Overstock Offers It's Staff The Option To Be Paid In Bitcoin

98problems

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Quote from: Elwar on January 18, 2015, 05:40:50 AM

Quote from: Nagle on January 14, 2015, 03:01:17 AM

I wonder how much delay Overstock imposes on their employees between when Overstock binds the price of BTC and the employee gets delivery.

I am sure it is just paid out the same day the checks are sent out.

Instead of a check for $1000, the price is $200/BTC so employee gets 5 bitcoins.

Might even get to them faster than going through their bank.

Of course it would get to them faster. Although rare, banks are able to place a deposit hold on direct deposits of employees' paychecks. Even if there is no hold then it would generally take one business day for the direct deposit to show up on employee's bank accounts.

It takes an average of 10 minutes to confirm a bitcoin transaction

ensano

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Quote from: QuestionAuthority on January 11, 2015, 03:32:16 PM

Quote from: BTCreward on January 11, 2015, 03:09:34 PM

Quote from: steelhouse on January 10, 2015, 12:27:55 AM

Quote from: Remember remember the 5th of November on January 09, 2015, 09:22:30 PM

Quote from: gjgjg on January 09, 2015, 09:16:37 PM

i hope we get follow up info on how many take them up on the offer...

could be a smart ploy to get staff to spend more wages in store lol like bar tenders who get one free drink after work ;p

My guess? None. The price is too volatile right now for this.

This is when to buy when the crowd is scared.

I wouldn't say that is true when you are dealing with people's paychecks. If you are earning a living then you want the money you receive from your work to have a stable value. It might be a good idea to have a certain portion of your paycheck be bitcoin but not the entire amount

Even taking a small amount of their paycheck in btc would be great. They get the option to try out Bitcoin without opening an account anywhere and learn first hand how easy it is to use. I'm convinced that anyone using btc for an online payment, even once, will see how easy it is and be inclined to keep using it. The downside I've always seen is getting the btc in the first place. These people don't have that problem.

The problem is there are already far better payment options out there for consumers. Making a payment in bitcoin is risky. The first payment I made was to tigerdirect.ca and then the order got lost in the system. I still haven't gotten my item, credit, or refund and I have absolutely zero chance or recourse. If I would have paid with any of my credit cards (which literally anyone can get) or paypal I would have already settled my chargeback/dispute. Consumers don't pay fees with CC or PP so why should I pay with anything else?

Elwar

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Quote from: Nagle on January 14, 2015, 03:01:17 AM

I wonder how much delay Overstock imposes on their employees between when Overstock binds the price of BTC and the employee gets delivery.

I am sure it is just paid out the same day the checks are sent out.

Instead of a check for $1000, the price is $200/BTC so employee gets 5 bitcoins.

Might even get to them faster than going through their bank.

Nagle

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I wonder how much delay Overstock imposes on their employees between when Overstock binds the price of BTC and the employee gets delivery.

QuestionAuthority

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Quote from: TruthBear on January 13, 2015, 08:31:02 PM

Those poor people who decided to accept BTC...

That is kind of funny. This week those people took a pay cut.

TruthBear

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Those poor people who decided to accept BTC...

bf4btc

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Quote from: panju1 on January 12, 2015, 09:15:06 PM

Quote from: 1Referee on January 12, 2015, 10:04:40 AM

Overstock is a great example of how companies can get the most out of Bitcoin.

Accepting is as form of payment is great, but giving employees the option to get paid in Bitcoin is even better.

At this point it isn't a wise option to get paid in Bitcoin for 100% but a small fraction can't hurt I guess.

I agree. Even if some of the employees get paid in Bitcoin, it will help Overstock meet some of its expenses in Bitcoin, instead of dumping it for fiat. This expands the Bitcoin economy.

I think the chances of the bitcoin being eventually sold for fiat are still high when their employees are paid in bitcoin. The reason they would likely want to get paid in bitcoin is because they want to spend their bitcoin at various merchants that accept bitcoin, and when this happens it will likely be converted.

