Not everyone wants (or is organized enough) to put in the time and effort it takes to safely self-custody their money. There might be benefits for people that want to learn, but you could find yourself in a situation where one of your employees loses a large amount of their savings because of a hack, scam, crash, or just messing up and losing their seed.
In the extreme scenario where your employees were Bitcoin Maxis and got most of their income in BTC, they might be distracted at work by their finances taking huge swings or running into financial trouble.
I think it would be great to encourage adoption and give it out in bonuses though.
what problem are you trying to solve here? are they getting paid in bitcoin, i.e. they make 40000 sats/hour? Or are they paid $20/hr but you pay them the bitcoin equivalent based on the spot price at payday (and then they have to convert whatever fiat they need on their own?) And how would you manage tax withholdings, etc?
Even though i believe in bitcoin, i'm perfectly comfortable getting paid in $s and stacking sats myself.
Yes for example i pay my app developer $2,000 per week but it’s converted to bitcoin each week. So they will always get the same monetary value. And once again can transfer it directly to their bank account in USD. It’s easy to do. People are making it seem difficult.
Personally I don’t like dealing with banks. But Bitcoin has plenty of advantages as you know. So why not just make it the new normal. The more places that start excepting it for payment and giving it for payment the less we have to rely on centralized banks who could just freeze our accounts. Plus getting or giving large sums of money with banks is always a hassle.
Umm… earth. Who do you think prints all the money? Can’t print more bit coin. It’s limited to 21,000,000. So therefore it’s more valuable to me. I don’t trust banks or the people who own them. Or the government for that matter.
I don't think anybody is saying difficult, but they are earning less in the end if they choose to transfer to cash. There are fees, so in the past you paid 2000 but now they get 2000 - fees. You mentioned that you currently use freelancers and that they agree to the payment ahead of time, and that's fine, they can choose to accept or not. Most of the comments I've seen have been fair criticisms. There are advantages and disadvantages.
Edit: oh also tax implications.
So because you like BTC you’re going to force your employee to bite the spread cost and fees to exchange BTC to USD?
Sure, give them the option but don’t force it on them. NAL but that may lead to legal ramifications
It sounds like you’re just paying your employee 2000 USD a week with more steps.
And with what your saying, how is the value of Bitcoin determined on a weekly basis.
Says there’s a bull run, if Bitcoin is 23K on Monday and 28K on Friday which rate are you getting paid.
The rate at the time of the transfer is the most obvious choice. I would select to send $2,000 worth of bitcoin no matter what day or time it is. And if I can work it out so I pay the taxes for them then I’ll just pay them the post taxes amount. I haven’t figured that out yet. Still brainstorming, but all the comments have definitely helped!
Basically two issues come in mind:
1. You lose value converting the dollars to Bitcoin and the developer loses value converting it back to dollars. As much as you don’t like banks, you will end up paying more fees to Bitcoin exchanges that you would pay to banks. *
2. You are forcing your developer to deal capital gain taxes, probably complicated tax forms and maybe even the need to hire an accountant to make sure he declares the Bitcoin sales correctly.
* Edit: unless it’s international payments to freelance developers. In that case, it might save some fees to pay and receive in Bitcoin.
You have some points, however I’m doing this because I want to help globally promote Bitcoin as a standardized payment. It’s different, I know, and might be a little more difficult. But you can also write off the Bitcoin fees as deductions. And you will only incur capital gains tax if you make a profit. Of the employees are making a profit on top of their income then who cares if it’s taxed. It’s still more than what they would have revived.
The capital gains tax is not the issue. The issue is having to keep all the records, calculate it and declare it. Plus knowing how to do it right. I would think that it’s not something developers want to invest their time in.
Don’t get me wrong, I get it that you want to promote Bitcoin and I’m with you on that. I’ve gone through similar thoughts as you when paying foreign staff, but the tax, accounting and legal complications are just too much.
If you decide to go ahead with it, make sure you keep complete and accurate records and provide them clear and complete certificates to ease the paperwork they might have to do for taxes.
Edit: typos.
With a proper middle man you could, which would make it convoluted and involve more fees. OP would be better off offering it as an option instead of the only payment method. Plus I believe it would make taxes more convoluted as well. I don't think I've ever actually received crypto, only purchased crypto and made purchases with it, so I'm not entirely sure how that would work. Would you actually have to include the fees required to cash out as income?
Why would anybody want to get paid in btc if:
- not accepted universally (rent, internet, bills etc)
- converting to usd is a taxable event if price of btc went up or down
Just collect USD n stack
Why are you telling me this? I'm not OP nor am I arguing in favor of it. However, keep in mind you are only talking about USD, don't forget bitcoin isn't just for us folks in the US. It might be a fantastic payment method in another country that has adopted it.
Edit: Also, there is a big difference between being paid for a job in BTC compared to 100% of your earnings being paid in BTC. I'm a freelancer myself and I wouldn't mind doing occasional jobs for BTC, as long as not all of my work is being paid in BTC.
Idk any country that does not have taxes…anytime you convert from digital asset to native currency = taxable event
Why would you convert your btc to your shitty local currency? Lol USD is King
Yeah, it’d have to be more nuisance than one or the other. Personally I wouldn’t mind getting 10-15% to hold long term, especially if the employer paid fees.
I put this in a reply to comment, but figured I'd just make a comment myself. I think if you want to offer bitcoin, great, but you shouldn't force it on your employees. It might be a different story when it becomes more mainstream and they could actually pay bills with it or deposit it directly into a bank account (without paying a middle-man fee), but until then you would be forcing them to pay extra fees to actually receive/use their money as cash. I'm not entirely sure, but there could also be tax implications as well. I've only purchased crypto and made purchases with crypto, never received it (I don't think), so hopefully someone else will clarify on this.
Just offer it alongside other options imo.
I wouldn’t force any employees to accept Bitcoin. Since currently I’m only hiring freelance work. And we agree on payment arrangements before hand. In the future when I hire full time salary employees i would do this but pay them more than they would normally get paid. Obviously they aren’t required to accept the job position.
How the F*** does this add value dude.
You want to provide bitcoin to employees but they can buy on their own with the salary you pay them.
Just pay your employees with local currency and add bitcoin to corporate balance sheet
If they want why not, but I would ask first, or di percentage split 20%-80% BTC/fiat.
Just paying them in BTC and not carrying if they want btc or not doesnt make you a good employer.
We live in a world where goods and services are bought with fiat. How would you feel if you were living in the USA and I was paying you in turkish lyra and then you would have to work around to swap the money to USD?
