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Topic: What if salaries were paid in BTC - page 3. (Read 1098 times)

legendary
Activity: 1666
Merit: 1037
July 30, 2023, 06:04:34 PM
The only way for this to be possible is if salaries were paid in BTC but were set in fiat or with some stablecoin. Otherwise salary negotiations would be a nightmare and the ever increasing price of BTC due to the surge in demand would make a lot of companies go bankrupt. Governments would also have to step in and apply regulations, a lot of them are likely to ban the use of bitcoin altogether.

Companies do not have to buy and hold BTC to pay people in BTC, and also don't need to provide a fixed amount of BTC in salary. It also does not have to be a nightmare nor would it cause companies to go bankrupt.

Companies could charge a 1% fee for exchange rates and convert salaries to BTC at spot price, this would not cost them anything nor would it effect them in the long-term. In fact, since 1℅ is above what most exchanges charge, they would profit the difference in the long run.

On a more personal level I would rather get paid in something with more stability, the world economy is somewhat rocky as it is, no need to add more instability to anyone's life.

You mustn't know the long term value proposition of Bitcoin and the short-mid term destiny of fiat if you believe that fiat is more stable than Bitcoin.

Do you know how inflation or monetary policy works and how while you hold money, it keeps its perceived "value" while the cost of everything you can get for it goes up? That's not stable.
hero member
Activity: 2086
Merit: 513
Vave.com - Crypto Casino
July 30, 2023, 11:20:50 AM
As long as fiat remains the main currency of the world, getting a salary in bitcoin or any other cryptocurrency will bring more disadvantages than benefits. I will decline if my main job is paid in bitcoin, I don't find it as interesting or convenient as many people are saying. Even I believe that even the salary we earn on this forum, many people will convert it into fiat as soon as payment is received. So, what is the convenience of getting a salary in bitcoin here?
We take our salary in fiat and then invest in bitcoin as much as we want, that's been going on for 14 years, and has anyone experienced any inconvenience?
Many on the forum understand the potential of bitcoin and will hold it, there are, of course, those who will cash it out and use this money, this is everyone's choice. And if you received a salary in bitcoins, then you could also exchange them for cash and there is nothing difficult, but the money that you can afford to save will immediately remain in your wallet in bitcoins, and I think this is very comfortable. I would not mind at all if I could receive a salary in bitcoins at my main job, because I see only advantages in this, I am much calmer when my funds are invested in something more reliable than fiat, which is subject to inflation.

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.
full member
Activity: 1442
Merit: 116
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
July 30, 2023, 10:40:14 AM
As long as fiat remains the main currency of the world, getting a salary in bitcoin or any other cryptocurrency will bring more disadvantages than benefits. I will decline if my main job is paid in bitcoin, I don't find it as interesting or convenient as many people are saying. Even I believe that even the salary we earn on this forum, many people will convert it into fiat as soon as payment is received. So, what is the convenience of getting a salary in bitcoin here?
We take our salary in fiat and then invest in bitcoin as much as we want, that's been going on for 14 years, and has anyone experienced any inconvenience?
Many on the forum understand the potential of bitcoin and will hold it, there are, of course, those who will cash it out and use this money, this is everyone's choice. And if you received a salary in bitcoins, then you could also exchange them for cash and there is nothing difficult, but the money that you can afford to save will immediately remain in your wallet in bitcoins, and I think this is very comfortable. I would not mind at all if I could receive a salary in bitcoins at my main job, because I see only advantages in this, I am much calmer when my funds are invested in something more reliable than fiat, which is subject to inflation.
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
hero member
Activity: 1862
Merit: 601
The Martian Child
July 30, 2023, 10:35:12 AM
Salaries to be paid in bitcoin? Obviously, if this happens in many companies around the world then it is a big positive news on bitcoin and its believers. But then once again, how willing are these companies and how will the governments react knowing bitcoin is only considered a legal currency in only 2 countries? But in the future, if many countries will adopt bitcoin as a legal currency then I am confident that there will be many companies that will consider paying their employees with BTC. Consider me one of those people that are willing to accept bitcoin for my services.
newbie
Activity: 4
Merit: 0
July 30, 2023, 10:04:18 AM
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 was to early now. Still only 12% of the world's population knows about crypto and their knowledge about crypto and bitcoin is very weak. I think it is not timely to make payments in bitcoins in such a situation. One day in the near future, once people become aware and the restrictions on bitcoins are strengthened, I can make a reconciliation to your topic.
sr. member
Activity: 490
Merit: 251
July 30, 2023, 09:30:07 AM
The possibilities of salaries to be paid with Bitcoin is not imaginably in the nearest but would be a one way welcomed system. But it should be reminded or educated that as there goes inflations and deinflations of the economy would be equivalent nature of your salary paid by BTC.

