Topic: What if salaries were paid in BTC - page 2. (Read 1106 times)

This got me silent for some seconds. This is a very good move if the company should adopt bitcoin for bitcoin payment of salaries, they will get to spend through Bitcoin, live the life they want all on chain transactions without ever touching the fiat again and bitcoin been a global currency and censorship resistant, it will ease the pain of boardless transactions without anyone stepping on your toes, it will also expose employees to bitcoin, how its been use and done and, many more.

However, there is a major difficulties when it comes bitcoin for settling payment for workers, many of them will reject the option of receiving bitcoin for payment because you can't keep bitcoin for 30 days without having price fluctuation, it may go up or may come down, it is 50:50. Many salary earners love to keep their money into saving, they wouldn't be happy if they left for $100 change to $80, that is about $20 loss with 20% reduction in values which is possible in monthly frame, it will be a disaster for those who hold more than that but I guess they will be happy when there is 20% increase in price. I think many will not accept this option of bitcoin for work.

Furthermore, when bitcoin are been used to settle workers, they will have to sell it to buy basic needs and pay bills, the government also collects tax when you receive bitcoin as payment which is around 10% to 30%, that is like working and giving everything to the government when it is possible to have static of 10% when you don't earn above more than $20k, instead of converting bitcoin to fiat to pay unnecessary expenses and tax, pay banks tax, why not receive everything in fiat and save the headache. After that, anyone that wishes to buy bitcoin can do so from their salaries.

Of course we would prefer Bitcoin over dollars as we know the potential and value of Bitcoin. We have knowledge for Bitcoin that we would like to be paid in Bitcoin but how about the other workers? Not only the volatility of Bitcoin would be the issue for them but also the hassle that they still need to study Bitcoin and knows how it works like converting it to fiat money because not all people have the time to study as they really need to work their ass off just to provide their needs or for their family. Maybe it would work for people like us as we know how to manipulate Bitcoin. It might be possible in the very future since people might get difficult to understand from the transition of currencies.

The idea is nice but there are too many things playing against it.

First of all, not everybody accepts btc, only a tiny part of anything does. You can't pay your rent in btc, can't go shopping (mostly), can't pay your bills.

So you have to convert it into fiat, which cost money and you lose %. Also the price matter too much. Some people have to count every single $. OF course if the price goes up shortly after you get your salary, that's great. But if it drops those people will be in serious trouble since every single $ is important. Suddenly you see yourself down 100-200 or more, but you calculated with this money.

Too many problems against much less advantages.

I agree that Bitcoin volatility may be the reason why people may hesitate to take salaries in BitcoinBTC but if people are clever enough, they would know that Bitcoin prices will always be moving in the upward direction in the long run. So even if they take salaries in bitcoin, they can convert them instantly into fiat money and keep some savings still in bitcoin for the long term.

If you ask me to keep some money saved for the future, I will always prefer Bitcoin over a dollar or any other local currency. The reason for this is that the value of your money in dollars will always decrease due to inflation and the money in bitcoin will always increase due to limited supply.

This is true. Lack of knowledge and background about Bitcoin is already a deal breaker for a lot of people and thus it is pretty impossible for it to happen today and in the next few years. People will be too skeptical about it, they will not trust something that they have little to no idea about especially when it comes to their money.

I don't. i think that everyone or maybe every country is not ready to do this at this time or in the next few years.
Because Bitcoin is volatile , Bitcoin is not or has not been accepted by all parties, and knowledge about Bitcoin is still minimal in society.
Maybe there are some people who have received their salary in Bitcoin but not everyone can and understands how to use Bitcoin.

Bitcoin's famed volatility can be mitigated, at least in the short term, by using stablecoins like USDT or BUSD as a go-between for Bitcoin transactions. The recipient has the option of keeping the Bitcoins as Bitcoin or converting them back into fiat currency.

One of the advantages of cryptocurrencies is highlighted by this method. It's fine with decentralization and provides the reassurance of fiat money.

Despite the dangers, Bitcoin and other cryptocurrencies provide users unprecedented control over their own finances. These 'risks' may become the norm as the digital era continues to develop. After all, we can shape the destiny of our own digital currency.

First of all bitcoin is not permitted in every country so it will be difficult because government will not allow it other thing is that salaries are not as large to be equal to the worth of bitcoin.

If salaries are provided in the form of bitcoin then there will not be a constant salaries in one month it will be higher and in other month it will be lower and also you will pay in form of bitcoin for each and everything.

I am not sure if it would be that weird. After all you are capable of exchanging it quickly, which means that you could pay people in bitcoins, but all you are going to be paying is the dollar version of it.

Well, you can put your money, the money you would pay in fiat, into an exchange and get something like USDT or BUSD, which means that you are going to have the same amount of money, it is not changing. Then you are going to end up turning it into bitcoin and paying people that same moment, which means that you are only losing the same amount of dollars as you would but they are getting paid in bitcoin instead. If it goes down, it's their trouble, if they preferred bitcoin payments then they took that risk and they have to eat up the losses.

I don't think that it's really a good thing to pay salaries in Bitcoin in its current state because we all know that how volatile Bitcoin is and if someone salary is paid using Bitcoin and suddenly within few hours the market faces a crash then the value of the salaries will be greatly reduced and that's not a good thing at all. I know that inverse of that can also happen, but still there are some chances that market may face a little downward moment every once in a while.