Overstock doesn't convert all their bitcoin into fiat regardless, they already save 10% of it

panju1

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Quote from: 1Referee on January 12, 2015, 10:04:40 AM

Overstock is a great example of how companies can get the most out of Bitcoin.

Accepting is as form of payment is great, but giving employees the option to get paid in Bitcoin is even better.

At this point it isn't a wise option to get paid in Bitcoin for 100% but a small fraction can't hurt I guess.

I agree. Even if some of the employees get paid in Bitcoin, it will help Overstock meet some of its expenses in Bitcoin, instead of dumping it for fiat. This expands the Bitcoin economy.

1Referee

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Overstock is a great example of how companies can get the most out of Bitcoin.

Accepting is as form of payment is great, but giving employees the option to get paid in Bitcoin is even better.

At this point it isn't a wise option to get paid in Bitcoin for 100% but a small fraction can't hurt I guess.

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: BTCreward on January 11, 2015, 04:52:35 PM

Quote from: QuestionAuthority on January 11, 2015, 03:32:16 PM

Quote from: BTCreward on January 11, 2015, 03:09:34 PM

Quote from: steelhouse on January 10, 2015, 12:27:55 AM

Quote from: Remember remember the 5th of November on January 09, 2015, 09:22:30 PM

Quote from: gjgjg on January 09, 2015, 09:16:37 PM

i hope we get follow up info on how many take them up on the offer...

could be a smart ploy to get staff to spend more wages in store lol like bar tenders who get one free drink after work ;p

My guess? None. The price is too volatile right now for this.

This is when to buy when the crowd is scared.

I wouldn't say that is true when you are dealing with people's paychecks. If you are earning a living then you want the money you receive from your work to have a stable value. It might be a good idea to have a certain portion of your paycheck be bitcoin but not the entire amount

Even taking a small amount of their paycheck in btc would be great. They get the option to try out Bitcoin without opening an account anywhere and learn first hand how easy it is to use. I'm convinced that anyone using btc for an online payment, even once, will see how easy it is and be inclined to keep using it. The downside I've always seen is getting the btc in the first place. These people don't have that problem.

I guess that is fair. However I really don't think it is that difficult to open an account at someplace like coinbase and buy bitcoin in regular amounts based on how much free cash you have every week (or however often you get paid)

No, it's not that difficult but it takes some effort. Having it given to you every two weeks by your employer takes zero effort.

Elwar

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Quote from: Remember remember the 5th of November on January 09, 2015, 09:22:30 PM

Quote from: gjgjg on January 09, 2015, 09:16:37 PM

i hope we get follow up info on how many take them up on the offer...

could be a smart ploy to get staff to spend more wages in store lol like bar tenders who get one free drink after work ;p

My guess? None. The price is too volatile right now for this.

I am getting all of my paycheck in bitcoins. It is not all that different from dollar cost averaging.

BTCreward

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Quote from: QuestionAuthority on January 11, 2015, 03:32:16 PM

Quote from: BTCreward on January 11, 2015, 03:09:34 PM

Quote from: steelhouse on January 10, 2015, 12:27:55 AM

Quote from: Remember remember the 5th of November on January 09, 2015, 09:22:30 PM

Quote from: gjgjg on January 09, 2015, 09:16:37 PM

i hope we get follow up info on how many take them up on the offer...

could be a smart ploy to get staff to spend more wages in store lol like bar tenders who get one free drink after work ;p

My guess? None. The price is too volatile right now for this.

This is when to buy when the crowd is scared.

I wouldn't say that is true when you are dealing with people's paychecks. If you are earning a living then you want the money you receive from your work to have a stable value. It might be a good idea to have a certain portion of your paycheck be bitcoin but not the entire amount

Even taking a small amount of their paycheck in btc would be great. They get the option to try out Bitcoin without opening an account anywhere and learn first hand how easy it is to use. I'm convinced that anyone using btc for an online payment, even once, will see how easy it is and be inclined to keep using it. The downside I've always seen is getting the btc in the first place. These people don't have that problem.