You can be paid a required amount now and then could either be accompanied with a higher or a lower fluctuating system.

This would in one way enhance your investing technicalities where salaries can yield profits but also a stake of gambling due to its fluctuations.
hero member
Activity: 980
Merit: 947
July 30, 2023, 08:58:12 AM
As long as fiat remains the main currency of the world, getting a salary in bitcoin or any other cryptocurrency will bring more disadvantages than benefits. I will decline if my main job is paid in bitcoin, I don't find it as interesting or convenient as many people are saying. Even I believe that even the salary we earn on this forum, many people will convert it into fiat as soon as payment is received. So, what is the convenience of getting a salary in bitcoin here?
We take our salary in fiat and then invest in bitcoin as much as we want, that's been going on for 14 years, and has anyone experienced any inconvenience?
Many on the forum understand the potential of bitcoin and will hold it, there are, of course, those who will cash it out and use this money, this is everyone's choice. And if you received a salary in bitcoins, then you could also exchange them for cash and there is nothing difficult, but the money that you can afford to save will immediately remain in your wallet in bitcoins, and I think this is very comfortable. I would not mind at all if I could receive a salary in bitcoins at my main job, because I see only advantages in this, I am much calmer when my funds are invested in something more reliable than fiat, which is subject to inflation.
hero member
Activity: 2282
Merit: 659
Looking for gigs
July 30, 2023, 08:26:18 AM
In my opinion, it’s best for companies to have knowledge about BTC first before implementing it as a payment method to their employees.

After that, they should educate their employees about Bitcoin as well as the risks of having an up and down price by the time they get paid by it.

They should not make it as mandatory though, but just giving the employees an option if they wanted to be paid in BTC.

sr. member
Activity: 1624
Merit: 315
Leading Crypto Sports Betting & Casino Platform
July 30, 2023, 08:20:00 AM
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

So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.    


You still need to convert it to your own currency, even if you were paid in bitcoin. You are right; only a few merchants accept bitcoin as payment, and again, they are so few that you also don't notice them because most of the services that we pay for are in fiat. I haven't seen one that was receiving bitcoin as their main salary, but my coworker is almost doing this because we are paid via Paypal and it is banned in their country. I've tried to ask him, but he refuses, as I've seen again on TV that bitcoin is illegal.

As long as fiat remains the main currency of the world, getting a salary in bitcoin or any other cryptocurrency will bring more disadvantages than benefits. I will decline if my main job is paid in bitcoin, I don't find it as interesting or convenient as many people are saying. Even I believe that even the salary we earn on this forum, many people will convert it into fiat as soon as payment is received. So, what is the convenience of getting a salary in bitcoin here?
We take our salary in fiat and then invest in bitcoin as much as we want, that's been going on for 14 years, and has anyone experienced any inconvenience?

