Can Bitcoin help to balance salaries across the world?

[Yanghudi]

Correct me if I'm wrong, what I could conclude from your explanation is how to make a global salary standard for various jobs all over the word, so it could help us in establishing same level salary for people around the world, especially in digital work, isn't it?

Well, for people who make money online, especially in beginner level, for them, this sounds like a good idea, but professionals who has worked for years and has honed their skills might disagree with this idea. My defend is because professional highly put their value in time and efforts to gain and maintain their reputation in their works, thus that's what makes their works are considered as more valuable or their works are seen as extraordinary. I wouldn't say that beginner freelancer are doing less excellent or less valuable works, but to gain and maintain reputation might take years and tiresome efforts.

[Richbased]

Imagine now a world where salaries are paid in Bitcoin. This would enable us to compare salaries all over the world. And at least regarding work done online, like programming, graphic design and other typical freelance and digital work, it could help to establish a "global" salary level and thus help to balance inequality.

Yes receiving salaries in Bitcoin will be a welcome development because every transaction of how salaries are sent to individuals will be visible in the blockchain but making comparisons about each persons salary is not necessary since works and the nature of services rendered are different and there is no way every one can earn same salary as regards to your statement about striking a balance in inequality that's if I didn't misinterpret you because each jobs are paid according to ranks, levels, profession and the work load of the job so there is no way that there's gonna be a balance in salary payments just like some of us are representing signature campaigns in the forum, payments differs according to ranks so it is in other jobs as well be it physical jobs or online jobs but if i get you wrongly you can still let me understand.

[Fortify]

Bitcoin is the first truly global currency. It can be used by anyone having access to the Internet, in any country.

Imagine now a world where salaries are paid in Bitcoin. This would enable us to compare salaries all over the world. And at least regarding work done online, like programming, graphic design and other typical freelance and digital work, it could help to establish a "global" salary level and thus help to balance inequality. [1]

There are freelance sectors where this already is the case, like our signature campaigns here, but also the Value4Value economy on Nostr, but it's still niches. Of course for this to work on a bigger scale than now, Bitcoin price would have to become more stable.

Also you could counter this argument that on freelance platforms the USD is used as a kind of substitute global currency, and international freelancers are competing there without country limits. However, there are several countries where the access to the USD is restricted, or where the conversion to a convenient rate is difficult. Thus a truly global currency like Bitcoin still could help to make salaries more "comparable".

What do you think?


[1] You could of course argue that the inequality has also to do with differences regarding the education level. But even regarding "digital" work, there are still salary differences which can't be explained by this - i.e. where a work of similar quality is more expensive in some countries than in others.

You are talking about bitcoin exactly as you would talk about the global reserve currency, or in fact any of the hundreds of other currencies that already exist. For all the hype that you may find in these forums, it actually creates extra barriers for the average consumer and they may not be interested in going through hoops or paying unknown fees when wanting to spend their money. You do have to be somewhat technically minded to have your own wallet or otherwise you are relying on exchanges, which is just the same as many bank accounts already out there. Anyone is free to accept their wages right now in bitcoin, but it doesn't mean that they want to do that.

[MarjorieZimmermanGinger]

I agree about your point but here I want to give some details as this idea can be implemented but in developed countries because they are having well organized system which is helping their peoples for having use of advance technology and also mostly now they are having debit/credit cards rarely peoples are using case, so this is good for them their legal tender is strong about bitcoin because they are understanding all things related to this and their governments are also bringing policies for the development and improvement of their peoples lives.

They are open to technology and they are never allergic to the development of the times so that the lives of the people there also adapt faster. But to integrate payments using bitcoin in general it is still not possible because it is limited by the applicable rules. Except for some individuals who try to make purchases independently using bitcoin and that does not only happen in developed countries and even some people who live in developing countries also do this kind of thing.

In rest of the world, it's not going to work because we are having peoples not well organized, and their system is also not helpful with too many countries are having restrictions with we have no time frame about having things settled, and we will be having some good change for the peoples and their system with I personally love to have this system, but it's not going to be implemented in our country even in next few years.