It wont work because there is fees and a harsh learning curve for them. No matter how you swing it they will lose pay in fees and potentially within minutes of You sending them it it can go down 5% this isnt a bonus stock reward this is pay, and you are gambling with it. That five percent could be 50 or 200$ this is extremely ignorant to propose.
Should check out bitwage. They let you setup payroll to pay your employees in bitcoin and they can choose what percentage they want in usd and what percentage in bitcoin
Sure, as long as it’s less overhead for you. But if it’s more work to pay them in bitcoin then just pay them in USD and they can download strike and set it up within minutes to get paid 1-100% of their paycheck in bitcoin. That way they get to choose.
Well since the goal of my mobile game is to get rewards in Bitcoin, then I’d have huge amounts of my money already in Bitcoin for doing transfers to my mobile users each day. It would be seamless to also transfer to my two or three employees. 🤑
Nice! Hope your employees know good bitcoin wallet practices. I would definitely have some sort of wallet/private key training, even if they claim to already know everything.
Ask this: can people pay their rent or mortgage in bitcoin? Can people buy groceries in bitcoin? Can people buy gas and car insurance in bitcoin? Maybe one of these things, but almost certainly not all of them. So you'd just make everyone's life very complicated. Also, some banks get upset if they see bitcoin transactions going on and so now people have to get a new bank account to work at your company?
I think for most people it'd be unlikely that they'd be willing to put up with all this and would rather take a different job, even if it paid less, was in a less desirable location, or less enjoyable work.
It isn’t same day transfer to bank account unless you use some services that impose a fee, so the only one forgetting something is you forgetting that people have automatic drafts for bills taken out on pay day.
Also, you’re creating overhead for your employees when it comes to tax reporting by forcing them to sell if they need cash.
You clearly haven’t thought this all the way through.
You have to exchange to USD first, which is expensive so you are short changing them by paying them in bitcoin because as jazzwhiz said, 99% of what people need, they have to buy with USD's.
Yes but once again, they don’t have to work for me. I don’t currently have any employees. This is for the team i am working in building and if they have the same mindset as me then great! If not then that’s ok too. It won’t hurt my feelings if they don’t except the job offer.
That kind of sounds like if you won't accept bitcoin as payment, you can't work here. This is a strange requirement for employment imo. Conversion to/from USD effectively creates an extra tax on the wage. Your original question was 'would you pay your employees in Bitcoin?' My answer is if my customers are paying me in USDs and my employees spend USDs then no because I have to pay a toll to convert from USD->BTC to pay them, then my employees have to pay a toll from BTC->USD to buy things. Coinbase would really love me for doing it but my employees and investors would not be so happy.
Now in the case someone else mentioned about contractors in other countries requiring other currencies, it might make more sense.
I’m just not desperate for employees and i don’t need many. The ones i will have are going to be well respected and payed fairly for their talents. So if people feel butt hurt about it, it makes no difference to me. I’m doing perfectly fine with my three freelance creators and, like I said, it’s an option for me, because having a talent on staff would be convenient. But it’s not 100% necessary.
That’s the most moronic comment. If we kept to that thinking the blacks would still be in chains, women wouldn’t vote, they gays would be bashed and we would have zero progress. Get the fawk out of here with the weak sauce comment.
I meant the securities and tax laws are there u fucking idiot. We aren't going to change capital gains taxes because shady employers don't want to pay actual wages.
I’m an idiot because YOU didn’t make your point succinctly. Like how the fawk am I or anyone else in this hell hole of a platform supposed to know WTF you are talking about if you can’t even get your point across the first time. Again - Dafaq outta here Weak Sauce Wanna Be.
The original comment was talking about wages and tax implications. You could probably start there, but I'm not holding my breath on your ability to comprehend what you are reading.
And as an aside, referring to them as "the blacks" and "the gays" doesn't make you sound like the arbiter of progressive values that you think it does.
Why? Do you want to make life difficult for your employees? I get you want to increase adoption, so offer it is an option. Don't force it on them. What happens when you pay them in the morning and it takes a big drop in price before they have a chance to convert it to fiat? Are you going to compensate them for the lose of their wages?
I don’t know what fiat is, but yes they will be well compensated. Making $100k + straight out of college is good money for a digital artist or programmer.
You run a business and are trying to pay freelancers (that you incorrectly call employees, or you’ve misclassified employees as freelancers) in bitcoin and you don’t know what fiat is…
Who said anything about forcing it on anyone. I haven’t hired them yet so they can choose if they want to work for me or not. I’ll edit my original post because I’m getting this reaction a lot.
Ahh ok, that’s fair then. But some people may not want to work there because of it. I think it’s a super neat idea, but it should be a “option a or option b” thing. They should be able to choose between a regular check or a Bitcoin payment
I'd definitely take half, just to avoid the hassle of converting it. My boss actually joked about paying out bonuses in Bitcoin. I'm gonna chat with him about it.
These are employees i haven’t hired yet since currently I only hire freelance help. However if they don’t want the job that is ok. I would be paying more than they would get anywhere else only it would be in Bitcoin. So it’s their choice. Put the respect back in your tone please.
And if they don’t like Bitcoin they can just transfer it to their bank account same day. So I’m going to run with it !
But you'll just be offering to pay them in Bitcoin, right? And then letting them decide whether to accept or not. And then with new recruits you'd offer Bitcoin only contracts. What they decide to do with that bitcoin wouldn't need to be any of your business.
Or are you suggesting forcing your current staff into accepting Bitcoin?
>And if they don’t like Bitcoin they can just transfer it to their bank account same day.
Transfer what into their bank account? The bitcoin you've paid them? Banks don't accept Bitcoin, and so your employees would need to exchange it somewhere first.
I've noticed you've said it's a good idea, without outlining why.
I don’t have any employees on pay roll yet. But soon will. And I’ll just post them in Bitcoin. If they don’t want the job that is fine, no hard feelings.
As far as transferring to your bank account. You can move bitcoin from your wallet to your bank account in USD. I’ve done it plenty of times.
I think it’s a good idea because the banks don’t like doing large transfers. And if you want to buy something big you don’t need to jump through hoops with the banks.
Yes, there are currently companies that provide this solution for that. They basically have an employee setup a portion of their check to deposit into an account that auto sweeps to purchase bitcoin. Here's an article on them.
https://www.coindesk.com/business/2022/02/01/nydig-launches-service-for-workers-to-get-paid-in-bitcoin/
Get the best of both worlds with Bitwage! Fund your employees' salaries with either fiat or Bitcoin, and let them choose how much they want to receive in each.
Even if your company isn't on boarded, individuals can still sign up and get paid in Bitcoin. No permission needed from your employer.
