[2018-09-14] Two-Thirds of Cryptocurrency Investors Want to be Paid in Bitcoin

vy99

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Quote from: Samarkand on September 21, 2018, 05:59:19 AM

Quote from: vy99 on September 19, 2018, 05:28:25 PM

It's a good sign but, as always with cryptocurrency, this will not fully take off until we have price stability.
Imagine you get your salary in Bitcoin equivalent one day and the next day it drops by 10% because some news came out or something...people could lose their homes with such volatility.

This is the reason why the switch to Bitcoin salaries will be a gradual process. E.g. the Japanese
company that already pays employees in BTC only pays a certain percentage (10 % or something
like this) in BTC and the rest in Japanese Yen.

No one is suggesting that companies switch 100 % of the salary payments to BTC, at the beginning
it will only be a fraction until BTC is more mature. Of course some pioneers like freelancers
that work independently will switch to 100 % Bitcoin much faster, but traditional companies
will have to be more conservative.

Yeah that's a smart compromise and one I'd be willing to do too. I have no problem with part of my salary being paid in Bitcoin and I fully advocate others to do the same if we ever want Bitcoin to really take off.

Samarkand

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Quote from: vy99 on September 19, 2018, 05:28:25 PM

It's a good sign but, as always with cryptocurrency, this will not fully take off until we have price stability.
Imagine you get your salary in Bitcoin equivalent one day and the next day it drops by 10% because some news came out or something...people could lose their homes with such volatility.

This is the reason why the switch to Bitcoin salaries will be a gradual process. E.g. the Japanese
company that already pays employees in BTC only pays a certain percentage (10 % or something
like this) in BTC and the rest in Japanese Yen.

No one is suggesting that companies switch 100 % of the salary payments to BTC, at the beginning
it will only be a fraction until BTC is more mature. Of course some pioneers like freelancers
that work independently will switch to 100 % Bitcoin much faster, but traditional companies
will have to be more conservative.

vy99

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Activity: 126

Merit: 25

It's a good sign but, as always with cryptocurrency, this will not fully take off until we have price stability. Imagine you get your salary in Bitcoin equivalent one day and the next day it drops by 10% because some news came out or something...people could lose their homes with such volatility.

timerland

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Quote

The survey of 445 crypto enthusiasts found that while 66% of respondents are willing to receive wages in cryptocurrencies, only 30% believe that companies in their country will change to paying salaries in digital assets, with U.S. respondents being particularly skeptical on that front. Even more, approximately 83% of all respondents, were also willing to receive their bonus payments in cryptocurrencies.

These statistics are not surprising, when you see that all of the respondents are in fact crypto enthusiasts already.

I mean, on a global scale, there is really no advantages of getting paid in fiat if you're already investing into bitcoin. For one, buying bitcoin could prove to be extremely difficult given all the KYC process and all the fees involved, so why not just get paid directly with it? Secondly, if your employer is overseas, then sending funds via bitcoin would likely be a much cheaper and convenient option that will take much less time.

However, actual domestic corporations probably won't start paying out wages any time soon given the lack of knowledge on how to use bitcoin, as well as the lack of awareness of the benefits. For such, I think only freelancers will see the practical benefits of bitcoin at the moment as they generally work for overseas employers.

veleten

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don't confuse investors and people recieving wages in cryptocurrencies
general public heard about bitcoins, maybe even saw "we accept bitcoin here" signs and bitcoin ATMs
but not ready to get paid in something that they consider virtual money, the mentality will always be "and how much is that in dollars?", at least for the time being
but when we are talking abut investors, especially crypto investors, they know what they are doing and are well versed in terms of cryptocurrencies
and I wonder why the figures are only 66% that want to be paid in bitcoins, I think it should be way higher than your average bitcoin dominance figures
maybe its due to the fact that there are too many ICOs with craptokens exist and too many are converting to participate

rodskee

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Employees give a chance to choose what they want to receive payment as salary betwwen fiat and crypto
Of course automatically if the survey asking to Bitcoin enthusiasts definitely the answer is yes
But is the survey asking to those people didn't know and understand about crypto as new future world currency
Surely the answer is no

Theb

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Quote from: Slow death on September 14, 2018, 05:18:27 PM

And how would that be? let's imagine the case from last year. Let's give an example: The person Z works in an exchange and earns 0.1 btc per month and as the price of btc is in the $18000 so the person has a good salary at the end of the month, but then the bitcoin price drops to $6000, so now person Z has little salary. Is it really going to work? will it be that paying people in btc will be a good option?

I don't think that's how salary works. If they said they are "willing to receive their salary based on cryptocurrency" what they meant is that they want to receive their salary in cryptocurrency based on its dollar equivalent. So if their bi-weekly salary is 600$ they still will receive 600$ worth of salary based on BTC nothing more, nothing less. The only problem here is their cryptocurrency based salary will be subject to volatility which would really affect their wage both positively or negatively depending where the prices go.

Kprawn

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Getting your salary in Crypto currency and getting paid for returns on your investments into Crypto currencies are two

different things. I will not accept my salary in Crypto currency, because I would have to convert it directly to fiat to pay for

all the things that I cannot pay in Bitcoin. Getting payment for your profits you made in investment into Crypto currencies are

different, because you can wait longer to convert it or even just to use it. Wink

Lucius

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Quote from: Slow death on September 14, 2018, 05:18:27 PM

And how would that be? let's imagine the case from last year. Let's give an example: The person Z works in an exchange and earns 0.1 btc per month and as the price of btc is in the $18000 so the person has a good salary at the end of the month, but then the bitcoin price drops to $6000, so now person Z has little salary. Is it really going to work? will it be that paying people in btc will be a good option?

