Topic: What if salaries were paid in BTC - page 5. (Read 1081 times)

It would be really awesome if bitcoin payments were offered instead of fiat currency. We know that most of the world is currently accepting bitcoin payments in shopping malls for purchasing various products. As the popularity of this Bitcoin has increased day by day, it can be understood that the government of the countries will pay salaries in Bitcoin in many countries in the future. If we focus on one country then we can definitely say that bitcoin payment is really good and convenient. If we look at El Salvador, we can replace everything with Bitcoin. In El Salvador everything starts with bitcoins and what factories and institutions are paid by bitcoins. There people can take whatever salary they want in firat currency and bitcoin which makes the country really attractive. Now if the governments of other countries approve the replacement of fiat currency by Bitcoin then it is certainly possible to move forward economically. If the salaries of various organizations are paid by Bitcoin then I think it is definitely a positive step.

It's fine if that coin has a lot of volume and is tradable in many exchanges. But if not, there's also the agreement that you can set with the payee if you also believe to the coin that they're about to pay you.

Yeah, it's because of that preference, and if it's a liquid coin there won't be any problem at all. But the majority prefers to have it in the form of Bitcoin because it's not just being accepted as a payment but also it's a direct asset and investment for the receiver.

I think it is far from possible because everyone needs a stable and fixed amount of income to manage their expenses. Bitcoin price volatility is a major concern and it will not be manageable for governments/ companies to send a fixed amount of BTC to every employee.
For BTC to be used for salary disbursement, it should be accepted/ regulated in the world. 

So far, this will not be of any mass nature, since the average resident uses a salary for daily needs, and bitcoin is not yet adapted enough to be used as a fiat. But I would be happy if I were paid a salary in bitcoins, since I save part of my salary for buying bitcoin and, if necessary, I can easily convert bitcoin to fiat if necessary.

It would be hard to do it massively as a lot of commerce are still not open to accept bitcoin. As we all know there is still an existing mindset of the public about the negative views on using bitcoin. Though I do agree that it will be a good change specially in trading and international transaction, it is something that will take a long time for people to accept and adapt. Hopefully though, one day it will come to that.

I also oppose entirely if my main job is paid in bitcoin because my whole family depends on that money, and I don't want bitcoin volatility to affect my family life. No matter what anyone says, we don't need to lie that we feel satisfied when our wages are paid in a volatile currency. Unless those people don't need to use their monthly salary, and it would be a bad idea to accept bitcoin payments for people who depend on their monthly salary. Bitcoin is not a stable currency and it is not suitable for payments such as wages.

Exactly, at least until crypto will be massively accepted. But that's not gonna happen soon.

If you still use fiat for transactions or to meet all your needs and pay installments or something else, it's useless if you receive a bitcoin salary. Because if your salary is only enough for one month's needs then your bitcoin will also run out and if the price drops drastically it will torture you because your salary will decrease in value and how can you meet your unmet needs.
except that a stable bitcoin price might make sense, and for now bitcoin is only good as an asset, or a long term investment that will make you rich in the future and also not to be used if there is no urgent need.

In countries where Bitcoin is not legal, it is not possible to pay salary through Bitcoin because there will be legal complications. Governments will not approve Bitcoin as a substitute for fiat currency. Moreover, if payment is made in Bitcoin, the government will not get any taxes from it. I think this is not possible until the government of any country approves Bitcoin. If a country like El Salvador makes such a plan, it is possible to pay salaries through Bitcoin. However, if any employees engaged in small businesses that are not officially registered are paid through Bitcoin where there will be no hindrance.

I can't take the volatility either, like right now I receive my salary in USD, but we know that USD keeps going up and down, and sometimes when I sell it to my currency, it is already down, and I can't take it because I have less salary. That is why I prefer to be stable, and we know how volatile Bitcoin can be. If it goes up, then for sure we will be happy, but if it goes down, that is really a problem. For sure, a lot of people prefer local currency to bitcoin, unless you are just making your salary as an investment, like accumulating bitcoin and holding it for a couple of years.

We meed fiat for daily living and even if you are paid in bitcoin you need fiat to buy stuff for daily living, pay utility bills etc. Bitcoin has its own utilites, we need to stop comparing both. Due to high price volatility of bitcoin its not advisable to get pay in bitcoin. You may convert spare cash to bitcoin for investment purpose. As far as Taxes are concerned, governments are fully aware that they can't control decentralized Bitcoin and will never allow such payment options. 

