Topic: Lots of stores accepting BTC but it's useless if people aren't being paid in BTC (Read 1108 times)
August 06, 2014, 10:12:01 AM
People like me do not get paid in bitcoin, yet. But I accept bitcoin for any transaction from a garage sale to a bar bet. My bitcoins are not useless at all. I just bought a gun this week with bitcoin. I paid about $1.22 after factoring in the growth in value. Useless?
August 06, 2014, 10:04:43 AM
Most stores will probably start accepting bitcoin, but they wont start paying bitcoins (or at least a portion) until much later after that. Its hard for them to build trust in something that could collapse overnight, let alone pay their employees with it.
August 06, 2014, 09:46:56 AM
One step at a time. The more options we have to spend bit coin the easier it becomes to get paid in bit coin. The first step is merchant adoption and that is ongoing.
August 06, 2014, 09:15:31 AM
I don't feel it is useless to be honest as long as stores and businesses are accepting bitcoin it gives them more of a chance to be able to adapt and start paying employees with bitcoin. Something like this is ideal and could help bitcoin become more popular especially in stores.
August 06, 2014, 09:01:38 AM
I get paid in BTC 
August 06, 2014, 07:21:16 AM
If I had the option to be paid in BTC I would, I hate having to keep buying BTC as I am the laziest person ever.
August 05, 2014, 11:49:00 PM
It's starting, with guys like Overstock incenting staff to take bonuses in btc
Over time should reduce the amount of btc that they need to flip back into fiat
Over time should reduce the amount of btc that they need to flip back into fiat
August 05, 2014, 03:38:01 PM
i havnt been paid in fiat for 2 years.
just pure BTC ever since 2012
just pure BTC ever since 2012
not sure if that's cost efficient though.. if you need fiat, that means you have to cash out and pay the exchange fee. it ends up costing you more, doesn't it?
nope. i hoard most coins and the dollar value i was given as my yearly salary for 2012. is now worth so much more.
basically one week i was given 60bitcoins as a weeks wage in 2012. that one weeks wage is now($36k) covering my rent and food bill for this whole year and next year. and i still have alot more coin for from the other 120+ weeks of 2012-upto now. so i am happy.
and ofcourse i threw 1% of my hoard into exchanges and day traded into extra profit. so basically.. what i spent this year hasnt really touched my initial income.
and lastly, most of my life essentials are paid by bitcoins so converting to fiat is not my problem, as thats left with the landlord/merchants i deal with to decide what they do with the bitcoin received. but it sure does feel good to be handed 60btc 2 years ago for a week. and only have to hand out decimal amounts of singular btc to pay for food or rent
August 05, 2014, 03:30:25 PM
since you have to pay taxes all the same, it doesn't make THAT much difference in buying BTC with your after tax income vs being paid in BTC and having to pay taxes out of it
August 05, 2014, 02:58:23 PM
"useless" is an exaggeration.
August 05, 2014, 02:57:48 PM
i havnt been paid in fiat for 2 years.
just pure BTC ever since 2012
just pure BTC ever since 2012
not sure if that's cost efficient though.. if you need fiat, that means you have to cash out and pay the exchange fee. it ends up costing you more, doesn't it?
August 05, 2014, 02:56:36 PM
i havnt been paid in fiat for 2 years.
just pure BTC ever since 2012
just pure BTC ever since 2012
August 05, 2014, 02:52:54 PM
patrick bryne, overstock.com's CEO, has a scheme where he pays bonuses to his employees in bitcoin. it may not be a whole lot, but it's a start. we can only hope that other companies like newegg, dell, expedia, dish, et all follow suit.
http://www.coindesk.com/overstock-introduce-bitcoin-bonus-scheme-staff/
http://www.coindesk.com/overstock-introduce-bitcoin-bonus-scheme-staff/
August 05, 2014, 02:47:57 PM
I don't think it's useless.
Any exposure to Bitcoin is better than no exposure for someone who is very new to the currency.
Additionally, paying people in Bitcoin (at least in the US) represents a few unique challenges that may keep employers from wanting to do so. As an employer they have to allocate gross pay to taxes, benefits, and other government mandated items. Think about how cumbersome it would be to have to convert BTC to fiat so all of those third-party payments can be made?
Perhaps getting paid (via an employer) in Bitcoin is the greatest challenge to full adoption.
Accepting payment in Bitcoin, however, is a great, great boost to adoption. It's all useful.
Any exposure to Bitcoin is better than no exposure for someone who is very new to the currency.
Additionally, paying people in Bitcoin (at least in the US) represents a few unique challenges that may keep employers from wanting to do so. As an employer they have to allocate gross pay to taxes, benefits, and other government mandated items. Think about how cumbersome it would be to have to convert BTC to fiat so all of those third-party payments can be made?
Perhaps getting paid (via an employer) in Bitcoin is the greatest challenge to full adoption.
Accepting payment in Bitcoin, however, is a great, great boost to adoption. It's all useful.
August 05, 2014, 02:46:33 PM
Lots of people get paid in BTC, myself included. Don't worry, it will continue gaining adoption.
August 05, 2014, 02:33:23 PM
So we have more and more stores accepting BTC but it's useless if people aren't receiving at least part of their salaries in BTC. Otherwise, those stores will just cash out their BTC;
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