But if we look at it, there's a few jobs that are paid in Bitcoin like for example here in the forum which is the signature campaign that they will pay you thru BTC. So in short, I think it would only work in crypto currencies related work since the employee or the worker are aware on how Bitcoin works despite it's volatility. I think they would like to be paid in BTC than in fiat currency since they could hold more BTC without investing fiat money. But if it comes to corporations work? Nah of course it would not be a good idea, it's like giving them a random amount of money since BTC are volatile it changes it's value time to time. And the fact that's the hassle you'll need to do since you will still need to convert it to fiat money so you could use it plus the transaction fees.
hero member
Activity: 1050
Merit: 844
July 30, 2023, 07:21:24 AM
This means that the wages a person receives will not have a fixed value if the salary is paid in Bitcoins.  Of course, this will greatly affect the economy of each country and can affect the circulation of money itself.
The variable value of the salary received via Bitcoin is only because the price of Bitcoin itself is never fixed and I think this also has its own advantages for those who receive it because wage earners can save it by expecting an increase in the price of Bitcoin so that the amount of money they receive earn via Bitcoin can also increase even though they also have to be patient when they see a decrease in price after receiving a salary via Bitcoin.
hero member
Activity: 1932
Merit: 535
Leading Crypto Sports Betting & Casino Platform
July 30, 2023, 06:59:33 AM
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

So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.    


You still need to convert it to your own currency, even if you were paid in bitcoin. You are right; only a few merchants accept bitcoin as payment, and again, they are so few that you also don't notice them because most of the services that we pay for are in fiat. I haven't seen one that was receiving bitcoin as their main salary, but my coworker is almost doing this because we are paid via Paypal and it is banned in their country. I've tried to ask him, but he refuses, as I've seen again on TV that bitcoin is illegal.

As long as fiat remains the main currency of the world, getting a salary in bitcoin or any other cryptocurrency will bring more disadvantages than benefits. I will decline if my main job is paid in bitcoin, I don't find it as interesting or convenient as many people are saying. Even I believe that even the salary we earn on this forum, many people will convert it into fiat as soon as payment is received. So, what is the convenience of getting a salary in bitcoin here?
We take our salary in fiat and then invest in bitcoin as much as we want, that's been going on for 14 years, and has anyone experienced any inconvenience?
hero member
Activity: 2352
Merit: 594
July 30, 2023, 02:37:21 AM
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

So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.    


You still need to convert it to your own currency, even if you were paid in bitcoin. You are right; only a few merchants accept bitcoin as payment, and again, they are so few that you also don't notice them because most of the services that we pay for are in fiat. I haven't seen one that was receiving bitcoin as their main salary, but my coworker is almost doing this because we are paid via Paypal and it is banned in their country. I've tried to ask him, but he refuses, as I've seen again on TV that bitcoin is illegal.
hero member
Activity: 1694
Merit: 516
July 30, 2023, 02:19:07 AM
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

So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.    
legendary
Activity: 2590
Merit: 1022
Leading Crypto Sports Betting & Casino Platform
July 30, 2023, 12:03:17 AM
Well, since I'm paid in BTC through signature campaign I think I can already consider to have my salary paid in BTC, so I have a personal experience on this matter.

In my opinion it's great. There are more pros than cons. I just need to exchange into fiat money I'm going to use for daily expenses, while the rest of the money remains in BTC for investment and long term gains purposes.
If you get your salary in fiat you can also do this easily and quickly, and I don't think have too much of a difference between the two. You can also convert your fiat salary to bitcoin immediately upon receipt and the rest to spend.

Cons consist in having to pay transactions and middleman's fees, what decrease your liquid wage and the well known volatility which can push your money's value downside on short term (although the opposite is also possible, what would be interesting in this situation).
This is the downside and also the reason I wouldn't support it. Our daily lives are tied to fiat and it would be inconvenient if our wages were bitcoin and its volatility.

I would support if it was a side job and paying in bitcoin could be a great idea. But if it's our main job and we need to use that paycheck on a daily basis, then that's not as great as many people are saying.
hero member
Activity: 2044
Merit: 784
Leading Crypto Sports Betting & Casino Platform
July 29, 2023, 07:16:02 PM
Well, since I'm paid in BTC through signature campaign I think I can already consider to have my salary paid in BTC, so I have a personal experience on this matter.

In my opinion it's great. There are more pros than cons. I just need to exchange into fiat money I'm going to use for daily expenses, while the rest of the money remains in BTC for investment and long term gains purposes.

