is Bitcoin salary a revolutionary utopia or a risky leap of faith?

Honestly, it's both. It's a future some are sprinting towards, while others cautiously peek over the horizon. And that's okay. Progress, like Bitcoin, thrives on diversity of opinion and pace.

[coinsnapp7er]

It's very sad to know that the Nigerian government are not paying mind to Bitcoin the same way the youth are waving the flag for them in the crypto world. With the level of advancement in the outer world, Nigeria alone ought to be benefiting from it but our old cabinet of government in power would never let it come to pass, rather than them putting a stop to it and tagging it illegal whenever they like. Well, let's see how it goes now that the ban is lifted.

[stompix]

I really think a lot think more about their investment than what this move would do to their country!

You want to know what would happen if your govemermnt would want to pay all the wages in Bitcoin?
Bankruptcies, deficit, sky high inflation and your currency would be toilet paper!

Why? Just think of the Weimar Republic (Germany) after ww1 and their problems, they had to pay a debt in a foreign currency so they had to purchase that using their own, which nobody wanted so they had to print more to purchase $ then more and moee and more...
Now, let's take Nigeria for example, for the govemermnt to pay all the wages they will need to purchase (If I get this right) 7 billion worth of Bitcoin, now the obvious problem, who would sell you 7 billions dollars worth of bitcoins and get nairas instead? Well...nobody! So you would have to offer more, and more and more as you buy a hard currency with one that nobody wants, till you will have to pay 1 trillion billion naira for 1$. How do you think that would work out for the rest of the population?

Think of the consequences before you think of your own pocket!

[bettercrypto]

I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies  like Bitwage,papaya global, ontop,  which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent  into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.

Well, that's exactly what will happen there. To be honest, those investors who are used to just taking money out of stocks or investing in them are different now because they will be able to directly buy Bitcoin without hesitation, unlike before. It's not like they will really hesitate a bit.

But right now, I can't say where it's good to invest, as long as you do your own research and don't have anyone else to blame. And besides, this is our free will to do in the field of crypto space.

[Davian144]

Well, that's exactly what will happen there. To be honest, those investors who are used to just taking money out of stocks or investing in them are different now because they will be able to directly buy Bitcoin without hesitation, unlike before. It's not like they will really hesitate a bit.

Nowadays there are quite a lot of investment options so that every year there are always new investors born in any field, because there are many sectors that can be used by them for investment so it is very natural that now investors can earn money through several of these sectors when they have make investments based on your own desires.

But right now, I can't say where it's good to invest, as long as you do your own research and don't have anyone else to blame. And besides, this is our free will to do in the field of crypto space.

If you have no doubts about Bitcoin and stocks, you should also be able to recommend it to others without any hesitation. Although everyone will also do their own research personally after hearing investment advice from other people, for now at least these two things are the best as future investments that can be utilized by everyone.

[kentrolla]

We are still far away from those days as for government to consider paying their employees salary in Bitcoin or any other crypto currency they need adoption and I know there are lot of crypto users but not enough for government to take this step and even if government decides to pay who will be held responsible if the price dumps? there are certain challenges due to which we cannot expect payment through Bitcoin.

The most important thing is the fact that very few countries have crypto friendly policy and rest are not in good terms with crypto .

[Renampun]

I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies  like Bitwage,papaya global, ontop,  which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent  into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.

Paying salaries using Bitcoin is actually no longer a difficult thing to do because we have various kinds of exchanges and also digital wallets that can be used as a medium for transferring Bitcoin to fellow users and of course the fees can be very cheap. But the thing that makes it difficult is the acceptance and regulation of Bitcoin in the country itself, if the Nigerian government still doesn't give good permission for Bitcoin to be used then that's quite difficult.
The Nigerian government especially, will definitely not be that easy to give permission to companies who want to use Bitcoin as a payroll for their employees, well that really makes adoption difficult, the opportunity for Bitcoin to be used as a payroll medium in Nigeria in my opinion is really very small.

[Samlucky O]

Paying salaries in Bitcoin, in a country where there is a high poverty rate and where the population needs to spend 90% of the salary directly, is useless. Most of the population cannot keep Bitcoin as an investment and therefore will not be able to benefit from price fluctuations, and the high Bitcoin fees may wipe out most of the salary.

With a fee of 47 sat/vB and assuming that the person will make an average of 3 transactions and that the transaction is 1 input 2 output, he will need about 21 US Dollars per month, while the average salary in Nigeria is around 30,000 NGN (69.17 US Dollars) according to https://www.timedoctor.com/blog/average-salary -in-nigeria/

We are talking approximately 1/3 of the salary in transaction fees  

If there are social security or pension funds where workers' salaries are deducted and kept, then Bitcoin can contribute to mitigating the effects of inflation.

You have said it all. if I had merit,I would have also given to you about your analysis. Because bitcoin transaction fee is getting higher by the day and checking at the least salary someone could receive in such a country like Nigeria, you'll see that you would have almost lost your salary to Bitcoin fee. I doubt your 1/3. i think 4/5 because you'll almost sell your money to fee. Like in a sales of $40 you'll use $32fee for $8 Fiat sales.

Even the company that want to pay you, would loose more money than gaining. Emaging sending salary of $15 with fee of $32 you will see that such company will decide not to continue which is bankruptcy. Because most workers are no serious in there day to day activities and reaching the time of payment company will also like to pay them accordingly on how there work are.  Most will receive higher while others lowoer bit plus or minus the company will lost %40 for a %60 salary.