Getting paid in Bitcoin vs getting paid in Fiat - page 6.

sapnu

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Quote from: Abiky on July 30, 2021, 11:35:08 AM

Many people are getting paid in Bitcoin these days, as the cryptocurrency grows in popularity worldwide. A salary in Bitcoin is quite a lot different than Fiat. There's no middleman to go through, so the coins are deposited directly to your account without any ID verification whatsoever. Transactions take from minutes to hours in a completely anonymous manner (sort of). One might say it's easy to avoid taxes when getting paid in Bitcoin than getting paid in Fiat. After all, no one will know you own the coins unless you disclose it (or the government is able to link transactions to your identity). Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

I think it should depend on the employees preference. If they are not well aware or familiar to what bitcoin is, then they would recommend having their salary in the form of fiat and if the employee is knowledgeable enough with regards to bitcoin, then they would prefer receiving it on that currency then. If it is only for me, I would rather have my salary in fiat first, since bitcoin is at risk of going down more on the next few months. It will surely affect my living once that happens. If ever bitcoin is in good condition, I would then suggest having my salary in the form of bitcoin. Not only in the preference of the employee but also the timing you should rely your decision with.

Boov

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Quote from: Abiky on July 30, 2021, 11:35:08 AM

Many people are getting paid in Bitcoin these days, as the cryptocurrency grows in popularity worldwide. A salary in Bitcoin is quite a lot different than Fiat. There's no middleman to go through, so the coins are deposited directly to your account without any ID verification whatsoever. Transactions take from minutes to hours in a completely anonymous manner (sort of). One might say it's easy to avoid taxes when getting paid in Bitcoin than getting paid in Fiat. After all, no one will know you own the coins unless you disclose it (or the government is able to link transactions to your identity). Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

Bitcoin was too expensive to be used as payment for employees despite of its volatile character, and if it will be pushed to divert on this idea everybody should have crypto litteracy. With respect to job industry, fiat has already been dominating for several years but on this matter I guess there's no circumstances arising. Let's just remain this way for the main time, maybe in perfect time job industry will soon adopt this kind of salary payment using digital currency.

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Quote from: RokokGudangGaram on July 31, 2021, 07:28:48 AM

I don't think there would be no problem paying in Bitcoin or Fiat as long as they have the consent of the person. I personally liked to get paid in Bitcoin since right now I'm saving as much as many Bitcoin as a personal investment. I know the risk of course but still if they pay me in Fiat I will just buy Bitcoin, so why not pay me in Bitcoin so I would be able to save it and save from spending in transaction fee.

But the problem with that is if the markets in your locality are accepting bitcoin or are still on the traditional side of things which is fiat because that can affect your decision whether you should go for an all bitcoin salary or not. For me I would choose bitcoin as a salary as long as there are nearby places that I can convert my bitcoin much easier.

RokokGudangGaram

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I don't think there would be no problem paying in Bitcoin or Fiat as long as they have the consent of the person. I personally liked to get paid in Bitcoin since right now I'm saving as much as many Bitcoin as a personal investment. I know the risk of course but still if they pay me in Fiat I will just buy Bitcoin, so why not pay me in Bitcoin so I would be able to save it and save from spending in transaction fee.

Cling18

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Bitcoin payment will depend on the company's capacity to do it and the agreement between the employer and their employees. It would be unfair if people will get paid with Bitcoin if they don't know how to use and access it. However, Bitcoin payment would be faster and convenient but lots of people still need knowledge about it first.

Obito

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Quote from: slaman29 on July 31, 2021, 04:17:59 AM

Look here guys we all need to have food to eat and pay our rent. So for me I would rather get paid in fiat first for all my needs and Bitcoin later for all my savings. Or almost all at least. But not everyone has an employer who has that choice to make.

I'm lucky I have a job and a small campaign on forum for a bit of BTC. Lucky because I actually have to sell that BTC every month a portion so I can be comfortable. It works out and I don't want it to change:)

Depends on the context though, what if stores and establishments that provide product and services are accepting bitcoin then probably you can choose the salary paid in bitcoin but if we are looking at it in a realistic perspective, I think that it's a no brainer to choose fiat as a salary rather than the alternative.

slaman29

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Look here guys we all need to have food to eat and pay our rent. So for me I would rather get paid in fiat first for all my needs and Bitcoin later for all my savings. Or almost all at least. But not everyone has an employer who has that choice to make.

I'm lucky I have a job and a small campaign on forum for a bit of BTC. Lucky because I actually have to sell that BTC every month a portion so I can be comfortable. It works out and I don't want it to change:)

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Ok, I will try to answer your question from my point of view.

