Giving Bitcoin to Employees - page 4.

worle1bm

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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.

Yeah that's right as Bitcoin is tool for freedom and it can't be forced on anyone especially on the workers because their earning is the main source of their income and little volatility could affect their expenses which could be big problem for them.So if they accept it as income source then it's well and good otherwise they should be paid in regular fiat only.

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Quote from: Cling18 on February 11, 2022, 10:42:13 AM

Your intention is good but I guess it would be better if you'll send them fiat and let them decide if they would buy Bitcoin or not. Yes, Bitcoin is a great investment yet not everyone is willing to take the risks. I hope our boss would have the same mindset but employees have different perspectives and priorities so you should let them decide for themselves.

Some people are not interested in discussing the subject before they know the details of the risk. Because they want to work all month and get a stable salary that they can spend anytime. So that they do not want to think in detail about anything to invest, so that they miss a good opportunity. But if they are taught the right way, they will understand bitcoin and be experienced enough to make their own decisions. Because Bitcoin can give them a good return in the future.

so98nn

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I dont see any sort of challenge here? I mean you can simply process the payment through the reputed wallets available through out the crypto space. It's their choice which wallet to use for their personal use. All you will need is their bitcoin address and way to track that you have paid them. In general manner you can simply take the Transaction Hash which is gonna be there forever on the blockchain as proof of work. So you can simply send them email with the same thus making it digital and paperless process.

I think you don't need any high end services to trace them. That is the beauty of crypto space. Everything is open and it is publicly announced. The data integrity is gonna last there as long as we have miners and internet. Tongue

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I guess even though bitcoin is one of the good payments today you need to consider the market volatility because it might change the value in just a second instead they are expecting for the price they work on it will be deducted because of the price movement if you are going to pay like still 1:1 I guess fiat currency is the ideal some of them might not literate with the bitcoin so might hassle to them instead of cash.

Cling18

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Your intention is good but I guess it would be better if you'll send them fiat and let them decide if they would buy Bitcoin or not. Yes, Bitcoin is a great investment yet not everyone is willing to take the risks. I hope our boss would have the same mindset but employees have different perspectives and priorities so you should let them decide for themselves.

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

Anyone doing this now?
...

In my country there is a bank service (Italy - HYPE) that allow to buy bitcoin DIRECTLY with a third party exchange integrated in their app (CONIO).
Once employees receive salary they can decide the right moment to exchange in bitcoin.
From a certain perspective is also convenient, since they can wait the better time to buy btc and not buying immediately/or receiving at a fixed price.
Probably this is the best solution nowadays, since some expenses are anyway fixed and cannot be bypassed using only btc (FIAT is needed, like paying cash, direct service without Credit Card etc etc)

AicecreaME

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It's not really necessary, because they might not want it. You might think that it's good for them but it could be the other way around if they don't have any knowledge about cryptocurrency, so it's better if you'll ask their opinion instead. Explaining to your employees the importance of knowing and having cryptocurrency is the first thing you must do, not forcing them to have Bitcoin monthly without them knowing what they are getting into.

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Bitcoin can be used as an international currency when an employee is paid in bitcoin they can easily exchange it for virtually any currency at any time but employees have to talk to them before giving bitcoin if they want to take bitcoin it is possible to give. Because bitcoin has not yet been legalized in many parts of the world giving employees bitcoin will not allow them to use it which can lead to problems it is better to consult with them.

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Quote from: Issa56 on February 11, 2022, 02:32:14 AM

I don't think you should make it mandatory for them to accept payment in bitcoin you should make it optional for them, any of them that want bitcoin as there payment method then you can use bitcoin to pay them and it any of them want fiat then just continue paying them with fiat currency.
If you are paying any of your staffs with bitcoin then you should enlighten them about basics of bitcoin and you should also teach them about wallet security because that's very important thing I believe they should know to avoid them ending up losing their bitcoin to scammers or lost of private.

