If it is about the salary in real life, fiat is the choice because so far, crypto is still not legal as the payment method in my country.
But if it is in the crypto world, both Bitcoin or fiat in USDT or others will be no matter for me.
Every payment has its plus and minus.
Bitcoin itself has high volatility where we can see the up and down price in Bitcoin. So, the right time to sell is the best way to get profits from the BTC. but, if we ar,e not ready enough, we may also get a lower rate as it was sent.
Topic: Getting paid in Bitcoin vs getting paid in Fiat - page 7. (Read 1088 times)
Which type of currency is better for paying employees? Is it Bitcoin or Fiat?
As the owner, I prefer to pay the employees in Fiat because it will be easier for me to prepare the amount of the fees. Paying in Bitcoin isn't a bad idea but seems more difficult to prepare the total fees. Bitcoin value is very volatile, it can go up and drop in a short time. If on the payment day the Bitcoin value is decreasing much, it means I should rechange again the number of Bitcoin for my employees fees. This will be complicated because there is no a fixed number of Bitcoin that is suitable with the total fees for the employees.
I am not sure about bitcoin being used for salary given that it's not as widespread in used in many establishments like stores, restaurants and other shops that you can buy goods and services and there's also the volatility that you have to watch out for, one day your salary goes up and the next day it's suddenly half. I would stick to fiat for now as a salary for work.
I'd have to say that due to the volatility and the fact that BTC isn't accepted in common places as payment would mean that its utility to people wouldn't be as much as what fiat can provide. You can't buy food or pay bills to your local store/shop directly with bTC and that's the more eminent problem.I believe that decentralised digital currency is the way forward but I do see an awful long time for the infrastructure to be ready to be able to pay with it just as seamlessly as with fiat.
Of course the payment in bitcoin for salaries.
That simple can be. An example: If in an office job you usually receive $ 1000 a month. Your boss may offer you payment of your salary in bitcoin. That would be the equivalent in bitcoin at the time he decides to make the transaction. I would accept the agreement immediately if it were my case.
The world is changing in relation to how money is moving.
I was surprised a 12 year old boy in London wins $ 160,000 in an NFT collection.
Last year we talked about the impact of DeFi but this year NFT is a boom where the youngest are entering. As a paradox even the IMF has a discrepancy towards bitcoin, if institutions like these do not accept the changes I think it will be on our part that we will take the initiative.
https://decrypt.co/76759/weird-whales-nfts-12-year-old-ethereum
That simple can be. An example: If in an office job you usually receive $ 1000 a month. Your boss may offer you payment of your salary in bitcoin. That would be the equivalent in bitcoin at the time he decides to make the transaction. I would accept the agreement immediately if it were my case.
The world is changing in relation to how money is moving.
I was surprised a 12 year old boy in London wins $ 160,000 in an NFT collection.
Last year we talked about the impact of DeFi but this year NFT is a boom where the youngest are entering. As a paradox even the IMF has a discrepancy towards bitcoin, if institutions like these do not accept the changes I think it will be on our part that we will take the initiative.
https://decrypt.co/76759/weird-whales-nfts-12-year-old-ethereum
This is indeed a good step towards a world that is run by decentralized cryptocurrencies and not by oil executives-backed fiat currency. But as of the moment the leading cryptocurrency bitcoin is still on a long way to go I believe. Perhaps this is a good experiment to see how people being paid in bitcoin would behave and such but besides that fact, the volatility and the tremendous amounts of fees someone would need to pay in order to make use of those bitcoins is inconvenient for the people who are getting paid with it. I believe this will work best when we find a solution towards the slow and expensive transaction process of bitcoins and most coins in the market for that matter, along with their volatility.
Well, I can able to accept both of them and even bitcoin is allowed to use in my country. Perhaps the reason, not all countries using bitcoin as a salary is just because it is hard to obtained tax in bitcoin and it could be the company might in risk in the country regulators.
However, we still don't know about the bitcoin improvement and this will depend on the company if they will be able to pay bitcoin rather than cash without consequences to the government regulations and if this is not against to Department of Labor and Employment [DOLE] in every country.
This is also a good reason as to why bitcoin may not see large-scale usage at least within this decade. Governments are still yet to find a way for cryptocurrencies to be taxed which is not entirely a good thing for the users but is still a needed implementation in order to have bitcoin/other cryptocurrencies in the market be allowed to operate. However, we still don't know about the bitcoin improvement and this will depend on the company if they will be able to pay bitcoin rather than cash without consequences to the government regulations and if this is not against to Department of Labor and Employment [DOLE] in every country.