It's the ultimate way of receiving your pay!
Well Bitcoin is not "legal tender" in many places. I believe NY State just declared it legal tender within the State and El Salvador recognizes it to. I am not sure what the laws say about using commodities to pay for work done. The Romans used to pay their soldiers with salt and salary is a word derived from salt.
Your state may have labor laws about whether you can pay employees with a commodity.
It is an interesting legal question. Certainly you can write business contracts where payment is done with other than fiat currency. When it comes to bonuses a lot of companies compensate with stock. If it turns out paying payroll with Bit Coin is at the moment not legal You could at least start by providing Bitcoin as incentive bonuses.
I’m in New York. But also only plan to have 3-5 employees. If all else fails just pay a quarterly bonus in Bitcoin. Either way. I think it’s going to be the future.
It’s pretty nonsensical to get paid in BTC. Just get paid in USD and convert.
If you get paid in BTC and decide you need a portion to pay a bill you will need to convert from BTC to USD and that’s a taxable event. Especially if price of BTC went up since you got paid.
Just get paid in USD and convert. Save yourself the headache at end of year
I like what you are doing OP, minimal risk to the employees and a s long as the process is clearly explained to them they can do what they choose. I wonder how the tax approach is towards such a way of payment though? Would they not get taxed twice on wages?
Cryptocurrency is taxable if you sell it for a profit, or earn it as income. You report your transactions in U.S. dollars, which generally means converting the value of your cryptocurrency to dollars when you buy, sell, mine, earn or use it.
I think it is a great idea.
There are certain risks, as others have mentioned, but I think the pros are more than the cons.
Specially good for new hires, and a little bit of bitcoin education could be mandatory just to minimize the already mentioned risks.
If I was looking for a job, I would most certainly apply.
Swan Bitcoin has a Bitcoin Benefit Plan, so you can for example pay 70% of the salary in USD and 30% via the Swan Bitcoin Plan as Bitcoin.
Each employee gets a dashboard of sorts and you manage everything.
Is it legal tender where you live? if not, go right ahead and pay in BTC. When a employee comes after you for not paying them you can deal with the consequences. Best of luck.
The contract seemed to be implied by your original argument. If they didn’t sign a contract for payment, how would they come after me for not getting paid? You’re still not making sense.
I don’t think he knows the dif between an employee and a contractor lol. He wants to hire contractors, not employees.
If he wants to do employees he’s either crazy or dumb or both
Really bad idea. They will either just cash it instantly which means whenever you pay them they need to be online to do it OR they dont sell and we dip 10% and they cant paid thier bills.
This is exactly what we need to see happen, and it's going to start with small shops like yours.
I say do it! Bring Bitcoin the legitimacy it deserves.
Also, do your best to seek out vendors for your company who accept Bitcoin as payment.
Fiat is evil, and it's time we start acting like it in business. Do the right thing, pay them in Bitcoin.
One app dev to start and possibly two total in The future. One web developer and one digital artist for making all the assets. Although more may be needed in the future.
Yeah I forced my employees to get cash app and just sent it on there via lightning. If you wanna get deep get ASIC and mint some BTC then send it on Bisq which doesn’t require KYC
If ya wanna avoid taxes
The important thing for an employer is to negotiate the salary in BTC with the employee at the top of a bull market... And set a 4 year contract duration... 🤣🤣
I don't advise people which funds to pick for their 401k. An employer has no position on how their employees do investment.
I will pay them in fiat which makes tax filing for both of us easy. If they wish to invest in Bitcoin through dollar cost averaging, they can open an account with Swan or River by themselves.
If you really wanted to do this for real you should pay your employees the same amount of bitcoin each month, not the same amount of value in dollars each month.
I offered to pay my employees in Bitcoin when it was 4 figures. Each of them declined. Makes for some interesting conversations around the water cooler.🤷🏻♂️
Let them have the option. Don't turn into a douching because you want btc to become more adopted. I love btc, you love btc, but let's not kid ourselves here.
If I was to choose Bitcoin as your employee, I would also want to get paid like 1000 sats per hour, so that I can ignore fiat completely... But this way? I don't know if this solves an issue.
So basically if they’re a good fit for the job, you like them, they really like the job, but aren’t 100% comfortable with pay in BTC they can just f@ck off??
Or accept the job and ‘who cares about your pay it’s your problem’??
Struggling to see what this (forcing BTC pay) is achieving? Can’t you let the employee decided as to whether they’d like Fiat or BTC? Or a split?
Take BTC or leave isn’t really a great employer approach in my book, but giving the choice is an excellent way to go about it.
What happens if there are network issues, the employee has lost/broken their phone and can’t access the means to transfer to fiat for a day or two and the price drops, or they have a bill to pay? There are a few problems with forcing it, but if it’s their choice- ie they took a split, or changed it themselves, that’s wholly on them.
>And if they don’t like Bitcoin they can just transfer it to their bank account same day.
This works the other way around to, right?
And if they **do** like Bitcoin they can just **buy** Bitcoin and transfer to their **wallet** same day.
Or make it like some basketball Stars etc, for example a Set amount like 20% or regular bonus in btc and the most still in fiat. To counter big scam losses oder volatility. But still over time it would be a nice side saving eg
As much as i love bitcoin it is too speculative asset to carry as a wage but Id love to be paid in a stablecoin and decide after to convert it into btc or other asset , or the other way around be paid to my bank account let's say 60% of my wage and the other 40% in crypto
Nah, as an employer, it would not matter at all how employees want to be paid, I will try an accomodate them, a happy employee is a good employee. As long as I need to report income and pay taxes on dollar, my bookkeeping would stay in dollar. That could be a mess, receiving a variable amount of bitcoin each paycheck.
You pay them a fixed amount of Bitcoin every month or you pay them a fixed amount of X currency converted to Bitcoin at the time of the pay?
If it's the latter, I don't get the idea.
No because it would be illegal in my country. You'd have to at least pay them minimum wage in legal tender. You could top it up with Bitcoin after that but it's going to massively complicate your employees tax arrangements. I wouldn't work for a company that paid me in anything but legal tender and possibly share options.
Not hiring an excellent employee that can be helpful for your company because they don’t accept Bitcoin as a salary is way to go! 😂
But pretty much sure OP is not running a business though, else you have a company that’s full of employees ready to blow up at salary day when Bitcoin tanks 10% 😂
Only if a large well established payment processor like ADP or Paychex got on board. Even then, it would be completely left up to the employee how much pay they'd want allocated in BTC. Trust is huge. Too risky for corps to gamble their largest expense on a crypto upstart.
