Giving Bitcoin to Employees - page 2.

uneng

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Quote from: Sled on February 19, 2022, 07:52:28 AM

I was thinking about how the conversion has been done as the price moves up and down. If the company will set an exact amount in BTC, that isn't unfair for the employees.
Anyways, whatever is their rules, I think everyone had already agreed with that.

Wages are fixed in fiat rates and paid proportionally in bitcoins, taking its currently price on the moment the payment is executed by the company. That is similar to how some signature campaigns work here. If bitcoin goes up, employees will receive less and if bitcoin goes down, the wages will be raised in btc value.
However, if employees fear volatility, it's not a good idea to receive payments in bitcoin, because they will have to constantly convert it back to fiat currency, as soon as they are paid, to avoid losing their money value during a bearish market.

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Quote from: whatthefrance on February 08, 2022, 05:22:10 PM

Anyone doing this now?

Considering getting each employee a wallet and sending them bitcoin per month. Or I can give them fiat per month to their wallet and they buy bitcoin...

Cant really do it through IRA or RRSP unless it goes through something similar to iShare EFT. But I'd prefer them to have the pure asset over the long haul.

Any thoughts, ideas, what apps to use, wallets etc...

Updated -- FEB 9, 2022

Sorry --- the employees will retain their fiat pay checks. BTC is legal in my country.

The intent is to give them BTC for future savings and growth. Since there likely isn't much of a return for employees in the future with traditional pensions, perhaps they will have better luck with the growth of BTC they personally hold for the long term.

I pray that all entrepreneurs in this world think like you...

in developed countries I'm sure people are familiar with Bitcoin, just need to be told that the price of bitcoin is fluctuating for sure they will understand. I really believe there are many people out there, especially employees who hope to have a good future, want to buy Bitcoin but they are afraid, hopefully what you are doing right now makes your employees not afraid of investing in Bitcoin.

Sled

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Quote from: AicecreaME on February 18, 2022, 09:36:30 AM

Quote from: Taskford on February 16, 2022, 06:27:39 AM

Before making this plan to happen the employer make sure that their employees can use bitcoin everywhere since if bitcoin is not been adopted nor make it legal on the country where they on then for sure those people who doesn't know about how to use it will be confuse on how they can use those thing and might they will get upset for fee's and inconvenience they encounter upon withdrawal of their supposed to be salary.

OP wouldn't have this idea if Bitcoin is illegal in their country, he also mentioned that it is legal instead. They doesn't need a place where they could spend Bitcoin everywhere, simply converting it to fiat will do the trick. Besides, OP said it was for future savings, so basically the employees doesn't need to spend it instantly once they've received their salaries.

I think that still optional if they wanted to spend it right away or not coz this will have no difference when got paid with fiat money. I was thinking about how the conversion has been done as the price moves up and down. If the company will set an exact amount in BTC, that isn't unfair for the employees.
Anyways, whatever is their rules, I think everyone had already agreed with that.
Anyhow, it was good to see some companies are already practicing that term of salary as this will help to spread the use of Bitcoin in real life, not just only on the internet.

AicecreaME

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Quote from: Taskford on February 16, 2022, 06:27:39 AM

Before making this plan to happen the employer make sure that their employees can use bitcoin everywhere since if bitcoin is not been adopted nor make it legal on the country where they on then for sure those people who doesn't know about how to use it will be confuse on how they can use those thing and might they will get upset for fee's and inconvenience they encounter upon withdrawal of their supposed to be salary.

OP wouldn't have this idea if Bitcoin is illegal in their country, he also mentioned that it is legal instead. They doesn't need a place where they could spend Bitcoin everywhere, simply converting it to fiat will do the trick. Besides, OP said it was for future savings, so basically the employees doesn't need to spend it instantly once they've received their salaries.

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Quote from: Taskford on February 16, 2022, 06:27:39 AM

Before making this plan to happen the employer make sure that their employees can use bitcoin everywhere since if bitcoin is not been adopted nor make it legal on the country where they on then for sure those people who doesn't know about how to use it will be confuse on how they can use those thing and might they will get upset for fee's and inconvenience they encounter upon withdrawal of their supposed to be salary.

