What if salaries were paid in BTC | Bitcointalksearch.org

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Quote from: kotajikikox on August 02, 2023, 07:54:11 AM

Quote from: Queentoshi on August 02, 2023, 06:40:38 AM

Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Salaries should not be paid in bitcoins because the bitcoins will be quickly converted to cash for use by the workers almost immediately after they receive it. This is because bitcoin is not yet generally accepted and there are not so many shop owners and businesspeople that will accept bitcoins for payment. If there had been, then the bitcoins received in form of salary can easily be used directly for transactions without need for change, and it will not create any issue.

wrong , it is their choices if they wanted to convert in fiat/cash or not m there are employees that also have other source of income in which they need not to take their bitcoin from salary to use instead they will only keep it in holding.

and also there are some employer that can ask their employee if they wanted to be in bitcoin or cash , still their choice .

How would it be when your salary was paid yesterday and today, you noticed that the worth had reduced by 15%. This can be shocking and that is what many people does not understand about Bitcoin. The market is very risky and for your to hold Bitcoin, you must be ready to accept any outcome you see as a result of being a Bitcoin investor.

Bitcoin is not a stable currency and holding it or being paid in Bitcoin can be profitable or unprofitable at any instance. It is important that we know the risk that we are taking before we decide to enter the market because ignorant will not bring back the lost fund.

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We should also consider the potential tax implications of paying salaries in Bitcoin and how that would be managed.

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Quote from: darkv0rt3x on August 03, 2023, 05:46:09 PM

There are some considerations to take into account before we even start thinking what could change, where it could be good or bad, how to deal with lots of situations. But in my opinion, a starting point needs to be merchants accepting Bitcoin on their own. And also try to incentivate their providers to also accept Bitcoin. And maybe after that the snow ball effect kinks in and it will be eventually accepted legally by governments, even if we still have to pay taxes.
When adoption kicks in in major businesses, I bet that there would be a time where the price would be a lot higher but also way more stable because much more liquidity would come into Bitcoin!

It doesn't have to run that deep especially if you're an owner of a small business, or if you're already an enterprise in the cryptocurrency industry who pays their users in USDT. I've seen small businesses especially in tourist spots in my country use or employ bitcoin payments in their establishments, doesn't seem to hurt them in any way whatsoever since it doesn't need maintaining anyway. And if they could do stuff like that to their business for sure they could ask their employees if they wanted to get paid in bitcoin instead. The matter of incentivizing the use of bitcoin for payment is a different discussion in my opinion, so it doesn't really apply here cause now we're talking about the business side of things and not the employee part of the situation.

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First of all, topic #TBT has been copied in your context a few times, the issue of this controversy already falls into the philosophical aspect.

In any case, there are already a few "celebrities" who receive income in BTC, it will not happen in any country in the short term, although as I mentioned some politicians have taken it upon themselves to mention that they receive payments in bitcoin, in the same way athletes , but the "idealistic" issue for it to happen for ordinary mortals can only happen for now in El Salvador.

By the way, technically if you take all your salary and buy bitcoin, it makes a difference if your company or employer does... (?)

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There are some considerations to take into account before we even start thinking what could change, where it could be good or bad, how to deal with lots of situations. But in my opinion, a starting point needs to be merchants accepting Bitcoin on their own. And also try to incentivate their providers to also accept Bitcoin. And maybe after that the snow ball effect kinks in and it will be eventually accepted legally by governments, even if we still have to pay taxes.
When adoption kicks in in major businesses, I bet that there would be a time where the price would be a lot higher but also way more stable because much more liquidity would come into Bitcoin!

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Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

I think it will be great movement for bitcoin. People giving bitcoin as payment system it is best news for bitcoin. Not only bitcoin using for payment system. In future Bitcon will be legal in many country i think.

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Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Yeh government from any country at current situation will not allow anyone to tackle his baking (fiat) system because it's the way through which government hold thier grip on citizen, where you will be dependent on government and there will be no financial freedom and privacy due to this you will be investigated for any big transaction. While Bitcoin solved all of these problems and provide you financial freedom due to which government will lose grip from him so currently it's not possible but later after huge inflation may be government allow such steps.

While salaries in Bitcoin is far good in such cases but while in other cases it harm you financially because Bitcoin has so much volatility and some time providing given amount of salary to all of your clients is not possible by time of dump in Bitcoin price also all those clients which has limited budget for thier need will not fullfill because of salary reduction due to Bitcoin price dump, so it's not a good advice for such business to provide salary in Bitcoin which has limited budget for clients salaries.

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Quote from: Mahanton on August 01, 2023, 05:30:49 PM

Volatility would really be the main concern specially if you are that the employee of a certain company which do make out such changes when it comes to payment or your salary and if you are that someone who isnt prepared

If you accept and choose Bitcoin as your salary receiving method, you will have to accept risk and must know it would be better if you prepare some cashes for future when you will not want to cash out your bitcoin with loss, lower price than when you get it from your salary payment. Without cash reserve, you will have to cash out your bitcoin or have to use it directly with on chain transactions to pay something.

