Topic: Bitcoin for salary - page 11. (Read 2344 times)

Yes you can make this possible but im not really that much expert when it comes to legal aspect and also the big question here if that your employee would agree into that new system
on where they do accept crypto rather than receiving a fiat without any hassle on making conversion unlike when they do receive crypto directly which we know that it does still need to be
converted to fiat which basically means that it would still involved some fees for such transaction but if you the boss will compensate it then it wont really be that much of a problem.
Legal talks then it vary on whats the stance of government on your place towards cryptocurrencies.

Using Bitcoin as a salary is a good thing and will save a lot of time for employees to receive their salaries.
But I think not all governments would agree with this, because paying employees through banks we donate to the government buy tax.
So if we will use Bitcoin, the government will lose a large percentage of tax that was earning from employee salary.

It would just be fine if it will be still a currency based, say dollar then will just be converted into bitcoin when the pay day comes. Not much of a deal I think. But then the only problem here is the laws and regulation by the state or country where you live in, if you're living in a problematic country for bitcoin like India then there are possibilities that you'll never experience it.

And yes, another problem would be the volatility rate of bitcoin, since it is high there are chances that it will be reduced or increase over time.

Why not if they can seamlessly do this, but in my opinion giving salaries through employee's banks is still at its best compared to this one.

I doubt anyone would wants to be paid with bitcoin as their salary from regular jobs. Bitcoin isn't predictable. No one knows what is going to happen and it is extremely volatile. Someone receiving say $4,000 USD in bitcoin as a salary might end up having $3,900 USD as spendable within the period of one confirmation. I mean, we have seen price of bitcoin dropping by 100s  of dollars within few minutes. The same might be true for the opposite. Within few seconds the value of his coins might rise, but no one wants to take risks. They have fixed bills to pay where the rise or fall of the price of bitcoin doesn't change the amount to he has to pay!

You could pay your employees directly to their bitcoin wallets but you're still going to pay their taxes and insurrance with fiat money like you'd normally would.

You don't have to worry about them and how they do their taxes. It's not your job to make sure they are abiding the law.


The government often makes things unpleasant for us so it's a bit like breaking even

I agree if Bitcoin is used for salary, because it will be very interesting if we work and get paid with Bitcoin. But there will definitely be
obstacles with government regulations, even though some countries have accepted and legalized Bitcoin. This does not mean that the
government allows companies to pay their employees salaries in Bitcoin. Seeing that Bitcoin is volatile, it is possible that the government
will prohibit the use of Bitcoin for salary.

It depends on the state / country. Look into local laws first.

I think if the company is going to implement it there should be no problem depending on the country, but their could be some issues when it comes to the transactions since bitcoin is anonymous.

There are so many payment methods that are available that could be used than bitcoin when it comes in my country since bitcoin is not yet adopted in my country online transactions like ATM or debit card is the best choice for a salary so that employee could easily withdraw in any ATM in the area.

Even with bitcoin, you gonna need to withdraw in an ATM because bitcoin is not yet accepted in a lot of stores, so spending it is not the best choice but it needs to be converted in the local currency.

Well this will be a good implementation . But some legal steps should be implemented . As we all know bitcoin transaction is completely transparent because it is based on a blockchain platform. But the worrying thing is that it cannot be traced.  So each wallet should be verified with their identity in an organisation. So that the confusion can be avoided . And it will be grate if they payment will be paid in ripple ( XRP ) for better surety of transaction because of tag number. 

he isnt asking the opinion of the employee but he wants to know if theres an extra requirement if he wants to pay using a btc if he owns a company  or a business . btc works like a cash now and it does not need conversion before you use it . what can an employee do if the company will pay in btc ? they will accept it or they will quit but if the onwer is not strict maybe he can make an exception and pay others with thier prefered option .

The method of paying employees in cryptocurrency can be unpleasant on the government but it a vice versa circumstance because the government stance anout crypto payment is what will differentiate if receive of wages to unpleasant or not. Besides, we have some countries where crypto users pay tax according to their income and salary.
In other for you to receive crypto as wage you'll need visit crypto legal adviser for help in other to avoid future tax complication.

Nowadays, salary payment with crypto (especially BTC) has been implemented in some countries. They are such as Japan, The Netherlands, New Zealand, the UK, and maybe others. I think that it is also an interesting thing that we can accept a salary with BTC if possible. But of course, it will have its own strength and weakness.

