Topic: Bitcoin for salary - page 10. (Read 2344 times)
Hi, all the comparisons between countries, regulations and currencies take a backseat to Bitcoin ... because Bitcoin regulates itself against the dollar and gold ... and manifests a real price index ... Bitcoin is the Rule now. The volatility has changed sides.
This will depends on the government or the employer of labor, like:
- What currency do we pay employees?
- Are these employees in love with a particular currency?
If this is pertaining to an industries controlled by the Government, maybe there wouldn't be an issue if both parties agreed on the wage system, using Bitcoin. And above all, this Bitcoin payment/wage agreement can only be implemented smoothly in Countries where the Government accepted, adopted, trust its store of value and believed fully its great features. I think, Bitcoin legalizations to some countries gives freedom to every individuals and other industries - Public or Private sector, anything they want to do with it as long as its in a Legal manner according to the law/rules of a certain Country.
legendary
Activity: 2576
Merit: 1043
Need a Marketing Manager? |Telegram ID- @LT_Mouse
This kind of scenario will be possible only if:
1. The employer will agree that all or at least some of his employees will be paid thru Bitcoin.
2. The employee will agree on it as well.
It will fall down to the employer-employee agreement. If they agree then it is possible. There are ways to pay different people in just one transaction already and that is how the CM are paying the sig. participants. On the other hand, employee must be knowledgeable enough or at least know the basic of Bitcoin including sending of it to different people. In the end, there is no bad thing on this when both sides are agreeing with it.
1. The employer will agree that all or at least some of his employees will be paid thru Bitcoin.
2. The employee will agree on it as well.
It will fall down to the employer-employee agreement. If they agree then it is possible. There are ways to pay different people in just one transaction already and that is how the CM are paying the sig. participants. On the other hand, employee must be knowledgeable enough or at least know the basic of Bitcoin including sending of it to different people. In the end, there is no bad thing on this when both sides are agreeing with it.
In my opinion, if all employees know about Bitcoin and know about its use I think there is no problem, but if only a few employees understand Bitcoin it will be a problem for some employees who are not familiar with Bitcoin and they definitely will not want to accept their salary with payment Bitcoin.
For the government in my opinion it depends on which country you are from, there may be some countries that are not allowed to use Bitcoin and there are also those that legalize Bitcoin, if your country legalizes Bitcoin it might not be a problem, but if in your country you ban Bitcoin, you will definitely be dealing by law in accordance with what is implemented by the government in the country itself.
For the government in my opinion it depends on which country you are from, there may be some countries that are not allowed to use Bitcoin and there are also those that legalize Bitcoin, if your country legalizes Bitcoin it might not be a problem, but if in your country you ban Bitcoin, you will definitely be dealing by law in accordance with what is implemented by the government in the country itself.
it is always best to ask these question from a lawyer who is familiar with the law and specifically the law regarding cryptocurrencies. but in the past i have seen some companies paid part of the salary in bitcoin and of course there is always freelancers who are getting paid in bitcoin although that is not exactly an official salary.
This is the best advice, in my opinion. Laws are different in different countries(and even in different regions of the same country). Ask these questions your local lawyer, and you'll get the best answers. I personally doubt that paying employees in Bitcoin can be legal unless the authorities officially approved it, like they did in New Zealand, for example.
This all depends;
Let's be realistic in the situation. It will be complicated if the company will give salary direct to an employee's bitcoin wallet if that employernin the first place do not know about bitcoin or even if he/she knows it, the volatility will make it too strenous to give. It is just easy to cash in your fiat salary to make it as a cryptocurrency so I guess cash as a salary will always be a great choice for employers to consider.
- on the aggreement between the employer and employess
- The countries regulation about cryptocurrency (since there is not bitcoin friendly country)
Let's be realistic in the situation. It will be complicated if the company will give salary direct to an employee's bitcoin wallet if that employernin the first place do not know about bitcoin or even if he/she knows it, the volatility will make it too strenous to give. It is just easy to cash in your fiat salary to make it as a cryptocurrency so I guess cash as a salary will always be a great choice for employers to consider.
