What if salaries were paid in BTC - page 6.

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Quote from: DoublerHunter on July 26, 2023, 06:49:33 PM

Quote from: serjent05 on July 26, 2023, 06:42:39 PM

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 companies decided to pay their employees' salaries in Bitcoin then this only means one thing, there will be a huge demand for Bitcoin because these companies have to buy Bitcoin in order to pay their employees, and imagine how many companies are existing out there. Anything that provides demand in the Bitcoin market is a good thing for the ecosystem because it will strengthen the Bitcoin market and at the same time make the price of Bitcoin surge.

^Exactly and on the positive side, adopting BTC for payments could have some advantages for the BTC ecosystem. It could increase mainstream adoption and usage, leading to more widespread acceptance and potential price stability, and using BTC for salaries probably reduce transaction costs and increase financial inclusion, especially in regions with limited access to traditional banking services.
However, it is important to recognize the challenges and potential risks as well because it is possible governments and central banks often play a role in regulating fiat currencies and monetary policies. The Concerns about potential tax evasion, money laundering, and lack of consumer protections could further impede widespread adoption.

I remember a few months ago a member who was claiming that he was being paid in Bitcoin. I'm not sure if his story was true, but let's suppose it was. Personally, I wouldn't opt for it because salary is part of the money you use to satisfy your daily needs, such as paying for groceries, utilities, rent, and so on. Thus, something as vital as your salary, which is deemed a necessity for your livelihood, isn't advisable to count on a currency that is volatile and may be subject to large price deviations from one moment to another. Moreover, so far, it's not as versatile as fiat money, at least not yet; only a few merchants have adopted it throughout the world, and making transactions isn't as simple as paying with your credit card. Whether we like it or not, Bitcoin is more of an asset than a currency. I'd rather set aside X amount of money each month and invest it than be fully paid through Bitcoin.

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Quote from: serjent05 on July 26, 2023, 06:42:39 PM

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 companies decided to pay their employees' salaries in Bitcoin then this only means one thing, there will be a huge demand for Bitcoin because these companies have to buy Bitcoin in order to pay their employees, and imagine how many companies are existing out there. Anything that provides demand in the Bitcoin market is a good thing for the ecosystem because it will strengthen the Bitcoin market and at the same time make the price of Bitcoin surge.

^Exactly and on the positive side, adopting BTC for payments could have some advantages for the BTC ecosystem. It could increase mainstream adoption and usage, leading to more widespread acceptance and potential price stability, and using BTC for salaries probably reduce transaction costs and increase financial inclusion, especially in regions with limited access to traditional banking services.
However, it is important to recognize the challenges and potential risks as well because it is possible governments and central banks often play a role in regulating fiat currencies and monetary policies. The Concerns about potential tax evasion, money laundering, and lack of consumer protections could further impede widespread adoption.

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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 companies decided to pay their employees' salaries in Bitcoin then this only means one thing, there will be a huge demand for Bitcoin because these companies have to buy Bitcoin in order to pay their employees, and imagine how many companies are existing out there. Anything that provides demand in the Bitcoin market is a good thing for the ecosystem because it will strengthen the Bitcoin market and at the same time make the price of Bitcoin surge.

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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

Your opinion is absolutely correct

Managing payroll, conversion and tax with Bitcoin is just as easy as fiat with current accounting software, or even traditional accounting methods. The only thing stopping this from being a reality is government, banks, their fetish for fiat and fear of Bitcoin.

I have read the some countries or large corporations started to allow this option. That news quickly faded, now I hear nothing about it. They probably were told to scrap the option or idea, otherwise financial sanctions/penalties would ensue. I could imagine requests flooding in if the option were made available by all companies and corporations.

The fact that most places are considering Bitcoin as a commodity may also be a part of why this is not happening yet, if we are putting less focus on government/banks and more on benefit of the doubt.

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Quote from: KalOlak on July 25, 2023, 05:22:59 PM

MicroStrategy pay their board of directors in Bitcoin.

The cases are different; paying an entirely tech company employee with Bitcoin is easier, as they are all sharing the same common goal, which means that before they can implement that kind of payment option for salary, it might have passed the average vote needed from the company shareholder, and they will also make sure that everyone who is under them understands how that thing they are being paid for works. Micro Strategy as a company is Bitcoin-friendly, as most of their major investments are in Bitcoin. What more could you expect from such a company if not to promote and circulate what they hold?

When it comes to bitcoin as a salary for civil servants, the case is entirely different, as we are talking about an entire nation filled with millions of people and not just a company that has less than a thousand employees.

