Bitcoin for salary - page 9. | Bitcointalksearch.org

Mahdirakib

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Quote from: Haunebu on September 08, 2020, 11:22:36 AM

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 said that what I wanted to say. Bitcoin network become busy unexpectedly. So there is a possibility that their salary tx may get stuck for few days. And bitcoin price isn't stable. As a result they might get higher or lower amount while they receive it and able to exchange in fiat money. Everyone would be happy if the price rise during this time. But no one wish to see the sudden dump.
The employees need to exchange his currency to fiat money if company pays him through stable coin like Tether, TrueUSD etc. Cause they can't buy their daily commodities with those coin. So I don't think it would be a good idea as well.

Sadlife

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There are no laws of Bitcoin taxation, and it would conflict with a country's taxation evasion rules. I guess to be safe, only use Fiat as payment for employees. Bitcoin has not yet not been recognized by governments as legal money so there maybe restrictions in its usage, depending on a country.

DoublerHunter

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^ The concept of using bitcoin as payment of your employee is good if there is an exchange that they can immediately exchange to the fiat and also if there is a store in your place that accept bitcoin, straight forward, bitcoin in your place is very common to use in daily in most departments stores and shopping center which is very convenient to use. Another factor is, this salary probably is net gross that already deducted from their monthly amortization in any government company assurance. Nevertheless, there is no problem if your country did not ban bitcoin.

molsewid

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Quote from: imstillthebest on September 08, 2020, 11:48:56 AM

Quote from: molsewid on September 08, 2020, 11:39:29 AM

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.

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 .

Agree. However, my point is if employees disagreed on this matter, they could sue the company if it's illegal or quit their job if they don't have the choice to choose what is their preferred salary option.

And when the employees agree in bitcoin's salary, I think as long as they signed a waiver or form that they already received their compensation, there's no problem for the company.

erikoy

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It can be possibly done like for example the employer source of income or has the bitcoin income and seeing it that it would be great to use the opportunity to convert the bitcoin income into salary for his employee. I myself had tried this earning some cents of bitcoin here while learning at the same time with cryptocurrency to which I convert all my earnings into buying a prepaid load for those who wanted. I have the app that could be use for this though it has only small profit but it is still business as long as I am earning with it then it is good as alright.

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

...

it looks like a topic like this has been discussed before but has sunk....
giving salaries using Bitcoin is great because it can monitor the outflow of funds, but the relatively high fees and the volatility of prices which fluctuate rapidly are still obstacles.

abel1337

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Quote from: Reid on September 09, 2020, 01:02:57 PM

As long as you pay your taxes then it won't be a problem. I think.
But the idea might be a problem for the employees.

Imagine them just cashing it out monthly to another currency. Their own paper currency.
Then it's like you paid fees then they pay for exchange fees which have lower selling rates.
No, it's difficult to have a better end in this era. Maybe in the next 5-10 years when merchants accepting it grows.
That way, they know they can spend it without a money changer service. Grin

I agree, It would be a such a hassle for employees to convert every time they received their payment unless the employees are aware of the crypto ecosystem.
If crypto will be the salary of employees, Employees will be forced out to learn about crypto and it will be natural if they are shocked about the volatility of the value of their salary.

I think it's not practical for company to do this. Unless the company is a crypto-related company like exchanges and other custodial wallet companies out there.

mezzaluna

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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.

That might actually be a good way for them to study Bitcoin but would still take lots of experimenting and a long amount of time. Bitcoin being acknowledged by the government would be a big step if ever developed further. Being payed in Bitcoin might come with a lots of investment before implemented since they cannot just make Bitcoin appear at that moment.

Reid

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As long as you pay your taxes then it won't be a problem. I think.
But the idea might be a problem for the employees.

Imagine them just cashing it out monthly to another currency. Their own paper currency.
Then it's like you paid fees then they pay for exchange fees which have lower selling rates.
No, it's difficult to have a better end in this era. Maybe in the next 5-10 years when merchants accepting it grows.
That way, they know they can spend it without a money changer service. Grin

husencoe

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it all depends on the policies of the government of the country, if the country has legalized cryptocurrency, of course paying employee salaries does not violate the rules, but if cryptocurrency is still illegal in the country, then paying employee salaries via bitcoin is a prohibition, all lies in the status of bitcoin in a country

buwaytress

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Maybe it's just easier to forget about all that complication, and request for a slight modification to the employment contract that only adjusts the mode of payment. Done this many times over the years especially in countries with volatile fiscal economy. Contract simply choose a currency agreed on by both parties, with a clause that accepts a flexible mode of payment.

