Good ideas when have company using bitcoin to pay salaries for their worker, for some one have target with investment their money for the future by receiving salary through bitcoin will be their saving assets. Depend on values of payment salary receiving if bitcoin on higher price its not really worth due upcoming day get chance for bitcoin correction.
Actually have positive and negative viewed but I think receiving bitcoin as payment salary more dominance with positive side,
the worker can hold and waiting few week or months later bitcoin price will up but if payment time on bitcoin higher price they can sell early before buy back later after bitcoin getting down.
Topic: Imagine African countries using Bitcoin to pay salaries, - page 3. (Read 972 times)
That would be really cool but I'm worried about the volatility of bitcoin because that can spell disaster for people that's reliant on that income, imagine if it's payday and that day was also matched or coinciding with the dump in prices, you basically worked for less because of that and you end up with a lower take home pay which would be bad for the family if you're sustaining one. I think in an ideal world, we want this to work but the volatility that bitcoin have, it's difficult to say that it's going to work.
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El Salvador, the first country to accept Bitcoin as a legal tender is not paying it citizens salaries in Bitcoin. So I wonder why the op would possibly think an africa country would do this. Nigeria, Ghana and South Africa are the countries toping the chart in crypto adoption in the continent but the idea of paying salaries in Bitcoin is not going to happen, not anytime soon. I think the high rate of illiteracy in Africa is one of the reasons this move will fail if any government wants to go down this path. I think government allowing people to use bitcoin freely will help the economy better than paying Salaries in Bitcoin.
Instead of people leaving their money in the bank, when we know money in the bank loses value with time it will be better for bitcoin to be considered as a store of value because with time this will add value, it will really be of advantage to people more.
There is not a single country that has legally legalized cypto currency or bitcoin as a legal payment, let alone to pay the salaries of government employees officially. only Elsavador, a country in Central America, has begun to legalize bitcoin as a legal means of payment. other than that, it is only legalized as a commodity for buying and selling.
This could also happen over time, because who knows, in the future there will be many countries in Africa that want to implement things like that in their government, as has been implemented by the country of El-Savador at the moment. Even though implementing this is not easy to do except for buying and selling commodities, that doesn't mean it can't be done if the government of an African country really likes Bitcoin and wants to implement this for every employee. 
Besides the exchange rates and charges may also lead to short falls in their salaries within the same day salaries are paid. So someone that gets 100k as salary may end up getting 80 to 90k Nigerian Naira due to charges.
It is not possible, no country will allow any crypto currency to dominate their paper currencies in terms of usage and other transactions.
Nigeria is known to be one of the highest users of cryptocurrencies but it is rarely used for transactions. It is mainly used to cushion the effect of the failing local currency. However, Nigeria is still not ripe for the adoption of Bitcoin for the payment of salaries. The OP should recognize that most of the people that are into cryptocurrencies are youths, the other older people might lack basic knowledge of using cryptos. I am sure many workers will protest such a move by the government. It is not possible, no country will allow any crypto currency to dominate their paper currencies in terms of usage and other transactions.
The Nigerian economy is also a fiat-dominated one in that most transactions are done using the local currency. We saw in the news how the scarcity of physical Naira notes led to anarchy in Nigeria. This is a clear indication that Nigeria is not even mature in online banking transactions.
There is no benefit of paying workers using Bitcoin for payment of salaries except these workers will be able to hodl it for a long time until the price appreciates. Based on the standard of living of most Nigerians, many of them spend their entire earnings on basic needs because their salaries are not even enough to cover expenses. So it will be rare to see workers saving from salaries except they have other sources of income.
Bitcoin's volatility is a genuine risk for workers' savings. It also limits Bitcoin's potential. Bitcoin can teach financial literacy and empower you, not only save. Workers can learn about market dynamics, diversify their financial portfolio, and engage with a global asset. The immediate change may be difficult, but with the correct education and tools, it can lead to financial resiliency the Naira lacks
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El Salvador, the first country to accept Bitcoin as a legal tender is not paying it citizens salaries in Bitcoin. So I wonder why the op would possibly think an africa country would do this. Nigeria, Ghana and South Africa are the countries toping the chart in crypto adoption in the continent but the idea of paying salaries in Bitcoin is not going to happen, not anytime soon. I think the high rate of illiteracy in Africa is one of the reasons this move will fail if any government wants to go down this path. 