In the future nothing is impossible because anything can happen and even when going back when the payment system using fiat currency was introduced it was also considered a taboo for the ancients. But the process took its course and of course was reinforced by some other reasons which were much more rational so that people at that time accepted it.

Now it can never be guaranteed how the payment system using bitcoin can be implemented globally. There are many restrictions that may not be able to be implemented especially for now every country has a legal framework regarding the payment system using fiat currency.

[NotATether]

It would make a base salary but that's only going to hold online. It's not going to translate across the entire country which they are in, because their governments cannot sustain such rates yet with their current economies.

It is already happening without Bitcoin to an extent in the form of freelancing companies like Upwork and Fiverr - those just use the dollar instead of Bitcoin, and most freelancers would make the same conversion anyway when dealing with Bitcoin.

[Solosanz]

Well, for people who make money online, especially in beginner level, for them, this sounds like a good idea, but professionals who has worked for years and has honed their skills might disagree with this idea. My defend is because professional highly put their value in time and efforts to gain and maintain their reputation in their works, thus that's what makes their works are considered as more valuable or their works are seen as extraordinary. I wouldn't say that beginner freelancer are doing less excellent or less valuable works, but to gain and maintain reputation might take years and tiresome efforts.

I really hate hierarchy.

It's really weird someone should being paid higher just because he already spent more years, but both of beginner and senior have a same workload, same job desk, same results etc. These seniors aren't fair though, sometime they will take a credit from the beginners' works in order to make him looks better. Imagine you work hard, your senior claim your work and you receive lower than your seniors.

[Marvelockg]

It would make a base salary but that's only going to hold online. It's not going to translate across the entire country which they are in, because their governments cannot sustain such rates yet with their current economies.

It is already happening without Bitcoin to an extent in the form of freelancing companies like Upwork and Fiverr - those just use the dollar instead of Bitcoin, and most freelancers would make the same conversion anyway when dealing with Bitcoin.

obviously for it to work in a physical setting like within the country that's not like a freelancing job, it has to be that bitcoin has been accepted as a legal tender first in that region. for the freelancing jobs, it has a lot of advantages mostly for people that are residing in places where their exchange rate is very bad while comparing it to the dollar. the unite of bitcoin would have been an issue but since its mostly related to the dollar, that's already sorted out and if after receiving your pay you plan on converting from bitcoin to dollar and then to your local currency, though it might take a lot of time when you're in need of cash unlike when the payment medium is in your local currency, but the volatility of bitcoin and the difference in exchange rate will still serve to your own advantage.

[d5000]

Correct me if I'm wrong, what I could conclude from your explanation is how to make a global salary standard for various jobs all over the word, so it could help us in establishing same level salary for people around the world, especially in digital work, isn't it? [...] professionals who has worked for years and has honed their skills might disagree with this idea.

I'm correcting you as you requested, because that's not what I meant

What I mean is mainly geographical differences, not differences regarding the quality of a work. Experience in a certain field is of course an item which can add value to a work, and thus I'm perfectly fine with an experienced worker having a higher salary and/or price (when talking about freelance work) than a newbie.

[...]for it to work in a physical setting like within the country that's not like a freelancing job, it has to be that bitcoin has been accepted as a legal tender first in that region.

Legal tender is not necessary. Legal tender can help for that process because it forces everybody to accept BTC. But this acceptance can also happen without a legal tender status. Take Venezuela in the hyperinflation period, or Argentina a few years ago, where people were eager to receiver their salary in Bitcoin. However these periods were too short and the phenomenon, above all in Argentina, only limited to certain professions - and the USDT was more popular than Bitcoin.

The crucial factor is that goods must be priced in Bitcoin by merchants, and not "in the local currency or in USD converted to Bitcoin values". The condition for that is a relatively stable Bitcoin, which makes risk for merchants who price their products in Bitcoin manageable.

[summonerrk]

If I understood you correctly, then such an approach is still very unlikely to be able to correct the situation with salaries in the world. The fact is that each country is located in its own location, with its own climate, economy and history, and all this forms the quantitative value of salaries.
And even if we change the method of calculation to Bitcoins, this will not change much. After all, salaries are calculated from many factors.