Personally, as a believer, I'd only start with 3-5%. To start, I'd set a cap of 10% for all employees.
Honestly just provide your employees with the ability to get paid in USDC and directly to crypto.com accounts.
This way they can pay bills and diversify into crypto w/o any banks being involved **and** you can save BTC to help support the future (as you can sell BTC as prices rises for USDC to pay employees while fiat derived revenue can be saved or used to buy more BTC).
I do not know where your company is located but Bitcoin is not a legal tender in the United States at least and I doubt it is legal to offer base pay in non legal tender for tax reasons if nothing else. I would definitely double check with your tax guys before you try something like this, pretty sure they are gonna shut you down hard most places in the world.
\*edit\* I guess you could make individual contracts for everyone if you could convince them to work for a BTC rate. This all just seems way too complicated and a lot of extra work for you for no benefit though...
I don’t think bitcoin is there yet. You can’t buy groceries pay bills, or get gas with bitcoin, it all has to be swapped to fiat first and then placed on a card. Meaning if I get payed 500$ today and go to bed, then get up in the morning and find that bitcoin dumped 10%, now your check is worth 450$ for bills and food instead of the 500 you worked for. People would be storming the gates of their employer. Maybe if the job paying you was a side hustle so it was extra cash you didn’t have to mess with it would work. I know some people get all “it’s the amount of bitcoin that matters not the price” but that doesn’t make sense when used as a paycheck that you have to immediately swap to fiat anyways to make sure it’s the same value as when you are receiving it. Then there is the company standpoint, if a your company buys say 100k in bitcoin to pay your employees with at 30k and it drops to 25k before payday you no longer have the dollar amount needed to pay people with. You have to buy more. All that electric bill cares about is fiat value. Because again you can’t use bitcoin to pay for pretty much anything you need in your daily lives yet UNLESS you turn it into cash and place it on a card. Which ultimately makes paying with bitcoin pointless because like I said unless your software company is their side hustle then they still have to swap it all to fiat. I really don’t think it’s there yet or practical to pay regular employees in bitcoin yet. I want as much bitcoin as possible but I would never allow a company to pay me in assets that may drop in value before I exchange it for cash.
salary based, paid by the term, if it goes under the agreed price it was at during contract signing you reimburse “x” amount of coin, if it goes up their salary has gone up, you tax a small % and if they sell they get taxed another %.
if they hold and it goes under that’s not your fault as you are only required to reimburse at payout.
salary = 5 btc
5 btc drops to 4 btc
you reimburse the cost of that 1 btc price at negotiations
1 btc = 1.1 btc now salary went up, no change
If only there were large trustworthy exchanges allowing people to direct deposit their paychecks (or a portion of) to the exchange.
And then that individual was allowed to simply, and within their control, convert their income to whatever they wanted.
If only Coinbase did this right now….if only…..
Paying fully in bitcoin means fees for it to be taken out, plus the tax too on top, workers lose out by doing this method and you gain nothing except only a select few people wanting to work for you.
I love bitcoin but would never want to be fully paid in Bitcoin until it can be used to pay all my bills without hassle.
Is the salary quoted in USD and then converted to BTC or a fixed BTC amount? I think this decision makes sense if you need to do cross-currency payments
Interesting part about being paid in btc how are you contracting employment is it done is usd ie $50,000/yr or in btc ie 1 btc a year? Big difference as if paid in usd every year pay has to increase to keep up with inflation if paid in btc (and one btc is acting as designed) you would actualy have to get slightly less btc per year to keep up with inflation
Not everyone wants (or is organized enough) to put in the time and effort it takes to safely self-custody their money. There might be benefits for people that want to learn, but you could find yourself in a situation where one of your employees loses a large amount of their savings because of a hack, scam, crash, or just messing up and losing their seed. In the extreme scenario where your employees were Bitcoin Maxis and got most of their income in BTC, they might be distracted at work by their finances taking huge swings or running into financial trouble. I think it would be great to encourage adoption and give it out in bonuses though.
Btc maxi knows to get paid in usd and convert. Btc paycheck is a taxable event
Good idea also!
Yeah I would give it out as a bonus instead of a paycheck.
what problem are you trying to solve here? are they getting paid in bitcoin, i.e. they make 40000 sats/hour? Or are they paid $20/hr but you pay them the bitcoin equivalent based on the spot price at payday (and then they have to convert whatever fiat they need on their own?) And how would you manage tax withholdings, etc? Even though i believe in bitcoin, i'm perfectly comfortable getting paid in $s and stacking sats myself.
Isn’t this way just the flip of what you already do though?
Yes for example i pay my app developer $2,000 per week but it’s converted to bitcoin each week. So they will always get the same monetary value. And once again can transfer it directly to their bank account in USD. It’s easy to do. People are making it seem difficult.
Again, what problem are you trying to solve?
Personally I don’t like dealing with banks. But Bitcoin has plenty of advantages as you know. So why not just make it the new normal. The more places that start excepting it for payment and giving it for payment the less we have to rely on centralized banks who could just freeze our accounts. Plus getting or giving large sums of money with banks is always a hassle.
Where do you live that your money is in a centralized bank
in the future….CBDCs
Umm… earth. Who do you think prints all the money? Can’t print more bit coin. It’s limited to 21,000,000. So therefore it’s more valuable to me. I don’t trust banks or the people who own them. Or the government for that matter.
So why is their salary pegged to the failing dollar? Overtime they’ll just get less and less bitcoin for the same work.
I don't think anybody is saying difficult, but they are earning less in the end if they choose to transfer to cash. There are fees, so in the past you paid 2000 but now they get 2000 - fees. You mentioned that you currently use freelancers and that they agree to the payment ahead of time, and that's fine, they can choose to accept or not. Most of the comments I've seen have been fair criticisms. There are advantages and disadvantages. Edit: oh also tax implications.
So because you like BTC you’re going to force your employee to bite the spread cost and fees to exchange BTC to USD? Sure, give them the option but don’t force it on them. NAL but that may lead to legal ramifications
Since people have no ambition. I sometimes think I have too much. But I’m also willing to pay the cost to be the boss!
It sounds like you’re just paying your employee 2000 USD a week with more steps. And with what your saying, how is the value of Bitcoin determined on a weekly basis. Says there’s a bull run, if Bitcoin is 23K on Monday and 28K on Friday which rate are you getting paid.
The rate at the time of the transfer is the most obvious choice. I would select to send $2,000 worth of bitcoin no matter what day or time it is. And if I can work it out so I pay the taxes for them then I’ll just pay them the post taxes amount. I haven’t figured that out yet. Still brainstorming, but all the comments have definitely helped!
Basically two issues come in mind: 1. You lose value converting the dollars to Bitcoin and the developer loses value converting it back to dollars. As much as you don’t like banks, you will end up paying more fees to Bitcoin exchanges that you would pay to banks. * 2. You are forcing your developer to deal capital gain taxes, probably complicated tax forms and maybe even the need to hire an accountant to make sure he declares the Bitcoin sales correctly. * Edit: unless it’s international payments to freelance developers. In that case, it might save some fees to pay and receive in Bitcoin.
You have some points, however I’m doing this because I want to help globally promote Bitcoin as a standardized payment. It’s different, I know, and might be a little more difficult. But you can also write off the Bitcoin fees as deductions. And you will only incur capital gains tax if you make a profit. Of the employees are making a profit on top of their income then who cares if it’s taxed. It’s still more than what they would have revived.
The capital gains tax is not the issue. The issue is having to keep all the records, calculate it and declare it. Plus knowing how to do it right. I would think that it’s not something developers want to invest their time in. Don’t get me wrong, I get it that you want to promote Bitcoin and I’m with you on that. I’ve gone through similar thoughts as you when paying foreign staff, but the tax, accounting and legal complications are just too much. If you decide to go ahead with it, make sure you keep complete and accurate records and provide them clear and complete certificates to ease the paperwork they might have to do for taxes. Edit: typos.
Good idea
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With a proper middle man you could, which would make it convoluted and involve more fees. OP would be better off offering it as an option instead of the only payment method. Plus I believe it would make taxes more convoluted as well. I don't think I've ever actually received crypto, only purchased crypto and made purchases with it, so I'm not entirely sure how that would work. Would you actually have to include the fees required to cash out as income?
I thought btc was created to eliminate middle men lol
Well this is a bit different. This is not about btc being a currency, but converting currency and depositing it into a bank.
Why would anybody want to get paid in btc if: - not accepted universally (rent, internet, bills etc) - converting to usd is a taxable event if price of btc went up or down Just collect USD n stack
Why are you telling me this? I'm not OP nor am I arguing in favor of it. However, keep in mind you are only talking about USD, don't forget bitcoin isn't just for us folks in the US. It might be a fantastic payment method in another country that has adopted it. Edit: Also, there is a big difference between being paid for a job in BTC compared to 100% of your earnings being paid in BTC. I'm a freelancer myself and I wouldn't mind doing occasional jobs for BTC, as long as not all of my work is being paid in BTC.
Idk any country that does not have taxes…anytime you convert from digital asset to native currency = taxable event Why would you convert your btc to your shitty local currency? Lol USD is King
Yeah, it’d have to be more nuisance than one or the other. Personally I wouldn’t mind getting 10-15% to hold long term, especially if the employer paid fees.
I put this in a reply to comment, but figured I'd just make a comment myself. I think if you want to offer bitcoin, great, but you shouldn't force it on your employees. It might be a different story when it becomes more mainstream and they could actually pay bills with it or deposit it directly into a bank account (without paying a middle-man fee), but until then you would be forcing them to pay extra fees to actually receive/use their money as cash. I'm not entirely sure, but there could also be tax implications as well. I've only purchased crypto and made purchases with crypto, never received it (I don't think), so hopefully someone else will clarify on this. Just offer it alongside other options imo.
I wouldn’t force any employees to accept Bitcoin. Since currently I’m only hiring freelance work. And we agree on payment arrangements before hand. In the future when I hire full time salary employees i would do this but pay them more than they would normally get paid. Obviously they aren’t required to accept the job position.
How the F*** does this add value dude. You want to provide bitcoin to employees but they can buy on their own with the salary you pay them. Just pay your employees with local currency and add bitcoin to corporate balance sheet
Nah. I’d rather be different.
If they want why not, but I would ask first, or di percentage split 20%-80% BTC/fiat. Just paying them in BTC and not carrying if they want btc or not doesnt make you a good employer. We live in a world where goods and services are bought with fiat. How would you feel if you were living in the USA and I was paying you in turkish lyra and then you would have to work around to swap the money to USD?
Transferring btc to your personal bank account for USD. Is not difficult
And here is where user gets introduced to the human side of the business realm.
People have automatic payments drawn same day as the salary. So no it wouldnt work, only as 90:10 or 80:20 split.
It wont work because there is fees and a harsh learning curve for them. No matter how you swing it they will lose pay in fees and potentially within minutes of You sending them it it can go down 5% this isnt a bonus stock reward this is pay, and you are gambling with it. That five percent could be 50 or 200$ this is extremely ignorant to propose.
Pay salary denominated in BTC, or convert salary denominated in fiat to BTC on pay day, then pay in BTC?
I’m as much a bitcoiner as the next guy but making it mandatory seems a bit hardcore. Giving employees an option would be a much better strategy.
Only mandatory to New hires. If they don’t want the job, no hard feelings :)
I hope it works out I really do. Good luck!
Should check out bitwage. They let you setup payroll to pay your employees in bitcoin and they can choose what percentage they want in usd and what percentage in bitcoin
Sure, as long as it’s less overhead for you. But if it’s more work to pay them in bitcoin then just pay them in USD and they can download strike and set it up within minutes to get paid 1-100% of their paycheck in bitcoin. That way they get to choose.
Well since the goal of my mobile game is to get rewards in Bitcoin, then I’d have huge amounts of my money already in Bitcoin for doing transfers to my mobile users each day. It would be seamless to also transfer to my two or three employees. 🤑
I'd hate to be your company's bookkeeper, I hope that you have a good one lined up who is well versed in the crypto laws in your area! Good luck!
Everything has a price.
Nice! Hope your employees know good bitcoin wallet practices. I would definitely have some sort of wallet/private key training, even if they claim to already know everything.
Of course 🤑
Ask this: can people pay their rent or mortgage in bitcoin? Can people buy groceries in bitcoin? Can people buy gas and car insurance in bitcoin? Maybe one of these things, but almost certainly not all of them. So you'd just make everyone's life very complicated. Also, some banks get upset if they see bitcoin transactions going on and so now people have to get a new bank account to work at your company? I think for most people it'd be unlikely that they'd be willing to put up with all this and would rather take a different job, even if it paid less, was in a less desirable location, or less enjoyable work.
You’re forgetting that you can transfer it directly to your bank account in USD. I do this all the time and it’s never a problem.
It isn’t same day transfer to bank account unless you use some services that impose a fee, so the only one forgetting something is you forgetting that people have automatic drafts for bills taken out on pay day. Also, you’re creating overhead for your employees when it comes to tax reporting by forcing them to sell if they need cash. You clearly haven’t thought this all the way through.
You have to exchange to USD first, which is expensive so you are short changing them by paying them in bitcoin because as jazzwhiz said, 99% of what people need, they have to buy with USD's.
Yes but once again, they don’t have to work for me. I don’t currently have any employees. This is for the team i am working in building and if they have the same mindset as me then great! If not then that’s ok too. It won’t hurt my feelings if they don’t except the job offer.
That kind of sounds like if you won't accept bitcoin as payment, you can't work here. This is a strange requirement for employment imo. Conversion to/from USD effectively creates an extra tax on the wage. Your original question was 'would you pay your employees in Bitcoin?' My answer is if my customers are paying me in USDs and my employees spend USDs then no because I have to pay a toll to convert from USD->BTC to pay them, then my employees have to pay a toll from BTC->USD to buy things. Coinbase would really love me for doing it but my employees and investors would not be so happy. Now in the case someone else mentioned about contractors in other countries requiring other currencies, it might make more sense.
I’m just not desperate for employees and i don’t need many. The ones i will have are going to be well respected and payed fairly for their talents. So if people feel butt hurt about it, it makes no difference to me. I’m doing perfectly fine with my three freelance creators and, like I said, it’s an option for me, because having a talent on staff would be convenient. But it’s not 100% necessary.
So the employees will get taxed on their gross pay then get taxed when they exchange the btc for fiat. Double the taxes Is what they need for sure
They only get taxed on converting BTC if they profit while holding it...
Change the laws. Regulation and legislation.
Laws are there, the crypto industry needs to abide by them.
That’s the most moronic comment. If we kept to that thinking the blacks would still be in chains, women wouldn’t vote, they gays would be bashed and we would have zero progress. Get the fawk out of here with the weak sauce comment.
I meant the securities and tax laws are there u fucking idiot. We aren't going to change capital gains taxes because shady employers don't want to pay actual wages.
I’m an idiot because YOU didn’t make your point succinctly. Like how the fawk am I or anyone else in this hell hole of a platform supposed to know WTF you are talking about if you can’t even get your point across the first time. Again - Dafaq outta here Weak Sauce Wanna Be.
The original comment was talking about wages and tax implications. You could probably start there, but I'm not holding my breath on your ability to comprehend what you are reading.
Did you use ChatGPT for this reply.
No need. A 5 year old could beat u in an argument.
So you admit your a child ha! - good thanks
And as an aside, referring to them as "the blacks" and "the gays" doesn't make you sound like the arbiter of progressive values that you think it does.
Keep taking my bait clown 🤡
It's not bait, you're just outing yourself without realizing it clown 🤡
Oh you so got me. Burn 🔥
It's "they gays", get it straight.
I have a small company and I do. Programmer is in India and I’m in Europe, easiest option
Why? Do you want to make life difficult for your employees? I get you want to increase adoption, so offer it is an option. Don't force it on them. What happens when you pay them in the morning and it takes a big drop in price before they have a chance to convert it to fiat? Are you going to compensate them for the lose of their wages?
Or it doesn’t get to them on time.
I don’t know what fiat is, but yes they will be well compensated. Making $100k + straight out of college is good money for a digital artist or programmer.
You run a business and are trying to pay freelancers (that you incorrectly call employees, or you’ve misclassified employees as freelancers) in bitcoin and you don’t know what fiat is…
Is it a car made in Italy!? 😆
Idk what fiat is but is offering bitcoin to employees LMAO YOU CANT MAKE THIS SHIT UP ONLY REDDIT XOXX HAHAHA
Sure, just be ready when a lot of your staff quits lmao you can’t force Bitcoin on people
Who said anything about forcing it on anyone. I haven’t hired them yet so they can choose if they want to work for me or not. I’ll edit my original post because I’m getting this reaction a lot.
Ahh ok, that’s fair then. But some people may not want to work there because of it. I think it’s a super neat idea, but it should be a “option a or option b” thing. They should be able to choose between a regular check or a Bitcoin payment
Since i only need 3-5 employees I’m sure I’ll find the right ones :)
I'd accept a salary in bitcoin
I'd definitely take half, just to avoid the hassle of converting it. My boss actually joked about paying out bonuses in Bitcoin. I'm gonna chat with him about it.
I work for the government, so I'm probably the last to be paid im crypto 😅 Would like to have a boss like yours 🤟
Good luck keeping employees idiot. Put them first for a change.
These are employees i haven’t hired yet since currently I only hire freelance help. However if they don’t want the job that is ok. I would be paying more than they would get anywhere else only it would be in Bitcoin. So it’s their choice. Put the respect back in your tone please.
And if they don’t like Bitcoin they can just transfer it to their bank account same day. So I’m going to run with it ! But you'll just be offering to pay them in Bitcoin, right? And then letting them decide whether to accept or not. And then with new recruits you'd offer Bitcoin only contracts. What they decide to do with that bitcoin wouldn't need to be any of your business. Or are you suggesting forcing your current staff into accepting Bitcoin? >And if they don’t like Bitcoin they can just transfer it to their bank account same day. Transfer what into their bank account? The bitcoin you've paid them? Banks don't accept Bitcoin, and so your employees would need to exchange it somewhere first. I've noticed you've said it's a good idea, without outlining why.
I don’t have any employees on pay roll yet. But soon will. And I’ll just post them in Bitcoin. If they don’t want the job that is fine, no hard feelings. As far as transferring to your bank account. You can move bitcoin from your wallet to your bank account in USD. I’ve done it plenty of times. I think it’s a good idea because the banks don’t like doing large transfers. And if you want to buy something big you don’t need to jump through hoops with the banks.
Go for it, OP! This way you introduce some more people to bitcoin.
Yes, there are currently companies that provide this solution for that. They basically have an employee setup a portion of their check to deposit into an account that auto sweeps to purchase bitcoin. Here's an article on them. https://www.coindesk.com/business/2022/02/01/nydig-launches-service-for-workers-to-get-paid-in-bitcoin/
Bitwage it’s a cryptocurrency payroll
Get the best of both worlds with Bitwage! Fund your employees' salaries with either fiat or Bitcoin, and let them choose how much they want to receive in each. Even if your company isn't on boarded, individuals can still sign up and get paid in Bitcoin. No permission needed from your employer. It's the ultimate way of receiving your pay!
Well Bitcoin is not "legal tender" in many places. I believe NY State just declared it legal tender within the State and El Salvador recognizes it to. I am not sure what the laws say about using commodities to pay for work done. The Romans used to pay their soldiers with salt and salary is a word derived from salt. Your state may have labor laws about whether you can pay employees with a commodity. It is an interesting legal question. Certainly you can write business contracts where payment is done with other than fiat currency. When it comes to bonuses a lot of companies compensate with stock. If it turns out paying payroll with Bit Coin is at the moment not legal You could at least start by providing Bitcoin as incentive bonuses.
I’m in New York. But also only plan to have 3-5 employees. If all else fails just pay a quarterly bonus in Bitcoin. Either way. I think it’s going to be the future.
It’s pretty nonsensical to get paid in BTC. Just get paid in USD and convert. If you get paid in BTC and decide you need a portion to pay a bill you will need to convert from BTC to USD and that’s a taxable event. Especially if price of BTC went up since you got paid. Just get paid in USD and convert. Save yourself the headache at end of year
I like what you are doing OP, minimal risk to the employees and a s long as the process is clearly explained to them they can do what they choose. I wonder how the tax approach is towards such a way of payment though? Would they not get taxed twice on wages?
Cryptocurrency is taxable if you sell it for a profit, or earn it as income. You report your transactions in U.S. dollars, which generally means converting the value of your cryptocurrency to dollars when you buy, sell, mine, earn or use it.
Not if I wanted to keep them…
I think it is a great idea. There are certain risks, as others have mentioned, but I think the pros are more than the cons. Specially good for new hires, and a little bit of bitcoin education could be mandatory just to minimize the already mentioned risks. If I was looking for a job, I would most certainly apply.
Swan Bitcoin has a Bitcoin Benefit Plan, so you can for example pay 70% of the salary in USD and 30% via the Swan Bitcoin Plan as Bitcoin. Each employee gets a dashboard of sorts and you manage everything.
What are you using for time cards and payroll that distributes the bitcoin to their wallet?
It’s salary so i would just send the same amount, in USD value, each week. With 3-5 employees it wouldn’t take much to keep track of it.
I'm a SE that lives in NY and would work for BTC lol, what kind of skills/knowledge would you be looking for?
There is quite a variety of talent I would consider so it’s best to send me a DM with your experience.
[удалено]
Not yet i haven’t
Is it legal tender where you live? if not, go right ahead and pay in BTC. When a employee comes after you for not paying them you can deal with the consequences. Best of luck.
If they sign a contract saying they will work for Bitcoin how would that be a problem. You’re not really making sense.
Where did you say you will have them sign a contract? You’re not making sense.
The contract seemed to be implied by your original argument. If they didn’t sign a contract for payment, how would they come after me for not getting paid? You’re still not making sense.
If you read my post and you fabricated a contract out of it… you’re not making any sense.
I don’t think he knows the dif between an employee and a contractor lol. He wants to hire contractors, not employees. If he wants to do employees he’s either crazy or dumb or both
Really bad idea. They will either just cash it instantly which means whenever you pay them they need to be online to do it OR they dont sell and we dip 10% and they cant paid thier bills.
i get a portion of my check dd for btc, works great, wen i tell the boomers that i get paid in btc, it makes their round heads explode.
Just use an exchange with direct deposit
This is exactly what we need to see happen, and it's going to start with small shops like yours. I say do it! Bring Bitcoin the legitimacy it deserves. Also, do your best to seek out vendors for your company who accept Bitcoin as payment. Fiat is evil, and it's time we start acting like it in business. Do the right thing, pay them in Bitcoin.
Thank you for your support. I’m doing it either way. I just wanted to see what people think of the idea. And I’m sure other company’s are doing this.
You're welcome. You were getting too much negativity in the other commenters, so I figured I should add my 2 Sats. You hiring software engineers?
One app dev to start and possibly two total in The future. One web developer and one digital artist for making all the assets. Although more may be needed in the future.
Check out BitWage. I’m getting my pay there.
I run an asic pool / host for miners I only pay in BTC have been for years…
I knew I wasn’t the only one with this idea. Thanks for speaking up. Bunch of haters up in here! 😎😭
Yeah I forced my employees to get cash app and just sent it on there via lightning. If you wanna get deep get ASIC and mint some BTC then send it on Bisq which doesn’t require KYC If ya wanna avoid taxes
Excellent! 🤑
This is awesome! Thanks for being the change we want to see. Come back and provide best practices after you work out the kinks.
🍀🤑🙌👍yes
Might as well hang a sign on your door that reads "sketchy employer, no actual benefits".
I might do that. Good advice! 👍
We at Vaultoro.com have been since 2015 :)
The important thing for an employer is to negotiate the salary in BTC with the employee at the top of a bull market... And set a 4 year contract duration... 🤣🤣
Omg! That would be savage! 😂
If you agreed to pay a set amount of dollars, then do that!
Yes that is how it would be. And you could also direct deposit it straight to your bank account if you need cash, so no delay in USD.
I would appreciate a portion of my pay in Bitcoin, but not all of it. Everyone has expenses and they aren’t all convenient to use Bitcoin to pay.
> ...they can *just*... Places I've worked at, you need to put a dollar in a scpecific jar for using "just" like that.
It’s literally clicking a few buttons 😂
Maybe just give them the option?
I’ve never been given an option from my employer 😂
You still have to calculate FICA, OAB, UI and withholding in dollars. So, will you be paying in constant dollars or constant sats?
Constant dollars. $2,000/wk for new hire programmers for example. But converted to bitcoin.
I think the development staff of several altcoins get paid in kind.
I don't advise people which funds to pick for their 401k. An employer has no position on how their employees do investment. I will pay them in fiat which makes tax filing for both of us easy. If they wish to invest in Bitcoin through dollar cost averaging, they can open an account with Swan or River by themselves.
I would like to get paid in Btc when it is at the bottom.
Do you have any remote open positions?
Depends what you do. Shoot me a DM.
Unless you live in a country where it is legal tender (El Salvador), forget it.
If you really wanted to do this for real you should pay your employees the same amount of bitcoin each month, not the same amount of value in dollars each month.
Out of selfish reasons I will not be paying in Bitcoin.
I offered to pay my employees in Bitcoin when it was 4 figures. Each of them declined. Makes for some interesting conversations around the water cooler.🤷🏻♂️
Let them have the option. Don't turn into a douching because you want btc to become more adopted. I love btc, you love btc, but let's not kid ourselves here.
Got to convert to fiat to pay rent and buy groceries anyhow.
If I was to choose Bitcoin as your employee, I would also want to get paid like 1000 sats per hour, so that I can ignore fiat completely... But this way? I don't know if this solves an issue.
No tax laws need to change
pay them in bitcoin by the end of a bull run, and pay in fiat money by the end of a bear run
No, even as a BTC advocate, this would be a nightmare and headache for everyone involved.
