Topic: Bitcoin for salary - page 6. (Read 2344 times)
Bitcoin for salary has a disadvantages and advantages . We all know that bitcoin is volatile and receiving a fixed salary through bitcoin can give you more profit or either it will decrease your salary amount. Also Government laws still not including bitcoin as a salary for employee.
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One country I know that legalized the usage of Bitcoin to pay employees salary is NZ. Although I am not entirely sure if there are specific companies paying their employees with any crypto coins of any sort, but due to its volatile nature, I doubt that people that just recently heard about it would allow it.
I wouldn't mind getting paid in that any day.
I think bitcoin is not included in the law to become a salary for employee. IF it is accepted by the government then employer can pay their workers with bitcoin. Although bitcoin is volatile ,i prefer to accept my salary in bitcoin because if ever the value of it will increase i can make profit more than my salary.
I agree this previous opinion. It is rather dangerous to pay bitcoins as fixed salary. Not all the people are ready to this
Not all salary payments using bitcoin are accepted for all employees because they have no knowledge of bitcoin, unless they work for a crypto company and already have an agreement with the company to receive their salary using bitcoin.
Salary in bitcoin should be a deal of responsibility since bitcoin has great volatility over a short period, which is not suitable for someone who doesn't understand bitcoin.
When bitcoin increases in price your employees may be happy, but if bitcoin falls in price after you pay them, they will curse you. Be careful with your plan.
When bitcoin increases in price your employees may be happy, but if bitcoin falls in price after you pay them, they will curse you. Be careful with your plan.
A few people here are over-analising being paid in BitCoin. Say your wages are $ 1,000 and you end up with in the hand $ 850 - that amount is translated into BTC (less a nominal transaction fee) - Regardless of the price rising or falling, you were paid $ 850 in bitcoin, so that's what you were paid... $ 850.
I feel like it can be valuable information, but I don't get what you mean, tbh. Why someone is receiving $850 instead of $1,000? You don't mean that transaction fee can be $150 today, right? So, what happens with $150 then? Or do you mean income taxes on wages?
Also, most people don't care about the purchasing power of their salary at the time of payment. They want it to be stable, for several months, at least, for their convenience. People don't want to gamble with their salary.
A few people here are over-analising being paid in BitCoin. Say your wages are $ 1,000 and you end up with in the hand $ 850 - that amount is translated into BTC (less a nominal transaction fee) - Regardless of the price rising or falling, you were paid $ 850 in bitcoin, so that's what you were paid... $ 850.
Hmm quite interesting for us, but how about those employees who does not have that much knowledge about bitcoin, they might just accept it til they know it is volatile, very volatile. But I honestly think that it is possible with these 3 factors, 1.) if the company wants to leap a very risky method of paying their employees, 2.) If the employees wants it too and 3.) If the state of the country does not prohibit the use of bitcoin in any way, even in paying wages. I don't know much about the legalities of labor wages, if it can be done using fiat powered coin just like the cheque, but I guess it is too off especially the volatility rate of bitcoin is our main concern.
The biggest impediment to adopting BTC as a payment method would be the law. Labor laws in most countries specify exactly how employees can be compensated. And BTC isn't one of the ways. They would need to be amended, and that would be an uphill task.
That's right, we need wise laws/amendments regarding receiving salary in Bitcoin. Some current rules are ridiculous and I would regard them as unacceptable. For example, in this BBC article they say that "employees may need to pay capital gains tax if their Bitcoin has risen in value". But what about Bitcoin going down in value? Would the government compensate the loss in that case? Maybe it would, because it would be fair after all, but this should be spelled out in the law.
It is pretty far that bitcoin will be use by the governments as salary in paying their employees. There are many hurdles yet that needs to be resolve before it will come into reality but with regards to other organizations or companies then I am pretty sure that there are few already that are already implementing it.
With regards to my experience, I have also used bitcoin as a salary to my employees that are in other countries so time will surely to come that bitcoin will use by most of the governments that are ready to accept bitcoin in the future.
I think in public institutions it is very imposible for now to use bitcoin as a salary of the employees because now everyone knows how bitcoin works and what is bitcoin and also it depends on the country you are living because there are countries who do not adapt bitcoin as a mode of payment or what and also there are governments who do not accept bitcoin as part of their daily living. With regards to my experience, I have also used bitcoin as a salary to my employees that are in other countries so time will surely to come that bitcoin will use by most of the governments that are ready to accept bitcoin in the future.
It is pretty far that bitcoin will be use by the governments as salary in paying their employees. There are many hurdles yet that needs to be resolve before it will come into reality but with regards to other organizations or companies then I am pretty sure that there are few already that are already implementing it.