[CoinFoxs]

Bitcoin is the first truly global currency. It can be used by anyone having access to the Internet, in any country.

Imagine now a world where salaries are paid in Bitcoin. This would enable us to compare salaries all over the world. And at least regarding work done online, like programming, graphic design and other typical freelance and digital work, it could help to establish a "global" salary level and thus help to balance inequality. [1]

There are freelance sectors where this already is the case, like our signature campaigns here, but also the Value4Value economy on Nostr, but it's still niches. Of course for this to work on a bigger scale than now, Bitcoin price would have to become more stable.

Also you could counter this argument that on freelance platforms the USD is used as a kind of substitute global currency, and international freelancers are competing there without country limits. However, there are several countries where the access to the USD is restricted, or where the conversion to a convenient rate is difficult. Thus a truly global currency like Bitcoin still could help to make salaries more "comparable".

What do you think?


[1] You could of course argue that the inequality has also to do with differences regarding the education level. But even regarding "digital" work, there are still salary differences which can't be explained by this - i.e. where a work of similar quality is more expensive in some countries than in others.

Your idea seems good for freelancers and for those who getting paid in bitcoin but not suitable for the platforms and companies that are paying. For paying in bitcoins company should hold bitcoins and there is fluctuation in btc price and when the price is low and market is red the company will face huge and due to this the employee can face delays in their salaries.

[P3Key]

What do you think?


[1] You could of course argue that the inequality has also to do with differences regarding the education level. But even regarding "digital" work, there are still salary differences which can't be explained by this - i.e. where a work of similar quality is more expensive in some countries than in others.

You make sense, but maybe it will happen if only it is possible that everyone will like bitcoin and agree to start using it.
A singular currency can really affect the way people pay for job done because it will give everyone the same sense of value of money. I think one of the very major things affecting the different amount of salaries paid to different individuals doing the same kind of job in different countries is based on the economic level in that country the lifestyle and cost of living.  

I agree with this one, cost of living of a country and GDP will determine the minimum wage. The inequality that we seen in how different people from different country got paid might actually happen because of the differences in the living cost, for example 10$ in some country in Asia will get you 3 times meal in a day compared to America, the minimum wage there is far lower than in America, but that's enough to pay for the daily necessities.

This inequality also what people from West side of the globe has been utilized to travel to most Asian and African country for cheaper price

[N.O]

What do you think?


[1] You could of course argue that the inequality has also to do with differences regarding the education level. But even regarding "digital" work, there are still salary differences which can't be explained by this - i.e. where a work of similar quality is more expensive in some countries than in others.

You make sense, but maybe it will happen if only it is possible that everyone will like bitcoin and agree to start using it.
A singular currency can really affect the way people pay for job done because it will give everyone the same sense of value of money. I think one of the very major things affecting the different amount of salaries paid to different individuals doing the same kind of job in different countries is based on the economic level in that country the lifestyle and cost of living.  

I agree with this one, cost of living of a country and GDP will determine the minimum wage. The inequality that we seen in how different people from different country got paid might actually happen because of the differences in the living cost, for example 10$ in some country in Asia will get you 3 times meal in a day compared to America, the minimum wage there is far lower than in America, but that's enough to pay for the daily necessities.

This inequality also what people from West side of the globe has been utilized to travel to most Asian and African country for cheaper price

I agree with you. Because European countries are taking advantages from the poor asian people who sold their everything to work in big and advanced country. But that is also helpful for Asian countries because in Asia there is more poverty than in Europe and America and people are migrating from Asian countries to Western countries because they saw successful people who became successful in Western countries and before they were very poor and their parents took step for them to send them in Western countries. Now youth is crazy about that and that want to earn money at any cost and they are ready to work like labor but they want good about of salary.

[YOSHIE]

Bitcoin is the first truly global currency.

Bitcoin is not a global currency, Bitcoin is a digital currency, I have a friend who opened a business and he pays employee salaries with Bitcoin, unfortunately the salary payment system only runs for three months, Then the employee's salary is paid back as usual, the reason is simple, the costs are expensive, it doesn't match what was expected.