Quote from: Queentoshi on August 02, 2023, 06:40:38 AM

Salaries should not be paid in bitcoins because the bitcoins will be quickly converted to cash for use by the workers almost immediately after they receive it. This is because bitcoin is not yet generally accepted and there are not so many shop owners and businesspeople that will accept bitcoins for payment. If there had been, then the bitcoins received in form of salary can easily be used directly for transactions without need for change, and it will not create any issue.

Why not?

To reduce risk for employers, salary payments can be paid in two halves, one with Bitcoin and another one with either cash or stable coin. Salary payment methods should be in options and employers can choose what they like. If they only choose one method like cash or bitcoin, they will have to prioritize safety of your salary value or to take advantage of Bitcoin growth as their investment.

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Quote from: Queentoshi on August 02, 2023, 06:40:38 AM

Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Salaries should not be paid in bitcoins because the bitcoins will be quickly converted to cash for use by the workers almost immediately after they receive it. This is because bitcoin is not yet generally accepted and there are not so many shop owners and businesspeople that will accept bitcoins for payment. If there had been, then the bitcoins received in form of salary can easily be used directly for transactions without need for change, and it will not create any issue.

wrong , it is their choices if they wanted to convert in fiat/cash or not m there are employees that also have other source of income in which they need not to take their bitcoin from salary to use instead they will only keep it in holding.

and also there are some employer that can ask their employee if they wanted to be in bitcoin or cash , still their choice .

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Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

The idea is good because its being transparent but again right now most of the mode of payment comes into transactions so even banks detected the transactions committed by the company or the person its self as a payment, also people surely will disagree because imagine you earn a 100$ in your salary per week but due to market price movement its now dump and your salary is now a 70$ imagine you lose instantly a 30 USD without doing anything and instead you bought already a things you need to now its lose or you need to hold. Reason why they don't want to use the bitcoin as salary. Also not all country already accepted the use of the cryptocurrency.

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Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

For me, I think this can only be done only in Bitcoin-legalized countries, such as "El Salvador" and "Central African Republic" or in a crypto-related company/Exchange such as "Binance, Coinbase, Coinmarketcap" e.t.c where everybody understands the usefulness of Bitcoin as a worthy asset for store of value for the future. Because of what benefits will it be paying salaries in Bitcoin, whereby after the payment being made, the user converts it to fiat immediately for daily use, as such people will definitely miss the bull if the price of Bitcoin happens to skyrocket high, as they are only familiar with Bitcoin for transactional purpose and not investment purpose, which is where the profit lies.

So at such point, the basic orientation really matters

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Quote from: Xampeuu on July 30, 2023, 10:40:14 AM

if the salary base is based on fiat, I don't think it's a problem, so every month we will earn different amount of bitcoins, because if monthly salary is based on bitcoins and we earn bitcoin amount every month, it will hurt us, because the bearish season lasts more longer than the bullish season. but to be honest I'm more comfortable with the current situation, we get fiat salaries, and we can invest as we wish in bitcoin, because after all fiat is recognized in our country, and all payment transactions use fiat in my country

If the bear season lasts much longer than the bull season, then you will be able to get more bitcoin in the bear market, right? So it's not all that bad after all. But the choice, of course, remains with each of us, whoever is more comfortable, especially since now almost no one has such an opportunity to receive a salary in bitcoins.

Quote from: Texac on July 30, 2023, 11:20:50 AM

But you still need fiat for your life, you can't survive without fiat, and if your salary is paid in fiat, you can also convert to bitcoin easily without having any trouble. furthermore, I find converting from fiat to bitcoin helps us to be more financially proactive than converting from bitcoin to fiat. What happens when you get your salary in bitcoin and 1 hour later bitcoin drops 10%? but if you get your salary in fiat, the bitcoin price drop gives you a bigger chance when bitcoin is already 10% cheaper.
We all invest in bitcoin because we believe in its potential, but is it okay for it to become a currency or a payment method because of its volatility? as I know volatility is good when we use it for speculation, I have never heard that volatility is good when used in payments or currencies.

What if the price goes up by 10% after getting paid, then you can buy less bitcoin. This is a bad example because bitcoin is quite volatile and you never know where it will move in an hour, local movements are unpredictable. Bitcoin will have to be converted to fiat if that's your only source of income, but if that's the case, then you don't need to worry about it. If it’s more convenient for you, you can immediately convert bitcoin to fiat after receiving your salary and you don’t have to worry about further growth or decline, because you will have the actual amount of fiat that is defined in your payroll.

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Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Salaries should not be paid in bitcoins because the bitcoins will be quickly converted to cash for use by the workers almost immediately after they receive it. This is because bitcoin is not yet generally accepted and there are not so many shop owners and businesspeople that will accept bitcoins for payment. If there had been, then the bitcoins received in form of salary can easily be used directly for transactions without need for change, and it will not create any issue.

