Wages being paid in crypto | Bitcointalksearch.org

Games.Bitcoin

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Quote from: Kotone on November 20, 2017, 05:17:09 AM

Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

As of now I think I would not advise this just because of the volatility of the cryptocurrency and bitcoin in extension. There area lot of problems going in and yes bitcoin have sirvived a lot but workers or employees should not be a part of that if it can be helped

I guess it will depend on the employers stance on BTC's success and survival chances.

Kotone

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

As of now I think I would not advise this just because of the volatility of the cryptocurrency and bitcoin in extension. There area lot of problems going in and yes bitcoin have sirvived a lot but workers or employees should not be a part of that if it can be helped

Games.Bitcoin

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Quote from: Lykslyks on November 13, 2017, 10:09:57 AM

Not everyone will agree to this idea, do you think employers have time for this? Crypto's value is not stable and it's impossible that the government will agree to the idea of minimizing the use of banks. Besides, not all the stores are accepting cryptos as payment, people need to change it to their countries currency before it can be used.

I think some companies could start using BTC to pay employers as an incentive to work for them. Would be a pretty great benefit. All the firm would have to do would employ someone to monitor BTC prices and keep portfolios...

siddu1

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From my opinion its better then cash/usd. I have lots of support if wages being paid in crypto.I think its possible future.

worle1bm

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

It look good if an employee get paid in crypto of his choice but at current situation this seems not so good idea because cryptocurrency is not widely accepted and for your daily expenses one need his/her legal currency and exchanging your crypto coins with bank is bit expensive as every time you will have to pay fees and moreover you need to take proper care of your wallets and their security and know the technical working for accessing your coins.So at present this is not possible but in future it might be normal thing.

Pleione527

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Well personally I didn't like this idea because of the risk that the earnings you get may not compensate your job done because of certain cases where the price of bitcoin fluctuates and since salaries are not intended to hold for a long term people will convert them right away because their finances are already awaiting with this by the time you want to convert when the price is too low you have no choice but to endure the lose and what if every time you receive your salary same scenario happens? for me it's still best to have a fix amount for salary.

markleal

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

Hi there Games.Bitcoin! The idea of receiving and paying wages through cryptocurrency is much like what we are doing here. A company who want to gain web presence, advertise or gain customers search for a manager. The manager recruit people, and the people as workers who perform the jobs were paid by bitcoin from the company. The payroll in a form of online spreadsheet is exposed to other worker for transparency. Once the job is done and paid, the blockchain transaction is visible to the public which make the entire system fool proof. I think this could be applicable in other company.
So why this is hard to implement in most of the company who pay in fiat? The company will need additional task and cost to buy bitcoin that will serve as a salary to the worker. If the company gain its income through fiat, it is more economically feasible to pay wages through fiat and if the company earn its income through bitcoin, it could be more economically feasible to pay in bitcoin. Wink

The Sceptical Chymist

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Quote from: OneSortieMan on November 13, 2017, 09:39:51 AM

I am already paid in bitcoin for my job.

I dont hold on to it though I convert it to USD as soon as I get it via the Bitpay Visa

And that's why it would suck at this point--you wouldn't be able to buy most of the things you need, at least easily with bitcoin. That's the reason why I've had to sell a lot of the bitcoin I had.

But the main reason for me is the crazy market volatility. There's no way I'm going to take a chance that my paycheck could lose 30% of its purchasing power overnight. And the other reasons are what makes btc a lousy currency overall: confirmation times and network fees. I can buy coffee with a $1 bill as fast as I can fork it over to the cashier, and there's no additional charge. Can't do that with bitcoin! So no, I'd definitely not want to get my salary in bitcoin. Some of it, maybe, but I prefer cash.

Aryanto28

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

for the wages paid through the crypto I think utuk is currently not possible, because the security level of our account is not safe and also not many traders who want to transact with bitcoin karna in some bitcoin countries still can not permit its use if current wages can be paid with btc then it will take more time to swap them with money not to mention the taxes that must be paid for btc exchange into money.

Coins_Hiro

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Quote from: OneSortieMan on November 13, 2017, 09:39:51 AM

I am already paid in bitcoin for my job.

I dont hold on to it though I convert it to USD as soon as I get it via the Bitpay Visa

My friend is currently being paid via Bitcoin since she is working as a freelancer. Not bad though I just don't like the fees if there were any. Hope there's a chance that blockchain lowers transaction fees.

psibenik

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currency could drop yes but it could also go up.

Spain2000

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I think bitcoin is future oriented currency everything can be paid through bitcoin wages can also be paid through bitcoin in the near future the banks will also start paying and receiving in bitcoin so I think wages can be paid through bitcoin.

Unicorn_Heart

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

I think this sounds like a cool idea. People being more open to technology. However, this might bring more disadvantages than benefit. This will entails more transaction cost on the payee upon usage of the salary. Also, how about the bitcoin price on the time of payout. What if the bitcoin is not performing well on those days? In terms of the government involvement, it would be hard to show audit trail for the basis in the of the withheld tax or the identity of the person being paid. In a nutshell it may still depend on the company and the person if they still want to pursue it despite the pros and cons, provided of course that the government will allow this procedure.

dhka

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Why should they paid the wage in crypto? You said they paid for the tax before buying the crypto for wage, what's in it for the employer? More complicated job? Grin

Fiat is still the best option for wage, at least in the next few decades

HippiePyro

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I really like the concept, but it's just possible yet. All the fees, the lack of product, the volatility. There is still a ways to go before that is a reality.

roshanface123

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In my opinion it's not at all a good idea ,if the salary is in form of Bitcoin I'm agreeing that it's free from tax but it still held a risk on it's return.Our salary is the only way to leave for normal people , bearing risk on that daily wages is not acceptable for anyone.

tushin4

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Yes wages can be paid in crypto.In fact in my opinion its a better idea to pay wage in cryptocurrency.Definitely it will be a much easier and safer task rather than pay wages in cash.I hope in future we will be able to pay wages in crypto.

rb26

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

I don't think this is as an easy idea in labor wages because your salary is based on the contract that you have both agreed with the amount. Bitcoin is decentralized and has a fluctuating price value every now and then, so many employers will not support if you want a fixed amount of bitcoin for your salary. It maybe possible if you both agreed that you want bitcoin as salary but only with the equivalent current value of bitcoin. Which means your wage will be in bitcoin but has no fixed amount every payday.

honeyb0y

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Quote from: Games.Bitcoin on November 10, 2017, 08:28:56 AM

Personally, I would love this. It would be amazing if an employer gave the option to pay wages in crypto currencies, of the employee's choice. Tax could be deducted before the payment, and it would almost eradicate the need for banks. However, there is that possible risk of the crypto crashing.

Is there a foolproof way to be paid in crypto?

Be careful what you wish for, crypto currency prices are so unstable at this time and until you can use
cryto currency to purchase everything that you need that is the time that you can request for your wage
to be on crypto but for now you might get paid less than what you worked for.

bitfocus

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Yes, This is really great getting paid in cryptos, especially in BTC. I am also fond of Bitwage.

Topic: Wages being paid in crypto (Read 1018 times)