Likewise with several other sources in terms of business in Bitcoin payments, they return to paying salaries as usual, for me Bitcoin is not suitable for salary payments, Bitcoin is very suitable for investment and trading, because the price of Bitcoin can change significantly.

[slapper]

We're so damn obsessed with the word "salary" we forget it's just a deal between two parties. You provide value, they give you something in return. Bitcoin's the equalizer. It doesn't care about borders, politics, or your grandma's favorite bank. People think stable means flatlining wages worldwide. Bullshit. Stable means the money in your digital wallet today is worth something tomorrow.

Bitcoin salaries? Sounds like a dream for digital nomads, right  "Oh, I'll just code from Bali and get paid in Bitcoin." Wake up, people. Bali's cheap, New York ain't. Taxes, living costs, they don't disappear just because you're getting paid in magic internet money. Bitcoin can make salaries more comparable, not perfectly equal. That's the reality check. You can do it, but it's gonna take a hell of a lot more than just wishful thinking

[STT]

I already assume this does happen over decades, but not directly just from Bitcoin but as an overall trend change in the nature of economies.  Previously most work was arranged around a physical item made and moved around the world but its becoming far more true we have an economy of information and this is the value not so much physical.

Raw commodities will still matter and the elements we mine and refine will be the same as we've done for centuries or more.  Some parts of business will not alter and even change will be slow on those that do such as oil, usage will continue a century longer alongside various energy innovations and improvements.

Its also correct to say information is not new, services as a sector of the economy has long traded information even when it was done by telephone this in itself was a revolution to make the world smaller.  I think we do have to acknowledge that pre existing condition is increasing in its importance and size.    Now something like a 3D printer helps to emphasize the design of a product as most important with the elements to its production almost secondary and far more commoditized.

Final point is obvious, Bitcoin is an important expansion of this world growth, its part of why I think Bitcoin has good justification regardless of whats occurring with pricing for strong base line growth.    BTC is not just speculative or some temporary apparition but part of a process that begin long before its inception to enable anyone anywhere to do anything they are most capable of.
   The idea and the person is the most important part, enabling people in their work and abilities will make the world richer and I do hope more equal also.

[Oluwa-btc]

You make sense, but maybe it will happen if only it is possible that everyone will like bitcoin and agree to start using it.
A singular currency can really affect the way people pay for job done because it will give everyone the same sense of value of money. I think one of the very major things affecting the different amount of salaries paid to different individuals doing the same kind of job in different countries is based on the economic level in that country the lifestyle and cost of living.  

It's a Good one tho but don't you think with the way the economy is going now that everyone has it in mind to own and start using Bitcoin cause I see the way most users in the crypto space regret of not knowing about Bitcoin a long time to have gone far in investing in it and so on, I also see how people make use of the symbol In every areas like making it visible for people to see.
But in the salary aspect i don't think it can really help cause looking at the value of fiat currency and rise in dollars Bitcoin can substitute for the both but there is need for a change  cause with time it takes only few to be able to pay up salary using Bitcoin due to the high rate.
I think for Bitcoin it has a high tendency of price alterations and if it's actually stable it'll be suitable for companies to be able to pay and balance up with salaries.

[d5000]

Bitcoin is not a global currency, Bitcoin is a digital currency,

I'd say a "digital currency without geographic restrictions" would be the most accurate term, but "global currency" is serviceable enough.

I have a friend who opened a business and he pays employee salaries with Bitcoin, unfortunately the salary payment system only runs for three months, Then the employee's salary is paid back as usual, the reason is simple, the costs are expensive, it doesn't match what was expected.

Yep, currently Bitcoin "salaries" have their challenges and they may fit only for a small number of businesses, and thus it's only quite popular in the freelance world (e.g. through platforms like Bitwage).
It would be interesting though, if you know, which platform your friend used and how high the costs were. And were these transaction costs or more related to hedging?