The employees may see this as a very high risk and could mean new challenge for them. If you are planning to give them as their monthly wages, then you should be responsible in explaining to them the pros and cons of having crypto, before they start deciding to convert it into fiat because that's more safe to use. You may explain to them these important factors:

*How cryptocurrency works in global payroll
*The current regulatory landscape on cryptocurrencies
*Problems that global payroll needs to solve before the bitcoin wallet can replace the bank account
*How Deel is integrating crypto into payment systems

https://www.letsdeel.com/blog/getting-paid-in-bitcoin

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

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

How many total employees do you have, have them all register on your local legitimate crypto exchange and cooperate with Banks in your country.

If you want to pay your employees salary in Bitcoin that's a good idea, of course you have to calculate the amount of salary they receive, for example: $300 you have to pay them 0.006888 in Bitcoin, that's the current price, of course every month when the payee the Bitcoin price can change, you have to adjust every month.

I don't think you need to use a Bitcoin wallet application or the like, just go to an exchange in your local area, ohh yes, what country do you live in, maybe I can show you the exchange to use.

Issa56

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I don't think you should make it mandatory for them to accept payment in bitcoin you should make it optional for them, any of them that want bitcoin as there payment method then you can use bitcoin to pay them and it any of them want fiat then just continue paying them with fiat currency.
If you are paying any of your staffs with bitcoin then you should enlighten them about basics of bitcoin and you should also teach them about wallet security because that's very important thing I believe they should know to avoid them ending up losing their bitcoin to scammers or lost of private.

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Quote from: milewilda on February 10, 2022, 06:19:04 PM

Quote from: nelson4lov on February 10, 2022, 05:52:29 PM

~Snipped

And include those people who doesnt really like complicated things and to those people who do trust up fiat that much and whenever they do hear out something which is out of their
awareness then they would definitely call it shady and wont tend to engage it out whenever someone suggest something new but for those who are knowledgeable
at least would really be having different input but it would all depends on the company owner if he do sees fit but if not then it would be still his decisions.

Yes, in every group of people, there's bound to be a MisFit so there would most likely be people who want no want to get involved in crypto. In such situations, it's good to know that there would be more than 2 options:
- Choosing to accept crypto
- Accept fiat instead

It would be nice to get crypto integrated into companies early enough so they won't have any issues migrating.

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I think this applies only if the employee like to receive their salary in BTC but if their wages is not enough for everyday life I think it's not necessary to offer this kind of innovation to them since some of them want some real cash in order to buy foods and groceries for everyday life especially this times when we are in pandemic.

Plus, most likely if not all of the employees doesn't know how to use crypto wallet or doesn't even know how to trade. They might get scam or fail in trading that's why something like this need an approval to their employees. I think an individual approval is necessary since not really everyone want it.

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Quote from: nelson4lov on February 10, 2022, 05:52:29 PM

Quote from: topbitcoin on February 10, 2022, 04:34:52 PM

Usually something like this is depends on the employees. Because they will do anything with the money after they get it either it is fiat or BTC. If me i prefer to give them fiat and educate them about bitcoin so they free to choose want to make investment or not. Because although we give them wallet and BTC, they will sell it to fiat immediately if they not interested.

That's true but that may not only be the reason. Some of them might outrightly not want /need crypto and would prefer to receive their stable fiat salaries. Another point to look into is the issue of legality of bitcoin in their jurisdiction just so they don't unknowingly bring more implications for themselves. Some employees too might not have the basic /fundamental technical skills required to understand some core concepts like how blockchain works and how they can get custodial of their tokens and still maintain security.

And include those people who doesnt really like complicated things and to those people who do trust up fiat that much and whenever they do hear out something which is out of their
awareness then they would definitely call it shady and wont tend to engage it out whenever someone suggest something new but for those who are knowledgeable
at least would really be having different input but it would all depends on the company owner if he do sees fit but if not then it would be still his decisions.

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Quote from: topbitcoin on February 10, 2022, 04:34:52 PM

Usually something like this is depends on the employees. Because they will do anything with the money after they get it either it is fiat or BTC. If me i prefer to give them fiat and educate them about bitcoin so they free to choose want to make investment or not. Because although we give them wallet and BTC, they will sell it to fiat immediately if they not interested.

