What if salaries were paid in BTC - page 10.

Odusko

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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 prevailing realities around bitcoin and government of most countries around the world have paused a limitation on the realization of payment of salaries in Bitcoin since most countries around the world are yet to come to terms with the potential and ability of Bitcoin to offer at alternative ways for workers to invest and save their salaries properly.
But since the government is against Bitcoin, and sees Bitcoin as a threat to their control of the financial sector, they won't adopt Bitcoin not to talk of making it as wages for workers' salaries.

Unless in a few countries like El Salvador where bitcoin is already made legal tender, but even at that, the world bank and opposition parties in the parliament won't allow that to happen even in El Salvador.

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Quote from: The Cryptovator on July 25, 2023, 04:04:35 PM

I've come across information suggesting that some companies offer the option of receiving salaries in Bitcoin, though I'm unable to recall their names at the moment. If you're interested, you could use a search engine to find these companies. However, it appears that widespread adoption of Bitcoin as a salary payment method is hindered by its volatility and legal considerations. The feasibility of paying salaries in Bitcoin is heavily influenced by a country's stance on cryptocurrency; if a country does not permit the use of Bitcoin, it becomes practically impossible to implement such a payment system. Unless governments begin to accept and integrate Bitcoin as a legitimate payment option, it is unlikely to replace fiat currencies for salaries in the near future.

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I think that it should only remain as an option. Nobody should force anyone to do this as this is not CBDC. That's how bitcoin remains different from all the other options pushed by governments.
So, why is it a good idea? Because it popularizes bitcoin. Many people wouldn't be tempted to try it out if it wasn't given to them for free. They wouldn't bother to register at a centralized exchange, but an employer endorsing it, like they do in El Salvador turns things 180 degrees. More people trying it out means more people being interested in saving in bitcoin. More bitcoin savers means less centralized power, less freedom.

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I've come across information suggesting that some companies offer the option of receiving salaries in Bitcoin, though I'm unable to recall their names at the moment. If you're interested, you could use a search engine to find these companies. However, it appears that widespread adoption of Bitcoin as a salary payment method is hindered by its volatility and legal considerations. The feasibility of paying salaries in Bitcoin is heavily influenced by a country's stance on cryptocurrency; if a country does not permit the use of Bitcoin, it becomes practically impossible to implement such a payment system. Unless governments begin to accept and integrate Bitcoin as a legitimate payment option, it is unlikely to replace fiat currencies for salaries in the near future.

bittraffic

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If the company hiring him is in the crypto space, I think there will be no problem for the company paying in BTC. The employees would be happy to receive BTC. Let's say Crypto Exchange hired him and him working independently online. It will be a problem if the company is not making money in crypto.

The issue is how will the government collect tax from these BTC earners because they will have to convert the coins to fiat before it's possible. The government might not allow this.

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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 .

In some countries, especially where inflation is huge, this would make sense, since people may not lose a lot of money from the moment they receive it until the moment they spend it. Or, even more interesting, a salary that's constant in bitcoin can be interesting in such countries, especially in the months when the price is going up Wink

But government will not like that because then the company that's paying can avoid taxes. Also the employee may need to be careful because he may have to legally pay taxes for the bitcoins he converts to fiat in order to buy all he needs (especially if the shops don't accept bitcoin).

I am in favor of getting a part of the salary as bitcoin as investment, but all of it can be troublesome in countries with low acceptance in shops.
So it greatly depends on the country too, after all.

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

so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

In theory it should be good. In practice, if the employer will buy at pay day the bitcoins from exchange and the employee will sell them back to the exchange next day, ... not much. Something more is also needed.

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A minority of bitcoin-related companies have been doing this for a while now. You don't expect the masses to want it though (at least in the near term) — most people just want a decently-stable money that they could use to spend. That's it.

Nwada001

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It will be hard before that can be done, as there are a lot of factors that could prevent that from ever happening.
Even if the president of a country wants to make Bitcoin legal tender, there will definitely be a lot of racism in the country, and not everyone will agree to that idea.

Not everyone working under the government has knowledge of Bitcoin and won't accept payment with something they don't know how to use.

Fee: who will pay for their individual fee, as there might be more for the government to spend than what they budget since the Bitcoin network can be congested sometimes and the fee is very high?

Fiat usage reduction: Salary payment helps the government circulate their local currency across the country; if they adopt the use of Bitcoin as a means of paying salaries, it will force everyone to become all-digit, which might at some point start rendering their local currency useless.

Using Bitcoin to pay all countries civil servants is just as simple as replacing their local currency with Bitcoin. Bitcoin lacks the feature to entirely do that.

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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 .

It would be nice to know why your friend thought some countries would benefit from crypto salaries instead of what they have already

But then again if you think about it, going crypto in terms of wages would be expensive for anybody to keepup has price is always fluctuating meaning running costs and wages would go over budget as to what they are used to and they would drop this newly adopted monetary system unless they go the stable coin route.

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

so what is your take on this will it be a positive move on the Bitcoin ecosystem or not

Such a development is always going to be a positive for the crypto ecosystem, but frankly speaking, I think it would hurt the local systems in place as control will nolonger be in the hands of the local systems inspite bitcoin having a recording keeping system of its own.

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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

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