With regards to my experience, I have also used bitcoin as a salary to my employees that are in other countries so time will surely to come that bitcoin will use by most of the governments that are ready to accept bitcoin in the future.
With regards to my experience, I have also used bitcoin as a salary to my employees that are in other countries so time will surely to come that bitcoin will use by most of the governments that are ready to accept bitcoin in the future.
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.
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.
First of all it may be possible in case BTC is accepted like the means of payment along with banking cards and fiat. Because especially governmental employees have to declare their income that is official at least once a year, so they should include into their declarations the means that are allowed in their country. And of course lots of depend on the inner policy of the country. And also BTC for salary is not very suitable because of its changing price)))
It should be noted that many if not all Signature Campaigns here on BitCoinTalk pay out their participants directly in BTC. Some have a set price in BTC per post whilst others state a price in $ US which is then converted into BTC when the payout occurs. (Essentially it's already happening) 
Hahaha. But technically, it's still in Bitcoin.
I believe people, in general, would not spend their Bitcoin if it wasn't earned Bitcoin. Plus if Bitcoin doesn't solve an innefficiency for OP, he should not use for payment of salaries.
I think that in the near future this is impossible. Bitcoin has too much value and it is unprofitable for neither the employer nor the worker. Moreover, what's the point of getting bitcoin if you need too many actions to cash it out and buy something.
I think it is true, because it is impractical to force it to do so because what is needed is convenience so that it can be used immediately, if this is of course we will make transactions first because we know that not everyone can directly accept bitcoin as a means of payment. do not force things that are not profitable for workers.
It all depends from your country and regulation. It's illigal almost everythrere
I am sure as long as taxes being paid after making a certain amount income it would be ok. But also I think it would really only matter when he chose to exchange the crypto for fiat.
As long as you do not sell the crypto I do not believe you have to pay taxes on it.
But as an employer I think you giving it as a payroll you would have to claim it so I am not sure. The (example) $400 you pay him today may only be worth $300 tomorrow. Or $600 next week! You may have to document the price at the time of payment! This would be a great question for a tax company!
On another note I live in Grwat Arkansas if your looking to hire another person and pay BTC. LOL
As long as you do not sell the crypto I do not believe you have to pay taxes on it.
But as an employer I think you giving it as a payroll you would have to claim it so I am not sure. The (example) $400 you pay him today may only be worth $300 tomorrow. Or $600 next week! You may have to document the price at the time of payment! This would be a great question for a tax company!
On another note I live in Grwat Arkansas if your looking to hire another person and pay BTC. LOL
This is still dependent on the adoption of bitcoin by government of different countries. When governments endorse bitcoin and it is being used by the masses, it then becomes a question of whether the company would want to pay in bitcoin or if the employees would want to accept bitcoin as salary.
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come
This can only happen if bitcoin is somehow controlled by the government, which means it will lose its preferential function - to be an anonymous, independent financial unit. In any case, what has already happened to bitcoin over the past 5 years gives us the honor of being proud to be present at this even
This is still dependent on the adoption of bitcoin by government of different countries. When governments endorse bitcoin and it is being used by the masses, it then becomes a question of whether the company would want to pay in bitcoin or if the employees would want to accept bitcoin as salary.
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come
That would be their decision and I think it is just optional for every employee to get paid with Bitcoin or fiat. If most establishments never accept Bitcoin, still it not make sense because they will convert it into their local currency. In that case, I've preferred also to paid with fiat to avoid a hassle in my part.I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come
Yes, it somehow the moment will come soon and we don't need to rush with it until such time that we are totally prepared for it. Things can't just be done in a year, a decade but it must be done once we fully welcome in those changes.
This is still dependent on the adoption of bitcoin by government of different countries. When governments endorse bitcoin and it is being used by the masses, it then becomes a question of whether the company would want to pay in bitcoin or if the employees would want to accept bitcoin as salary.
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come
I do believe however that the time will finally come when this will happen. It may not be soon but eventually it will come
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.
This is questionable to your government. It is possible and if it is already approving the use of bitcoin. This will be good and easier for bitcoin users among the workers there. You can suggest that to your government department and that will be taking tovyour government but if you know your government is discouraging people to use bitcoin by making hard rules against it, you don't need to try convincing your government .
The bitcoin market price is increasing and decreasing most of the time and using it as a salary in a company is not a good idea. When you think about it there should be no problem doing it as long as everything checks out or it's approved by the company and bitcoin has no problem when it comes to your government. But it might be a big loss to the company because of the bitcoin value that is going up and down. Unless your company is not a bitcoin investors or doesn't have any connections or doesn't even use bitcoin there is no reason to use it at this time as a salary. I think when its a small exchange or bitcoin wallet I think bitcoin as a salary is fine at that business.
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