Quote from: Abiky on July 30, 2021, 11:35:08 AM

Which type of currency is better for paying employees? Is it Bitcoin or Fiat?

It depends on the employees. Some employees don't know and even care about bitcoin. Few more employees know about bitcoin. So, Employees who don't know and care about bitcoin would be better off getting paid using fiat. Because it's useless to give bitcoins to people who don't know how to use them.

Quote from: Abiky on July 30, 2021, 11:35:08 AM

Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry?

I don't think so. Unless they work with the bitcoin community. As we know that companies in a country will comply with the laws that have been set by the government. If a country prohibits payments (including payroll) using bitcoin, the company will not pay salaries in bitcoin.

Quote from: Abiky on July 30, 2021, 11:35:08 AM

Is working for Bitcoin just like working "under the table"?

This is very subjective. I can't answer for sure

JillianTaft

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I think this post can also answer this question.

https://bitcointalksearch.org/topic/if-you-can-get-paid-through-cryptocurrency-do-you-still-choose-fiat-currency-5351333

I personally choose fiat currency to pay, thinking that Bitcoin is not as widely used as fiat currency in daily life. If I want to invest in which currency, I can choose to invest part of the salary instead of the entire salary. Because I still need daily expenses.

Robinson66

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I have seen similar posts before, and my answer is that if the employer pays with Bitcoin, I will choose Bitcoin. If it is other cryptocurrency, I will see if it is valuable. If possible, I would choose half of the cryptocurrency and half of the fiat currency, because fiat currency is still used in daily life, but now the use of cryptocurrency has also increased. After the volatility of cryptocurrency gradually stabilizes, I will use cryptocurrency to pay wages.

KaliLinux

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Quote from: Abiky on July 30, 2021, 11:35:08 AM

Many people are getting paid in Bitcoin these days, as the cryptocurrency grows in popularity worldwide. A salary in Bitcoin is quite a lot different than Fiat. There's no middleman to go through, so the coins are deposited directly to your account without any ID verification whatsoever. Transactions take from minutes to hours in a completely anonymous manner (sort of). One might say it's easy to avoid taxes when getting paid in Bitcoin than getting paid in Fiat. After all, no one will know you own the coins unless you disclose it (or the government is able to link transactions to your identity). Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

This might sound like a good idea from a Bitcoin adoption perspective but I don't really think I would want Bitcoin as a means for salary payment reasons are,

I believe everyone working in which ever country pays tax and there will be no way the Government will now allow some certain organization to start paying in Bitcoin where the people will now invade tax payment, So I believe you still will pay tax on it as long as it is for your salary.

Fiat will normally just go into your account and you can withdraw and spend or even use your debit/credit cards in most if not all of the stores for daily needs but I know for a fact that most of us don't have this Bitcoin access readily in most of our countries, so what next?

You will have to still sell that bitcoin into fiat for your daily shopping which will take some time for the transaction to go through and plus transaction and withdrawal charges. I will still like my Bitcoin to remain as an Investment for now until such a time or place we can really spend it seamlessly without too many delays and charges.

Liamttw

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It depends on which way they want. Both bitcoin and fiat currency have their own advantages and disadvantages.
advantages

Bitcoin is decentralized. It is open and transparent. Now it is no tax on the use of Bitcoin and full payment can be received. When the price of Bitcoin rises, additional income can be obtained.
For most people, they are accustomed to paying with fiat currency because it is widely accepted by every store and service. And the price of legal currency is the most stable and will not appreciate or depreciate by a large margin.

disadvantages

Bitcoin has not been widely used in more areas. Many areas prohibit the use of Bitcoin for payment and cannot use it to buy daily necessities. And its price is unstable and risky.
Fiat currency is controlled by the government and must be taxed.It is precisely because of the stability of legal currency that it will not appreciate in value like Bitcoin.

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Fiat currency is still better for paying employees but the owner can suggest to their employees to invest in bitcoin monthly to have an investment that will give them more money in the future. That is if the company is aware of the newest technology and wants to help their employees improve their finances. But mostly, the company will not suggest like them instead ask their employees to follow their rule and still use fiat money to accept the salary.

Maybe that will apply in the future, especially if the government suggests that their people use bitcoin and the local store support the payment using bitcoin or other coins. But fiat can still dominate the jobs industry, especially if only a few local stores accept crypto.

It seems that time will still be far from now because that will depend on the government approval of crypto. If the government deals with crypto, we will see the payment method in many countries will change from fiat to crypto.