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Quote from: Aanuoluwatofunmi on July 26, 2023, 04:21:51 PM

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

Let's first make it one step at a time, we cannot expect countries to start payment of salaries in bitcoin when they are yet to start the adoption for bitcoin or make their citizens have the legal right of using this decentralized digital currency, but i cannot doubt the possibility of this with the two countries that had already adopted bitcoin as a legal tender together with few other countries that make their citizens enjoys an enabling bitcoin environment to first take the move in making the decision into law in using bitcoin as payment currency for their worker's salaries.

Well this is exactly what will come to everyone minds when it' comes country using btc as a payment method for citizen salary because you can't actually use something that is restricted for such purpose so first things first is the adoption of BTC like you said by the supposed country. Still I like to believe that such practice is going on with regions that are vastly involved in the use of crypto even if isn't a legal tender yet because I once read on Twitter that some or should I say most shops in friendly Bitcoin community has started Bitcoin as a means of payment to their service and such business will also make it fair by supposedly paying their workers too with the cash(BTC).

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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

Good enough not only government pays salaries. Apparently any business owner or CEO to some organisation could choose to pay it's staff in bitcoin or cryptocurrencies of there chosen but, even that has got to be based on each individual staff's decision to be paid in bitcoin or cryptocurrency.

Not so many would know how to manage it and not so many would want to manage it. Yeah, it could be taught to them but people rather prefer a much stable and government backed fiat currency to a highly volatile and unregulated bitcoin or cryptocurrency.

Bitcoin poses challenge to most and at that point, it becomes unfit based on each staff individual reasons.

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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

Let's first make it one step at a time, we cannot expect countries to start payment of salaries in bitcoin when they are yet to start the adoption for bitcoin or make their citizens have the legal right of using this decentralized digital currency, but i cannot doubt the possibility of this with the two countries that had already adopted bitcoin as a legal tender together with few other countries that make their citizens enjoys an enabling bitcoin environment to first take the move in making the decision into law in using bitcoin as payment currency for their worker's salaries.

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Having Bitcoin replace cash as a method for paying salaries is kind of complicated

On the one hand, getting paid in Bitcoin would boost interest in the currency, add to its credibility, and possibly support its value. Workers in countries where the currency is depreciating at an alarming rate, such as Venezuela or Zimbabwe, can benefit from this as well. It could be a huge relief to get paid in a cryptocurrency that maintains or increases its worth.

However, volatility is king in the cryptocurrency market. Envision getting paid one day and then seeing a 20% cut the next. Not ideal if you still have to pay your rent or buy food.

Because of the potential loss of sovereignty and control over monetary policy, governments throughout the world may be hesitant to allow Bitcoin displace national currencies. This is undeniably a difficult problem.

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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

Yes, I totally agree with your opinion, that the government in a country, surely many will disagree if the salary payment system in that country is replaced by using bitcoin. Because even though bitcoin has a lot of potential and can be used as a salary payment method. But still, if local money in a country is replaced by bitcoin, there will definitely be pros and cons in that country. Because for now, people in any country, not all of them know and like bitcoin. So it is because of these factors that will become a big obstacle and will cause a dispute between the community and the government.
Except for the country of El Salvador. Because this country has legalized bitcoin as a legal means of payment, it is very likely that in that country the payroll system can be paid using bitcoin.

Quote

will it be a positive move on the Bitcoin ecosystem or not

But for the bitcoin ecosystem, if this can be implemented in a country, of course the results will indeed have a positive impact on bitcoin. Due to the implementation of such a system, it means, so to speak, automatically promotes and distributes bitcoins directly to people in that country. So for bitcoin, the impact is definitely still good. Because it helps the mass adoption of 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

Mostly in Africa, we need such as payment option in Africa, and as you said the government will not permit that but if the private institutions use it to pay their workers and when the public servants see the benefits from the private workers there will be an agitation or protest to adopt it in the public domain (public offices). But we should also consider the flustrating nature of bitcoin so if bitcoin is used as payment option, there are so me months salaries might be reduced and some might be higher. So we have to think of all the areas before adopting to pay.

