More than 20,000 households getting their salary in bitcoin

[Elwar]

Once we reach 20k households getting paid in bitcoin I believe at that point we will have reached mass adoption.

20,000 households in the US at an average household income of $50,000 would be $1 billion each year flowing into Bitcoin. And that's just the United States. Current mining cost is $300 million and next year it will be $150 million per year. To match that there would only need to be 3,000 households.

I could see us getting to 1,000 people using bitwage.co by the end of the year (at least getting a percentage of their checks in bitcoin). 3,000 easily by the end of next year.

As someone that gets paid 100% in Bitcoin I compare it to the day I decided to drop my home phone and live off of just my cell phone in the late 90s when it was not quite ready to do yet. I had to make some adjustments and "cheated" a little by using my office phone and needing to wait until after 7PM to make calls on my cell phone and little things like that, but it was possible. The same with using bitcoin as my primary currency, I have to "cheat" by selling some at localbitcoins to pay for local things and narrow down my selection of websites I use but it is possible. And, like my cell phone, it will get better and easier to the point that everyone will eventually do it and just like those people with land lines, they will be in the minority or have niche reasons for doing so.

Do you think we will reach 20k households getting paid in bitcoin? What is stopping you from trying it out with something small like 5% of your salary?

[1Referee]

Once we reach 20k households getting paid in bitcoin I believe at that point we will have reached mass adoption.

Can you kindly explain why you think 20k is considered mass adoption according to you?

Don't you think the money that's flowing into Bitcoin as you say will also flow out of Bitcoin at some point?

There have to be plenty of places, and I mean places where we can buy daily needs with Bitcoin. Which isn't the case at this point.

What's the point of accepting Bitcoin as salary when you will exchange them for fiat anyway.

It's nice to buy domains, servers, phones, etc. But we need super markets, gas stations and what not to accept Bitcoin in order to keep as much money IN Bitcoin.

[manu92]

What is stopping you from trying it out with something small like 5% of your salary?

Loosing money in exchange expenses that profit only to bitwage and Co...
Bitcoin volatility.

[Elwar]

Once we reach 20k households getting paid in bitcoin I believe at that point we will have reached mass adoption.

Can you kindly explain why you think 20k is considered mass adoption according to you?

I think any industry with a billion in revenue per year is something the market will respond to and service. The price would need to rise 6 times to accommodate the demand.

Don't you think the money that's flowing into Bitcoin as you say will also flow out of Bitcoin at some point?

There have to be plenty of places, and I mean places where we can buy daily needs with Bitcoin. Which isn't the case at this point.

What's the point of accepting Bitcoin as salary when you will exchange them for fiat anyway.

It's nice to buy domains, servers, phones, etc. But we need super markets, gas stations and what not to accept Bitcoin in order to keep as much money IN Bitcoin.

Yes, most merchants do tend to convert immediately to war money but unless you immediately spend all of your money, you will probably take the length of your pay period to spend the money which means that on average you are holding bitcoins for half of the pay period. Over the course of the year you have held bitcoins for half a year on average. This still equals have a billion in bitcoins every year. That more than covers mining costs.

Which means more adoption, more people paid in bitcoins and more spending. No matter if merchants keep it in bitcoins or not, that steady stream incoming will make up for any conversion by the merchants.

Only about 1/6th of all bitcoins is traded on the exchanges. So those 20,000 would be sucking out over 220 bitcoins each (at current prices) while only 110 bitcoins per household would be available on the exchange. Accounting for only holding half of the time means that those 20k households would be buying every bitcoin on the exchange at current volume and current prices. That's not counting other investors.

[ronaldo40]

this is good for the price increase bitcoin, because the company will buy bitcoin to recite employees cmiiw 

[Elwar]

This thread is also a good demonstration of the fact that people only read headlines and ignore every post in the thread before posting something in that thread.

[thejaytiesto]

But how do they calculate how much BTC do they need to pay? they directly convert it from how many dollar/eur that salary would normally be?
What if dollar/eur didnt exsist? we will always dependant of fiat to make this equivalence?

[Elwar]

What is stopping you from trying it out with something small like 5% of your salary?

Loosing money in exchange expenses that profit only to bitwage and Co...
Bitcoin volatility.

Do you ever use Amazon? Do you like losing money that you could be saving by using purse.io?

[Elwar]

But how do they calculate how much BTC do they need to pay? they directly convert it from how many dollar/eur that salary would normally be?
What if dollar/eur didnt exsist? we will always dependant of fiat to make this equivalence?

So if war money did not exist and all we had were bitcoins....how do you think they would calculate pay?

 

[yayayo]

Do you think we will reach 20k households getting paid in bitcoin? What is stopping you from trying it out with something small like 5% of your salary?

I think any number is possible, but it's hard to predict. The main problem is not unwillingness of Bitcoiners to receive Bitcoin as salary, it's unwillingness of companies to even consider other payment options than fiat.

It'll take quite some time to convince businesses to provide Bitcoin as payment option. Of course it's easiest when you're working in the IT industry. But it's a lot harder if you work for traditional companies. You might even risk your standing by just mentioning Bitcoin.

ya.ya.yo!