Besides the exchange rates and charges may also lead to short falls in their salaries within the same day salaries are paid. So someone that gets 100k as salary may end up getting 80 to 90k Nigerian Naira due to charges.
It is not possible, no country will allow any crypto currency to dominate their paper currencies in terms of usage and other transactions.
Nigeria is known to be one of the highest users of cryptocurrencies but it is rarely used for transactions. It is mainly used to cushion the effect of the failing local currency. However, Nigeria is still not ripe for the adoption of Bitcoin for the payment of salaries. The OP should recognize that most of the people that are into cryptocurrencies are youths, the other older people might lack basic knowledge of using cryptos. I am sure many workers will protest such a move by the government. It is not possible, no country will allow any crypto currency to dominate their paper currencies in terms of usage and other transactions.
The Nigerian economy is also a fiat-dominated one in that most transactions are done using the local currency. We saw in the news how the scarcity of physical Naira notes led to anarchy in Nigeria. This is a clear indication that Nigeria is not even mature in online banking transactions.
There is no benefit of paying workers using Bitcoin for payment of salaries except these workers will be able to hodl it for a long time until the price appreciates. Based on the standard of living of most Nigerians, many of them spend their entire earnings on basic needs because their salaries are not even enough to cover expenses. So it will be rare to see workers saving from salaries except they have other sources of income.
That's a big imagination but who knows it can be a reality in the future. The awareness to use btc as a means of payment is very low compare to the interest of making profit out of it.
Untill people stop treating btc as an asset to make huge profit but an alternative mode of payment to spite the banking institution such imagination can hardly become a reality.
The awareness of btc is fast growing in Africa and hopefully the idea of using it to conduct day to day transactions will also grow alongside.
Africa already has the awareness of BTC and cryptocurrencies in general. Most people still think they are dumb or don't have a nack for the finer things and future initiatives of life, but they are wrong. Untill people stop treating btc as an asset to make huge profit but an alternative mode of payment to spite the banking institution such imagination can hardly become a reality.
The awareness of btc is fast growing in Africa and hopefully the idea of using it to conduct day to day transactions will also grow alongside.
If we start by first checking out the first African countries to adopt the use of Blockchain network in creation of something similar to crypto, that is the CBDC initiative, then you will understand that what most African countries need is investors and more campaigns and outreach that talks or sensitizes on such matters.
The idea is nice but, that will only be a transition into a cashless society. Even with the much glamour for cashless society by the previous governments and the vision 2020 agenda, it has not been achieved due to poor network infrastructure.
Businesses not adopting the idea of POS machines plus the expensive nature of these machines , small businesses find it hard to adapt to the cashless economy idea.
One mistake in your post is that, your post did not classify the type of persons that should be paid crypto currencies as salaries because, how will an old woman or man know how to navigate get his or her bitcoins changed .
Besides the exchange rates and charges may also lead to short falls in their salaries within the same day salaries are paid. So someone that gets 100k as salary may end up getting 80 to 90k Nigerian Naira due to charges.
It is not possible, no country will allow any crypto currency to dominate their paper currencies in terms of usage and other transactions.
Businesses not adopting the idea of POS machines plus the expensive nature of these machines , small businesses find it hard to adapt to the cashless economy idea.
One mistake in your post is that, your post did not classify the type of persons that should be paid crypto currencies as salaries because, how will an old woman or man know how to navigate get his or her bitcoins changed .
Besides the exchange rates and charges may also lead to short falls in their salaries within the same day salaries are paid. So someone that gets 100k as salary may end up getting 80 to 90k Nigerian Naira due to charges.
It is not possible, no country will allow any crypto currency to dominate their paper currencies in terms of usage and other transactions.
That's a big imagination but who knows it can be a reality in the future. The awareness to use btc as a means of payment is very low compare to the interest of making profit out of it.
Untill people stop treating btc as an asset to make huge profit but an alternative mode of payment to spite the banking institution such imagination can hardly become a reality.
The awareness of btc is fast growing in Africa and hopefully the idea of using it to conduct day to day transactions will also grow alongside.
Untill people stop treating btc as an asset to make huge profit but an alternative mode of payment to spite the banking institution such imagination can hardly become a reality.
The awareness of btc is fast growing in Africa and hopefully the idea of using it to conduct day to day transactions will also grow alongside.
