Can we adopt altcoin to pay wages? - page 10.

acell101

newbie

Activity: 109

Merit: 0

Quote from: markflayer on April 08, 2018, 01:35:50 PM

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?

No.because wages are in fix amount..altcoin is volatile..this can only be adapted on crypto company but in others it would be impossible,,also others dont have an access to internet while others are uneducated,,so it will be hard for them..

Clay99

newbie

Activity: 32

Merit: 0

Yep depends on the country you live in - Taxes etc and how the country handles Crypto? Is it currency, and asset, token, security?

damberg

full member

Activity: 658

Merit: 108

Quote from: markflayer on April 08, 2018, 01:35:50 PM

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?

There is one biggest obstacles - taxes. You have to get paid in currency in which you can also pay taxes (primarily income taxes). It is a core principle of all economies in the world. Therefore the first step is for states to accept cryptocurrencies as means of taxes. And of course volatility is also my concern.

erickkyut

hero member

Activity: 1176

Merit: 509

Using cryptocurrencies as wages have risks. We all know that the market is very volatile. Every minute, the market price changes. I doubt that it is a good idea for now to use cryptocurrencies as wages. Maybe it is possible if the amount of coins that will be given as wages is equivalent on the current market price during the payday.

Coffee135

full member

Activity: 392

Merit: 137

Quote from: entr on April 18, 2018, 05:48:49 AM

I do not think any benefit from paying with altcoins. Usage ares are limited sooner or later you have to exchange it for fiat money. Also, it can be painful with the tax related issues.

Do you think that getting a salary in Fiat is not related to taxation? Lol. The portion of taxes pays for you the employer and the part you pay personally. A lot of people don't even think about it. They do not worry about the money that the employer pays. But that's your money, too. And they are paid from your income, but you do not see it.

Bitcoinjheta

full member

Activity: 798

Merit: 104

Possible it can be made through pay wages the only problem of altcoin are the unstable value of coins in digital market. In this situation few people will definitely not interested in this kind of strategy.

entr

sr. member

Activity: 602

Merit: 277

I do not think any benefit from paying with altcoins. Usage ares are limited sooner or later you have to exchange it for fiat money. Also, it can be painful with the tax related issues.

Early_Waffle

full member

Activity: 294

Merit: 100

An excellent option for promoting altcoyin and crypto. The only drawback is price volatility, but this is a normal situation.

Pikachu12

full member

Activity: 435

Merit: 100

very difficult. Because altcoin and all pennies in crypto are unstable every day. It can be down to less than 10% per day. So if the price goes up then the payee will get more profit. And if prices go down they will lose money. So it is very difficult for them to pay wages with altcoin

AK47-

sr. member

Activity: 644

Merit: 250

Why not?

If your employees are ready to accept payment in cryptocurrencies, then there is no harm in adopting an altcoin for paying the wages. But since, cryptocurrencies are highly volatile, it is highly unlikely that anyone would be willing to take payment in predefined amount of altcoin. But you can set a dollar value and you can pay in altcoin equivalent to that dollar value. Else I don't see people will be willing to take a payment in something that could go 50% down or up the next day.

Early_Waffle

full member

Activity: 294

Merit: 100

You can only if the market is stable. But this is practically impossible, given the small market capitalization of large markets affecting the cost of bitcoin.

MiChaeng

full member

Activity: 364

Merit: 100

Quote from: markflayer on April 08, 2018, 01:35:50 PM

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?

in my opinion it could be. even I've read the news that there are companies that pay employees with BTC in one country, but I forget exactly where. which certainly the country has legalized bitcoin.
if for a problem that will arise may be in my opinion, income will be accepted. because the price of fluctuating bitcoin will make the income so uncertain.

Lieldoryn

sr. member

Activity: 630

Merit: 272

Wages are subject to the laws of the state. The employer has to pay social package and you have to pay income tax. How do you imagine doing this with altcoins? How will the courts consider disputes on violation of labor legislation? It's not real. I don't even consider the volatility of cryptocurrencies.

markflayer

newbie

Activity: 36

Merit: 0

Quote from: A A Aziz on April 17, 2018, 03:52:03 AM

Many problems to adopt altcoin as a means of payment of salary or wages. Actually it could be altcoin used for payment of wages or salaries, but it can happen if the government legalize it. In addition, the salary recipient is also not necessarily ready with the rising risk of price turunya. For example today they receive a salary, then the next day the altcoin price goes down.

Yes price fluctuation is main factor in adoption.

A A Aziz

newbie

Activity: 74

Merit: 0

Many problems to adopt altcoin as a means of payment of salary or wages. Actually it could be altcoin used for payment of wages or salaries, but it can happen if the government legalize it. In addition, the salary recipient is also not necessarily ready with the rising risk of price turunya. For example today they receive a salary, then the next day the altcoin price goes down.

yomikiyao

member

Activity: 132

Merit: 10

Quote from: modtakels on April 15, 2018, 06:18:01 PM

It can be done but the question is,do you think you can handle 90% loss when the altcoins has been down? for example an employee has receive $1k for his monthly salary,would he want to have $100 instead when the market or bitcoin's value has dropped to 90% ? nah,it might not be possible as the people are more dependent to fiat.

This is the difference from the legal currency. No one in the digital coin can control whether it is going up or down. For the real world people prefer to get paid by stable coins.

manlyxman

newbie

Activity: 168

Merit: 0

How many of you here would prefer to be paid through altcoins?

I imagine PayPal is just too convenient right now, despite its huge fees.

Haunebu

hero member

Activity: 3178

Merit: 977

www.Crypto.Games: Multiple coins, multiple games

I highly doubt it. The extreme volatility of the crypto market is one of the primary reasons why this will not happen anytime soon. Bitcoin itself has not gone mainstream yet due to its volatile nature, high transaction fees etc which is why altcoins being adopted as a payment method to pay wages might happen sometime in the distant future. Coins like Litecoin, Ripple, Dash, Monero etc could possibly be adopted in this scenario due to their popularity. Whatever the case, I am not interested in altcoins being used to pay wages. Instead, I am more interested in Bitcoin going mainstream at the moment.

alisafidel58

full member

Activity: 364

Merit: 127

Quote from: markflayer on April 08, 2018, 01:35:50 PM

Can we pay salaries and wages in shape of altcoins?

Sure you can pay your employees with alt coin depending if he/she agrees with it and must be knowledgeable on what kind of alt coin is that.

Quote from: markflayer on April 08, 2018, 01:35:50 PM

What problems can be occurred to adopt it?

You might get a law suit from your government agency from doing this. Most countries doesnt have a law that you can pay your employees with crypto currency.

pantet

newbie

Activity: 117

Merit: 0

Quote from: markflayer on April 08, 2018, 01:35:50 PM

Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?

Main problem in adopting altcoin as a form of salaries is that crypto is not yet adopted throughout the world and its hard for a certain person to convert his salary into cash. As we all know crypto price always fluctuates so I guess its not advisable that salary is in a form of altcoins. Our wages is of its fixed price and when it is in the form of crypto tendency is that it will lessen or if its in a high price it will probably high also and I think is better.

Topic: Can we adopt altcoin to pay wages? - page 10. (Read 1737 times)