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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 still not familiar with any story like this. But if companies start taking steps to pay salaries through Bitcoin, it will be good for many and not for many. Because for those who have a low-paying job and can't make savings with that money to support their family, receiving salary in Bitcoin will become a hassle for them. But it will be a good experience for those who love Bitcoin and have high paying jobs. However, such a system will take many years to be implemented because Bitcoin is still not legal in many countries.

rachael9385

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Salaries paying through Bitcoin is not a bad idea, but that's if Bitcoin is accepted in your country, on the other hand if the managing director of a company decided to pay his/her workers with Bitcoin the workers have no right to question it because he has the company and he knows what's good for the company, besides if an M.D decides to pay workers with Bitcoin he might have seen the positive side of it, so this are the country that allows salaries to be paid through Bitcoin, also this are the names of companies that pays their workers salaries through Bitcoin, and this are some companies that you can make payments through Bitcoin, is like I have seen similar threads that has same points or whatever.

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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 I'm not mistaken there are companies that give their employees a chance to convert some of their salaries to bitcoins when they get them and some are willing to take their salaries as bitcoins fully. Others can just actually convert it as soon as they received it in order to preserve the company from any blame when the crypto market is not looking good. right now there are not many who want to do this since the bitcoin price is so volatile that sometimes will only take an hour for the price to change from high to low or vice versa.

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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've heard of some tech companies offering their employees the option of part-paying in crypto but that was years ago. And I didn't hear anything else from the company. (Sourch) But to be honest, I don't really know whether a country that only considers Bitcoin and Crypto as commodity assets can allow a company to pay its employees in crypto? will it be legal or not? I'm quite curious about this. and maybe will try to find out about the laws in my country regarding this matter. Although at this time I think that it all depends on the agreement of the employees and the company concerned. But what is clear in my country is that maybe no one has paid their employees with Crypto yet. Or maybe I just don't know about this.

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Quote from: KiaKia on July 26, 2023, 05:48:00 AM

It's never going to happen because the government of every country has their own centralized currency, they can control it, they are the one printing the money, it's by far the best interest for them to pay government workers with the same currency, Bitcoin? Nah the government won't want that to happen, it's why we are still this far behind in crypto space.

The oy advantage that's even here is the easier way of keeping some Bitcoin for long term hold, the stress of changing fiat to Bitcoin will be gone but still, even if younger paid in Bitcoin you will need to exchange some back into Fiat, because you need Fiat to spend your Bitcoin, many stores offline are not accepting Bitcoin and crypto still.

I also don't think that will happen, because if the government allows businesses to pay salaries in bitcoin, it means they accept bitcoin as a currency, a legal payment method. So what happens with fiat, and let's not forget that they never intended to give up fiat. Fiat is the perfect tool for the government to control us, so it would be naive to think that one day when bitcoin becomes ubiquitous, they will accept bitcoin just because we use it. I never expected it and I don't feel it is necessary because we also need to convert to fiat if our salary is bitcoin.

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That's going to be a good idea in the cryptocurrency ecosystem by implement Bitcoin as a means of salary payment, which we open more civil servants eyes on crypto calculation base on Bitcoin price fluctuations and with that most of people we like to invest anytime price of Bitcoin as long government has approved using Bitcoin as a means of payment.

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It would be nice to know which countries the op's friend meant because I don't think it's a common thing to have salaries paid in Bitcoin. People have mentioned El Salvador, and I think there were some experiments in some US states as well, but that's pretty much it. I wouldn't mind getting paid for everything I do in Bitcoin, as long as the tax implications don't leave me worse off than with fiat. If there's a high tax-free amount, low taxation or no special taxation at all (like in El Salvador), getting paid in Bitcoin can be okay. Of course, it would be much better if, along with it, it was possible to use Bitcoin directly to buy groceries and stuff, but I wouldn't mind even without it, assuming that selling for fiat is simple.

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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

So far I don't really know which country your friend is referring to, but if it refers to a freelance organization or online-based work it might make sense. It's just that when bound the government is still unsure because the government remains in the corridor of fiat which is its responsibility in order to carry out economic growth. Fiat makes the only legal means of payment in any country, even though it implements the second payment option, fiat's position is still number 1 as salary distribution.

If your friend insists that it was found in a certain country, of course there are already laws governing it, but back when employee salaries use Bitcoin, we can see the impact so far.

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It's never going to happen because the government of every country has their own centralized currency, they can control it, they are the one printing the money, it's by far the best interest for them to pay government workers with the same currency, Bitcoin? Nah the government won't want that to happen, it's why we are still this far behind in crypto space.

The oy advantage that's even here is the easier way of keeping some Bitcoin for long term hold, the stress of changing fiat to Bitcoin will be gone but still, even if younger paid in Bitcoin you will need to exchange some back into Fiat, because you need Fiat to spend your Bitcoin, many stores offline are not accepting Bitcoin and crypto still.

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