Related to some questions:

The legality of cryptocurrency in each country may be different. It will depend on what country it is. If there is a law about cryptocurrency, we should also know, in what case the crypto is legal. The probabilities are there.
1. Crypto is legal for digital asset
2. Crypto is legal for payment/transaction
If both are legal in a country, it may be available for salary payment with BTC.
As in my country itself, crypto is only legal for the digital asset so far. So, we can't use it for any payment methods, including salary.

But sometimes, It may be constrained by the following terms:
1. Law
Related to the law in force in the country, it needs to understand the legal protection, never against the government or you will face many obstacles or rule of law. It is better to consult with the legal consultants who understand this and are based on applicable laws.
2. Tax
Sometimes, the salary will also require some taxes. And here, if we can use BTC as payment, we must also think of the mechanism and rules of law of the taxes. Is there any, the mechanism, and also the counting. It may be also important to go to the consultant
3. Agreement
It relates to the owner and also employers whether they agree to use such a payment method or not. Or it is only an alternative of the payment method, whether you can receive payment on cash, cheque, or event transfer on a bank account or use BTC.

And maybe of course some other considerations and notes..

Source:
https://nomoretax.eu/the-legality-of-cryptocurrency-salaries/

Depends on the employee, some of them want it. Some of them will disagree. Not all employees know bitcoin and most of them prefer cash.

Cash is ready to use in daily needs compare to bitcoin you need to convert it to fiat then transfer to a bank account.

If this is not illegal you might consider taking their opinion before changing your salary method to your employees.

The hassle and fees problem in converting bitcoin into cash might put them to quit their job.

It's up to every company, not to government how will they pay their workers, I agree to that. However, they have to stick some laws about it so that workers are still protected.
However, I"m not sure that I would like to get my paycheck in Bitcoin. Because of volatility and lack of regulation I don't find that as a very good idea. I prefere my paycheck in fiat and Bitcoin only as additional income.

I strongly advise against it unless the employee himself/herself requests for it. Why? Because of the volatility factor which needs to be taken into consideration here. Salaried individuals usually depend on consistent salaries every month.

However, BTC volatility would practically make this difficult since the employee may receive higher or lower salaries due to the fluctuations over time.

Instead, the better option here would be pay using stablecoins like Tether, TrueUSD, Gemini USD etc whose volatility is drastically low leading to consistent payments.

You will have to consult local laws and regulations regarding salaries and wages since it is subject to taxation and other related matters. If I were an employer and my employee wants to get paid in bitcoin, I would grant his/her request and pay him/her accordingly, and just keep a ledger of transactions between him/her and I in order to use for legal purposes since bitcoin and crypto is starting to get recognized as 'legal tender' on some countries. It might even work as a prime example of how it can be used in the real world, and regulations and existing laws might soon conform to it if the demand is there and the use is, well, really practical for the masses.

In the bull market in 2017, the GMO company made that announcement A company in Japan wants to start paying employees in Bitcoin. I remembered how the people reacted to that news.

As other said, it relates to different things:
- Local laws: Legality of bitcoin in local nation, area, etc.
- How the company make deal with their employees for payment in bitcoin: all in bitcoin or half in bitcoin and half in fiat.
- Cutoff day to make payment and from which exchange(s), the btc price rate will be taken from.

I am sure it is reasonable when crypto companies pay their employees in crypto. 

I think it is base on the negotiation between employees and employer for the system to work for Bitcoin payment.
Many organizations pay their worker with fiat becaus is very common with the individual to use.

Bitcoin is a decentralized not a centralized. Some government would not allow Bitcoin as a payment because they are not the one controlling the coins.
Bitcoin payment can only work in some private organization, Base on the agreement between the employer and employees in the organization.

I have doubt that this isn't legal in any country since Bitcoin is unregulated yet. Because most states have laws that regulate when you have to make certain types of payment. Upon choosing as a payment method to your employees, don't violate the laws. As a Department of Labor and Employment (DOLE) law, this is a mandatory law for labor and employment to pay taxes. Unless, if your company will pay taxes too but I don't think if they will accept Bitcoin.

The Labor Department will always ask documents, like detail informations, the date and the amount, and pay period for all employees. And also the record gross wages, deductions, and net pay. All of these are needed, for now, more appropriate if you will pay through cash, check, pay cards, direct deposit or even cash through digital mobile wallet. They are regulated currency that supported by bank, I don't think about cryptocurrency.