Bitcoin for salary - page 3. | Bitcointalksearch.org

stomachgrowls

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Quote from: GreatArkansas on September 08, 2020, 09:25:17 AM

I don't have lot knowledge about different things about legalities or some government things.

I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

Several things should be considered first before going into such transition.

-Ask out if your employees would be willing to accept crypto as their salary ( This would require sufficient knowledge and understanding on their part - therefore telling out about crypto would be part of your job).

-Countries law towards crypto (If your country do have specific laws towards crypto then you would need to abide).

I doubt that your employees would accept the new payment system knowing about volatility but since you're the boss then they wont have any choice but to abide with it.

Jstandhope

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In my opinion it will be a good development but there are several limitations to this especially on the side of government workers. Most government workers especially in the local government levels are old people and some are uneducated. So to achieve this
1.you have a whole lot of work teaching them about this new method and how it works
2. Explain the level of risk and give them hope that their finances are secured.
3. Teach them how to make withdrawal with it or exchange it or do what ever they want.
4. You know crypto currency deals with wallets and wallets have keys and you know if any key is lost or can't be remembered then that wallet is lost. And this old people can't really cram figures or long patterns.
So these are the few limitations this development might face which might result to serious issues on the side of the workers.
5. You know you don't withdraw crypto currency directly just as you do for physical cash rather you exchange it for something except for the new development of Bitcoin ATM made available now. Mean while these workers are already familiar with banking system. So introducing this method will be a whole lot of stress and inconveniences on the side of the workers.

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Quote from: gadado on September 24, 2020, 07:57:56 AM

I think the government will interfere with that due to the tax matter. Also I think it would be unfair for the employee if they receive a bitcoin then the price drops because of the volatility of the market also it depends on the country whether the cryptocurrency is legal on a certain country.

Absolutely, that can actually happen if you convert your bitcoin to fiat and then you will cash out that money through banks especially local banks. They might give us taxes while withdrawing that money. But actually as of now in my country it doesn't have taxes to give when you are withdrawing because there are lots of ways to prevent payment when you cash out.

TedMosby

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it will depend on the regulations of the country where the company is located.
but I don't think that paying employees with Bitcoin directly to their Bitcoin wallet is a good thing for both since the bitcoin's volatility is high.
a bitcoin payment gateway that will automatically convert bitcoin into fiat to their bank account will be a good option for this problem.

Pamadar

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Quote from: gadado on September 24, 2020, 07:57:56 AM

I think the government will interfere with that due to the tax matter. Also I think it would be unfair for the employee if they receive a bitcoin then the price drops because of the volatility of the market also it depends on the country whether the cryptocurrency is legal on a certain country.

For sure government will do that as they will not be getting anything from the taxes, what if everyone made this options. In regards to employees, they needed to understand first the setup before discussing about receiving this form of currency, knowing that volatilities are really have a huge presence from this industry, they are prone to lose value of their hard labor.

Kong Hey Pakboy

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Quote from: roadrunnerjaiv2025 on September 24, 2020, 08:53:44 AM

Sending your employees' salaries directly to their bitcoin wallets is one thing, giving the government its share of your employees' salaries is another. So, I think, there won't be an issue if you will send them separately. The government doesn't have a say on your employees' private money anyway. It's a different story, though, when your employees start using their bitcoin to buy stuff. They'd be taxed for that.

It's good that employees would receive their money in bitcoin because they could also use it as an investment. But I think it will be troublesome if an employee would accept bitcoin as a salary because bitcoin's price is not stable. Companies will also have difficulty sending their salary for a long time and paying high transaction fees when sending taxes, so only a few money will be left on their salary.

roadrunnerjaiv2025

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Sending your employees' salaries directly to their bitcoin wallets is one thing, giving the government its share of your employees' salaries is another. So, I think, there won't be an issue if you will send them separately. The government doesn't have a say on your employees' private money anyway. It's a different story, though, when your employees start using their bitcoin to buy stuff. They'd be taxed for that.

gabbie2010

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Quote from: Xembin on September 08, 2020, 11:12:48 AM

Quote

I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.

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.

Once an agreement is made between the employer and the employee if possible include the organization or company lawyer as a signatory in case of any breach I believed payment of salary with bitcoin is very possible, however the instability in the price of bitcoin can make or mar such kind of payment.
I hope with time and in the nearest future some employers of labour will adopt that type of payment as salary instead of fiat and it should be optional based on employer request as it is now people identities is very important without passing through a third party like banks.

dre1982

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Quote from: ?? on ??

Payments with bitcoin can happen in developed countries and maybe this is a positive response in developed countries. Bitcoin transactions are familiar, for example in supermarkets and other markets can accept bitcoin as a medium of exchange.

I think when you are paid in bitcoin you don't pay that much directly with bitcoin. Personally I would just transfer a big part into local currency and just keep the leftovers for later. I don't see a lot of opportunies to pay with bitcoin here.

gadado

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I think the government will interfere with that due to the tax matter. Also I think it would be unfair for the employee if they receive a bitcoin then the price drops because of the volatility of the market also it depends on the country whether the cryptocurrency is legal on a certain country.

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Quote from: Assface16678 on September 22, 2020, 09:13:00 AM

Quote from: aayaan100 on September 22, 2020, 02:44:49 AM

That could be great of paying or getting salary in Bitcoin and other crypto.. but there are several regulations ands laws in all countries about the cryptocurrency. In the context my country, Nepal the government has prohibited the minings and local transactions of cryptocurrency but gradually the hype is increasing as the IT sector is step forwarding..

