I recently convinced my employer to start paying me in BTC, it has been great - page 3.

wd1

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Quote from: DabsPoorVersion on October 10, 2023, 02:55:00 AM

Quote from: noorman0 on October 10, 2023, 01:37:30 AM

Quote from: SquirrelJulietGarden on October 08, 2023, 08:36:21 PM

Because if they have to buy Bitcoin at time of monthly salary distribution, it looks odds with me.

That's not odds in my opinion, approving a request for one employee is not a significant problem for the entire financial system. Moreover, buying bitcoin is not difficult for GBP as almost all exchange platforms provide this trading option.
The finance staff might reserve stable coins in a personal exchange account that offers the lowest withdrawal fees for the OP's salary in the next few months, then convert to bitcoin and withdraw weekly/monthly.

The employer might really found an easy way to make the request of OP to happen. If it will be a hassle, the request would be declined. While thinking earlier, I also came to this thinking that the employer or the finance department have allocated enough funds to buy bitcoin on or before the day of the distribution of salary. But then, I remembered that in every employer, they have a trusted bank where the salary of the employee is coming from, the amount is being calculated in a weekly or monthly basis (base on their work/present days), if the finance staff would allocate funds to buy bitcoin for his salary and keep it as a reserve, isn't it considered as an advance expense for the company?

OP, if you receive salary in bitcoin, does it show as a full amount? Or the employer deduct the fees they spend to buy bitcoin? I'm really curious, honestly.

I get the full amount without any curtailing. Its a medium sized but successful company, I imagine finances aren't very hard for them to manage.

Gallar

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Quote from: wd1 on October 07, 2023, 11:06:38 PM

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!

Yes, this is the right problem solution for you. Submitting a payment request using Bitcoin is currently highly recommended, especially for people who have difficulty sending/receiving money like you. Because bitcoin does have relatively cheap shipping costs, and the delivery speed is also quite fast. So your payment when you get paid will definitely be more optimal and there won't be many deductions.
Apart from that, your boss will definitely be more helped by sending using bitcoin.
So it's not just you who enjoys it, but the point is that by using Bitcoin both parties (you and your boss) will be greatly helped. Apart from all that, you also work in the field of website development. So I think it would be very synchronous if paid using bitcoin.

But I have a question, are you the only one who accepts payments via bitcoin, or are all employees also paid with bitcoin? Because usually there are always pros and cons related to this. So, the opinion you convey to your boss/boss regarding Bitcoin, does this only apply to you or to all employees too? Because if all employees are paid in bitcoin too, it means you have succeeded in convincing everyone who works at the website development agency. And that is a very good move.

Silberman

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Quote from: wd1 on October 07, 2023, 11:06:38 PM

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!

It seems you are in a situation in which you can take full advantage of bitcoin and its properties, in a way I can understand those that are not fully adopting bitcoin as they do not really feel the need for it, since they can buy whatever they want with their fiat and moving to bitcoin will be way more restrictive for them, however there are cases like yours which clearly demonstrates why bitcoin is needed, since without it your life will be that much harder due to the inefficiency of banks and fiat currencies.

DabsPoorVersion

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Quote from: noorman0 on October 10, 2023, 01:37:30 AM

Quote from: SquirrelJulietGarden on October 08, 2023, 08:36:21 PM

Because if they have to buy Bitcoin at time of monthly salary distribution, it looks odds with me.

That's not odds in my opinion, approving a request for one employee is not a significant problem for the entire financial system. Moreover, buying bitcoin is not difficult for GBP as almost all exchange platforms provide this trading option.
The finance staff might reserve stable coins in a personal exchange account that offers the lowest withdrawal fees for the OP's salary in the next few months, then convert to bitcoin and withdraw weekly/monthly.