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Quote from: Abiky on July 30, 2021, 11:35:08 AM

-snip-
Yet, Bitcoin's highly unstable price makes it a terrible currency for day-to-day payments.

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

Like the reasons you said, I think bitcoin is not recommended as a means of payment for one's mainwork (formal), services or sales with capital that is set in fiat value where the salary or profits are spent on daily needs.

Based on my experience, bitcoin is a very good option as payment for a side job (freelancer). Because it is not a basic income, so there is no need to worry about fluctuations. Interestingly, this income can be used as future savings that offer unexpected profits.

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Quote from: Woodie on July 30, 2021, 08:48:00 PM

If bitcoin was going to be my preferred choice of payment then this has to have not less than 15% more to account for any possible loss of value as crypto is volatile which would be an extra cost on the employer side.

But even though am on cryptos side it would be better to get paid in fiat as it's easy to handle and to avoid lost value from crypto that could be because of holding.

A company wouldn't willing to do that. What incentive do they get for doing that?
There has to be bargaining because the company does have the option as well. If that is what you demand, they'd just stick to send digital fiat which is fair to them.

If I was the company I would rather be choosing the stablecoin for the employees and it's up to them if they convert to BTC. Stablecoin is fairer probably prefer the TRC20 for a cheap transaction fee.

Woodie

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If bitcoin was going to be my preferred choice of payment then this has to have not less than 15% more to account for any possible loss of value as crypto is volatile which would be an extra cost on the employer side.

But even though am on cryptos side it would be better to get paid in fiat as it's easy to handle and to avoid lost value from crypto that could be because of holding.

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Quote from: Ziskinberg on July 30, 2021, 07:45:29 PM

Quote from: Abiky on July 30, 2021, 11:35:08 AM

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

Maybe 10 years from now as these companies are also considering that but the problem is the volatility of Bitcoin and I don't think that they will be supposed to pay their employee to fix rates? If that be going to happen, I always preferred to have BTC in payment as there is no problem in my country. But I'm still expecting that majority will choose to get paid for fiat as the majority of the establishments aren't accepting Bitcoin. That I only choose BTC for payment for the intention to hold it and as a sort of investment, not to spend them after receiving.

There would be some possible option to be given in the future but depending on the company on where you are working with because not all would really be having the same impressions towards bitcoin

its neither they would really be looking positive but for sure majority of them would really be on the negative side.So better not to expect that much on this matter.

If you are eager to accumulate bitcoin then you can always buy if you wanted to on other ways not just waiting for this change up.

Shasha80

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Quote from: Traderbtcc on July 30, 2021, 07:07:46 PM

Quote

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

I think both are okay and it's up to the worker to choice between which one suits him/her most, bitcoin is better than fiat only when after payment the price goes up due its volatile nature, whilst getting paid in fiat might seem better because its stable and won't drop in value, if the employee wants to take a risk then bitcoin would be a better option, also mass adoption is already taking place and I believe we will start seeing more businesses offering bitcoin as a payment method for their employees.

For those of me who already understand how Bitcoin works, really expect salary payments with Bitcoin. But the problem is that many people don't
really understand Bitcoin, so they will complain after the salary is given in Bitcoin, soon the price will drop. Even though if they are patient
the price of Bitcoin can go up again, it can even go much higher. So for now it really needs to be done a lot of education first before the company
provides salaries with Bitcoin to its employees. Moreover, not all countries legalize Bitcoin as payment, so it is not effective at this time to get
salary payments in Bitcoin.

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Quote from: Abiky on July 30, 2021, 11:35:08 AM

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

Maybe 10 years from now as these companies are also considering that but the problem is the volatility of Bitcoin and I don't think that they will be supposed to pay their employee to fix rates? If that be going to happen, I always preferred to have BTC in payment as there is no problem in my country. But I'm still expecting that majority will choose to get paid for fiat as the majority of the establishments aren't accepting Bitcoin. That I only choose BTC for payment for the intention to hold it and as a sort of investment, not to spend them after receiving.

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Quote

Which type of currency is better for paying employees? Is it Bitcoin or Fiat? Do you think we'll be able to see more jobs paying Bitcoin in the future? Or will Fiat still dominate the jobs industry? Is working for Bitcoin just like working "under the table"? Your input will be greatly appreciated. Thanks.

I think both are okay and it's up to the worker to choice between which one suits him/her most, bitcoin is better than fiat only when after payment the price goes up due its volatile nature, whilst getting paid in fiat might seem better because its stable and won't drop in value, if the employee wants to take a risk then bitcoin would be a better option, also mass adoption is already taking place and I believe we will start seeing more businesses offering bitcoin as a payment method for their employees.

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