Well, I can able to accept both of them and even bitcoin is allowed to use in my country. Perhaps the reason, not all countries using bitcoin as a salary is just because it is hard to obtained tax in bitcoin and it could be the company might in risk in the country regulators.
However, we still don't know about the bitcoin improvement and this will depend on the company if they will be able to pay bitcoin rather than cash without consequences to the government regulations and if this is not against to Department of Labor and Employment [DOLE] in every country.
However, we still don't know about the bitcoin improvement and this will depend on the company if they will be able to pay bitcoin rather than cash without consequences to the government regulations and if this is not against to Department of Labor and Employment [DOLE] in every country.
in my opinion it is still far from being good to receive salary in bitcoin and the main reason is:
- How would it be possible to deduct the monthly pension percentage if the person receives salary in bitcoin?
- How would it be possible to discount the life insurance if the person receives salary in bitcoin?
- in the case of the person's death, how would the relatives benefit from the salary?
- How would it be possible to deduct the monthly pension percentage if the person receives salary in bitcoin?
- How would it be possible to discount the life insurance if the person receives salary in bitcoin?
- in the case of the person's death, how would the relatives benefit from the salary?
^ When there is a chance that BTC is allowed in your country to use as payment, why not?
BTC payment is very easy and also very handy to keep safe your fund but I don't think there are industries that will give a try to choose them since BTC is not yet government-friendly. But to be honest, having BTC as your salary is much better, it fast and very low cheap upon sending even across borders we can still able to send out our fund.
There's some quite clear drawbacks to having all of your salary in Bitcoin. Not all merchants, and stores accept Bitcoin, which you would likely need withdraw from your Bitcoin if you needed to buy anything. Things like bills, groceries, and general day to day items that can't be bought with Bitcoin. Until groceries, and bills can be paid for Bitcoin its probably best to only be paid partially in Bitcoin, and not completely. BTC payment is very easy and also very handy to keep safe your fund but I don't think there are industries that will give a try to choose them since BTC is not yet government-friendly. But to be honest, having BTC as your salary is much better, it fast and very low cheap upon sending even across borders we can still able to send out our fund.
What I would prefer is when the btc payment is fixed to fiat (e.g $100 worth of btc) would be great, this will prevent the receivers from the market volatility, receiving payment in btc is only good when the market is very big bullish, but when the dip occurs, any project paying in have plans for the project and wouldn't want anything that will affect the price, however, there are also few alts that pay in alts tokens which are actually worth is þþ because such tokens already trading in the exchange.
Bitcoin is very volatile since day one but maybe when bitcoin will be given as a salary in the future, its value will be already fixed. I'm afraid if i chooses bitcoin and suddenly the price dumps, so i would end up having less amount of salary received.For now, since bitcoin is not yet totally adopted as a legal currency, i prefer to get paid in fiat. The basic needs are mostly paid in fiat and only few merchants are only receiving bitcoin as a payment. Maybe in the near future, bitcoin will already be served as an option to fiat, then that's the time that i will choose bitcoin over fiat.
~snip~
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.
^ When there is a chance that BTC is allowed in your country to use as payment, why not?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.
BTC payment is very easy and also very handy to keep safe your fund but I don't think there are industries that will give a try to choose them since BTC is not yet government-friendly. But to be honest, having BTC as your salary is much better, it fast and very low cheap upon sending even across borders we can still able to send out our fund.
I was given the choice to be pay in Fiat or in Bitcoin and I declined full payment in both.... I opted for a 3/4 payment in Fiat and a 1/4 payment in Bitcoin. The reason why I did that is actually very simple, because most of the things I have to pay ..do not have the option to pay in Bitcoin and also, I will convert almost 1/4 of my salary into Bitcoin in any way.... so why not have my employer do that for me.
I save in transaction fees.... so it is a win/win for me, if the employer pay me with Bitcoin. (It is just a headache to explain this to the tax authorities, because they are not on par with salaries being paid in Crypto currencies)
Probably the best way to go about it. I've got no chance that my employer offers in Bitcoin payments, but would take it in a heart beat just to save on transaction fees, and it should help with keeping records of tax just because there's not as many entries, and simplifies the process. Otherwise, you have to figure out when you got paid, what price you paid for the Bitcoin, and then if later sold how much you sold it for. Whereas, if your employer pays you in Bitcoin, they can do all the work for you in one transaction, rather than spread out via two or three different transactions, for the same end result. I guess it depends on what country your paying taxes in, but this would be classed as income tax in the UK I believe, and is treated the same as fiat, however I do believe if you do withdraw in the future you'll be subject to capital gain tax. However, I still think its more clear for bookkeeping, since you don't have to factor in fees etc. I save in transaction fees.... so it is a win/win for me, if the employer pay me with Bitcoin. (It is just a headache to explain this to the tax authorities, because they are not on par with salaries being paid in Crypto currencies)
What I would prefer is when the btc payment is fixed to fiat (e.g $100 worth of btc) would be great, this will prevent the receivers from the market volatility, receiving payment in btc is only good when the market is very big bullish, but when the dip occurs, any project paying in have plans for the project and wouldn't want anything that will affect the price, however, there are also few alts that pay in alts tokens which are actually worth is þþ because such tokens already trading in the exchange.