Cons consist in having to pay transactions and middleman's fees, what decrease your liquid wage and the well known volatility which can push your money's value downside on short term (although the opposite is also possible, what would be interesting in this situation).
hero member
Activity: 658
Merit: 524
Leading Crypto Sports Betting & Casino Platform
July 29, 2023, 07:08:10 PM
On a more personal level I would rather get paid in something with more stability, the world economy is somewhat rocky as it is, no need to add more instability to anyone's life.


Yeah, your choice. But it doesn't mean that even if you are paid your salary in Bitcoin, you will not have the choice to sell it off immediately after receiving your payment. Although it's just an imaginary thought, even if it were to become reality, people would not be forced to hold and spend it, but for those who would still want to hold Bitcoin, it will be an advantage to them because they can only sell a little fraction of the Bitcoin for what they want to spend on and keep the rest in Bitcoin. Perhaps some people even say that they have discovered that they are able to save more in Bitcoin than in fiat because they can easily hold Bitcoin, but fiat is just something they can easily spend. If fiat salaries are replaced by Bitcoin, some people will also be happy about it.
hero member
Activity: 994
Merit: 561
July 29, 2023, 03:24:26 PM
The only way for this to be possible is if salaries were paid in BTC but were set in fiat or with some stablecoin. Otherwise salary negotiations would be a nightmare and the ever increasing price of BTC due to the surge in demand would make a lot of companies go bankrupt. Governments would also have to step in and apply regulations, a lot of them are likely to ban the use of bitcoin altogether.

On a more personal level I would rather get paid in something with more stability, the world economy is somewhat rocky as it is, no need to add more instability to anyone's life.


There are many if and else in getting monthly pays in bitcoin. The governments are offended since they cant tax a decentralised bitcoin. Secondly the most important issue in receiving pay is bitcoin is its volatility. You receive pay when Bitcoin was 30k and in the evening it went down to 29k and next morning it up again. These are few questions that need to be answered first before we start receiving our pays in Bitcoin or in some other crypto.
sr. member
Activity: 700
Merit: 448
July 29, 2023, 03:02:59 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

Having salaries being paid in Bitcoin would be one great experience depending on the country because I don't think some countries would buy the idea of paying with Bitcoin since is not acceptable.
Another problem that is stopping it from happening is the government, they won't let it go down that easy since is not like fiat that can be monitored while Bitcoin can't be monitored. The government would do everything possible not to let Bitcoin come out of the open. The idea is charming but is not going to be easy for it to happen (paying salaries with Bitcoin).
hero member
Activity: 2268
Merit: 789
July 29, 2023, 01:19:41 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

This depends on the law of a country whether they allow the utilization of BTC as legal tender.

In the Philippines, wages/salaries should be paid in the legal tender prescribed by law. Any other means of payment is prohibited and this is strictly followed. If in the event that salaries/wages are being used as payment, then the law should allow so.

Personally, I would prefer that my salary be paid as 50% in fiat; and 50% in cryptocurrency depending on my liking. But this kind of payment method is relatively difficult to accomplish given the structure of payment that must be secured by the company.
hero member
Activity: 1722
Merit: 895
July 29, 2023, 01:16:13 PM
A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
Then what are the results of the discussion and what can be concluded, because not all countries accept bitcoin and there are certain rules that can limit bitcoin as a commodity asset and not legal as a legal tender.

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
More precisely not all governments allow fiat to be replaced by bitcoin, but no one knows how it will turn out in the future, because if we say it is impossible then El Salvador has already taken that step. Maybe the approach is different and needs further adaptation on this issue, but realistically in the near future this is not possible, because there are certain limitations that may not work as quickly as we would like regarding salaries paid in bitcoins.

Regarding the issue of salary being paid with bitcoins depends on the person receiving it and maybe not everyone is willing to be paid with bitcoins for certain reasons. For example because the country they live in does not fully accept bitcoins or there is no place to buy something using bitcoins.
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