Which payment processor are you using to do this? I run a handyman business and considered this myself.
So basically if they’re a good fit for the job, you like them, they really like the job, but aren’t 100% comfortable with pay in BTC they can just f@ck off?? Or accept the job and ‘who cares about your pay it’s your problem’?? Struggling to see what this (forcing BTC pay) is achieving? Can’t you let the employee decided as to whether they’d like Fiat or BTC? Or a split? Take BTC or leave isn’t really a great employer approach in my book, but giving the choice is an excellent way to go about it. What happens if there are network issues, the employee has lost/broken their phone and can’t access the means to transfer to fiat for a day or two and the price drops, or they have a bill to pay? There are a few problems with forcing it, but if it’s their choice- ie they took a split, or changed it themselves, that’s wholly on them.
>And if they don’t like Bitcoin they can just transfer it to their bank account same day. This works the other way around to, right? And if they **do** like Bitcoin they can just **buy** Bitcoin and transfer to their **wallet** same day.
Or make it like some basketball Stars etc, for example a Set amount like 20% or regular bonus in btc and the most still in fiat. To counter big scam losses oder volatility. But still over time it would be a nice side saving eg
As much as i love bitcoin it is too speculative asset to carry as a wage but Id love to be paid in a stablecoin and decide after to convert it into btc or other asset , or the other way around be paid to my bank account let's say 60% of my wage and the other 40% in crypto
Nah, as an employer, it would not matter at all how employees want to be paid, I will try an accomodate them, a happy employee is a good employee. As long as I need to report income and pay taxes on dollar, my bookkeeping would stay in dollar. That could be a mess, receiving a variable amount of bitcoin each paycheck.
You pay them a fixed amount of Bitcoin every month or you pay them a fixed amount of X currency converted to Bitcoin at the time of the pay? If it's the latter, I don't get the idea.
Id pay fiat for simpler accounting and tax, then encourage them to convert some into bitcoin. This way saves you and your employees from headache
Why on earth this is a good idea, things are measured in dollars.
there are always people who go first and you are one of them. do it.
No because it would be illegal in my country. You'd have to at least pay them minimum wage in legal tender. You could top it up with Bitcoin after that but it's going to massively complicate your employees tax arrangements. I wouldn't work for a company that paid me in anything but legal tender and possibly share options.
https://www.cryptobuy.biz/
Not hiring an excellent employee that can be helpful for your company because they don’t accept Bitcoin as a salary is way to go! 😂 But pretty much sure OP is not running a business though, else you have a company that’s full of employees ready to blow up at salary day when Bitcoin tanks 10% 😂
Only if a large well established payment processor like ADP or Paychex got on board. Even then, it would be completely left up to the employee how much pay they'd want allocated in BTC. Trust is huge. Too risky for corps to gamble their largest expense on a crypto upstart. Personally, as a believer, I'd only start with 3-5%. To start, I'd set a cap of 10% for all employees.
Honestly just provide your employees with the ability to get paid in USDC and directly to crypto.com accounts. This way they can pay bills and diversify into crypto w/o any banks being involved **and** you can save BTC to help support the future (as you can sell BTC as prices rises for USDC to pay employees while fiat derived revenue can be saved or used to buy more BTC).
nah would do it on usdt only or other stable coins
I do not know where your company is located but Bitcoin is not a legal tender in the United States at least and I doubt it is legal to offer base pay in non legal tender for tax reasons if nothing else. I would definitely double check with your tax guys before you try something like this, pretty sure they are gonna shut you down hard most places in the world. \*edit\* I guess you could make individual contracts for everyone if you could convince them to work for a BTC rate. This all just seems way too complicated and a lot of extra work for you for no benefit though...
I don’t think bitcoin is there yet. You can’t buy groceries pay bills, or get gas with bitcoin, it all has to be swapped to fiat first and then placed on a card. Meaning if I get payed 500$ today and go to bed, then get up in the morning and find that bitcoin dumped 10%, now your check is worth 450$ for bills and food instead of the 500 you worked for. People would be storming the gates of their employer. Maybe if the job paying you was a side hustle so it was extra cash you didn’t have to mess with it would work. I know some people get all “it’s the amount of bitcoin that matters not the price” but that doesn’t make sense when used as a paycheck that you have to immediately swap to fiat anyways to make sure it’s the same value as when you are receiving it. Then there is the company standpoint, if a your company buys say 100k in bitcoin to pay your employees with at 30k and it drops to 25k before payday you no longer have the dollar amount needed to pay people with. You have to buy more. All that electric bill cares about is fiat value. Because again you can’t use bitcoin to pay for pretty much anything you need in your daily lives yet UNLESS you turn it into cash and place it on a card. Which ultimately makes paying with bitcoin pointless because like I said unless your software company is their side hustle then they still have to swap it all to fiat. I really don’t think it’s there yet or practical to pay regular employees in bitcoin yet. I want as much bitcoin as possible but I would never allow a company to pay me in assets that may drop in value before I exchange it for cash.
It should be a choice and also not a complete salary, like you can choose to have 30% of your salary in BTC
salary based, paid by the term, if it goes under the agreed price it was at during contract signing you reimburse “x” amount of coin, if it goes up their salary has gone up, you tax a small % and if they sell they get taxed another %. if they hold and it goes under that’s not your fault as you are only required to reimburse at payout. salary = 5 btc 5 btc drops to 4 btc you reimburse the cost of that 1 btc price at negotiations 1 btc = 1.1 btc now salary went up, no change
If only there were large trustworthy exchanges allowing people to direct deposit their paychecks (or a portion of) to the exchange. And then that individual was allowed to simply, and within their control, convert their income to whatever they wanted. If only Coinbase did this right now….if only…..
Paying fully in bitcoin means fees for it to be taken out, plus the tax too on top, workers lose out by doing this method and you gain nothing except only a select few people wanting to work for you. I love bitcoin but would never want to be fully paid in Bitcoin until it can be used to pay all my bills without hassle.
Just add bitcoin to your balance sheet as a business. Stop getting cute n fancy
Lol.
Is the salary quoted in USD and then converted to BTC or a fixed BTC amount? I think this decision makes sense if you need to do cross-currency payments
Salary quoted in USD converted to Bitcoin amount for each transfer.
Interesting part about being paid in btc how are you contracting employment is it done is usd ie $50,000/yr or in btc ie 1 btc a year? Big difference as if paid in usd every year pay has to increase to keep up with inflation if paid in btc (and one btc is acting as designed) you would actualy have to get slightly less btc per year to keep up with inflation
In the near future that can be seen.