The employer might really found an easy way to make the request of OP to happen. If it will be a hassle, the request would be declined. While thinking earlier, I also came to this thinking that the employer or the finance department have allocated enough funds to buy bitcoin on or before the day of the distribution of salary. But then, I remembered that in every employer, they have a trusted bank where the salary of the employee is coming from, the amount is being calculated in a weekly or monthly basis (base on their work/present days), if the finance staff would allocate funds to buy bitcoin for his salary and keep it as a reserve, isn't it considered as an advance expense for the company?

OP, if you receive salary in bitcoin, does it show as a full amount? Or the employer deduct the fees they spend to buy bitcoin? I'm really curious, honestly.

bayu7adi

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Quote from: noorman0 on October 10, 2023, 01:37:30 AM

Quote from: SquirrelJulietGarden on October 08, 2023, 08:36:21 PM

Because if they have to buy Bitcoin at time of monthly salary distribution, it looks odds with me.

That's not odds in my opinion, approving a request for one employee is not a significant problem for the entire financial system. Moreover, buying bitcoin is not difficult for GBP as almost all exchange platforms provide this trading option.
The finance staff might reserve stable coins in a personal exchange account that offers the lowest withdrawal fees for the OP's salary in the next few months, then convert to bitcoin and withdraw weekly/monthly.

Even if transactions are to be paid in USDT, it ultimately becomes the same when the OP decides to purchase BTC and retains USDT for personal expenses until the next paycheck arrives. Because the salary has been agreed upon in the form of BTC, it actually simplifies the process for OP to save their BTC, as in some cases, individuals with less steadfast convictions may feel reluctant to buy BTC. However, once someone owns BTC, they are often unwilling to part with it.

BTC is indeed intriguing, and I always consider it as a very positive vibe when an employee receives their salary in BTC. Although in some countries, transactions using BTC are prohibited, I believe it's still valid because you are working remotely.

noorman0

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Quote from: SquirrelJulietGarden on October 08, 2023, 08:36:21 PM

Because if they have to buy Bitcoin at time of monthly salary distribution, it looks odds with me.

That's not odds in my opinion, approving a request for one employee is not a significant problem for the entire financial system. Moreover, buying bitcoin is not difficult for GBP as almost all exchange platforms provide this trading option.
The finance staff might reserve stable coins in a personal exchange account that offers the lowest withdrawal fees for the OP's salary in the next few months, then convert to bitcoin and withdraw weekly/monthly.

wd1

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Quote from: davis196 on October 10, 2023, 01:09:12 AM

Quote from: wd1 on October 07, 2023, 11:06:38 PM

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!

OP, your post seems vague and you have to answer some questions.
Where do you live? Turkey, Argentina, Venezuela, or some African or Asian country?
Where do you convert BTC to fiat via P2P trading? Bisq, Hodlhodl, Localmonero, Agoradesk, Bestchange or somewhere else?
What kind of obstacles are you facing for getting your money to your local bank account?
It seems that your employer has to convert fiat to BTC in order to pay you your salary, and then, you convert a part of your BTC salary back to fiat. This doesn't seem effective to me. Can't your employer just pay you in USD instead of BTC? Will your local bank accept USD transactions? There's no proof that you are getting a BTC salary. What if you are simply lying in order to get some merit for this post?

And I ask you, why are you this dubious of my post? I have answered all of the questions already I think except the country part. And I think it still allowed for a lot of productive discussion.

What if I am simply excited to tell people about what I think of BTC, Did that possibility occur too you at all? You can check my profile and see I am serious person. I am not going to egregious lengths just to pass your extremely perusal bar.

davis196

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Quote from: wd1 on October 07, 2023, 11:06:38 PM

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!

OP, your post seems vague and you have to answer some questions.
Where do you live? Turkey, Argentina, Venezuela, or some African or Asian country?
Where do you convert BTC to fiat via P2P trading? Bisq, Hodlhodl, Localmonero, Agoradesk, Bestchange or somewhere else?
What kind of obstacles are you facing for getting your money to your local bank account?
It seems that your employer has to convert fiat to BTC in order to pay you your salary, and then, you convert a part of your BTC salary back to fiat. This doesn't seem effective to me. Can't your employer just pay you in USD instead of BTC? Will your local bank accept USD transactions? There's no proof that you are getting a BTC salary. What if you are simply lying in order to get some merit for this post?