We as the crypto community would really like to make Bitcoin for salary, but unfortunately for now only a few countries
alone who might do that. We have to think realistically, because for countries that have not legalized Bitcoin it will ban it
companies that pay their employees salaries with Bitcoin. Now the number of countries that legalize Bitcoin is still very few.
Maybe Bitcoin for salary could be massive in a next few years from now. Right now we just focus on making Bitcoin a payment.
alone who might do that. We have to think realistically, because for countries that have not legalized Bitcoin it will ban it
companies that pay their employees salaries with Bitcoin. Now the number of countries that legalize Bitcoin is still very few.
Maybe Bitcoin for salary could be massive in a next few years from now. Right now we just focus on making Bitcoin a payment.
For crypto enthusiasts I think there wont be any problem to receive their salary directly to their bitcoin wallet. But this is not the case to employees who are not aware of bitcoin existence or prefer to get cash for their salary. We know crypto is high volatile so there's a chance to get your money higher if the btc is uptrend or lower, depending on the market movement. It is not easy to spend too due to lack of merchants, you cant buy using bitcoin in small store with goods and other necessities because you have to convert it first to fiat. Hassle to those who really in rush to get their money. This can be a good idea if more businesses and establishments are already accepting bitcoin as one of their payment method, otherwise its not convenient for some employees.
Well, if you open a bitcoin wallet and do give the governments the kyc information, government won't have any problem because they can easily track your transactions and ask you for the tax later also there won't be any money laundry. However, if you don't consider the government issues, there are many legal and illegal jobs paying the workers and employees by bitcoin, monero or the other crypto currencies. It totally depends on the country and how the react to bitcoin.
Bitcoin for salary is a very good idea and japan has the most of companies that pays bitcoin salaries to there employess. This is really a very great step.
Yet still people need to convert bitcoin to Japanese yen to be able to do their daily spending. Would be interesting to see their labor contracts and how the amount of monthly bitcoin salary is explained and calculated.
For example if a persons receives 0.5 bitcoin monthly. Week ago it was equivalent of $5750, but today it is $5000. Subtract exchange and withdrawal fees. What will he get in the end ? About $4800, when he should have received $5750? Of course the company can take this rate fluctuations on their balance, but how long will they be able to do it?
Imho it is too early to think that Bitcoin can be paid as a salary, until it will be accepted everywhere in your region or country.
Bitcoin for salary is a very good idea and japan has the most of companies that pays bitcoin salaries to there employess. This is really a very great step.
This news rolled out years back. That was during the bitcoin market moving towards the peak and acquiring more users towards it. A company in Japan wants to start paying employees in Bitcoin and to what extent this has come to reality isn't known. In this regard, the employees need to agree on accepting bitcoin as salary considering the volatility. 
I'm not sure how this would work?
What happens if you an employee and the value of the currency goes down?
would the employee be ok getting paid less for their work? Bitcoin is'nt regulated by an authority that makes sure they get paid the same.
If you agree to being paid 0.2 BTC a month, you'd have to agree with this huge risk right from the start.What happens if you an employee and the value of the currency goes down?
would the employee be ok getting paid less for their work? Bitcoin is'nt regulated by an authority that makes sure they get paid the same.
There's another option: being paid the equivalent of a certain sum in BTC. But as soon as you get paid, the risk of having your salary go up or down is going to be present at all times. If a company has the possibility to pay in crypto though and an employee accepts it, why not? It's like being paid in Tesla shares, except it's decentralized and you can pay stuff with it.
True. You need to be aware about the volatility of this cryptocurrency before agreeing to received it as payment.
For us who already understand that factor, we are willing to take it and decide what to do after receiving our salaries, some might exchange it right away and others will keep it as it is for investment purposes.
And with concerns in regards to government, it really depends from how the laws are being implemented in regards to crypto existence from where you are.
I'm not sure how this would work?
What happens if you an employee and the value of the currency goes down?
would the employee be ok getting paid less for their work? Bitcoin is'nt regulated by an authority that makes sure they get paid the same.