That's true but that may not only be the reason. Some of them might outrightly not want /need crypto and would prefer to receive their stable fiat salaries. Another point to look into is the issue of legality of bitcoin in their jurisdiction just so they don't unknowingly bring more implications for themselves. Some employees too might not have the basic /fundamental technical skills required to understand some core concepts like how blockchain works and how they can get custodial of their tokens and still maintain security.

topbitcoin

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Usually something like this is depends on the employees. Because they will do anything with the money after they get it either it is fiat or BTC. If me i prefer to give them fiat and educate them about bitcoin so they free to choose want to make investment or not. Because although we give them wallet and BTC, they will sell it to fiat immediately if they not interested.

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Winding down.

Quote from: Silberman on February 10, 2022, 02:42:03 PM

Quote from: tvplus006 on February 09, 2022, 05:03:47 PM

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

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

If you additionally, as an incentive, send bitcoins to the wallets of your employees, then none of the employees will object to such undertakings. But in any case, you will need to carry out informational work to explain to employees what BTC is and about its prospects in the future.

If it is given as an incentive then I doubt anyone will complain, after all who does not like like a little bit of more money at the end of the month, even if that money comes in a form they have never heard before no one is bound to complain, however as mentioned by other members, if this is being done to help them so they not only rely on fiat for their savings when they retire then it is important to give them some financial education as well, otherwise it is entirely possible they convert that bitcoin to fiat immediately and spend it.

Employees value their job if they are given incentives in return so if bitcoin will be given to them, the first thing that they will think is to convert it into fiat. But if they are now familiar with bitcoin already and its potentials as a good investment, they will keep it automatically. But for those who don't even know bitcoin, they should be given free education about crypto and bitcoin so they will learn how to manage it or value it in the near future.

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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

Uhmmmm, I think almost everyone wearing a signature on the forum is doing just that with there company. Receiving bitcoin in its dollar equivalent as a means of payment, lol...

If your thinking of getting a bitcoin payroll going for your staff its cool. You would be doing then a good that only a handful might realise. Though, you don't have to be a tyrant about it of, you've been using traditional means for payment before hand. You could suggest it and the few who will go with it, you start with them.

But, its important that you teach them on what bitcoin is about, how to secure there payments, how to make the most of it and how to exchange it for fiat if they sole need.

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Quote from: tvplus006 on February 09, 2022, 05:03:47 PM

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

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

If you additionally, as an incentive, send bitcoins to the wallets of your employees, then none of the employees will object to such undertakings. But in any case, you will need to carry out informational work to explain to employees what BTC is and about its prospects in the future.

If it is given as an incentive then I doubt anyone will complain, after all who does not like like a little bit of more money at the end of the month, even if that money comes in a form they have never heard before no one is bound to complain, however as mentioned by other members, if this is being done to help them so they not only rely on fiat for their savings when they retire then it is important to give them some financial education as well, otherwise it is entirely possible they convert that bitcoin to fiat immediately and spend it.

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Quote from: Mpamaegbu on February 10, 2022, 08:16:15 AM

Truth is, no matter how noble your intention is, you must first discuss that means of payment to the employees. Otherwise, they're likely going to kick against it and see it as dictatorial on your part. And they will be absolutely right to have that conception of you in that regard if it happens so. By letting them know ahead, you would've sounded the caveat to them on the downside of Bitcoin too. So they know whatever comes out of it in dip immediately payment is made won't be your fault.

Well, I'm not sure I understood well, whether the owner wants to pay salaries in BTC or wants to gift BTC to his workers as some bonus!? I guess if it's the first one then he should listen to his employees and what they have to say about that, if it's a gift then workers should accept it and be grateful for such a good boss! As you say no matter how noble intentions are some people depend on their salaries and they don't wish to invest further, they need cash to survive through the month!

Quote from: rijaljun on February 10, 2022, 12:48:02 AM

I think that giving bitcoin to your employees as a bonus or incentive is much better idea, like what @GreatArkansas have mentioned above. It would be more effective as well in accordance to your intention of helping them save for the future. Moreover, this could encourage them to seek on how does it work in order to reap the benefits of what you have given them.

If the owner can allow himself a bit more expenses for the happiness of his workers then this would be the best choice!

Topic: Giving Bitcoin to Employees - page 4. (Read 779 times)