Wind_FURY

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Quote from: icalical on October 08, 2023, 05:03:57 PM

Bitcoin is always my first choice to receive payment from my freelancing work, while most of the person or agencies what I work with could pay in few of them aren't and they use paypal. Compared to PayPal, the time from which they pay up to I received it in my local currency, Bitcoin is a lot faster since the transfer doesn't wait for working hours, it's 24/7, and the fee is much cheaper. More of that compared to a couple years ago, more people and agencies can pay in Bitcoin now.

I'm nitpicking, but Bitcoin can't be compared to a consumer app like PayPal, because if PayPal or a simple fund transfer is available and easy to convert to OP's local currency then that would be more efficient. BUT if there's no other way to send OP's salary, and because there was a gap left in the market, then Bitcoin is the only network that could fill the gap. It's just like the Dark Markets buyers and sellers, no bank or payment processor will service it, therefore there's Bitcoin. Or the ransomware market - banks, credit cards and centralized payment processors will never provide service, therefore ransomware hackers use Bitcoin.

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Quote from: Don Pedro Dinero on October 08, 2023, 12:08:14 AM

Quote from: wd1 on October 07, 2023, 11:06:38 PM

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account.

Does he pay you with black money? I find it hard to believe that a bank would have problems with you receiving income from a job, as long as it is legal and declared.

On the other hand, if at the end of the day you have to convert part of the P2P bitcoin to be able to pay in fiat, I don't see much difference to cashing in fiat, spending what you have to spend and buying P2P bitcoin with the rest, apart from the problem with your bank.

Yeah, there must always be a legal bank in each country no matter how strict they are with other foreign payment methods and banks now has an online version which allows people to receive their money anywhere in the world. This should work and is enough. No need to use a black money as it sounds illegal. Cashin in fiat is much easier than converting BTC to fiat. But, he should do what you are talkin about there if he started receiving BTC as a payment for his work. Each of us has our own preferences.

It may look complicated to us but maybe not totally for him and BTC still have some advantages than other payment methods out there. This should be the reason why he liked it better.

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Working remotely with crypto payments has been a real game-changer for me when it comes to breaking down financial barriers. XGo to be my go-to platform for this, and their XGoID feature, It's like multitool of crypto management. Seriously, it simplifies transactions and keeps my crypto assets neatly organized. If you're into crypto, you should definitely give it a shot.

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Quote from: SquirrelJulietGarden on October 08, 2023, 08:36:21 PM

Quote from: wd1 on October 08, 2023, 08:14:59 PM

My Salary is in GBP, so they convert it into BTC every time, buy that amount and send it to me. Does that address your concerns?

I don't know what you shared is true or untrue.

My thinking is your company must have part of their financial treasury in Bitcoin. They have to buy Bitcoin and store it in their treasury or they accept Bitcoin as part of their business and use payments they received in Bitcoin then assign it as their budget for salary distribution to staffs including you.

Because if they have to buy Bitcoin at time of monthly salary distribution, it looks odds with me.

I think buying bitcoin at the time of monthly salary distribution is more suitable because no company wants to lose money if it buys bitcoin at a higher price than before to pay its employees. Bitcoin is very volatile and many companies that accept bitcoin payments mostly do not hold bitcoin, they will convert immediately after receiving payment, with the exception of companies involved in the cryptocurrency sector. But my question, OP said he convinced the company to pay him in bitcoin, which means they have never done this before, why did they accept so easily?