Although, I'm not against such proposal because it would greatly increase the adoption of Bitcoin, but still we will have to wait for the day when the volatility of Bitcoin will be controlled and things will work in our favor. In current state, Bitcoin can be used as a complementary currency for the exchange of goods, but it can be used as a main asset for investments.

As nice as this may sound, it will be counter productive if implemented. Due to the fluctuation in the price of Bitcoin,it will be difficult to pay salaries with BTC, and also who will pay for the transfer fee, will be on the employee or the employer?
So, right now, it won't be a good choice to pay salaries in BTC.

You Know in this region like 50% of person are still out of the digital word, not everyone use a smart phone or know about Bitcoin

It's a nice thing but we all have to be in the digital system first which will go a long way...

That is true, additionally bitcoin's value goes and up and down and hence is not stable enough as means for salary. A lot of workers will find this inconvenient as many uses their salary to pay for fix bills (like rents and loans) and so they will have a problem with the changes of bitcoin value. As far as possibility, it is far from ever happening.

What is the big relief here? If you are paid in fiat, you can also invest in bitcoin with the amount you want, no one forbids you from that.  don't mention inflation here because it has nothing to do with it. whether you can fight inflation or not is up to you, I am also receiving my salary in fiat, and I am fine with inflation because I use fiat to invest in inflation-resistant assets.  It has nothing to do with whether you receive your salary in fiat or bitcoin as converting between them is easy.

Let's take a most practical example, are you working outside?  and is it problematic or difficult for you to use your salary to invest in bitcoin?  that alone is enough to prove whether paying in bitcoin is beneficial or not.

This is practically not possible. As Bitcoins price is not fix always, so the companies will refuse to pay using this. Moreover Bitcoins are so expensive that no organisation will like to giveaway it to their employees. Also if you see then many government haven’t yet legalised Bitcoins, so yes if they take payment through cryptos, then they might face legal warnings. So yes practically what OP is trying to say is not possible. Yes you can take payment for part time jobs, as these are not frequently tracked.

That's what I want to say, we still feel more comfortable being paid in fiat and we will be more proactive in investing in bitcoin, we can buy as much as we want. If the market shows a strong bearish signal, we can wait to buy at a better price, we will buy more bitcoin with the same amount of fiat. This is also easy to see but I don't understand why many people don't see this advantage if our salaries are paid in fiat. Even they are doing it every day, they are still receiving their salary in fiat and always want to buy bitcoin at a cheap price, but they still don't realize.

OK - that's your opinion but that does not mean that this is the economically correct option.

If you are planning your expenses in fiat for the month, put that in Tether. Or, put more months worth of expenses into tether and keep on doing that until your expenses are covered for months or years, then save in Bitcoin, as the long term outlook will bring gains. You can use DeFi to earn interest on the tether or p2p lend like HodlHodl, and use P2P marketplaces like agoradesk or hodlhodl to withdraw it into Fiat. Ultimately you best inflation this way and create new opportunities to off-set it, while you can save Btcoin instead of dollars.

The point of being paid in Bitcoin is to use that as the primary savings method instead of fiat. Obviously opting into bitcoin salary is optional, if you are really living week by week or your salary only covers your monthly expenses, then it won't be of preference.

In terms of seeing Bitcoin as a depreciating asset, that's factually incorrect both by history and from a long-term view.

We are talking about whether it is better to pay in bitcoin or fiat, which means we are talking about the short term as the salary will be used for daily needs, and the rest for savings and investments...And in the short term, fiat will be more stable than bitcoin, fiat doesn't lose 5% or 20% in a day, a week, but that always happens with bitcoin. So I don't see any benefit to getting salary in bitcoin either.

I prefer to receive my salary in fiat because I actively plan my monthly expenses and the rest I will invest in bitcoin. Furthermore, I find I have more advantages in holding fiat and waiting to buy a DIP than just holding a fixed amount of bitcoins I receive.

For example: you get 1 btc at 30k$ and I get 30k$. But then bitcoin drops 10% and you keep holding and don't dare to sell because it's depreciating, while I'll use that $30k to buy BTC and my bitcoins will be more than yours. Which one has more advantages? Given the volatility of bitcoin, it is more suitable as an investment asset than a currency. And to get a return on investment, it is necessary to buy low and sell high.

Salaries paid in bitcoin is a big relief for all the bitcoiners. This helps people to be strong against the inflation. As in the above statement, the volatility will cause big difference in the value received. This is the only flaw, however to overcome such issues it is good to receive certain percentage of salary in terms of bitcoin. So that the daily needs can be met with the fiat and the rest can be kept aside for long term. In between if things were supportive one can enjoy the profit and think of buy back when market drops. Volatility is good when we buy things with bitcoin and the price at its peak. When we buy things when bitcoin is at the bottom, later when there is rise in price we'll see the price of the product bought earlier having half the amount spent.

Im with this, even though im really that much supporting about Bitcoin or cryptocurrencies existence but we cant really still deny the fact that we are still really that needing fiat on day to day basis kind of transaction.

There are things which we do know that cant really be transacted by crypto on which fiat would really be still the main stream no matter what.Why would really be needing to choose or stress out ourselves as long these both things could really be applied and could really be used? If salaries would be paid with Bitcoin then it would be impossible that there would be no announcement or meetings in regarding on such change considering that this one would be talking about on a company on whose such big changes would really be needing to hear out peoples suggestion and agreement with that because for sure not all would really be going in line
with such changes which it would really be normal considering that recognition and adoption isnt really that just that too widespread or been known.