For sure the employer will because it will start on him. He cant also use btc if btc is not legalize on his country. On most countries btc is already legal although only less countries has accepted btc in the physical markets. This wont still be a hindrance to not introduce btc in your workers because they can still use their btc online or convert their btc first before they can use it on the physical markets.

Fees and other conveniences can be expect when your using a btc but there are times that these things cant be really felt. Not all times fees are high and transaction sometimes are super fast. We should not only think of the disadvantage when we use a btc because there are also advantages that we can feel.

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Quote from: tvplus006 on February 17, 2022, 09:05:09 AM

Quote from: Mahanton on February 17, 2022, 06:18:59 AM

They should ensure it as an owner of the company that his employees could really exchange it out to fiat without any problems which means that it would really matter on the condition of crypto laws
on a particular country which you do reside in which means that you would really be that in concern or trying to verify because if they dont able to do so then you cant possibly apply this system.
Also you should not enforced out your employees on accepting bitcoin but rather making it as an option.

It should be remembered that employees who have received BTC will receive an advantage over those who receive fiat only in the bull market. And this means that in the event of a decrease in the price of bitcoin, they can quickly become disillusioned with such a method of paying for their work.

Correct, we must understand that most people live paycheck to paycheck and have no savings and a lot of debt, so the majority cannot really afford to invest in anything and even less to hold their coins for years in the case there is a drop in the price of bitcoin, as such it is better to just give them their fiat and let them decide on their own if they want to invest in bitcoin or not, after all the circumstances of each employee are different and it is better to let them decide on their own if this is something they want to do or not.

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Quote from: tvplus006 on February 17, 2022, 09:05:09 AM

Quote from: Mahanton on February 17, 2022, 06:18:59 AM

They should ensure it as an owner of the company that his employees could really exchange it out to fiat without any problems which means that it would really matter on the condition of crypto laws
on a particular country which you do reside in which means that you would really be that in concern or trying to verify because if they dont able to do so then you cant possibly apply this system.
Also you should not enforced out your employees on accepting bitcoin but rather making it as an option.

It should be remembered that employees who have received BTC will receive an advantage over those who receive fiat only in the bull market. And this means that in the event of a decrease in the price of bitcoin, they can quickly become disillusioned with such a method of paying for their work.

I think there are certainly positive and negative impacts. If it had reached an agreement of course it would not have been a problem. Of course, you also have to know how to defend your employees. In my country not all employees understand what bitcoin is and how it works. But so far I think fiat will be a favorite because it can be directly used to meet their living needs.

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Quote from: Mahanton on February 17, 2022, 06:18:59 AM

They should ensure it as an owner of the company that his employees could really exchange it out to fiat without any problems which means that it would really matter on the condition of crypto laws
on a particular country which you do reside in which means that you would really be that in concern or trying to verify because if they dont able to do so then you cant possibly apply this system.
Also you should not enforced out your employees on accepting bitcoin but rather making it as an option.

It should be remembered that employees who have received BTC will receive an advantage over those who receive fiat only in the bull market. And this means that in the event of a decrease in the price of bitcoin, they can quickly become disillusioned with such a method of paying for their work.

rby

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It is a matter of choice. Some employees only need money to solve pressing problems and not to save for a long time. If you are paying them in bitcoin you will be creating more problems for them to convert it to fiat before use. And you cannot make it compulsory unless your business is offering crypto related services.

Mahanton

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Quote from: Taskford on February 16, 2022, 06:27:39 AM

Before making this plan to happen the employer make sure that their employees can use bitcoin everywhere since if bitcoin is not been adopted nor make it legal on the country where they on then for sure those people who doesn't know about how to use it will be confuse on how they can use those thing and might they will get upset for fee's and inconvenience they encounter upon withdrawal of their supposed to be salary.

They should ensure it as an owner of the company that his employees could really exchange it out to fiat without any problems which means that it would really matter on the condition of crypto laws
on a particular country which you do reside in which means that you would really be that in concern or trying to verify because if they dont able to do so then you cant possibly apply this system.
Also you should not enforced out your employees on accepting bitcoin but rather making it as an option.

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I think this is a good idea you are doing and I think it would be fantastic if my employer paid me partially in bitcoin. I suspect more companies will offer this an option because so many employees see the value of having a significant portion of their portfolio in bitcoin.
If people prefer to be paid in fiat I think they should be able to opt out of this but personally I think being compensated in bitcoin is a great motivator for me personally.