We see few examples in world when companies offered part of salary in crypto ( GMO Internet Group ), and it is not a big problem even BTC is very volatile. If person have 2000$ salary, then company can just buy crypto for that amount and make payment to an employee account. But I do not see any point in that if employee sell that crypto in fiat again, and they probably will do that. So only smart way is to offer part of salary in crypto, this may be good for some people who wants to invest some extra money in crypto for future.

jjacob

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Quote from: Xavofat on September 14, 2018, 12:26:14 PM

Since the vast majority of payments are made in fiat, most employers haven't openly given the option to be paid in crypto to their employees and most employees haven't openly considered the option of being paid in crypto.

But in a decent work environment where employees feel comfortable talking to their bosses, I think that if they actually spoke to their bosses and gave them information about how to do it (especially with employees in smaller businesses where it's easy to alter company policy), quite a few would be willing to pay them in Bitcoin.

Realistically, people who are self-employed or in larger companies would probably find it much harder since fiat is the default, but I think considering how many Bitcoin investors would be willing to pay in Bitcoin, it seems that many of them just haven't tried hard enough.

Given Bitcoin's volatility, it would not be wise to get a significant portion of your pay in Bitcoin. In companies like JP Morgan, investing in Bitcoin is against the rules. So there is no chance of getting paid in crypto. Jamie Dimon once remarked that if he found anybody in his company investing in Bitcoin, that person would be fired for being stupid and for breaking the rules.

buwaytress

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Quote from: carlfebz2 on September 14, 2018, 12:18:57 PM

You should put up some introductory or summarization about that link but I would do it for you.

The survey of 445 crypto enthusiasts found that while 66% of respondents are willing to receive wages in cryptocurrencies, only 30% believe that companies in their country will change to paying salaries in digital assets, with U.S. respondents being particularly skeptical on that front. Even more, approximately 83% of all respondents, were also willing to receive their bonus payments in cryptocurrencies.

Comment- People are willing but as expected no company or employers will definitely easily adopt such transition due to volatility and legal aspects.

Thank you for the summary. Probably to be expected that people already starting to build wealth in crypto would naturally want to receive salaries in crypto. For me, it's a natural choice - I get my Bitcoin at the market rate, typically saving about 1% from fees had I got it from an exchange. And then it's far easier to set aside some of that balance to trader over a few days or a week to others, normally on Localbitcoins... and get a slight bump on prices too, then if I'd sold it on some other centralised exchange.

Bitcoin's incredibly easy to sell and liquidate now, into whichever currency I need depending on where I am.

Employers of course can't switch as easily. They have their dues to the taxman for one, and I bet it's hell to make administrative accommodations in some countries as an employer.

Samarkand

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Quote from: Slow death on September 14, 2018, 05:18:27 PM

...
Let's give an example: The person Z works in an exchange and earns 0.1 btc per month and as the price of btc is in the $18000 so the person has a good salary at the end of the month, but then the bitcoin price drops to $6000, so now person Z has little salary. Is it really going to work? will it be that paying people in btc will be a good option?

I´d argue that the volatility of Bitcoin will go down in the long-term as the market cap
grows. These wild moves are possible right now, because a whale can make the price go
crazy by buying or selling a few million $. If the market is much bigger and much more liquid than
at the moment, an order like this won´t have a big effect on the price.

This is basically the same reason why penny stocks are having similar volatility and more
established, liquid stocks don´t have these crazy moves in both directions.

Slow death

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And how would that be? let's imagine the case from last year. Let's give an example: The person Z works in an exchange and earns 0.1 btc per month and as the price of btc is in the $18000 so the person has a good salary at the end of the month, but then the bitcoin price drops to $6000, so now person Z has little salary. Is it really going to work? will it be that paying people in btc will be a good option?

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Xavofat on September 14, 2018, 12:26:14 PM

Since the vast majority of payments are made in fiat, most employers haven't openly given the option to be paid in crypto to their employees and most employees haven't openly considered the option of being paid in crypto.

Do you know why that is? The answer is very simple: paperwork.
The companies have to document every transaction and pay taxes. Additional paperwork would have to be done that would include the value of the coins at the time of the payment (not the exchange, but the time when the employee was paid), invoices from the exchange or the payment processor would have to be added and kept for a couple years just in case. In short, it's additional work nobody wants to pay for.

Xavofat

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Did you see that ludicrous display last night?

Since the vast majority of payments are made in fiat, most employers haven't openly given the option to be paid in crypto to their employees and most employees haven't openly considered the option of being paid in crypto.

But in a decent work environment where employees feel comfortable talking to their bosses, I think that if they actually spoke to their bosses and gave them information about how to do it (especially with employees in smaller businesses where it's easy to alter company policy), quite a few would be willing to pay them in Bitcoin.

Realistically, people who are self-employed or in larger companies would probably find it much harder since fiat is the default, but I think considering how many Bitcoin investors would be willing to pay in Bitcoin, it seems that many of them just haven't tried hard enough.

carlfebz2

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You should put up some introductory or summarization about that link but I would do it for you.

The survey of 445 crypto enthusiasts found that while 66% of respondents are willing to receive wages in cryptocurrencies, only 30% believe that companies in their country will change to paying salaries in digital assets, with U.S. respondents being particularly skeptical on that front. Even more, approximately 83% of all respondents, were also willing to receive their bonus payments in cryptocurrencies.

Comment- People are willing but as expected no company or employers will definitely easily adopt such transition due to volatility and legal aspects.

cheefbuza

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https://bitnotcoin.com/two-thirds-of-cryptocurrency-investors-want-to-be-paid-in-bitcoin/

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