I guess that is fair. However I really don't think it is that difficult to open an account at someplace like coinbase and buy bitcoin in regular amounts based on how much free cash you have every week (or however often you get paid)

TPN

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How did it get so late, so soon?

Quote from: OgNasty on January 09, 2015, 09:12:18 PM

Finally!

I always wanted to post this gif.

It has yet to start

QuestionAuthority

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Quote from: BTCreward on January 11, 2015, 03:09:34 PM

Quote from: steelhouse on January 10, 2015, 12:27:55 AM

Quote from: Remember remember the 5th of November on January 09, 2015, 09:22:30 PM

Quote from: gjgjg on January 09, 2015, 09:16:37 PM

i hope we get follow up info on how many take them up on the offer...

could be a smart ploy to get staff to spend more wages in store lol like bar tenders who get one free drink after work ;p

My guess? None. The price is too volatile right now for this.

This is when to buy when the crowd is scared.

I wouldn't say that is true when you are dealing with people's paychecks. If you are earning a living then you want the money you receive from your work to have a stable value. It might be a good idea to have a certain portion of your paycheck be bitcoin but not the entire amount

Even taking a small amount of their paycheck in btc would be great. They get the option to try out Bitcoin without opening an account anywhere and learn first hand how easy it is to use. I'm convinced that anyone using btc for an online payment, even once, will see how easy it is and be inclined to keep using it. The downside I've always seen is getting the btc in the first place. These people don't have that problem.

BTCreward

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Quote from: steelhouse on January 10, 2015, 12:27:55 AM

Quote from: Remember remember the 5th of November on January 09, 2015, 09:22:30 PM

Quote from: gjgjg on January 09, 2015, 09:16:37 PM

i hope we get follow up info on how many take them up on the offer...

could be a smart ploy to get staff to spend more wages in store lol like bar tenders who get one free drink after work ;p

My guess? None. The price is too volatile right now for this.

This is when to buy when the crowd is scared.

I wouldn't say that is true when you are dealing with people's paychecks. If you are earning a living then you want the money you receive from your work to have a stable value. It might be a good idea to have a certain portion of your paycheck be bitcoin but not the entire amount

botany

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Quote from: flipstyle on January 09, 2015, 10:20:23 PM

That's quite cool. But nobody in their right mind (keyword: right) would take that offer right now unless they plan to spend or convert it immediately, lol.

I guess people could take up this offer instead of starting an SIP in Bitcoin. Tongue

Guido

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Quote from: gjgjg on January 10, 2015, 11:51:19 AM

Quote from: Braedo on January 09, 2015, 09:31:32 PM

Now we have two big players allowing their staff to acceptBTC as their salary. I doubt the price will move from this news but it's another push in the right direction.

in terms of news, i think large price moves from now on will only be achieved by something monumental, like a new territory buying into it - viral style or an official adoption by a nation/government or bank.
last time good news moved the market in a big way was 2013. if MS adoption only causes a tiny bump, were now swimming with the technical trading sharks waiting for them to move price...

PS getting part of your paycheck is an option for everyone right now, you dont need to wait for an employer or get approval from the bank:
https://www.bitwage.co/

Not for everyone though, bitwage.co only works for US employers at the moment...

gjgjg

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Quote from: Braedo on January 09, 2015, 09:31:32 PM

Now we have two big players allowing their staff to acceptBTC as their salary. I doubt the price will move from this news but it's another push in the right direction.

in terms of news, i think large price moves from now on will only be achieved by something monumental, like a new territory buying into it - viral style or an official adoption by a nation/government or bank.
last time good news moved the market in a big way was 2013. if MS adoption only causes a tiny bump, were now swimming with the technical trading sharks waiting for them to move price...

PS getting part of your paycheck is an option for everyone right now, you dont need to wait for an employer or get approval from the bank:
https://www.bitwage.co/

Comic Book Coin

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Wow, that's very interesting. It doesn't really matter if it is just a gimmick or that few (may) take them up on it. It is still a good signal!

Topic: Overstock Offers It's Staff The Option To Be Paid In Bitcoin (Read 1885 times)