I already assume this does happen over decades, but not directly just from Bitcoin but as an overall trend change in the nature of economies.  Previously most work was arranged around a physical item made and moved around the world but its becoming far more true we have an economy of information and this is the value not so much physical.

Good points raised here. Bitcoin still fits into the scenario: if you have a highly standarized production structure (factories using similar processes across the world, services using the same software, etc.), then it becomes less justifiable why you are paying people from certain geographic regions less than those coming from other regions, at least if their productivity is equal. And an unified currency would show this to everybody.

It's of course not "magic" in no way (see also @slapper's post) but it can help, as already written, to influence the "sense of value".

[icalical]

Global salary comparison is an exciting use case for Bitcoin, but again, a number of very significant challenges are ahead. Although Bitcoin's adoption is on a very good path, especially in places like El Salvador and parts of Africa, it is still not adopted widely enough for a stable presence globally. The Bitcoin market is still quite volatile, that makes some employee and employer deemed Bitcoin as unreliable to be used as main currency for salary. While the volatility has decreased a bit in 2024, it's still an issue keeping Bitcoin from wide usability as a salary standard.

The adoption of Bitcoin in the freelance world is growing but remains niche. Although some platforms, like Nostr, together with a few freelance markets, are trying to experiment with Bitcoin for payments, also we can not ignore some blockchain based freelance platform that also help spread Bitcoin in the freelance world, like laborX and Crypto task. However USD still holds the most currency due to its relative stability and wide accessibility.  But theoretically, a global currency such as Bitcoin can help with that, practically speaking, we are quite far from seeing that on a wide scale, a more stable environment and greater access would be needed first.

[mindrust]

Well, for people who make money online, especially in beginner level, for them, this sounds like a good idea, but professionals who has worked for years and has honed their skills might disagree with this idea. My defend is because professional highly put their value in time and efforts to gain and maintain their reputation in their works, thus that's what makes their works are considered as more valuable or their works are seen as extraordinary. I wouldn't say that beginner freelancer are doing less excellent or less valuable works, but to gain and maintain reputation might take years and tiresome efforts.

I really hate hierarchy.

It's really weird someone should being paid higher just because he already spent more years, but both of beginner and senior have a same workload, same job desk, same results etc. These seniors aren't fair though, sometime they will take a credit from the beginners' works in order to make him looks better. Imagine you work hard, your senior claim your work and you receive lower than your seniors.

What’s your solution? Do you think the seniors should get the same paycheck as the newbies?

That’s not how capitalism works. The seniors are getting paid better because the employers know that they bring more value to the company. Having more experience and knowledge pays more.

Today’s newbies will become seniors in the future too. So instead of complaining, you better get to work.

[justdimin]

I agree with this one, cost of living of a country and GDP will determine the minimum wage. The inequality that we seen in how different people from different country got paid might actually happen because of the differences in the living cost, for example 10$ in some country in Asia will get you 3 times meal in a day compared to America, the minimum wage there is far lower than in America, but that's enough to pay for the daily necessities.

This inequality also what people from West side of the globe has been utilized to travel to most Asian and African country for cheaper price

I agree with you. Because European countries are taking advantages from the poor asian people who sold their everything to work in big and advanced country. But that is also helpful for Asian countries because in Asia there is more poverty than in Europe and America and people are migrating from Asian countries to Western countries because they saw successful people who became successful in Western countries and before they were very poor and their parents took step for them to send them in Western countries. Now youth is crazy about that and that want to earn money at any cost and they are ready to work like labor but they want good about of salary.

Moving is a great motive when you have more money and better life standards for even the same job. It doesn't even have to be a great job, you can be a washer, working in a restaurant and clean dishes all day and then you would still have a better life. This is why people move to Europe, a lot of my friends did, if you have a good job then it's even better.

But remember one more thing, even if you are wealthy in a poor nation, that's still not a good thing, because you still have burglars, thieves, murderers, kidnappers, or even just overall poverty all around you when you are richer than them, and you would rather live somewhere that is more modern and vilized. These days Europe isn't like that neither and they have plenty of crime issues, but at the very least it looks more modern and vilized on surface.