[Elwar]

Do you think we will reach 20k households getting paid in bitcoin? What is stopping you from trying it out with something small like 5% of your salary?

I think any number is possible, but it's hard to predict. The main problem is not unwillingness of Bitcoiners to receive Bitcoin as salary, it's unwillingness of companies to even consider other payment options than fiat.

It'll take quite some time to convince businesses to provide Bitcoin as payment option. Of course it's easiest when you're working in the IT industry. But it's a lot harder if you work for traditional companies. You might even risk your standing by just mentioning Bitcoin.

ya.ya.yo!

Do you work in the US and get direct deposit?

[Brewins]

the taxes still would have to be paid in dollars by both parts.

And it might cause many judicial disputes about the value received and whether BTC is valid payment.

It is not that simple

[mtwelve]

What is stopping you from trying it out with something small like 5% of your salary?

Loosing money in exchange expenses that profit only to bitwage and Co...
Bitcoin volatility.

Do you ever use Amazon? Do you like losing money that you could be saving by using purse.io?

Purse takes forever, there's a market buffer, and no guarantee service will last forever. I prefer gyft with the 3% discount.

[Elwar]

the taxes still would have to be paid in dollars by both parts.

And it might cause many judicial disputes about the value received and whether BTC is valid payment.

It is not that simple

It is simple, it is how I am paid. Taxes are taken out before my paycheck is sent to me. No judicial disputes, I get paid my usual pay...just in bitcoins.

This is already happening.

[yayayo]

Do you think we will reach 20k households getting paid in bitcoin? What is stopping you from trying it out with something small like 5% of your salary?

I think any number is possible, but it's hard to predict. The main problem is not unwillingness of Bitcoiners to receive Bitcoin as salary, it's unwillingness of companies to even consider other payment options than fiat.

It'll take quite some time to convince businesses to provide Bitcoin as payment option. Of course it's easiest when you're working in the IT industry. But it's a lot harder if you work for traditional companies. You might even risk your standing by just mentioning Bitcoin.

ya.ya.yo!

Do you work in the US and get direct deposit?

No.

I know you can use bitwage as an intermediary in the US. But I think it's not a fundamental improvement, because companies still just pay fiat which gets converted. So it's essentially the same as if I take my fiat salary and buy Bitcoin.

What we need for real progress are Bitcoin-only economic loops, without what you call "cheating" (fiat conversion).

ya.ya.yo!

[Elwar]

What is stopping you from trying it out with something small like 5% of your salary?

Loosing money in exchange expenses that profit only to bitwage and Co...
Bitcoin volatility.

Do you ever use Amazon? Do you like losing money that you could be saving by using purse.io?

Purse takes forever, there's a market buffer, and no guarantee service will last forever. I prefer gyft with the 3% discount.

Gyft is good too. 3% or 30%...other people are losing money using their war money for those services instead of bitcoin.

[Elwar]

Do you think we will reach 20k households getting paid in bitcoin? What is stopping you from trying it out with something small like 5% of your salary?

I think any number is possible, but it's hard to predict. The main problem is not unwillingness of Bitcoiners to receive Bitcoin as salary, it's unwillingness of companies to even consider other payment options than fiat.

It'll take quite some time to convince businesses to provide Bitcoin as payment option. Of course it's easiest when you're working in the IT industry. But it's a lot harder if you work for traditional companies. You might even risk your standing by just mentioning Bitcoin.

ya.ya.yo!

Do you work in the US and get direct deposit?

No.

I know you can use bitwage as an intermediary in the US. But I think it's not a fundamental improvement, because companies still just pay fiat which gets converted. So it's essentially the same as if I take my fiat salary and buy Bitcoin.

What we need for real progress are Bitcoin-only economic loops, without what you call "cheating" (fiat conversion).

ya.ya.yo!

Ya, I think it will start out as an option for a percentage of paychecks. The way bitwage does it is through the payroll companies so it is simpler for the companies to provide that option.

[steven.G999]

But how do they calculate how much BTC do they need to pay? they directly convert it from how many dollar/eur that salary would normally be?
What if dollar/eur didnt exsist? we will always dependant of fiat to make this equivalence?

all it would have been considered mature by the company.
ranging from taxes and to charge exchange

[manselr]

But how do they calculate how much BTC do they need to pay? they directly convert it from how many dollar/eur that salary would normally be?
What if dollar/eur didnt exsist? we will always dependant of fiat to make this equivalence?

So if war money did not exist and all we had were bitcoins....how do you think they would calculate pay?

 

I have no idea, you tell us. I guess whatever people is willing to pay for your goods like food, water whatever.

Anyway thats delusional. Fiat is not going anywhere and people is used to deal with a currency that doesnt move up and down like crazy.

I see Bitcoin as gold, not as a fiat currency.

[jcoin200]

how on earth will this equate to:

$1 billion each year flowing into Bitcoin

People still will need to pay rent, mortgage, fuel, phone, heat etc... so the majority will just be going out of btc anyway.  This is the main problem I cant wrap my head around with mass adoption.  At the end of the day, the money goes back to fiat.