Taskford

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Before making this plan to happen the employer make sure that their employees can use bitcoin everywhere since if bitcoin is not been adopted nor make it legal on the country where they on then for sure those people who doesn't know about how to use it will be confuse on how they can use those thing and might they will get upset for fee's and inconvenience they encounter upon withdrawal of their supposed to be salary.

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Quote from: The Cryptovator on February 15, 2022, 08:16:31 AM

Well, since Bitcoin is legal in your country you may encourage your employees to get a salary in Bitcoin. So more people will be introduced to Bitcoin. This means it's an adaption for Bitcoin. Though I don't have employees but pay Bitcoin for some works that hire for marketing purposes. Yea, they are familiar with Bitcoin and cryptocurrency. Those aren't familiar hard to manage them to accept Bitcoin. But at least I tried to pay through Bitcoin or other cryptocurrencies, especially for marketing.

well, one way to support and introduce bitcoin to be more widespread is this way. well, as long as the workers accept that, and as long as the country still makes bitcoin legal, that would be great. because I think the workers will be encouraged to keep holding the bitcoins they get a few percent when they know the potential of their payment tool.
however, in my country, this is still prohibited because bitcoin is prohibited from being used as a means of payment of any kind. but, sooner or later, people will realize and accept bitcoin. well, and there's probably a lot going on out there.

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Giving bitcoin to employees as a salary is a good decision to improve your business and to have more customers in the community. Many people will be very happy to see this great development in their country by receiving bitcoin as a reward for their labour in different organization in the country. Many companies will like to take this step from you by introducing bitcoin payment into their organization since many workers now prefer bitcoin payment than fiat payment.

Those countries that bitcoin is well legalized will really enjoy this new strategy some business men has introduced into their business by giving their workers bitcoin as a payment.

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Quote from: Kasabus on February 15, 2022, 12:49:11 PM

Quote from: The Cryptovator on February 15, 2022, 08:16:31 AM

Well, since Bitcoin is legal in your country you may encourage your employees to get a salary in Bitcoin. So more people will be introduced to Bitcoin. This means it's an adaption for Bitcoin. Though I don't have employees but pay Bitcoin for some works that hire for marketing purposes. Yea, they are familiar with Bitcoin and cryptocurrency. Those aren't familiar hard to manage them to accept Bitcoin. But at least I tried to pay through Bitcoin or other cryptocurrencies, especially for marketing.

Good idea but i don't think it will work for now as bitcoin is not yet adopted as an option to fiat. Having it as an incentive instead may create a good start for the employees as it can be an eye opener for them to learn about bitcoin and start investing in it for future retirement funds. However, the employer should educate first his employees about bitcoin so that his effort on giving them bitcoin will not be put into waste. Bitcoin is valuable so it should be well taken care of and properly managed.

But you could really make it as an option although there would be employees might really be that interested but for sure most of them would definitely be sticking with fiat
since Bitcoin isnt known worldwide yet or on every corner of the world which it isnt surprising that people would be sticking out on something which they've been used too.
Volatility and regulation issues would be the main concern on here on which the main reason on why they wont be selecting this.

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Quote from: The Cryptovator on February 15, 2022, 08:16:31 AM

Well, since Bitcoin is legal in your country you may encourage your employees to get a salary in Bitcoin. So more people will be introduced to Bitcoin. This means it's an adaption for Bitcoin. Though I don't have employees but pay Bitcoin for some works that hire for marketing purposes. Yea, they are familiar with Bitcoin and cryptocurrency. Those aren't familiar hard to manage them to accept Bitcoin. But at least I tried to pay through Bitcoin or other cryptocurrencies, especially for marketing.

Good idea but i don't think it will work for now as bitcoin is not yet adopted as an option to fiat. Having it as an incentive instead may create a good start for the employees as it can be an eye opener for them to learn about bitcoin and start investing in it for future retirement funds. However, the employer should educate first his employees about bitcoin so that his effort on giving them bitcoin will not be put into waste. Bitcoin is valuable so it should be well taken care of and properly managed.

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Quote from: Finestream on February 14, 2022, 06:24:33 PM

Quote from: boyptc on February 14, 2022, 03:07:38 PM

The intention isn't bad.