If you agree to being paid 0.2 BTC a month, you'd have to agree with this huge risk right from the start.What happens if you an employee and the value of the currency goes down?
would the employee be ok getting paid less for their work? Bitcoin is'nt regulated by an authority that makes sure they get paid the same.
There's another option: being paid the equivalent of a certain sum in BTC. But as soon as you get paid, the risk of having your salary go up or down is going to be present at all times. If a company has the possibility to pay in crypto though and an employee accepts it, why not? It's like being paid in Tesla shares, except it's decentralized and you can pay stuff with it.
I don't think it is an illegal act, like in my country who still ban bitcoin to be use as payment method. With this thing, my government only ban bitcoin for payment system only but there is no rule to ban bitcoin to pay the labor.
Maybe there is something that should be considered, since bitcoin is not known by most people, do they want to change it? The utilization of bitcoin is still lack in all countries (I guess), maybe many people out there who didn't know how to use it.
Maybe there is something that should be considered, since bitcoin is not known by most people, do they want to change it? The utilization of bitcoin is still lack in all countries (I guess), maybe many people out there who didn't know how to use it.
I would say that it depends on the employee/s. If they're okay with getting paid in Bitcoin and they sign the agreement and provide receipt on receiving their salary in Bitcoin. There shouldn't be any problem. As long as you cover in the agreement that you're not responsible for any loss they might incur due to loss of value in Bitcoin.
This topic depends on what country are you thinking of, they have different laws about bitcoin. I'm in México and here bitcoin is not considered money, it's called a 'Digital Active'. That way if you use it to make payments it's not considered as a payment because is not money, so it's considered an exchange.
But for countries who have bitcoin as money on a legal way, should be easy to use it for payments and get a tax ticket from it.
the same as in Indonesia, it is unlikely that this can be done because bitcoin is only recognized as a commodity not a currency so that the salary using bitcoin or altcoin is not legalBut for countries who have bitcoin as money on a legal way, should be easy to use it for payments and get a tax ticket from it.
and one more thing that I know that work done using the internet is not subject to tax fees
This topic depends on what country are you thinking of, they have different laws about bitcoin. I'm in México and here bitcoin is not considered money, it's called a 'Digital Active'. That way if you use it to make payments it's not considered as a payment because is not money, so it's considered an exchange.
But for countries who have bitcoin as money on a legal way, should be easy to use it for payments and get a tax ticket from it.
But for countries who have bitcoin as money on a legal way, should be easy to use it for payments and get a tax ticket from it.
for now in my opinion it is not right for employee salaries to be paid in Bitcoin. some company employees do not understand about Bitcoin and even what cryptocurrency is. It is very risky to pay employee salaries with Bitcoin because of the very high fluctuation of bitcoin prices and it is more risky.
The government also will not approve it because there will be many risks, while in some countries like mine in Indonesia Bitcoin regulation is only used as commodity trading and is not allowed to be used as an official medium of exchange let alone use it as employee salaries.
Bitcoin does have many advantages, but it is still not suitable for application in all sectors and needs further development and adjustment.
The government also will not approve it because there will be many risks, while in some countries like mine in Indonesia Bitcoin regulation is only used as commodity trading and is not allowed to be used as an official medium of exchange let alone use it as employee salaries.
Bitcoin does have many advantages, but it is still not suitable for application in all sectors and needs further development and adjustment.
Aside from unregulated, the issue of its legality will be a big factor that Bitcoin won't be accepted as for salary. The government won't likely to give support with this new system as it might compromise individuals especially when they don't have enough knowledge about crypto. And to the fact that Bitcoin is not already accepted as a currency, a mode of payment globally, they still need to convert it in FIAT which it gives them hassles.
Well, the intention will be good but this is not already the time for this. We need more support from the community and most especially from the government. Once it was approved, people could have their trust and have their option as well if they want Bitcoin or just to remain in FIAT.
Well, the intention will be good but this is not already the time for this. We need more support from the community and most especially from the government. Once it was approved, people could have their trust and have their option as well if they want Bitcoin or just to remain in FIAT.
Jump to: