Topic: Bitcoin for salary - page 8. (Read 2344 times)
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)
If we talk about the usage bitcoin will provably in good shape for implementing that option but there's a question there. Does the company can afford to lose more money if the market shrink? for sure this is a worse case scenario for them since if they select bitcoins and suddenly a huge crash came for sure the operation of the said company will possibly stop since they might gonna lose a huge amount for that scenario.
It would be interesting if employees are paid using Bitcoin, but there is a regulation in my country that lists the salaries of employees in the labor department using FIAT money, if the company is legal, but if the company is not legal there is no problem paying the employee salaries in Bitcoin,
* legal here is a company registered in the governmentn*
* legal here is a company registered in the governmentn*
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.
As for the legalities that would differs from jurisdiction to jurisdiction ( here you need to look at not just your national but also state laws). If i remember correctly there were a countries and few major companies in Japan and Korea that are already doing or experimented with doing this in the past.
Here is list of a few articles i found on it as well about their legality :
1) https://news.bitcoin.com/crypto-salaries-gain-regulatory-recognition-around-the-world/
2) https://dev.to/koabrook/so-you-re-considering-taking-a-salary-in-bitcoin-1ab6
3) https://bigthink.com/technology-innovation/crypto-salary
4) https://markets.businessinsider.com/news/stocks/new-zealand-legalizes-cryptocurrency-salaries-including-bitcoin-2019-8-1028442320
5) https://nomoretax.eu/the-legality-of-cryptocurrency-salaries/
That being said i cant really say how practical it would be to receive ones salary in Bitcoin today considering that most people would have to immediately convert a large portion if not the entirety of it into Fiat in order to meet their monthly expenses. So this might just add a layer of complexity to the process. Also since most governments would require you to pay your taxes on the received salary (assuming the employee plans to pay it) in Fiat it would add another issue owing to the volatility, as i assume that they would tax you on the fiat value of the Btc at the time you received it. If the price however moves down come tax season ( assuming he did not immediately convert his salary to fiat) then the employee would suffer major losses.
First of all, I love the idea that you decide to want to pay your employees with Bitcoin.
Some members have responded that you must receive legal advice to do so and that is correct.
When using Bitcoin in company, it depends on the laws of your country.
It will affect the IRS of your business, yours as the owner and that of your employees
As this analysis shows for IRS taxpayers in the US.
Some members have responded that you must receive legal advice to do so and that is correct.
When using Bitcoin in company, it depends on the laws of your country.
It will affect the IRS of your business, yours as the owner and that of your employees
As this analysis shows for IRS taxpayers in the US.
Quote
https://www.exodus.io/blog/cryptocurrency-taxes-usa/
If you get paid in Bitcoin, you must report your total wages on your W2 form in dollars. Your employer must report your earnings on your W2 form in dollars, too, by converting payment amounts from Bitcoin to dollars on the date each payment is made. Moreover, tax withholding that applies to dollar wages applies to crypto wages.
If you get paid in Bitcoin, you must report your total wages on your W2 form in dollars. Your employer must report your earnings on your W2 form in dollars, too, by converting payment amounts from Bitcoin to dollars on the date each payment is made. Moreover, tax withholding that applies to dollar wages applies to crypto wages.
Well I don't really want my whole salary to be put up in Bitcoin since I would still convert it into Fiat just to use it to pay for my bills and buy foods.
So for me I would still like to have it in Fiat and just put up how much I would save into Bitcoin.
We couldn't also risk our salary on having less value because of the sudden pumps and dumps that is happening on crypto so it would be better for me to have it in Fiat then convert what I could afford to save in crypto.
So for me I would still like to have it in Fiat and just put up how much I would save into Bitcoin.
We couldn't also risk our salary on having less value because of the sudden pumps and dumps that is happening on crypto so it would be better for me to have it in Fiat then convert what I could afford to save in crypto.
In my opinion,
Your plan to pay salaries to employees in bitcoin is a great idea. And I don't think the government will interfere with your internal problems.
BUT ....
You must be able to explain to employees how your system works. If the employees understand what you want, your problem is resolved.
NOTE.
Your company is not associated with the government
Your plan to pay salaries to employees in bitcoin is a great idea. And I don't think the government will interfere with your internal problems.
BUT ....
You must be able to explain to employees how your system works. If the employees understand what you want, your problem is resolved.
NOTE.
Your company is not associated with the government
I can accept BTC if my boss is willing to pay
noice . we need more workers like you that are not afraid to accept bitcoin . the only reason why workers dont want to get paid in bitcoin is because they are afraid with it . afraid because they are a noob to it and afraid because of unstability if they arent a noob . i work on different companies before including large and small and i experience to recieve my salary in different forms . there is no extra law with what a company is using for payment , they can pay btc or any other crypto 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.
There will be no issue if your country consider Bitcoin legal, first thing that you need to do is to ask the labor department in your country about making their salary converted to salary, it should have approval of the majority of your employees there should be legalities on this, to avoid complaints from your rank and files, if you asked me I want Bitcoin to be my salary, because we have a lot of local exchanges in our country.
I can accept BTC if my boss is willing to pay
If you want to research paying employees in Bitcoin, then look to getpaidinbitcoin.com.au which has been doing just that for a number of years now. You instruct your employer to deposit some, or all of your wages into the account and after setting things up, you are either paid the entire amount in bitcoin, or, a portion with the remainder being on sent to a fiat wallet.
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.
It depends on the country you resides if the government is allowing their citizen to use bitcoin or they prohibits on using it. If it is legal, then there is nothing to worry about. The only thing you need to make sure is if your employees are willing to accept their salary in bitcoin or if they are not. 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 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 best thing that you can do is ask with your government to make it clear because they make the regulation and they are officials of the government, so I am sure they will know about legal or illegal of using bitcoin as the payment for your employee.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.
Probably, in some countries which accept bitcoin, the owner can pay the employee using bitcoin directly to their wallet.
It can not be applied to many countries, especially if that country is not giving any statement about the use of bitcoin or legality of bitcoin in their country.
So until you ask your government, it is better to pay your employee using the method that you already used, so you don't break any law in your country.
Bitcoin as a salary is not quite a good idea because not all people are knowledgable with this coin and also the marker is volatile you don't want to lose any amount of money because of this kind of volatility.
If you are an employee or a worker all you want is to have your hard work paid with the right amount and this is a fixed value.
If you make a salary with the use of the bitcoin there are some instance like
They will pay you and the market price of the coin is 12k dollars after a few minutes the market price drops into 8k this is so huge loss to you and as a worker, you don't want to have this kind of loss to the money you need to fairly pay.
Not a bitcoin payment but instead a digital payment but still in fiat currency and this is the best for now because some of them are stable and does not have too much market movement.
If you are an employee or a worker all you want is to have your hard work paid with the right amount and this is a fixed value.
If you make a salary with the use of the bitcoin there are some instance like
They will pay you and the market price of the coin is 12k dollars after a few minutes the market price drops into 8k this is so huge loss to you and as a worker, you don't want to have this kind of loss to the money you need to fairly pay.
Not a bitcoin payment but instead a digital payment but still in fiat currency and this is the best for now because some of them are stable and does not have too much market movement.
Bitcoins don't really have a set value. It's based entirely on global exchanges, and it depends on how people buy and sell it online. Also Bitcoin and other cryptocurrencies are treated by IRS as property, not currency. According to the Fair Labor Standards Act, employers must pay their employees in cash or other negotiable instruments such as paychecks. Since bitcoin is treated as property, it's highly unlikely that the Department of Labor will consider bitcoin as cash or a negotiable instrument for wage payment. So, to answer your question, government can't pay employees using bitcoin for many reasons, some of them touching on its legality.
OP, are you going to buy Bitcoin to pay your employees in Bitcoin, or do you plan on accepting Bitcoin payments to earn the coins to pay your employees?
It's better to use whatever you are using currently, don't use it if it doesn't fix any inefficiencies.
It's better to use whatever you are using currently, don't use it if it doesn't fix any inefficiencies.
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 think it is not what about if it is legal or not in a particular country. Bitcoin and other cryptocurrencies are too much volatile to become as payment for employees. If you will imagine it is more like you were using Bitcoin on your daily expenses which is not a good thing to do. Bitcoins and other cryptocurrencies are more appropriate to be used as an asset rather than a currency due to the character it has. Apparently, using these cryptos would pretty mess up the system hence we should better leave fiat on this matter. 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 is completely great Op.
But this is not new tbh.
Many micro job employees and freelancers get their payment/salary through Bitcoins.
Yes there is still some sort of steps required to make it an official way of giving salary for permanent jobs.
But in many countries still the government considered Bitcoin as illegal. So it will be really hard to make into effect to pay the permanent employees through Bitcoins.
But this is not new tbh.
Many micro job employees and freelancers get their payment/salary through Bitcoins.
Yes there is still some sort of steps required to make it an official way of giving salary for permanent jobs.
But in many countries still the government considered Bitcoin as illegal. So it will be really hard to make into effect to pay the permanent employees through Bitcoins.
I think for now it can't be applied because the legality of cryptocurrency is still not complete in several countries
Obviously, I agree with that opinion that there are still many countries that have not recognized it as a legal and recognized means of exchange. Of course this will have its own problems later.it is better to stick to things that are already working maybe more practical and easier.
This is one of the good ideas that I've read when it comes to bitcoin adoption. Making bitcoin as a salary is really what can matters the most to those people who are educated about it. If you have an idea on what bitcoin is, then probably you know how important this cryptocurrency to someone who owns it.
It is very difficult to let people know that bitcoin can make profits, they just think that bitcoin is a scam and it doesn't have any value in the market. That's the reason why ignorant people prefers to have fiat money as a salary, because it is easy to use in buying goods, it is a real money and they are not that into the use of modern technology.
It is very difficult to let people know that bitcoin can make profits, they just think that bitcoin is a scam and it doesn't have any value in the market. That's the reason why ignorant people prefers to have fiat money as a salary, because it is easy to use in buying goods, it is a real money and they are not that into the use of modern technology.
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