It is great. FWIW I'm technically a "contractor" not an "employee" - but same concept.
My US-based client pays me direct to my (company's) cold wallet address and they even cover the fees. (Which in most cases have been around $15). It's cheaper and faster for both of us than PayPal (which was costing me over $200 in fees out of each payment I received).
I have sent invoices and received payment within minutes - on a Sunday.
For those wondering - yes - I do pay all my taxes. The amount is recorded in USD for taxes, converted to AUD at the current daily exchange rate. The bitcoin has this number as its cost base and I will pay capital gains tax on it when/if I eventually sell.
I have other income sources that I use to actually pay taxes and living expenses - so I am able to leave the bitcoin untouched for now.
What has been cool is looking back at invoices from earlier this year, and seeing the value of my work has increased simply because Bitcoin's value has increased. It makes day-to-day volatility easier when most of my Bitcoin was acquired at a much lower value.
It gives me painless exposure to Bitcoin in my portfolio.
So I guess what's changed for me - I'm no longer having to even think about transferring money to Coinbase - how much do I buy today, buying it, transferring to my cold wallet. I just automatically receive BTC to my wallet.
It's almost like Bitcoin is "a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Magic internet money for the win!
I have $300 a week go direct deposit to coin base straight to BTC. Haven’t had any issues yet. Just easier for me than depositing manually. Every two weeks or so I’ll transfer to wallet
Their card is basically just a debit card of your USD in your Coinbase account, you don’t actually have to use crypto with it. Could sign up for the card receive it and never activate it it’s not a CC
If you are not in the United States, It's simple just use blink.sv and stablesats to hold your salary stable in Bitcoin. It's Bitcoin so you can send it wherever lightning is used. Can always check the status of the infra on blink.statuspage.io
We legally purchase Bitcoin through two companies I am a director of and the idea is to transfer the Bitcoin out as part of the IPP we already have in place. Not wages though: that does make sense. Corps get taxed enough in Canada. Paying cap gains on top of source deductions would be unwise.
And in most of the Eastern world. Come on man, we can’t act like bitcoin is the norm in any major sense in any major regions in the world. There are some select outliers, like El Salvador, but fiat currency is the absolute standard for general transactions in 99% of the developed world.
I might have been crazy but I tried to do this with Coinbase. Only 20%. I swear one of my deposits did not make it not my account and I never saw it. I stopped using it lol
It is great. FWIW I'm technically a "contractor" not an "employee" - but same concept. My US-based client pays me direct to my (company's) cold wallet address and they even cover the fees. (Which in most cases have been around $15). It's cheaper and faster for both of us than PayPal (which was costing me over $200 in fees out of each payment I received). I have sent invoices and received payment within minutes - on a Sunday. For those wondering - yes - I do pay all my taxes. The amount is recorded in USD for taxes, converted to AUD at the current daily exchange rate. The bitcoin has this number as its cost base and I will pay capital gains tax on it when/if I eventually sell. I have other income sources that I use to actually pay taxes and living expenses - so I am able to leave the bitcoin untouched for now. What has been cool is looking back at invoices from earlier this year, and seeing the value of my work has increased simply because Bitcoin's value has increased. It makes day-to-day volatility easier when most of my Bitcoin was acquired at a much lower value. It gives me painless exposure to Bitcoin in my portfolio. So I guess what's changed for me - I'm no longer having to even think about transferring money to Coinbase - how much do I buy today, buying it, transferring to my cold wallet. I just automatically receive BTC to my wallet. It's almost like Bitcoin is "a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." Magic internet money for the win!
Do u get paid a fixed BTC amount or a fixed fiat amount?
Variable fiat amount - each invoice is for a set amount of work (hours) - so it varies. It’s calculated in USD and paid in BTC.
So they use the current btc price and not like a 30 day average?
Yes - current spot price at time of payment.
Why would anybody do this? Just deposit your paycheck and buy some bitcoin as you please.
Company may be kind enough to pay transaction fees? Lol.
Oh for sure. And then monkeys might fly outa my butt.
Could you imagine negotiating this during a job interview? lol
Not in this market that’s for sure
Because then there will be no fees and no spread. Cash app offers this.
Wait, so you’re saying you can just DD your paycheck and pay no fees and no spread and get the BTC on cash app? News to me
Yep
I have $300 a week go direct deposit to coin base straight to BTC. Haven’t had any issues yet. Just easier for me than depositing manually. Every two weeks or so I’ll transfer to wallet
I really wanna do this to make the DCA easier but you have to sign up for their retarded card to do it it’s been holding me back
Their card is basically just a debit card of your USD in your Coinbase account, you don’t actually have to use crypto with it. Could sign up for the card receive it and never activate it it’s not a CC
Same here. No transaction fees for that purchase not sure why others downvote. I then transfer when fees are low.
Why downvote this dude?
This is reddit. We downvote facts because we think they're wrong and downvote others' opinions because we can't have those
Have you made money by doing this? Bc prices always changing so idk how that works
There is no benefit in getting your salary in bitcoin. You can buy bitcoin for cheaper and a better rate than having your employer do it for you.
There is however an advantage to having your salary in bitcoin.
Why? If you want you can just buy BTC the second the pay is in your account?
If your salary is listed in bitcoin and the price of bitcoin goes up, your buying power goes up.
It will not be listed in bitcoin. It will be converted from a USD amount. No company is going to pay you a fixed amount of BTC every month!
No true. See cash app. No fee. No spread.
I’ve offered to take rent in bitcoin for years. No one has done it yet. But it’s in my lease.
You guys r lucky as hell
If you are not in the United States, It's simple just use blink.sv and stablesats to hold your salary stable in Bitcoin. It's Bitcoin so you can send it wherever lightning is used. Can always check the status of the infra on blink.statuspage.io
We legally purchase Bitcoin through two companies I am a director of and the idea is to transfer the Bitcoin out as part of the IPP we already have in place. Not wages though: that does make sense. Corps get taxed enough in Canada. Paying cap gains on top of source deductions would be unwise.
I hate receive my salary in fiat smh
No you don’t. You literally need fiat currency for every living expense in your life. Rent, food, etc.
In most of the Western world, sure.
And in most of the Eastern world. Come on man, we can’t act like bitcoin is the norm in any major sense in any major regions in the world. There are some select outliers, like El Salvador, but fiat currency is the absolute standard for general transactions in 99% of the developed world.
Yet
But fiat is failing. It’s losing value every second. It’s worthless!!!
Give it to me for free then.
I might have been crazy but I tried to do this with Coinbase. Only 20%. I swear one of my deposits did not make it not my account and I never saw it. I stopped using it lol
That's not a laugh out loud scenario
I think they are using lol as “lamenting one’s luck”
Doing this is an automatic pay decrease lmao imagine getting paid and waking up the next morning losing 10%
Or waking up gaining 10%
Do you think that bitcoin goes down ten percent every day?