Topic: Can we adopt altcoin to pay wages? - page 12. (Read 1749 times)
The main problem with Altcoin is volatility, because weeks ago the likes of Ethereum, Bcash and Dash were all above $1000, just imagine the fiat value that all these tokens have lost, if you were paid in BTC when the price was above $15k then you have lost 50% of your income. For now, that won't work because the price swing is too high
I think that today this is impossible, because many countries have not adopted the law on the crypto currency. In addition, I don't see the point, because the crypto currency has a very wide application. Don't take crypto only as a payment tool.
You can if the market would be stable which is quite impossible because we have a small marketcap these big players an easily dump bitcoin's value that is why it is too risky and wont be possible as of the moment because it might be the reason why these workers are going to lose their money if the market has been dumped by those whales.
Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?
The high volatility of the market,because what if someone who doesnt know the market volatility received some altcoins,lets say LTC for about $2k and the market crashes and its valie falls below $1k what would he think? someone has stolen his salary that is why cryptocurrencies are too much for some of the people who doesnt know how it works. What problems can be occurred to adopt it?
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.
The volatility problem could be solved by pushing the market value with supply held by the developer , for example ripple. The real problem are when there only few people who interested to use and adopt it even they know already the price would have less value movement, in the near future I feel pessimistic.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.
Second one , crypto currency well known as a tech savvy thing , the traditional people would reject it.
You can do this. The biggest problem is if your employee would want to accept an altcoin as payment, as usually all coins need to be converted into Fiat anyways in order to pay for most things, and the trading could involve some waiting, or loss in pay if a coin falls in price. Also the problem with needing to pay taxes on the cash you pull out, assuming you will be paying proper taxes to begin with, would mean the employee would be double taxed if they were paid in Cryptocurrency. It will work better in the future assuming a few cryptocurrencies take off, and could be used to pay almost everything.
It can be a good way to promote altcoin or cryptocurrencies in general, the only drawback is its price volatility which will affect the wages if converted to fiat unless that an individual is willing to have a certain amount of altcoin/token with in a month or payout regardless of fiat conversion. Also the acceptance of many people in cryptocurrencies, there are still many people that are dumbfounded or does not accept it. But if it will all change then the advancement and future of cryptocurrencies will change.
I think it's too early to talk about it. Because the crypto currency market is very unstable. Therefore, it may happen that a person when receiving a salary will count on one amount, but will get a completely different and not a fact that will be in the black. In addition, a number of states do not unequivocally assess the development of crypto business and take steps to block, in this connection, people can not withdraw their funds.
Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?
What problems can be occurred to adopt it?
Yes, wages and salaries can be paid with altcoins, the only problem to be faced will be the issue of acceptance by staffs, but i believe with Dascoin working on a BTC debit/credit card, such issues can be settled, resolved and done with ease.
the future will be about blockchain
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.
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.
I think payments is not possible in such alt coins where movement is high. Constant altcoin maybe considered for it.
Two main problems are the value may fall before they use it and there are not many retail and service outlets that accept cryptos.
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. What problems can be occurred to adopt it?
Can we pay salaries and wages in shape of altcoins?
What problems can be occurred to adopt it?
What problems can be occurred to adopt it?
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