There is not a single country that has legally legalized cypto currency or bitcoin as a legal payment, let alone to pay the salaries of government employees officially. only Elsavador, a country in Central America, has begun to legalize bitcoin as a legal means of payment. other than that, it is only legalized as a commodity for buying and selling.
African countries are much into the usage of cryptocurrencies as their national currencies have dropped value due to inflation. It is very common to see the bitcoin and cryptocurrency acceptance in few African countries. This show the increasing adoption of cryptocurrency. Look at El Salvador, initially everything was opposed and the government stood strong and now they're making the best out of the decision.
yeah.. It's about the readiness of these nations to embrace such a significant change. Implementing a system of paying salaries in Bitcoin could indeed pose challenges, especially in regions where the infrastructure and understanding of cryptocurrencies are limited. The transition to a new form of currency requires significant adjustments, both in terms of technology and mindset. Moreover, it might necessitate additional budget allocations to educate and facilitate the workforce in adapting to this change.
Even in countries with more robust economies, there is a hesitancy to fully adopt Bitcoin for salary payments. The volatility of cryptocurrencies and the regulatory uncertainties surrounding them make many governments and businesses cautious about such a move. Allowing blockchain technology and cryptocurrencies to evolve naturally, without rushing into widespread adoption, allows for a more stable and sustainable integration.
And all of those are important reasons why we are not going to see this happening there soon, it is known that when it comes to the adoption of new technologies, the richest countries are the ones that are often at the lead, and this is because not only governments can afford to switch to an experimental technology earlier due to their higher wealth, but people themselves can take the initiative to do so on their own as they more easily recognize the advantages such technology represents. Even in countries with more robust economies, there is a hesitancy to fully adopt Bitcoin for salary payments. The volatility of cryptocurrencies and the regulatory uncertainties surrounding them make many governments and businesses cautious about such a move. Allowing blockchain technology and cryptocurrencies to evolve naturally, without rushing into widespread adoption, allows for a more stable and sustainable integration.
I feel this is only likely if the user of the BTC to pay salaries also had a natural way to acquire BTC like maybe usage of Solar or hydro power for mining or similar methods. If BTC is in natural circulation then it seems a good idea but the usage as currency has to be efficient for them to make sense. BTC is great in a variety of ways but my number one question for any business usage vs alternatives is the efficiency and ease of use to make that business case, it is very hard for BTC to go vs normal FIAT usage on something routine like salary payment.
Nigeria has a bias to oil as a member of OPEC they have a large investment and asset base in that commodity. The other perspective would be in a technologically sector, BTC is obviously part of that development in an economy so if it helps to develop business in that respect it would be worth encouraging and thats partly why I think BTC is not banned in many countries for its jobs potential in business development.
Nigeria has a bias to oil as a member of OPEC they have a large investment and asset base in that commodity. The other perspective would be in a technologically sector, BTC is obviously part of that development in an economy so if it helps to develop business in that respect it would be worth encouraging and thats partly why I think BTC is not banned in many countries for its jobs potential in business development.
I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
Think about it, is it useful for them to do that at the present time? Since most of the countries here have weak economies, it can be seen that they are not really ready to accept truly new things, in general, paper money is still a tool for them to use every day.With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
And if that proposal is applied, they will have to spend more budget to improve service quality. I find this idea not really convincing at the present time. Even countries with top economies are not ready to adopt that, although I can sense the potential of blockchain technology but let it take its natural course like how ETF comes as a inevitable with bitcoin.
Even in countries with more robust economies, there is a hesitancy to fully adopt Bitcoin for salary payments. The volatility of cryptocurrencies and the regulatory uncertainties surrounding them make many governments and businesses cautious about such a move. Allowing blockchain technology and cryptocurrencies to evolve naturally, without rushing into widespread adoption, allows for a more stable and sustainable integration.
Well, that's exactly what will happen there. To be honest, those investors who are used to just taking money out of stocks or investing in them are different now because they will be able to directly buy Bitcoin without hesitation, unlike before. It's not like they will really hesitate a bit.
Nowadays there are quite a lot of investment options so that every year there are always new investors born in any field, because there are many sectors that can be used by them for investment so it is very natural that now investors can earn money through several of these sectors when they have make investments based on your own desires.Most newbies who have absolutely no idea what they are doing could end up with a big loss and that should be the key factor here, and that means if they all end up selling at the very wrong time, they could make the price drop and that could be terrible. I think that should be the key factor here, and that should be something that would be giving us some sort of benefit if they know what they are doing.