I was given the choice to be pay in Fiat or in Bitcoin and I declined full payment in both.... I opted for a 3/4 payment in Fiat and a 1/4 payment in Bitcoin. The reason why I did that is actually very simple, because most of the things I have to pay ..do not have the option to pay in Bitcoin and also, I will convert almost 1/4 of my salary into Bitcoin in any way.... so why not have my employer do that for me.
I save in transaction fees.... so it is a win/win for me, if the employer pay me with Bitcoin. (It is just a headache to explain this to the tax authorities, because they are not on par with salaries being paid in Crypto currencies)
I save in transaction fees.... so it is a win/win for me, if the employer pay me with Bitcoin. (It is just a headache to explain this to the tax authorities, because they are not on par with salaries being paid in Crypto currencies)
If you have a family to provide for, bills to pay, and groceries to get which is probably every single person here on the thread, it probably makes sense to at least get paid enough to be able to cover those. However, if my job offered to partly pay me in Bitcoin I would probably accept that, it would save time having to convert fiat into Bitcoin at least, and avoid expensive fees on my behalf.
I personally prefer to be paid depending on what kind of work and where it should be done.
For example physical works that are near me I would prefer to be paid with Fiat,
But if it's online and the payment would come from somewhere far from me then of course I would prefer crypto for faster transaction.
But if it is about salary at work if I have to choose then I would prefer it to be the regular one (Fiat) so I could control how much I would put into crypto for savings.
For example physical works that are near me I would prefer to be paid with Fiat,
But if it's online and the payment would come from somewhere far from me then of course I would prefer crypto for faster transaction.
But if it is about salary at work if I have to choose then I would prefer it to be the regular one (Fiat) so I could control how much I would put into crypto for savings.
Those that don't like bitcoin to receive as their salary, there's the reason behind that and they're aware of the volatility that bitcoin bears. And to those that are willing and happily going to accept payments in bitcoin, they also know what they do and it's like a direct buy of bitcoin but less hassle since it's coming from their employees. Well, in the future we're going to see more jobs paying in bitcoin as long as there's an agreement between the company and the employee and both sides are willing to cater to both needs and meets their end.
I think this all depends on a number of factors. For most people getting paid in cryptocurrency is simply not practical or feasible. Let's not forget that most bills can only be paid with traditional fiat. I really don't see much of a reason to accept your salary in bitcoin other than not having to pay for purchasing the coins on an exchange. Why not just get paid in fiat and then buy the bitcoin on an exchange or over the counter as you please.
According to statista.com, inflation in Venezuela (compared to the previous year) is over 2350%, followed by Zimbabwe with 550%. Imagine being paid in the national currency in countries such as these.
You've literally lost quite a bit of value before you even get the money home.
So, yes. Having a salary in bitcoin makes perfect sense considering the inflation of national currencies.
You've literally lost quite a bit of value before you even get the money home.
So, yes. Having a salary in bitcoin makes perfect sense considering the inflation of national currencies.
I think it’s a good idea to get paid in fiat monthly & then buy whatever amount of bitcoin regularly as you please. It’s cool in a bull market if you get paid & then all of a sudden the price goes up 20% & you obviously have 20% more money but obviously the same can work in reverse & it might lead you to not being able to pay your bills & eat for the month 
So in conclusion just get paid in fiat & DCA whatever you can afford into bitcoin.
So in conclusion just get paid in fiat & DCA whatever you can afford into bitcoin.
It’s in the person to decide which currency would they want to receive in exchange for their work or their craft. I myself am okay receiving cryptocurrencies for something I do on the side, as I add those into my investments stash and merge it with my other crypto holdings. I am a bit afraid to do KYCs to enroll on exchanges due to different data leaks from even huge companies, so I ensure that I only do basic verification to just exchange a few coins to cash whenever I need to and that’s just it. This question is highly subjective, as there are different use cases for either currency.
Jump to: