This is a Must sharing happiness About Bitcoin - page 2.

DoublerHunter

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Quote from: Adbitco on July 30, 2022, 05:20:50 PM

Quote from: Pokapoka124 on July 07, 2022, 05:14:18 PM

Nice one OP what a great move you have made, you just introduced a company of over 20 employees to bitcoin in the most awesome way. If this goes well and I'm positive it will, you may be getting a promotion in the company or at least the upper management will notice your contribution to the company and recognize you as a valuable asset to the company. You have done your part to help with challenges the company is facing disbursing salaries, it is left for your co-workers if interested in Bitcoin to ask more questions and do their research.

Thank you ❤️.
I have been able to carry as much as possible as I can to help most workers over there though most of them I have one on one class with them getting more familiar with their p2p trading since they received salaries and asking after how to sell it on binance and it involves money they needs maximum attention via selling on p2p and I have given those interested enough orientation to be well guided and also not to release funds if alert is not seen from their mobile phone or login to bank app to see comfirm that they have seen their money before releasing asset to their buyers.

^ You are a good samaritan here but remember it involved money which is considering this as financial advice as well, once they failed to make sure they won't blame you in the end or they will discourage and hate on crypto. Trading is very risky for beginners they need first to understand the concept and its possible consequences of it. But I believe that you can do this alone, mentoring someone is not just easy, probably there will be many struggles that you may face in the future. Good luck and that is a good deeds, I salute with you.

Adbitco

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Quote from: Pokapoka124 on July 07, 2022, 05:14:18 PM

Nice one OP what a great move you have made, you just introduced a company of over 20 employees to bitcoin in the most awesome way. If this goes well and I'm positive it will, you may be getting a promotion in the company or at least the upper management will notice your contribution to the company and recognize you as a valuable asset to the company. You have done your part to help with challenges the company is facing disbursing salaries, it is left for your co-workers if interested in Bitcoin to ask more questions and do their research.

Thank you ❤️.
I have been able to carry as much as possible as I can to help most workers over there though most of them I have one on one class with them getting more familiar with their p2p trading since they received salaries and asking after how to sell it on binance and it involves money they needs maximum attention via selling on p2p and I have given those interested enough orientation to be well guided and also not to release funds if alert is not seen from their mobile phone or login to bank app to see comfirm that they have seen their money before releasing asset to their buyers.

lionheart78

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Call me a party pooper but I don't think that the delay in your payment is caused by banks or because you are using fiat, I think it is more on the HR or Finance department that is messing up. It is more on human delay than the payment system delay.

But I applaud you for introducing cryptocurrency as a payment system to your company and eventually getting it approved. It would be great if you share with us the tx id of the payment to make your story more convincing, it is not that I am doubting your story but it would be great to see that the process is actually done. You can blur some parts of the address and tx id for privacy.

Quote from: Slow death on July 03, 2022, 07:50:32 PM

I don't want to spoil your happiness, but I have a few questions:

1 - if you are receiving salary in bitcoin, how are you deducting money to pay tax?

2 - How are money being deducted to pay for life insurance and health insurance?

Calculation and deduction can be made before the Bitcoin payment is done, then they can just print out the breakdown.

Pokapoka124

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Nice one OP what a great move you have made, you just introduced a company of over 20 employees to bitcoin in the most awesome way. If this goes well and I'm positive it will, you may be getting a promotion in the company or at least the upper management will notice your contribution to the company and recognize you as a valuable asset to the company. You have done your part to help with challenges the company is facing disbursing salaries, it is left for your co-workers if interested in Bitcoin to ask more questions and do their research.

usekevin

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Actually it was pre long discussion about the crypto currency on salary.Because you can get additional money by just holding your salary for say it’s 20%.You are free to sell 80 percentage of salary,you had received from the company.Then hold the 20 percentage of crypto currency for the period of 6 months or 1 year.Then it’s enough to make some good profit from your holdings 20 percentage of crypto currency.With that 20 percentage,you can earn another 10 percentage of money.

Adbitco

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Quote from: dezoel on July 07, 2022, 02:14:56 PM

I did something similar to our work back in the day for social media management as well. I worked with an agency basically, as a freelancer, this was like maybe early days of me getting into crypto so it must be about 7 years ago at least, probably more, so bitcoin wasn't even big.

And even in those days there were some companies related to crypto, not projects or coins, these were regular companies. And they needed social media management and I knew about crypto, so I said maybe we should approach them, accept crypto as payment and even though crypto wasn't known a lot back in the day, this was the first time I got into it big time, and the rest came itself.

That was a great a move though if it was now it would have been more interesting than before, I can say that your knowledge as then was almost as a novice maybe if is now you would enhanced it more better than before.
All the same, let keeps the good work going putting efforts to spread the awareness and make people know that it has come to stay.

Gyfts

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Quote from: edgycorner on July 03, 2022, 04:58:45 PM

What about taxation and its legality?
I know all countries have varying payroll taxes, but how's your company tackling the one you got?
I am guessing there's no capital gains tax on crypto? Good for you guys.

It's still not a legal tender tho, unless you live in El salvador.
I would pay my employees a part of their wage(equivalent to minimum wage) as fiat and the rest in bitcoin. To stay out of trouble Cheesy

Nearly every country in the world taxes crypto gains. Most places allow private enterprises to compensate via crypto as well. Legal tender status isn't the biggest hurdle as long as p2p transactions between consumer and sellers aren't tightly regulated. In the future the government could ban businesses from taking Bitcoin if they wanted (I imagine because they would fear tax evasion) which would eliminate crypto entirely within the jurisdiction, but that isn't likely.

Most governments just hope that businesses stick with fiats.

dezoel

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I did something similar to our work back in the day for social media management as well. I worked with an agency basically, as a freelancer, this was like maybe early days of me getting into crypto so it must be about 7 years ago at least, probably more, so bitcoin wasn't even big.

And even in those days there were some companies related to crypto, not projects or coins, these were regular companies. And they needed social media management and I knew about crypto, so I said maybe we should approach them, accept crypto as payment and even though crypto wasn't known a lot back in the day, this was the first time I got into it big time, and the rest came itself.

Adbitco

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Quote from: Slow death on July 03, 2022, 07:50:32 PM

I don't want to spoil your happiness, but I have a few questions:

1 - if you are receiving salary in bitcoin, how are you deducting money to pay tax?

2 - How are money being deducted to pay for life insurance and health insurance?

3 - Has the government of your country authorized this? Did you consult a lawyer to see if you would have problems?

From my post above, i made mentioned of Local company and the bitcoin payment is only limited to workers within the company. Read again i made mentioned of still restricted from Government to make direct deposit/buy from bank.

Quote from: Upgrade00 on July 02, 2022, 04:30:48 PM

I also stated above that out of 100% of the workers about 80% which is ~27 persons accepted to receive payment through BTC while 20% which is ~7 persons waited to receive their salaries through our Local currency our 34 workers in the local company. Bitcoin is not yet Legalized in our country, most of the payment is being covered by the company.

Slow death

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I don't want to spoil your happiness, but I have a few questions:

1 - if you are receiving salary in bitcoin, how are you deducting money to pay tax?

2 - How are money being deducted to pay for life insurance and health insurance?

3 - Has the government of your country authorized this? Did you consult a lawyer to see if you would have problems?

Vaskiy

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That's great you shared about cryptocurrency with your colleague. I don't know how many are really interested, but what you've done will surely influence few people to invest into cryptocurrency. I also have the same concern, just for the delay of salary going for the cryptocurrency usage doesn't looks fair. Maybe some form of payment addition relative to service addition by the company seems to be better than initially going for salary. Because, the volatility will affect the company's financial health positive/negative. The same should not affect the company's participation in using cryptocurrencies.

Zlantann

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Its really great to hear news on how Bitcoin is used in multidimensional ways. Your suggestion to use Bitcoin as a means of remuneration is innovative and I must commend you for preaching the gospel of Bitcoin. But the company must be aware of the consequences of volatility in using Bitcoin. Using Bitcoin might be counter productive when there is a drop in the price of Bitcoin especially if the company has already made projections and converted the yearly workers salary to Bitcoin. The drop in price might cause the company to loose some of the money that was budgeted and saved for salaries. It could also turn out to be a blessing to the company if the Bitcoin market experiences a bullish trend. Just ensure the management understands the beauty and sometimes pain of using Bitcoin for transactions.

vv181

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That's the way to go to increase the adoption and help spread bitcoin popularity. Hearing your story, I didn't expect that your office is directly interested about it only in order to tackle for the lack of certantiy of the payroll time.

Quote from: Adbitco on July 02, 2022, 06:54:56 AM

Though before then I thought them how to sell from binance p2p since we are still on restriction
to buy/sell directly from our local bank.

That's the concern, you didn't quite tell the finance and/or legal team's stance, I wonder how those teams deal with it within the regulation that reflects your companies in your country. Are they okay with it and already have any regulatory background for adopting cryptocurrencies?

Doan9269

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Quote from: Adbitco on July 02, 2022, 06:54:56 AM

So the introduction took us about +14 good days for everyone to download Trustwallet/binance app, for those who don't
want to pass through kyc only downloaded Trustwallet and i thought them how to secure their phrase/password etc..
Well is really a good news to see i was able to spread the awareness of bitcoin at my work place.

You have done well, just as you only have the justification for your role played towards bitcoin adoption, i will also like to pin point some little observations, when you were talking about trust wallet, i think trust wallet isn't still good enough for newbies, at least there's mobile version of electrum wallet which could be of more advantage I can't begin to sttess the need for that.

Also talking about 14days to me this looks more of a bitcoin seminar considering the days involved and I don't really know how you were able to adjust the balance with your job demands within those days, lastly don't just say the good about bitcoin alone, ensure you let them understand the risk thereof.

edgycorner

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Hurrah for Karamazov!

What about taxation and its legality?
I know all countries have varying payroll taxes, but how's your company tackling the one you got?
I am guessing there's no capital gains tax on crypto? Good for you guys.

It's still not a legal tender tho, unless you live in El salvador.
I would pay my employees a part of their wage(equivalent to minimum wage) as fiat and the rest in bitcoin. To stay out of trouble Cheesy

Davidvictorson

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Quote from: Adbitco on July 02, 2022, 06:54:56 AM

Is been 4 Months now but i refused to share here, reason because I wanted them to be safe and trusted the network they are using
after that, another board meeting was called asking if everyone gets their payment correctly without any delay and they said YES
i received my payment completely.

Digital currency is here to stay. At least I am sure about bitcoin. I join the other users in the comments to congratulate you. I can tell that your organization is a progressive one. One thing I'd like to suggest you do during your next meeting with your colleagues is to talk about their security and privacy with regards to bitcoin and cryptocurrency in general. It's very important.

naira

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I really appreciate your action to introduce Bitcoin to people around. Although every investment has its own risks and you also need to be aware that if what they receive is only a sweet profit. On the other hand, the investment will experience 2 cycles of ups and downs, so I hope you will have a sense of responsibility to provide education about the anticipation. So it's not just a plus point, but there are also things where they have to be holders when a bear market approaches.

BIT-BENDER

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Quote from: Agbe on July 02, 2022, 03:44:56 PM

It is a nice initiative, but adopting bitcoin or any other crypto currencies to remove delay of payment of salary might not be achievable because payment of salary is from the mindset of the manager or the CEO. So if bitcoin is adopted and the manager or the CEO is still having the mindset to delay the payment, your initiative is just like a waste. The best approach for such issue I believe is to either charge the management or the workers in the meeting take a bold step to tell the management to stop the delay if the workers are meeting up the demand in the company. It is when the payment is very smooth and without delay in every month then you can introduce another method and currency of payment if only the management accept it. Because it not easy for a company to accept crypto currencies if the country is not accepting it. But you can only teach them. But not telling them to accept. Most of them will not even accept it if it has not legal in the country.

You have a good point, but in the case of the OP story it was made open that some of this delays are due to the cashier and bank slow processing factors and this are mostly what happens this days in terms of delay in payment of salaries and I believe crypto-currency can actually help because it’s a straight process and no intermediate entity like the bank in the case of the OP.

Rruchi man

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Quote from: Adbitco on July 02, 2022, 06:54:56 AM

All i could say is that " Sir i think is the right time we should adopt digital currency as means of payment"
They asked how do you mean? I went forth by explaining to them; We all can receive our salaries/wages through digital currencies

It is great that you work in a company where the opinions of their staffs
are taking seriously and even considered, many companies will not give you the opportunity to give solutions to their challenges. I can also bet that your value in the company has increased even without your knowledge. For your bosses, they will give you more preference now because of your valuable and working solution that you preferred to a problem. Nice one OP, you have distinguished yourself from every other personnel employed in that office.

Everyone needs to know about bitcoins, it is great that you are playing your part.

Upgrade00

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There has been lots of posts about how forum users introduced individuals to Bitcoin in the classroom or in a boardroom meeting. This goes to show that cryptocurrency usage is being encouraged in many real life situations rather then remaining an abstract digital tech thingy, which is used for high risk investments.

Great to see that as much as 80% of the workers opted for Bitcoin as a means of payment, would have been interesting to know how many of the workers did not immediately convert them to fiat but actually chose to hold a certain amount of their earnings in Bitcoin instead.

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