Topic: More than 20,000 households getting their salary in bitcoin (Read 1599 times)

I calculated it back in 2011 when MtGox released their numbers and it was easier to calculate from a single exchange. It might not be the same number now but I don't see it being much higher (back then about the only thing you could do with Bitcoin was hold it or trade it on the exchange.

Where did you get that number from?

For merchants holding Bitcoin after a sale is quite a nightmare at this point.

If they sell a tv for $1000 in Bitcoin and after the sale a few days later the price plummets +30% which is a disaster for them.

How can you convice them to hold their coins if this isn't something you can fix within a decent amount of years.

How do you wash out very early adopters, thieves with 500K BTC, etc.

And don't forget Satoshi himself has also a few hundred K worth of BTC. They are sleeping at this point, but you never know when they move, if ever.

This all are huge risks for businesses and services holding Bitcoin instead of converting to fiat.

Imagine for a moment that those 20,000 people are paid on a weekly basis. Half are paid on Friday night, half are paid on Wednesday morning.

Now imagine that on average it took a half a week for people to spend all of their bitcoins. For simplicity, they spend all of their bitcoins a half week after they get paid.

So the Friday night employees spend all of their bitcoins on Wednesday morning and the Wednesday morning people spend all of their bitcoins on Friday night.

This would mean that at any time, half of the 20,000 people have all of the bitcoins they were paid.

This is the equivalent of 10,000 people holding bitcoins. Or 20,000 people having half of their bitcoins.

This would be $500 million worth of bitcoins at today's prices.

From my own experience getting paid in bitcoins I tend to wait to buy/pay for things until the price goes up. I don't buy things right when I get paid. And I make a lot more than the household income in the US so it would not necessarily need to be 20,000.

But if you say that people will be paying for things with bitcoins that are converted to war money...then there would have to exist a market that accepts bitcoins. The more places that accept bitcoins, the more people will be willing to get paid in bitcoins. The more bitcoins will be held and not immediately converted to war money.

The closer that number of bitcoins held gets to 14 million...the higher the value of each bitcoin.

Umm...there are no words...

People honestly believe that if euro or dollar did not exist we would all be trying to figure out what someone's salary is in Bitcoin?

Just like how we price gold in dollars...if there were no dollars then the price of gold would be unknown, people standing around with gold coins dumbstruck as to what its value is. Can it buy a piece of candy, a house, pay for a whole country? Who knows...there are no dollars to price it in. Is that about how it would work?

 

I actually subscribed to bitwage for a month, but had to switch back because the price was falling and I feared losing money on it.
Thinking of restarting it now.

how on earth will this equate to:


People still will need to pay rent, mortgage, fuel, phone, heat etc... so the majority will just be going out of btc anyway.  This is the main problem I cant wrap my head around with mass adoption.  At the end of the day, the money goes back to fiat.

I have no idea, you tell us. I guess whatever people is willing to pay for your goods like food, water whatever.

Anyway thats delusional. Fiat is not going anywhere and people is used to deal with a currency that doesnt move up and down like crazy.

I see Bitcoin as gold, not as a fiat currency.

all it would have been considered mature by the company.
ranging from taxes and to charge exchange

Ya, I think it will start out as an option for a percentage of paychecks. The way bitwage does it is through the payroll companies so it is simpler for the companies to provide that option.

Gyft is good too. 3% or 30%...other people are losing money using their war money for those services instead of bitcoin.

No.

I know you can use bitwage as an intermediary in the US. But I think it's not a fundamental improvement, because companies still just pay fiat which gets converted. So it's essentially the same as if I take my fiat salary and buy Bitcoin.

What we need for real progress are Bitcoin-only economic loops, without what you call "cheating" (fiat conversion).

ya.ya.yo!

It is simple, it is how I am paid. Taxes are taken out before my paycheck is sent to me. No judicial disputes, I get paid my usual pay...just in bitcoins.

This is already happening.

Purse takes forever, there's a market buffer, and no guarantee service will last forever. I prefer gyft with the 3% discount.

the taxes still would have to be paid in dollars by both parts.

And it might cause many judicial disputes about the value received and whether BTC is valid payment.

It is not that simple

Do you work in the US and get direct deposit?

I think any number is possible, but it's hard to predict. The main problem is not unwillingness of Bitcoiners to receive Bitcoin as salary, it's unwillingness of companies to even consider other payment options than fiat.

It'll take quite some time to convince businesses to provide Bitcoin as payment option. Of course it's easiest when you're working in the IT industry. But it's a lot harder if you work for traditional companies. You might even risk your standing by just mentioning Bitcoin.

ya.ya.yo!

So if war money did not exist and all we had were bitcoins....how do you think they would calculate pay?

 

Do you ever use Amazon? Do you like losing money that you could be saving by using purse.io?

But how do they calculate how much BTC do they need to pay? they directly convert it from how many dollar/eur that salary would normally be?
What if dollar/eur didnt exsist? we will always dependant of fiat to make this equivalence?