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Quote from: wd1 on October 08, 2023, 08:14:59 PM

Quote from: The Sceptical Chymist on October 08, 2023, 05:38:07 PM

I've got mixed feelings on this one, OP. On the one hand I'm happy you're happy and that bitcoin is being used as a substitute for fiat, which I love to see. On the other hand, getting paid in any type of crypto aside from a stablecoin exposes you to enormous volatility risk, and you seem more than smart enough to know exactly what I'm talking about. Are you getting paid a certain amount of BTC per week/job or is your pay tied to your local fiat or some other fiat's value?

I had this thread open and then fell asleep, and I just skimmed through it to see if you'd addressed that but couldn't find anything. There have been threads dealing with the question of accepting wages in bitcoin, but you might be the first person I've seen who's actually done it.

You have good reason for not saying where you live, and that's a good call on your part--but damn, I really want to know because I'm curious based on the description of the situation your homeland is in. All my best, man!

My Salary is in GBP, so they convert it into BTC every time, buy that amount and send it to me. Does that address your concerns?

Thanks for the good wishes.

But that does not solve volatility problem. I suppose right now you have saved some money previously and due that you dont feel exchange rate change when you pay. Just curious what you gonna do it tomorrow Bitcoin price drops to $20k and you will lose roughly 1/3 of your balance. I am always curious how people protect themselves from such scenarios. Because people are not crypto, we can not "hold" till better times or price and dont eat or drink.

SquirrelJulietGarden

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Quote from: wd1 on October 08, 2023, 08:14:59 PM

My Salary is in GBP, so they convert it into BTC every time, buy that amount and send it to me. Does that address your concerns?

I don't know what you shared is true or untrue.

My thinking is your company must have part of their financial treasury in Bitcoin. They have to buy Bitcoin and store it in their treasury or they accept Bitcoin as part of their business and use payments they received in Bitcoin then assign it as their budget for salary distribution to staffs including you.

Because if they have to buy Bitcoin at time of monthly salary distribution, it looks odds with me.

wd1

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Quote from: The Sceptical Chymist on October 08, 2023, 05:38:07 PM

I've got mixed feelings on this one, OP. On the one hand I'm happy you're happy and that bitcoin is being used as a substitute for fiat, which I love to see. On the other hand, getting paid in any type of crypto aside from a stablecoin exposes you to enormous volatility risk, and you seem more than smart enough to know exactly what I'm talking about. Are you getting paid a certain amount of BTC per week/job or is your pay tied to your local fiat or some other fiat's value?

I had this thread open and then fell asleep, and I just skimmed through it to see if you'd addressed that but couldn't find anything. There have been threads dealing with the question of accepting wages in bitcoin, but you might be the first person I've seen who's actually done it.

You have good reason for not saying where you live, and that's a good call on your part--but damn, I really want to know because I'm curious based on the description of the situation your homeland is in. All my best, man!

My Salary is in GBP, so they convert it into BTC every time, buy that amount and send it to me. Does that address your concerns?

Thanks for the good wishes.

Blitzboy

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First, good job on being proactive about payment. Getting BTC pay? This is novel, especially for individuals in locations where traditional banking is difficult.

After being in Bitcoin for a long, I love hearing stories like yours, however theres a small issue. Bitcoin volatility - ever considered it? You see, its amazing now, but BTC might plummet. Its your call, and you may know better than most of us.

Remember: While getting paid in Bitcoin and eliminating banking costs is great, always watch the market. Stay smart, informed, and fantastic with your web dev gig.

panganib999

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As long as it's also not going to be a pain in the ass for your company to do so, which I don't think it is considering that they obliged to your request I'm pretty sure it's all good to go. Also a great start at saving bitcoin for the coming bull run since now you don't need to go through all that mumbo jumbo of processing and transferring/converting into different cryptos and fiats until you get bitcoins. It's all in one go and you literally save time and money in the process so it's all beneficial with little to no drawbacks. Keep it up and I hope your whole company actively offers that to your current employees as well, pretty sure that a lot of these colleagues of yours got bitcoin investments as well that they're trying to grow but they don't know they could actually ask to be paid in bitcoin so they didn't bother.