This is the common problem of other members right now they would like to make an investment and make an additional income. The problem is their country is banned and prohibited by their government which is a big deal if they tried to make use the cryptocurrency there is a chance they will go to jail and we want to avoid this kind of scenario still it's better to follow the law instead of getting more push to your self and would like to achieve your wants.

Another problem that might come up is that people with the privilege of earning in Bitcoin might forget that they need that money to be used in their own needs and not just another addition for their investments since that is equivalent to their monthly salary. Nepal doing that big move might be due to the lack of research and the bad name of Cryptocurrency has made within their country.

The cure

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This is really good and great idea, but i think it will only happened in countries where crypto is legal and accepted by the government. We all know that crypto currency or bitcoin is volatile, unlike to cash that is consistent it's value. And I think that scenario may lead to the future conflicts between the employee and employer.

mezzaluna

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Quote from: azmirihaque on September 24, 2020, 02:45:55 AM

It is totally dependent on the laws and policies of the government of that country. If that country permits bitcoin for transaction, emplyees may be paid through bitcoin wallet. Otherwise salay with bitcoin will be illegal and that organisation may face different obligations of the govt.

Its not just dependent on the laws and policies that allow them to have Bitcoin as salary since they still need to at least have a steady Bitcoin value to give them as salary since its not easy to just have lots of Bitcoin to be used as salary. The company and government also needs to study if Bitcoin can be a better way to have as salary and must be approve by employees of the company that will use that system.

azmirihaque

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It is totally dependent on the laws and policies of the government of that country. If that country permits bitcoin for transaction, emplyees may be paid through bitcoin wallet. Otherwise salay with bitcoin will be illegal and that organisation may face different obligations of the govt.

UserU

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Quote from: samputin on September 24, 2020, 01:46:57 AM

Same thoughts here. We all know that bitcoin is volatile in nature. So if the salary will be given in btc form, it's just risky. I mean, you can't really budget your money. The price may drop drastically and you still haven't paid your bills yet, then there's nothing you can do about it. With that idea, employees may not agree with that as well. Maybe we should just stick on the part that we can buy things or pay stuff with it.

Having to find a buyer to quickly cashout gets tiring especially with everyone undercutting one another's buy orders.

samputin

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Quote from: Vishnu.Reang on September 23, 2020, 05:13:57 AM

Quote from: ?? on ??

Payments with bitcoin can happen in developed countries and maybe this is a positive response in developed countries. Bitcoin transactions are familiar, for example in supermarkets and other markets can accept bitcoin as a medium of exchange.

For making payments it is OK. But the OP is suggesting the employers to make salary payments using Bitcoin, which I don't think is a good idea. The prices can fluctuate by up to 80% in a single year. And if that happens, you will be in trouble. Rent, utility payments, taxes.etc need to be paid in the form of fiat currency. You can't say that the exchange rate of Bitcoin has gone down and therefore you won't be making these payments.

Same thoughts here. We all know that bitcoin is volatile in nature. So if the salary will be given in btc form, it's just risky. I mean, you can't really budget your money. The price may drop drastically and you still haven't paid your bills yet, then there's nothing you can do about it. With that idea, employees may not agree with that as well. Maybe we should just stick on the part that we can buy things or pay stuff with it.

shamimal93

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This is really very good. Just job pay why I think in the future all kinds of transactions will be through bitcoin. But it is only possible when the government of a country legitimizes it. When the government legalizes Bitcoin, all the people in that country will be able to use Bitcoin for all purposes, and only then will we be able to use Bitcoin as an employee's salary.

Wawa2013

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In my opinion Bitcoin for salary only applies in countries where cryptocurrency is legal. But legalizing as a whole is not only legal
as a digital asset, because in my country Bitcoin is prohibited as a payment. Including salary payments, not allowed in Bitcoin.
I also believe that there are still very few companies that pay their employees in Bitcoin. It's not because the price of Bitcoin is volatile,
but it's a lack of education that makes a lot of people don't know the basics about Bitcoin. If the number of Bitcoin users around
the world is large, it is likely that many companies are paying salaries in Bitcoin.

pankowri

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Quote from: GreatArkansas on September 08, 2020, 09:25:17 AM

I don't have lot knowledge about different things about legalities or some government things.

I am become curious about paying an employee using Bitcoin direct to it's Bitcoin wallet.
Like these days, some of our salary are paid in different method, some are being deposit on some bank accounts, some are cheque, some are cash directly.

I want to ask if we will make official method for paying our employees in Bitcoin directly to their Bitcoin wallet.
Is this method is not foul on the government? Or it is legal?
Especially on the department of government that is about the labor or employment.

The idea of paying employees is good enough. Because people are more interested in the cashless transaction. I am from third world country, in here, govt employee got paid through a bank transaction. So the idea is not a new thing but paying Bitcoin can be a new thing in real life.
It would be great if possible and accepted by all the employees also. But we have to keep it in mind that every employee is not educated. You have to need a minimum knowledge of how to get or withdraw from your wallet.

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Quote from: Ronaldcoin2017 on September 23, 2020, 09:07:43 PM

I think there is no need to use bitcoin on salary, it is more convenient if we used fiat because it will not going to rise or maybe fall so we can assure that the salary will be consistent.

It all depends on who wants to send or receive a salary,
Usually cryptocurrency activists prefer to be paid using cryptocurrency or bitcoin rather than fiat, because it is easier, faster and there are also transaction records which of course can be evidence when one day there is a problem.
and I personally, of the many transactions that I do or the salary I receive, on average use cryptocurrency (especially bitcoin),

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