If someone has a steady job with a high income and even they are rich, they have no reason to learn about bitcoin. Why do we learn and accept bitcoin? That's because we want privacy, freedom, and most importantly, we want to get out of poverty and become rich. But government employees already have everything they need, so why do they need bitcoin? Not everyone needs bitcoin like we do, we need to be realistic about that.

It would depend on the country if it's pro cryptocurrencies or not, that is for sure. There are a lot of things that could go with Bitcoin if ever it were to happen but I think it's a double-edged sword as well.

A lot of people who are salary earners are going to always convert their money into fiat, hence more selling BUT in order for the company to give them the salary, they have to buy BTC in the first place so it could balance out. The positive thing that can see in this is a lot of people would be in the crypto space and be figuring out if there are things to do with BTC, hence more users.

If governments start paying salaries in bitcoin, that simply means that bitcoin as become legal tender in such a country, that will definitely have a positive impact on the price and adoption of bitcoin as a better alternative to fiat, but then, like you have said, aside countries where bitcoin is already a legal tender like El Salvador and the likes, it will be hard for the government of other countries where bitcoin is yet to be made a legal tender to start paying their workers in bitcoin, a currency they have no control over, its practically and technically impossible.

Although it will be a positive move for the bitcoin system if the government pays its civil servants with bitcoin currency, the truth is that where, when, and how is the government going to allow this? You can see that the government cannot get access to people's funds in the bank again, and banks will no longer get used, in my opinion, because everyone is using bitcoin to buy and sell since the government has made it legal tender in the country, and nobody wants to suffer since bitcoin is safer and easier to use without any third party.

However, the fiat already existed before the existence of bitcoin, and citizens have already gotten used to the fiat. I believe it will be very hard to use bitcoin as a means of paying salaries. I don't think even when we say bitcoin has a promising future, this can be done.


Exactly, @Nwada001. There are many people employees under the government who did not even go to school, and yet these people are always paid by their fiat, and they people cannot use bitcoin because bitcoin is a digital currency, and most of these people are not ready to sit down and learn about bitcoin. However, there are people who have never heard anything about bitcoin before, so you can see that introducing bitcoin to this kind of person is a different thing.

In theory, the idea of paying salaries in Bitcoin seems promising , with it potential as a store of value and precious asset. It could also encourage employees to save portion of their earnings in Bitcoin for future appreciation in its value. However in practical there can be many consequences for employers and employees. The primary issue is volatility in Bitcoin price over short periods, this can make it difficult for employees to evaluate their purchase power to buy goods and services and planning their expenses. While employers will also find it difficult to budget and forecast their labor costs.

In summary, this approach can work effectively when Bitcoin is massively regulated and adopted as method of payment, and we will be able to use Bitcoin for everything for our daily transactions.

Nothing different, as long as you get paid with a valuable and liquid asset, they're exactly same.

If you get paid with Bitcoin, you can convert it to fiat. If you get paid with fiat, you can convert it to Bitcoin. If you get paid with stock, you can convert it to fiat. The good thing when you get paid with Bitcoin is more private and you have an option to not pay income tax.

I agree with you, I will also continue to choose fiat for salary instead of bitcoin. I like its volatility in investments, but I don't like its volatility affects my daily living expenses. Moreover, it becomes even more pointless to receive salary in bitcoin because we also need to convert to fiat as soon as we receive it because fiat is still the commonly used currency, not bitcoin.
Bitcoin is already an asset, we don't even need to wait for the government to accept bitcoin as an asset or currency, we ourselves have made bitcoin an investment and not a currency. So I doubt who is supporting this idea.

its depend on the local law.

It could go wrong if you would ask me. I can recall a news back then where an employer wants the paid Bitcoin back from his employee as the price increased. I believe it was around 2021 or just the year when Elon Musk was like a hot topic and hyped the market so much that Bitcoin went around 64k.

We also have government that surely will tax these and knowing that they can't just tax the whole crypto transaction directly. I expect they would impose a law to use a legalized app where they would tax the salaries there. Unless you're okay with authorities seeing how much you earn, it's not really okay.

Edit: This was the news if I can recall it correctly. Employer Wants Cryptocurrency Back From Employee After Price Soars 700%, Offers to Pay in US Dollars Instead