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Quote from: bayu7adi on August 02, 2023, 06:09:07 AM

Unfortunately, at present, such a scenario is not feasible in my country (Indonesia), as the government has yet to authorize BTC transactions. Even though it does not pertain to buying or selling goods, salary payments fall under the category of transactions between companies and service providers.

Suppose salaries were allowed to be paid using BTC. In that case, my prediction is that cryptocurrency exchanges would experience a surge in monthly visitors, as workers would promptly convert their earnings into FIAT money and commence their day-to-day expenditures. Around 20% of individuals might engage in speculation, hoping for a future price surge. It's as if he's earning a much larger salary due to the volatility of Bitcoin.

Yes, it is the exchanges that will benefit the most if our salaries are paid in bitcoin but fiat is still our main currency. But it would be pointless and silly if we receive our salary in bitcoin but still need to convert to fiat for our daily needs. If the government accepts, that means they already treat bitcoin as a currency, and if it is already currency, we don't need to convert to fiat. But that scenario probably won't happen because if it does, what will the future of fiat look like as governments use them to control us?

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Unfortunately, at present, such a scenario is not feasible in my country (Indonesia), as the government has yet to authorize BTC transactions. Even though it does not pertain to buying or selling goods, salary payments fall under the category of transactions between companies and service providers.

Suppose salaries were allowed to be paid using BTC. In that case, my prediction is that cryptocurrency exchanges would experience a surge in monthly visitors, as workers would promptly convert their earnings into FIAT money and commence their day-to-day expenditures. Around 20% of individuals might engage in speculation, hoping for a future price surge. It's as if he's earning a much larger salary due to the volatility of Bitcoin.

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Quote from: OcTradism on August 01, 2023, 01:37:35 PM

Quote from: gunhell16 on August 01, 2023, 01:33:37 PM

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

With HD wallets, your company can do that but as a staff and receiver of their Bitcoin payment, you must be a Bitcoin investor and understand that price can change a lot within a few hours. When you understand all these, you will not feel disappointed and panic when a few hours after receiving your salary payment in Bitcoin, its temporary value can drop to 10% or 20% lower.

You must have plan to use those bitcoin from your salary. Like when price drops 10% or 20%, you will not have to sell it to have cash.

Volatility would really be the main concern specially if you are that the employee of a certain company which do make out such changes when it comes to payment or your salary and if you are that someone who isnt prepared then you would be basically be finding out ways on making direct conversion or selling it out on the time that you would be able to received it because we do always prefer on getting our paycheck in 100% and its true that on the time that you would really be receiving it on Bitcoin form on which the value would really be making out those kind of movement on which this had been the case.It would be good if they would really be making out some meetings first or announcement on such change so that if majority of their employees wont really be liking the new system of their payment then the owner would really be giving out some options in between fiat and Bitcoin itself because it would really be just that a selfish act if you do really be deciding on forcing them out on getting one option. Always be mindful about the condition and situation that your workers
had because we know that not all would really be that agreeing on such changes.

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Quote from: gunhell16 on August 01, 2023, 01:33:37 PM

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

Yes maybe for you it will be happy, but what about other people who do not like bitcoin or do not understand it let alone they work in a manufacturing company whose majority is the head of the family who does not know anything about bitcoin.

Quote from: gunhell16 on August 01, 2023, 01:33:37 PM

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

True I feel so this will never happen. How can fiat be eliminated by bitcoin, I feel it will never happen but if your scenario is like that then the government will lose control because every holding bitcoin will not be controlled by the government, while my principle is until any government will maintain fiat from all aspects whatsoever.

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If salaries were paid on bitcoins on global scale, poverty will increase. Here are my reasons on this issue. Investors will love to invest before month-end and then cash out when month ends having known that the government will buy more bitcoins which will be distributed, more also if the government or private companies hold huge amount of bitcoins which will be distributed on monthly basis, investors will take the advantage to dump the market before workers withdraw or convert their coins to fiat. This phenomena will leave the market in a dangerous position for workers as they run shortage on a dump market. Don't forget that, they need money for their day-to-day living. I can only believe this suggestions as illusion in respect to the volatility of Bitcoin, no workers will agree to this terms

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Quote from: gunhell16 on August 01, 2023, 01:33:37 PM

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

With HD wallets, your company can do that but as a staff and receiver of their Bitcoin payment, you must be a Bitcoin investor and understand that price can change a lot within a few hours. When you understand all these, you will not feel disappointed and panic when a few hours after receiving your salary payment in Bitcoin, its temporary value can drop to 10% or 20% lower.

You must have plan to use those bitcoin from your salary. Like when price drops 10% or 20%, you will not have to sell it to have cash.

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Quote from: Edcrypto91 on July 25, 2023, 03:22:48 PM

A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

If a company implements such a system for their employees and I am one of the employees of the company that will implement it, I will be happy. Of course it would be easy for me to save Bitcoin.

But, it is impossible for that to happen right now, because if that happens it means that the importance of fiat will be gradually eliminated for sure. This is what I see, of course it can be seen that Bitcoin can be used as money even digital so Fiat will lose a lot of sense in the eyes of the majority.

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