I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin,
You could do your research on that. As far as I know, Central Africa Republic is the only African country that has made Bitcoin a legal tender. The rest of Africa are neutral about Bitcoin. Once you search on the internet like SatoPrincess given will show the same result. Theres nothing wrong with the payment of the bitcoin but again the market is volatile, imagine it's your payday and the market crashes instead you will receive 100% of your salary you will lose 30% because someone dumps the market, people will disagree with this if they know how does the market go rapidly up and down, adaptation and use of it is i guess enough but taking as one of the salaries for them i guess quite big game changer on the society, for sure people will still seek for the natural currency of their country.
I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
Think about it, is it useful for them to do that at the present time? Since most of the countries here have weak economies, it can be seen that they are not really ready to accept truly new things, in general, paper money is still a tool for them to use every day.
And if that proposal is applied, they will have to spend more budget to improve service quality. I find this idea not really convincing at the present time. Even countries with top economies are not ready to adopt that, although I can sense the potential of blockchain technology but let it take its natural course like how ETF comes as a inevitable with bitcoin.
Paying salaries in Bitcoin, in a country where there is a high poverty rate and where the population needs to spend 90% of the salary directly, is useless. Most of the population cannot keep Bitcoin as an investment and therefore will not be able to benefit from price fluctuations, and the high Bitcoin fees may wipe out most of the salary.
With a fee of 47 sat/vB and assuming that the person will make an average of 3 transactions and that the transaction is 1 input 2 output, he will need about 21 US Dollars per month, while the average salary in Nigeria is around 30,000 NGN (69.17 US Dollars) according to https://www.timedoctor.com/blog/average-salary -in-nigeria/
We are talking approximately 1/3 of the salary in transaction fees
If there are social security or pension funds where workers' salaries are deducted and kept, then Bitcoin can contribute to mitigating the effects of inflation.
You have said it all. if I had merit,I would have also given to you about your analysis. Because bitcoin transaction fee is getting higher by the day and checking at the least salary someone could receive in such a country like Nigeria, you'll see that you would have almost lost your salary to Bitcoin fee. I doubt your 1/3. i think 4/5 because you'll almost sell your money to fee. Like in a sales of $40 you'll use $32fee for $8 Fiat sales.With a fee of 47 sat/vB and assuming that the person will make an average of 3 transactions and that the transaction is 1 input 2 output, he will need about 21 US Dollars per month, while the average salary in Nigeria is around 30,000 NGN (69.17 US Dollars) according to https://www.timedoctor.com/blog/average-salary -in-nigeria/
We are talking approximately 1/3 of the salary in transaction fees
If there are social security or pension funds where workers' salaries are deducted and kept, then Bitcoin can contribute to mitigating the effects of inflation.
Even the company that want to pay you, would loose more money than gaining. Emaging sending salary of $15 with fee of $32 you will see that such company will decide not to continue which is bankruptcy. Because most workers are no serious in there day to day activities and reaching the time of payment company will also like to pay them accordingly on how there work are. Most will receive higher while others lowoer bit plus or minus the company will lost %40 for a %60 salary.
I don't know if the government of any African country have adopted the system of paying salaries in Bitcoin, but I know here is Nigeria they haven't, it's possible to pay employees using Bitcoin or other crypto currencies ,
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
With the services of some crypto currency payroll agencies like Bitwage,papaya global, ontop, which will make it possible for the government to pay their workers in Bitcoin or other crypto currencies and can be sent into their digital wallet,
Since it has to do with the government another agency can be set up in the country in respect to paying salaries as Bitcoin which will somehow help in the growth of the economy of the country.
Paying salaries using Bitcoin is actually no longer a difficult thing to do because we have various kinds of exchanges and also digital wallets that can be used as a medium for transferring Bitcoin to fellow users and of course the fees can be very cheap. But the thing that makes it difficult is the acceptance and regulation of Bitcoin in the country itself, if the Nigerian government still doesn't give good permission for Bitcoin to be used then that's quite difficult.
The Nigerian government especially, will definitely not be that easy to give permission to companies who want to use Bitcoin as a payroll for their employees, well that really makes adoption difficult, the opportunity for Bitcoin to be used as a payroll medium in Nigeria in my opinion is really very small.
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