Bitcoin: Would you want to get paid in cryptocurrency?

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Bitcoin: Would you want to get paid in cryptocurrency?

Bitcoin. Lots of people are talking about it, many are learning about bitcoin, but very few own it.






But what will it really mean for employer and employee?

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How does it work?



Employees who choose to sell right away would receive the same in cash as they would have been paid (so long as they had arranged for the sale to happen in advance).




“They are just participating in a game.”

Staff must be made aware that “there’s no guarantee that its price will rise and there’s no intrinsic value because there’s nothing to back it up”, he said, adding such schemes could never be compulsory.

So are employees keen?

Despite repeated warnings from renowned economists and analysts that a Bitcoin crash is looming, it seems more of us are willing to take a punt.

Bitwage, a platform set up to convert salaries into cryptocurrency, gained thousands of new users this year as people got swept up in some rapid price rises.

“These days a lot of people are looking to get part, and sometimes all of their salary paid in Bitcoin”, said Bitwage founder Jonathan Chester.




And what about tax?




What is in it for employers?



But for others it is all about business strategy.

Japan’s GMO, for example, says it wants to get staff thinking about cryptocurrencies.

It has recently expanded into cryptocurrency trading and crypto mining.


And that, it says is “vital to the growth and expansion of our cryptocurrency business”.

Is Bitcoin the only option?



The tokens, which can be traded on digital exchanges, were issued in an initial coin offering in June, allowing the company to raise $80m.

TenX co-founder and president, Julian Hosp, said it did not make sense to buy Bitcoin to pay bonuses when the company already had its own currency.

Paying bonuses in tokens can incentivises staff as Pay’s value should rise in line with the company’s success, Mr Hosp added.




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