The Sceptical Chymist

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I've got mixed feelings on this one, OP. On the one hand I'm happy you're happy and that bitcoin is being used as a substitute for fiat, which I love to see. On the other hand, getting paid in any type of crypto aside from a stablecoin exposes you to enormous volatility risk, and you seem more than smart enough to know exactly what I'm talking about. Are you getting paid a certain amount of BTC per week/job or is your pay tied to your local fiat or some other fiat's value?

I had this thread open and then fell asleep, and I just skimmed through it to see if you'd addressed that but couldn't find anything. There have been threads dealing with the question of accepting wages in bitcoin, but you might be the first person I've seen who's actually done it.

You have good reason for not saying where you live, and that's a good call on your part--but damn, I really want to know because I'm curious based on the description of the situation your homeland is in. All my best, man!

SmartGold01

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I know the joy in you that you have gotten paid with btc and if I am not mistakenly I have came across some topic that says similar things, that means before creating a topic or thread you should always look out for a possible thread to know whether such or similar has been raised before to avoid repetition of topics. Accumulation always comes with reserved funds or something like spare cash may be cushion that could served you till your next pay day/week or month per say to be able to achieved your accumulation process or getting to your desired period of accumulation targets. There are many people who engaged themselves into this but due to lack of steady inflows of cash or since its a single stream of income it then endangered the only source stirring up stress whereby if the only sources seized or stopped you could be tempted to start dipping your hands into the previously saved funds which you have already destroyed all your efforts to hold btc for either short or long period of time.

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Quote from: Asuspawer09 on October 08, 2023, 04:55:40 PM

Quote from: wd1 on October 07, 2023, 11:06:38 PM

I live in an underdeveloped country, but I work remotely for a fairly good web development agency. We don't have a lot of financial services/wallets here, so we had to go circumvent a lot of obstacles for me the money to get to my local bank account. This whole process took a hefty fee, and time. And the worst part is the currency is absolutely shit and deteriorating (even compared to other fiat currencies),

Recently, I convinced them to start paying me in BTC. I save what I have to save, and convert the rest to fiat via P2P trading. Its so quicker and I get great deals, no more bullshit. I think this has been a great benefit of crypto for underdeveloped nations.

I have been accumulating bitcoin from a long time from my freelance work, but getting paid in it by my regular work feels awesome!

If your employer was good with it then I think it's a good thing but isn't you paying fees on your Bitcoin transactions? I mean bitcoin transactions were kinda cheap at the moment to the honest it's like cents or something so I guess it's a great and convenient thing anyway but there are times when the mempool gets congested making the fees skyrocket For sure that could be a problem in the case with your employer since he's the one paying you Bitcoin, but I guess as long as your employer was good with it it's a good thing in my opinion. I mean it still wasn't perfect since you still gonna need to use your local bank because you need to convert that Bitcoin to fiat money unless you know someone that is willing to buy your Bitcoin personally.

Just avoid using centralized platforms or probably avoid storing large amounts of your cryptocurrency there if you really planning to invest especially for long-term investment just send it to a noncustodial wallet like Electrum. If it really works they might just use it for all of there employees so I think that's a great adaptation that could easily promote Bitcoin as well.

Well, there are always extra fees involved when exchanging BTC into fiat and transferring it to a bank account. However, depending the country, BTC fees can be cheaper than an international fiat transaction between bank accounts. That was one of the reasons why Bitcoin was adopted as legal tender by El Salvador.

Anyway, transactions fees aren't the biggest issue. The main problem is to find another person to sell BTC directly for the current market price. Most commonly we still have to sell our coins to platforms which buy only below price market, devaluing our money.

If BTC is quotated in R$131,000 (local currency), the platform is going to pay R$127,000-R$128,000 for that only.

Topic: I recently convinced my employer to start paying me in BTC, it has been great - page 3. (Read 1043 times)