Will your salary soon be paid in cryptocurrency? It’s very possible. As cryptocurrency pushes its way deeper into the mainstream, more and more employees are asking to be paid, at least a portion of their salaries, in Bitcoin.
A Danish company SC5 was one of the first to pay their employees in Bitcoin. They started paying salaries in Bitcoin way back in 2013, long before everyone and their uncle, and their uncle’s uncle had heard of Bitcoin and blockchain.
Blockchain and tech companies have been offering their employees the option to be paid in Bitcoin for a while, but now a $240 billion, publicly-traded company is offering to pay their employees in Bitcoin.
Since February of 2018, GMO Internet, a Tokyo-based internet provider, has allowed its 4,000+ employees to be paid up to 100,000 yen ($880 USD) of their monthly salary in Bitcoin. It’s important to note that GMO does have a vested interest in Bitcoin as they recently launched a Bitcoin mining operation. But if this pilot program is successful, it could pave the way for other large companies to offer Bitcoin salary payment options.
Several U.S. based-companies are paying their international workers in Bitcoin as it can save both the company and the employee money. About 200 companies are using a service called Bitwage, a Bitcoin payroll company that allows employees and freelancers alike to receive payments in Bitcoin, according to Bloomberg Law.
Purse.io, a website that brings people with unused Amazon gift cards together with people who want to buy on Amazon using crypto, pays its employees in Bitcoin Cash.
It’s important to keep in mind that there is a risk associated with accepting any portion of your salary in Bitcoin. Particularly with the potential tax liabilities you may have to pay. Ask your CPA or other qualified financial advisor before accepting payment in Bitcoin.
Don’t just ask the local office “Bitcoin guy” Todd, even though he bought back in 2013 and assures you that “it’s cool.”
BitWage also has a service where employees can request to be paid in Bitcoin even if their employer doesn’t offer it. Now, that’s pretty cool.
Would you want your company to pay your salary, or part of it, in cryptocurrency? Let us know on social media.