Topic: Salary in BTC from the Israeli company Spot.IM (Read 2230 times)
It can't be good or bad. It's risky and unstable. For a certain amount of work, the contractor will receive a different income depending on the exchange rate. If employees are satisfied with this-then this is only the pros.
That is very risky if they using Bitcoin to pay salary to their employees because Bitcoin fluctuates what if Bitcoin dump they cannot get their minimum salary,but if the management pays bitcoin based on their minimun wage income even Bitcoin will dump no employees will affected.and also it is a good news that their are companies now adopting Bitcoin as their source of payments it helps Bitcoin to become more useful and popular.
Maybe some people with that thing will understand first or educated what they must do, even in Japan there are some company already pay their employees with Bitcoin, (correct me if i'm wrong) 
That is very risky if they using Bitcoin to pay salary to their employees because Bitcoin fluctuates what if Bitcoin dump they cannot get their minimum salary,but if the management pays bitcoin based on their minimun wage income even Bitcoin will dump no employees will affected.and also it is a good news that their are companies now adopting Bitcoin as their source of payments it helps Bitcoin to become more useful and popular.
How looks the situation? Have they come to an agreement with the tax regulator? If they succeeded, it would surely be another step towards full usability of Bitcoin.
Does anyone know the link to the source, or any information channel in which we can follow this case?
Does anyone know the link to the source, or any information channel in which we can follow this case?
My opinion on this is that if you want to change the usual view of things, you need to move in this direction. I think that Cryptocurrency can become a constant currency for turnover.
If the company pays by way of BTC, it would be more risky for both parties, as the price of the BTC fluctuates frequently, and we hold them really awe. I think the BTC is only for investment will be more appropriate.
If the employees of that company are willing to accept bitcoin as their form of payment then they should be completely free to do exactly that, however if I was in that position I will say that I will not accept bitcoin as a payment form yet, I say this because in my country there is no place near me where I can use my bitcoin, so I would prefer to receive fiat and then convert to bitcoin whatever I was willing to lose.
As for me, salary in Bitcoin it's very good, but it should be possible to implement it in the everyday life of the country.
I have always considered Israel a very advanced state on a par with Japan. And if they do something, it's something that turns out to be very right. Because my answer is good!
Israeli Internet company Spot.IM will pay salaries in bitcoins
Israeli Internet company Spot.IM plans to pay salaries to employees in bitcoins. Now she is negotiating with the Israeli tax authority (ISA) about obtaining a permit for the proposed method of payment along with an appropriate method of calculating exchange rates.
According to Spot.IM spokesman Itay Bracha, in Israel, the salary or allowance paid to an employee is taxable. The company offers employees to open an account on the crypto exchange, where they will transfer the converted into bitcoins salary.
To provide insurance against bitcoin volatility, the highest coin price and the lowest on the specified day will be calculated and used as an exchange rate. The staff will also have the opportunity to choose between receiving a salary or part of it in bitcoins or fiat money.
Employees of Spot.IM have approved this offer, as the high fee for conversion will be covered by the company. In addition to net profit, pension funds or other benefits will not be transferred using bitcoin.
In February 2018, the Israeli tax authorities announced that the crypto-currency transactions are assets subject to a capital gains tax. Thus, employees will need to pay a tax of 25% if they will profit from operations with bitcoins.
According to the head of Spot.IM, Ido Goldberg (Ido Goldberg), the company fully supports crypto-currencies and believes that such initiatives can provide confidence in the crypto-currency sphere.
All I can say is WOW! I hope this thing happens in other countries out there and companies do something like this because it is really good. If you were want to ask me I would love Bitcoin as my salary. Israeli Internet company Spot.IM plans to pay salaries to employees in bitcoins. Now she is negotiating with the Israeli tax authority (ISA) about obtaining a permit for the proposed method of payment along with an appropriate method of calculating exchange rates.
According to Spot.IM spokesman Itay Bracha, in Israel, the salary or allowance paid to an employee is taxable. The company offers employees to open an account on the crypto exchange, where they will transfer the converted into bitcoins salary.
To provide insurance against bitcoin volatility, the highest coin price and the lowest on the specified day will be calculated and used as an exchange rate. The staff will also have the opportunity to choose between receiving a salary or part of it in bitcoins or fiat money.
Employees of Spot.IM have approved this offer, as the high fee for conversion will be covered by the company. In addition to net profit, pension funds or other benefits will not be transferred using bitcoin.
In February 2018, the Israeli tax authorities announced that the crypto-currency transactions are assets subject to a capital gains tax. Thus, employees will need to pay a tax of 25% if they will profit from operations with bitcoins.
According to the head of Spot.IM, Ido Goldberg (Ido Goldberg), the company fully supports crypto-currencies and believes that such initiatives can provide confidence in the crypto-currency sphere.
I would not want to get paid in BTC. I prefer to calculate my income in advance and know its size. In here in long-term investments in the form of MTC I would invest.
Salary in cryptocurrency does not have proper liquidity in the traditional market. Perhaps in the future this will be more advantages. Not yet.
There's nothing wrong with that. First, it increases the level of trust in cryptocurrencies. Secondly, employees are still given the opportunity to receive only part of the salary in the PTS. And a very important point is the issue of taxation. The salary of working people in Israel is subject to taxation, so you need to decide how much and how taxes will be charged.
I think that in Israel not very arrogant officials, because they have legislation at the highest level and therefore taxes should be within the normal understanding. But nevertheless, I do not take the crypto currency as a salary, because it does not have a stable price.
There's nothing wrong with that. First, it increases the level of trust in cryptocurrencies. Secondly, employees are still given the opportunity to receive only part of the salary in the PTS. And a very important point is the issue of taxation. The salary of working people in Israel is subject to taxation, so you need to decide how much and how taxes will be charged.
The spread of such news globally is also encouraging for us, so it is a good news and development that attracts attention of all countries.
Wow... Way to go 👍. I think this is a step in the right direction. Other I.T firms and technology industries should take a lead from Spot.IM What they are introducing will really help the mass adoption of cryptocurrency and will consequently lead to higher demand for digital currencies and assets.
So basically, paying in bitcoin should take a lot of consideration and it shouldn't mandatory for all employees. It will be better if they just choose which one they'll prefer.
As what is posted by OP, the choice to receive the salary in bitcoin is an option because they cannot just easily force it to their employees to just exclusively receive it in bitcoin since there would be employers who would not be interested in it. This is the advantage of having a company owner who is a cryptocurrency enthusiast because he knows how to introduce bitcoin to others which is through salary.
However, I am just concern in the part wherein they would deposit it in a cryptocurrency exchange because what if the exchange is hacked then their coin would be gone with it. It would be better to deposit it in the bitcoin wallet of the employees.
It is not the first news about the salary payment by the employer of part of the salary by crypto-currencies. But it seems to me that this is a wrong way out of the situation, this is an imposition against the will. And it is a very stupid method of attracting new investors.
in this there is something interesting. If employees are not against receiving a salary, then everything is fine and if this method is made against employees, then it must be canceled 
not many, maybe 1/100,000 companies will do. mostly are crypto/IT related company. it still a long way to go for coffee shop pay salary in crypto.
Apparently, IT related companies will be on the front line of things when it comes to adopting cryptocurrency for payment before any other institution will start going the same way. It is a good thing though that this is something that is probably active, although it would have been good to know to what extent this is still going on presently in the company.At least, they were still able to find a way around the whole fluctuation and for the fact that the exchange is willing to collaborate with them in protecting the interest of the staff, this still looks great. The advantages are there as well as the disadvantages, but in the long term, I see more advantage.
I think generally speaking it is a bit too early for salaries to be paid in bitcoin and crypto.
This benefits the exchanges where the salaries are paid into because most people will need
FIAT to pay bills and other living expenses.
Receiving part of a salary in bitcoin would be my option if i was presented with it.
This benefits the exchanges where the salaries are paid into because most people will need
FIAT to pay bills and other living expenses.
Receiving part of a salary in bitcoin would be my option if i was presented with it.
Companies should also consider the monthly bills and expenses in daily living of their employee and its families.
So here's the scenario;
My boss paid me on btc and since my salary is for our expenses in daily living, I should be familiarize in trading bitcoin and I need to convert it to fiat. My salary is worth $500 in bitcoin and when I trade it to fiat I'll just have more or less $470 left since I need to pay for the transaction fee. So instead that $30 that I can be use in buying food it just end up paying for transaction fee. So where's the convenience?
So basically, paying in bitcoin should take a lot of consideration and it shouldn't mandatory for all employees. It will be better if they just choose which one they'll prefer.
I am more than confident that not all employees of the company are satisfied with this innovation. Crypto currency is unstable and their salary will not be stable either.
It's for sure.There's a company on Japan as well that loved this adoption but the current situation of these countries are different from each other. Japanese loves more to get involved with cryptocurrencies but I don't know with the Israeli people, they probably are still in the process.
Let us not mentioned japan for thise kind of issues as we know that the whole japan accepted and uses bitcoin as real currency so there no impossible if they use this as payments for whole system
He said that they are some employees that aren't satisfied with the said adoption so I've given an example where employees willl certainly love receiving their salary in bitcoin. They aren't only using it as a payment system but they are using it as their pay check as well.
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