But not everyone has the same mindset as you. You may see and feel sincere of helping them but the bigger picture is that they're not seeing that sincerity you have and may decline to receive btc. That's okay, they can buy it on their own.

But we can't blame the employees if they decline the offer and prefer to receive fiat because they are seeing fiat as more useful than btc. And that will be the mindset for those who have not discovered the real value of bitcoin, but for those employees seeing the bright future of bitcoin, i guess they will accept the offer heartily. But anyways, if its given as a bonus, then once the OP release bitcoin to his employees, that means the employees will have now the full control over bitcoin, so its up to them if they will hold bitcoin or convert it into fiat.

There's no blaming, there's no need to blame.

Everyone is free to choose whatever they want since they've signed a different contract that doesn't say anything about cryptocurrencies or bitcoin alone.

It is that the owner of the company is just to concerned with them and there's no blame that has happened.

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Well, since Bitcoin is legal in your country you may encourage your employees to get a salary in Bitcoin. So more people will be introduced to Bitcoin. This means it's an adaption for Bitcoin. Though I don't have employees but pay Bitcoin for some works that hire for marketing purposes. Yea, they are familiar with Bitcoin and cryptocurrency. Those aren't familiar hard to manage them to accept Bitcoin. But at least I tried to pay through Bitcoin or other cryptocurrencies, especially for marketing.

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Quote from: boyptc on February 14, 2022, 03:07:38 PM

Quote from: whatthefrance on February 09, 2022, 03:20:38 PM

Sorry --- the employees will retain their fiat pay checks.

Didn't they agree to receive a portion of their salary in bitcoin? That's okay as they've signed a contract and they shall receive what's exactly written on it as the salary.

Quote from: whatthefrance on February 09, 2022, 03:20:38 PM

The intent is to give them BTC for future savings and growth. Since there likely isn't much of a return for employees in the future with traditional pensions, perhaps they will have better luck with the growth of BTC they personally hold for the long term.

The intention isn't bad.

But not everyone has the same mindset as you. You may see and feel sincere of helping them but the bigger picture is that they're not seeing that sincerity you have and may decline to receive btc. That's okay, they can buy it on their own.

But we can't blame the employees if they decline the offer and prefer to receive fiat because they are seeing fiat as more useful than btc. And that will be the mindset for those who have not discovered the real value of bitcoin, but for those employees seeing the bright future of bitcoin, i guess they will accept the offer heartily. But anyways, if its given as a bonus, then once the OP release bitcoin to his employees, that means the employees will have now the full control over bitcoin, so its up to them if they will hold bitcoin or convert it into fiat.

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Quote from: freedomgo on February 13, 2022, 03:11:32 PM

Quote from: macson on February 13, 2022, 02:59:59 PM

Quote from: mk4 on February 08, 2022, 10:28:53 PM

Quote from: whatthefrance on February 08, 2022, 05:22:10 PM

But I'd prefer them to have the pure asset over the long haul.

Please don't force bitcoin down their throats. Go with what they prefer, not what you would. Especially taking note that a lot of employees live paycheck to paycheck, and exposing them to short-mid term volatility would probably not be the right move.

actually, this is a dilemma, many entrepreneurs actually want to pay employees with bitcoin but education on crypto is still not good so they are worried that when the price drops, they will think that their boss is doing a scam. but if each employee is given the choice of being paid via bitcoin or fiat then that is a great freedom for the employee.

For those who are not familiar about bitcoin, they will think its a scam. But for those who know well about bitcoin, it will be an advantage for them. However, we cannot expect for most of them to accept bitcoin if its given as a monthly wage since bitcoin is not yet accepted as a medium of exchange in most of the countries. But if its given as a bonus, then why not. It will be a great asset in the future as long as the owner itself knows how to manage his own bitcoin and make it double or triple from the current value.

What is ironic about the whole thing is that the ones that could stand to benefit the most out of a company policy like this are the ones that don't know a lot about bitcoin, after all those that would gladly accept bitcoin are either heavily invested in bitcoin already or people that would have bought bitcoin on the short term anyway, so while a policy like this may seem like a good idea at the same time I do not think it can possibly help those that actually need it the most.

Topic: Giving Bitcoin to Employees - page 2. (Read 767 times)