Yes it possibly be, but there is long time it to be happen.
Firstly government has to approve the transaction of the crypto. And there will be low exchange fees for the transaction of crypto.
Topic: A Paycheck Could Be In Cryptocurrency For Employees Shortly (Read 154 times)
This cannot work.
As posted above the price fluctuations are giing to make it difficult for
the employee. Day to day living expenses and utility bills have to be
paid by FIAT. In a volatile market this could be difficult.
As posted above the price fluctuations are giing to make it difficult for
the employee. Day to day living expenses and utility bills have to be
paid by FIAT. In a volatile market this could be difficult.
A large number of companies are stepping ahead to paycheck their employees with cryptocurrency. Hence, the concept might be alluring to some organizations. But, there are numerous adversities for the extensive adoption of such prospects.
Know More: Coinpedia
The success or failure of this plan depends on the country in which the payment is made.Know More: Coinpedia
For example, in some countries you can pay and use Bitcoin easily and in some countries you have to cash out and some impose fees on them.
Currently, payment in cryptocurrency is not feasible due to many difficulties:
- Price collapse.
- High fees.
- Continuous fluctuations
- Changing laws
this is not a wise move for anyone at this point because of a lot of difficulties that the employees will encounter.
the biggest one is going to be the price volatility. we are not yet at a point where prices are stable so that you can pay people with bitcoin as a currency.
the other one that comes to mind is that cryptocurrencies except bitcoin have no usages as a currency. for example if you get paid in an altcoin then you 100% have to sell it in order to be able to buy something like groceries or pay the bills. and as for bitcoin, it has usages as a currency but they are not that many options. for example you may find a way to buy groceries with bitcoin but you may end up paying higher fees (like using the bitcoin debit cards and paying their fees).
As a salary, cryptocurrency, I think, first of all disagrees with employees, because the price of cryptocurrencies fluctuates, and when prices are good, they may get more, but if it is not good. Second, employees earn wages or want to live. When Bitcoin has not yet become mainstream, they also need to change the cryptocurrency to legal currency, which is even more troublesome for employees. This is not a good idea. the biggest one is going to be the price volatility. we are not yet at a point where prices are stable so that you can pay people with bitcoin as a currency.
the other one that comes to mind is that cryptocurrencies except bitcoin have no usages as a currency. for example if you get paid in an altcoin then you 100% have to sell it in order to be able to buy something like groceries or pay the bills. and as for bitcoin, it has usages as a currency but they are not that many options. for example you may find a way to buy groceries with bitcoin but you may end up paying higher fees (like using the bitcoin debit cards and paying their fees).
Yeah, this is one of those things that sound good but there are still a lot of outstanding questions on how Bitcoin will be treated. If you asked me a year or two ago I would have jumped at the chance, but now after going over my taxes from last years profit I am not so sure.
When you are paid in fiat, at least your are taxed on your income and pretty much done with it. Once you are paid in Bitcoin, then not only are your going to be taxed on your income, based upon the bitcoin value the day(s) you get paid, but now you will also need to account for capital gains or losses depending on when you actually received the bitcoin and selling it for fiat.
I think right now the best thing is just to keep getting paid in fiat and then buy Bitcoin when you want it, as this incurs no additional taxes until you actually do cash out. Whereas being paid directly in Bitcoin you have no choice but to do regular cash-outs to pay your bills.
When you are paid in fiat, at least your are taxed on your income and pretty much done with it. Once you are paid in Bitcoin, then not only are your going to be taxed on your income, based upon the bitcoin value the day(s) you get paid, but now you will also need to account for capital gains or losses depending on when you actually received the bitcoin and selling it for fiat.
I think right now the best thing is just to keep getting paid in fiat and then buy Bitcoin when you want it, as this incurs no additional taxes until you actually do cash out. Whereas being paid directly in Bitcoin you have no choice but to do regular cash-outs to pay your bills.
A large number of companies are stepping ahead to paycheck their employees with cryptocurrency. Hence, the concept might be alluring to some organizations. But, there are numerous adversities for the extensive adoption of such prospects.
Know More: Coinpedia
Know More: Coinpedia
I have already read some articles and news about a company planning on giving out btc as form of paycheck or salary. I do not know if it is feasible to give employees paycheck in btc since as we all know that bitcoin is prone to volatility. If an employee received her salary when the price of bitcoin was at 20k$ then a huge deflation occurred the employees will going to declare a rally against the company.
Companies doesnt want this kind of scenes so they will not use cryptocurrency as a form of salary.
this is not a wise move for anyone at this point because of a lot of difficulties that the employees will encounter.
the biggest one is going to be the price volatility. we are not yet at a point where prices are stable so that you can pay people with bitcoin as a currency.
the other one that comes to mind is that cryptocurrencies except bitcoin have no usages as a currency. for example if you get paid in an altcoin then you 100% have to sell it in order to be able to buy something like groceries or pay the bills. and as for bitcoin, it has usages as a currency but they are not that many options. for example you may find a way to buy groceries with bitcoin but you may end up paying higher fees (like using the bitcoin debit cards and paying their fees).
the biggest one is going to be the price volatility. we are not yet at a point where prices are stable so that you can pay people with bitcoin as a currency.
the other one that comes to mind is that cryptocurrencies except bitcoin have no usages as a currency. for example if you get paid in an altcoin then you 100% have to sell it in order to be able to buy something like groceries or pay the bills. and as for bitcoin, it has usages as a currency but they are not that many options. for example you may find a way to buy groceries with bitcoin but you may end up paying higher fees (like using the bitcoin debit cards and paying their fees).
A large number of companies are stepping ahead to paycheck their employees with cryptocurrency. Hence, the concept might be alluring to some organizations. But, there are numerous adversities for the extensive adoption of such prospects.
Know More: Coinpedia
Know More: Coinpedia
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