Then you go through Bitwage, and choose any percentage to be converted to btc at the rate during exchange. It's just a roundabout way of buying bitcoin at dollar cost average really.

Apologies if already suggested, didn't see it on the pages I skimmed through.

finaleshot2016

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IMO, receiving salary digitally and actual money doesn't have many differences, and receiving digital money doesn't mean we must pursue BTC as salary.

People are very practical these days, with or without pandemic or crisis, workers prefer to receive the exact amount of their salary. Unlike in BTC, there's a chance, even it's little, that price might go down on the time where they received the salary through BTC payment. So BTC for a salary isn't really practical especially here in our country where most people value money. It will be only applicable to those people who have huge salaries and do have knowledge or doing investments.

Well, it'll be a good move as long as it promotes cryptocurrency in our country but I'm sure that only a few people will agree on this. Also, most people threat bitcoin as an asset, not a currency, so it'll be hard to adapt it as payment for salary.

posi

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Quote from: rajakulam on September 09, 2020, 09:41:15 AM

If a company is owned by a local government it will definitely violate the rules, but if the company is owned by someone, of course it will not be a problem, because all the authority to pay employee salaries is regulated by someone, but considering the uncertain bitcoin price, it will be troublesome when paying employee salaries.

Violating the rules either the company is owned by local government or individual is done on purpose buddy because every countries have it own legal rules and regulations about crypto taxes payment and better for company or an individual intent to receive salary through cryptocurrency be well informed about those rules and regulations before receiving salary through crypto. An example is where I'm from no tax is pay if you hold crypto but if you convert to fiat the exchange site pay government the tax of the amount of crypto you converted into fiat.

playingpolice

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You might be able to get away with this easier if you are paying an independent contractor, but paying your employees salary with anything other than local fiat seems like it could be a logistic nightmare and challenging to do legally.

rajakulam

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If a company is owned by a local government it will definitely violate the rules, but if the company is owned by someone, of course it will not be a problem, because all the authority to pay employee salaries is regulated by someone, but considering the uncertain bitcoin price, it will be troublesome when paying employee salaries.

Ludmilla_rose1995

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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.

In our country, it is illegal and punishable. In my country, Bitcoin can only be used as a stock and investment commodity. Our government has passed laws that say that paying and purchasing using cryptocurrency is illegal and will result in penalties or fines. However, bitcoin holders who do not use it as a payment method are legal.

oprahwindfury

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Let it be how it is right now.Companies,usually;convert it their crypto currency as Fiat and pay to the employees.Not every where bitcoin is acceptable specially like non- European countires(Except some).So,it is necessary to have fiat currency.Bitcoin's price does not stay at the same price and that's why it is kind of investing.It can be profitable or the result can be the negative.But the fiat will be the same. So Fiat is comfortable for salary.

so98nn

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The thread is full of similar answers, I would like to add my opinion with different outlook though.

I will never accept my salary in the form of BTC. Let's assume you get it in the form of BTC. Now, this is more or less foreign currency for us since it's out of the box currency if seen with regulatory point of view. So there comes few challenges while using this salary at the end of day!!

Whenever I will have to use it, I will have to either cash it out from local exchanger (extra fees to be paid). OR I will have to look for the shops which accept the bitcoin directly. Some of them will literally make you await until there is at least one confirmation on the blockchain.

In case of emergencies, I am dam sure bitcoin would be the worst payment portal since no healthcare sector will accept it or has provision to trade it.

So, if I am getting my salary in terms of RTGS, SWIFT, directly credited to bank then that's the bestest.

AniviaBtc

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If a company can make bitcoin as a form of salary, then why not? It depends on the worker if he is a bitcoin user or if he is knowledgeable about how bitcoin works in the market. If he knows that he can benefit the thing that he worked hard for then probably he will accept it as a salary. There are still a lot of people who are not that knowledgeable about bitcoin existence and impact in the economy.

Businesses can be affected by giving this bitcoin a big opportunity to make people earn it in the way they can and they want.

kryptqnick

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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.

I think this would largely depend on your home country and regulations there. There have been cases, though, when in countries where Bitcoin was in gray zone (not regulated and how it's treated for tax purposes wasn't specified anywhere), the authorities still demanded the income tax to be paid when they learned that someone was receiving income in BTC. But there are also countries with progressive income tax that even starts at zero percent, so if a salary is quite low, the taxes don't have to be paid.
I also found this platform that is supposed to help pay employees in BTC, but I did not dive into it.

Topic: Bitcoin for salary - page 9. (Read 2344 times)