Can we adopt altcoin to pay wages? - page 11.

LeroyBro

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Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

Depends on the job/salary.

For gigs/small time work, it make sense but I don't think we'll see career job salaries being paid in crypto any time soon.

kicauklaten

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salary or wages in the form of altcoin I think has yet to be applied. the main reason, of course, is that many people may not interested and some countries also still forbid it. In addition of course, because altcoin owns fluctuating value.

Tosyn2

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I don't think altcoin can be adopted to pay wages, crypto in general are volatile bitcoin can't be adopted for now. Had it been crypto is a fixed currency it would have been better means of payment.

Moiyah

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Quote from: BillCoin on April 09, 2018, 12:25:05 PM

Biggest problem is that salaries are usually the people's main income, and you can't really buy a lot with crypto, you can pay it to the governments as taxes and you can't really live on it.
Not only that, there are not a lot of people that will agree to accept crypto as their salary because it's price tends to be very volatility, and most of the people won't afford to lose their entire salary of the month just because they received their salary as an exotic currency.

Strongly agree. Our wages or salary is stable while when they paid us in bitcoin it might end up that it will not reach our agreed salary and that might be the start of the problem. Crypto's price as we all know are volatile, we may be happy if it turns out that btc's/eth's price pump high because our wages will also increase.

But then again, how about when it is at the dump situation? And also, it is not that convenient to transfer money in different banks and then wait in line to withdraw it or even in different money transfer.

I still choose and considered my salary as sent to me via atm card as real money and will just withdraw it as paper money. It makes me feel more comfortable. It may possibly be adopt altcoins or btc as a payment in the future but our world is not yet ready for that.

kryptqnick

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Quote from: nellycanezo on April 08, 2018, 12:40:03 PM

Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

We have a problem to adopt altcoins for wages. Example, if the person have wages for 1000$ per month and you will gave his wages into eth equally to 1000$. The problem is when he cash it out, theres a percentage taken from his capital. So his wages will deducted for that conversion or selling service fee. That wasn't applicable for wages.

Well, I think many people could agree to salaries in coins (if they are solid, of course, not some new ico tokens). Some will prefer fixed salary in, say, eth, while for those who don't like volatility there can be made a salary fixed in fiat, but payed in an altcoin. I don't see many problems with that. Perhaps, for now the biggest one is that one has to sell the coins for fiat anyway, because they can't be used as means of payment almost anywhere. This connects us to the next problem of using exchanges and thus getting quite some fiat onto debit cards, which will look suspicious, since salary cards should be designed specifically for it. What I am trying to say is that for now receiving the salary in cryptos would look illegal and shady.

omonuyak

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Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

It is possible to used altcoins for wages because cryptocurrencies is an advanced money and currencies and things are actually improve and I do believe that time is coming when it will be adopted. I believe that if bitcoin can be stable every other coins can be also stable and we would be able to come into governments understanding to used cryptocurrencies.

meyklove

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Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

Their will be a big problem knowing that if they will pay you in terms of altcoins, you might receive a less or more than its value if you can't cash out immediately.

lotfiuser

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Palestine

ethereum ? yes other idk , but it depend on the people you are paying with altcoin as if the price drop a lot they wont ask for more

vladaziya1

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Yes, it is always possible. Problems can consist of competitors who also want to make their crypto currency into circulation, so it is difficult.

keycellko

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Some companies in Japan are already adopting cryptocurrencies, bitcoin specifically, as salary for their imployees. There are also jobs online that you can get bitcoin for salary. What people see with crypto used as wages is that their money's worth may increase in time if they don't use it. So they are encouraged to save their cryptocoin and spend fiat. This holds true for bitcoins, but for altcoins, we need to establish a coin that is stable enough not to crash right after you receive your salary. So that means it has a long way to go.

rafaeljohncruz

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Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

it could.. actually it is already happening...

fatenmo

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An interesting concept but I think its too early for the following reasons:
Volatile market
Not many places where altcoins can be used and there is a fee for turning alts into fiat
When translating the salary from alt to fiat most likely there will be a loss
Still, a majority of people do not understand crypto and so would not accept it
Legislations would probably need to change because wages are taxable

yugyug

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The concept is quite achievable to adapt altcoins as payment for wages but there are still a lot of risk involve, as the cryptocurrency is now a mainstream it is still not clear on how to correct its volatility, it is always unpredictable unless when the currency is only acceptable within the ecosystem and the exchange rate is always justifiable like a direct exchange of 1 apple to 1 altcoins regardless of inflation outside of the ecosystem.

christian07

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Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

actually we can use digital currency for wages but we need to accept that volatile price of it so after you already got your wage like you got already your altcoins better to exchange that in btc then in fiat so even we have volatile price still you already exchange your wage,i think also better have dollar for wages because we don't need to exchange that faster not like the volatile price of digital currency so i post only the possible things that's all both digital currency or fiat are good for wages

Coin-1

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Quote from: christian07 on April 16, 2018, 12:54:32 AM

Quote from: markflayer on April 08, 2018, 12:35:50 PM

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

actually we can use digital currency for wages but we need to accept that volatile price of it so after you already got your wage like you got already your altcoins better to exchange that in btc then in fiat so even we have volatile price still you already exchange your wage,i think also better have dollar for wages because we don't need to exchange that faster not like the volatile price of digital currency so i post only the possible things that's all both digital currency or fiat are good for wages

Fiat money is slightly volatile too. I don't see the problem to pay wages in the shape of altcoins, if the worker agree to receive a crypto currency. Take a look at the bounty hunters. They work for tokens very well. In addition, these tokens are concerned to some startup company and probably very promising, therefore the price of the earned tokens can grow, so the wage will grow too.

modtakels

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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.

goaldigger

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Altcoins unstability of value is not fitted for a regular monthly wages and salary. People needs fixed salary for fixed expenses like bills, food, clothes, rent, etc. It is not possible that you would eat three times a day this week and once a day next week because of the value. Theres some social experiment on youtube about the salary agreement on cryptocurrency. Find whats the reaction of the employee.

Yakult

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No one would like it. Altcoin price as depleting once in a while. Getting paid with your own currency is sufficient. This will cause a huge uproar if the alt loss its value. Besides no one accept exchange from alt to cash.

Hesaplar

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Pre-sale - March 18

I don't think anybody want their wage as altcoin. Which coin do you have in your mind for this work?
I don't see any stable altcoin in the market. How can you calculate wages and budget?

dedelp01

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We can I think but the main problem is that when altcoins drop its price it loses its value, those who earn their wages from this altcoin will also lose lats of money with doing anything. sad

Topic: Can we adopt altcoin to pay wages? - page 11. (Read 1749 times)