It is undeniable that Bitcoin has become more and more popular today, even though it once made people sad or crazy.
First of all, even if a company is willing to pay you in Bitcoin, Do you accept it as a payment for your work?
I know, Is it legal to pay wages in crypto? Even in countries where Bitcoin is legal, it may not be legal to pay employees in Bitcoin—at least directly. What is the attitude in your country? Accept or reject?
I think most countries are silent. . In fact, even if there is support from the national legal level, most small businesses will find it difficult to respond!
Some reasons why most small companies won't accept bitcoin:
(1)A literal second after they accept BTC payment, the price could literally drop in half. Sure it'll go back up, but most businesses can't sit around and constantly check the price to sell when its back at the same price or higher.
(2)They can't afford to accept a long term investment as payment. They need the money immediately to pay for upkeep of their business and pay for services or materials and payroll and whatever else they need in order to continue operating. Money flows like water, it comes in, then it goes out.
(3)The amount of bitcoin used in the transaction could be too low to justify the transaction fees and tax. The same is true when it comes time to sell it, unless they accumulate enough of it. Most people don't want to use their bitcoin as a currency just yet so the chance of a small company having a steady flow of BTC coming in, and a decent amount of it to sell it quick enough to continue running the business, is extremely low.
But now In Canada, Bull Bitcoin (an exchange) accepts direct deposits from your employer. So you setup up whatever percentage with payroll to go to your bank account and a percentage of your pay goes to the exchange. Then you setup an automatic bitcoin purchase on your pay day and it gets automatically sent to your bitcoin wallet.
So why not paycheck was 20% BTC and like 80% fiat. That would be perfect for many people i think..
It is undeniable that Bitcoin has become more and more popular today, even though it once made people sad or crazy.
First of all, even if a company is willing to pay you in Bitcoin, Do you accept it as a payment for your work?
I know, Is it legal to pay wages in crypto? Even in countries where Bitcoin is legal, it may not be legal to pay employees in Bitcoin—at least directly. What is the attitude in your country? Accept or reject?
I think most countries are silent. . In fact, even if there is support from the national legal level, most small businesses will find it difficult to respond!
Some reasons why most small companies won't accept bitcoin:
(1)A literal second after they accept BTC payment, the price could literally drop in half. Sure it'll go back up, but most businesses can't sit around and constantly check the price to sell when its back at the same price or higher.
(2)They can't afford to accept a long term investment as payment. They need the money immediately to pay for upkeep of their business and pay for services or materials and payroll and whatever else they need in order to continue operating. Money flows like water, it comes in, then it goes out.
(3)The amount of bitcoin used in the transaction could be too low to justify the transaction fees and tax. The same is true when it comes time to sell it, unless they accumulate enough of it. Most people don't want to use their bitcoin as a currency just yet so the chance of a small company having a steady flow of BTC coming in, and a decent amount of it to sell it quick enough to continue running the business, is extremely low.
But now In Canada, Bull Bitcoin (an exchange) accepts direct deposits from your employer. So you setup up whatever percentage with payroll to go to your bank account and a percentage of your pay goes to the exchange. Then you setup an automatic bitcoin purchase on your pay day and it gets automatically sent to your bitcoin wallet.
So why not paycheck was 20% BTC and like 80% fiat. That would be perfect for many people i think..
I think Bitcoin is getting closer and closer as a way to pay wages, and it will give people more choices. Of course, this has also had a huge impact and unprecedented challenge on the traditional legal currency system! I believe that the interests of certain countries and consortiums will be harmed by this. Will they sit still and wait for death? We'll see!
Look, gold is crying in the corner, it feels like a poor thing, a forgotten old guy!
Gold is crying in the corner, it feels like a poor thing, a forgotten old guy!
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