{"id":201382,"date":"2021-03-13T16:32:35","date_gmt":"2021-03-13T13:32:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/"},"modified":"2021-03-13T16:32:35","modified_gmt":"2021-03-13T13:32:35","slug":"bitcoin-payday-crypto-to-revolutionize-job-wages-or-not","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/","title":{"rendered":"#Bitcoin payday? Crypto to revolutionize job wages\u2026 or not"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af5e8e279b29\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af5e8e279b29\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#More_employee_demand\" >More employee demand?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#It_is_surely_coming\" >It is surely coming<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#Risks_for_employees\" >Risks for employees?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#How_does_it_work\" >How does it work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#A_boon_for_the_gig_economy\" >A boon for the gig economy?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#The_best_of_blockchain_every_Sunday\" >The best of blockchain, every Sunday<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#What_if_BTC_price_plummets\" >What if BTC price plummets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#Streaming_salaries\" >Streaming salaries?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\/#Looking_far_ahead\" >Looking far ahead<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Bitcoin payday? Crypto to revolutionize job wages\u2026 or not<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/03\/magazine_Will_large_firms_ever_be_open_to_paying_salaries_with_crypto.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                &lt;p&gt;&lt;strong&gt;Speaking at a Chamber of Digital Commerce panel discussion in late February, City of Miami Mayor Francis Suarez &lt;a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">youtube<\/a>.com\/watch?v=g_4zOHpEyyM\"&gt;noted&lt;\/a&gt; that his citys employees, like others, are worried about the potential devaluation of the dollar, so he proposed to the Miami City Commission a resolution to allow our employees to take a percentage of their salaries in Bitcoin if they so desired.&lt;\/strong&gt;\n<\/code><\/pre>\n<p><span style=\"font-weight: 400\">After all, notes Suarez, The highest-paid player in the National Football League  Carolina Panthers offensive tackle Russell Okung  wont be earning the most because hes the best player in the NFL but because he asked for 50% of his salary in Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The mayors statement may have been a small bit exaggerated  Okungs ranking as one of the highest-salaried NFL players at this moment depends on the price of Bitcoin (<\/span><span style=\"font-weight: 400\">BTC<\/span><span style=\"font-weight: 400\">), as NBC Sports <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nbcsports.com\/northwest\/seahawks\/former-seattle-seahawk-russell-okung-puts-half-salary-bitcoin-considered-highest#:~:text=As%20far%20as%202020%20NFL,contract%20could%20change%20in%202021.&amp;text=One%20person%20went%20as%20far,paid%20player%20in%20the%20NFL%E2%80%9D.\"><span style=\"font-weight: 400\">noted<\/span><\/a><span style=\"font-weight: 400\"> in late February. Technically though, <\/span><span style=\"font-weight: 400\">Okung gets paid 100% in U.S. dollars<\/span><span style=\"font-weight: 400\">, then half is sent to a custody provider that converts it to BTC. But to Suarezs larger point, interest in a crypto wage alternative seems to be growing.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If so, it raises some questions: <\/span><i><span style=\"font-weight: 400\">Why take a salary in Bitcoin when there is almost nothing that you can buy with it? Arent there tax implications that still havent been sorted out? What about ongoing BTC challenges like volatility and scalability? And if Bitcoin drops 60% or 70%, who is going to want crypto wages then?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, one is hard-pressed to find any company outside the cryptoverse that is paying its employees wages in Bitcoin or altcoins. As Thomas Hulme, head of the blockchain and crypto-asset team at law firm Mackrell.Solicitors, tells Cointelegraph Magazine: I have not come across an instance professionally where a company has sought advice to pay employees a salary in whole or in part, in crypto assets.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_employee_demand\"><\/span><span style=\"font-weight: 400\">More employee demand?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">Still, as Merrick Theobald, vice president of marketing at BitPay  whose BitPay Send platform has a crypto payroll payment option  tells Cointelegraph Magazine: We are most definitely seeing greater demand from employees to take at least a portion of their salary in Bitcoin. Its being driven by the recent surge in BTC prices, he continues, in addition to greater global awareness regarding cryptocurrency <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly. Bitcoin is quickly becoming more mainstream and employees recognize this and want to be a part of this.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Jack Mallers, CEO of Zap  whose Strike <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication enabled a portion of Russell Okungs salary to be converted into Bitcoin  tells Cointelegraph Magazine: We have seen an immense amount of demand. We currently have over 5,000 users on our waitlist to convert a percentage of their direct deposit paychecks into Bitcoin here in the U.S. alone.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But clearly, obstacles need to be overcome before crypto wages become the rule rather than the exception. Henry Kim, an associate professor at York Universitys Schulich School of Business, tells Cointelegraph Magazine that the vast majority of companies dont have cryptocurrency in their corporate treasuries, so the only salaries or compensation to be paid in Bitcoin, say, are likely to be idiosyncratic requests from talent  Okung, for instance.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Paul Brody, global blockchain leader at Ernst &amp; Young, when asked if he expects more companies to offer a cryptocurrency salary option soon, opines to Cointelegraph Magazine:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">I think it is unlikely. If you think about what makes sense from a risk management standpoint, having liabilities like your taxes and mortgage in fiat currency  dollars, for example  and getting paid in Bitcoin, for example, is a high risk proposition. A mismatch could lead to big problems, especially if you have a period where cryptocurrencies go down in value relative to fiat currencies.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">A more fundamental barrier may simply be corporate convention  i.e., the incumbent payment systems that have been built up over generations. <\/span><span style=\"font-weight: 400\">Richard Ainsworth, an adjunct instructor at Boston University School of Law and co-author of the paper Payroll Tax Compliance and Blockchain, <\/span><span style=\"font-weight: 400\">tells Cointelegraph Magazine that the major payroll companies, like ADP, are still not thinking about this in a business simplification way.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There is nothing inherently problematic about getting paid in crypto, continues Ainsworth. Income will be determined at the moment of receipt. Holding the crypto may give you a tax problem when you cash in though, and the exchange rates from crypto to fiat currency will have to be kept minimal  i.e., subsidized by the employer.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"It_is_surely_coming\"><\/span><span style=\"font-weight: 400\">It is surely coming<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">However, Ainsworth expects crypto wages to be commonplace one day, though it might take a while, as is the case with many innovative technologies: It took 38 years to go from ARPANET [a precursor to the Internet] to Skype. It may take as long for payroll in Bitcoin to arrive, but it is surely coming.<\/span><\/p>\n<p><span style=\"font-weight: 400\">When Ainsworth <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.taxnotes.com\/tax-notes-international\/corporate-taxation\/payroll-tax-compliance-and-blockchain\/2017\/03\/13\/18867586&amp;sa=D&amp;source=editors&amp;ust=1615620437073000&amp;usg=AOvVaw3PeZdFRoRCKyyNy-i6HCRg\">wrote<\/a> his paper exactly four years ago, he was looking at crypto wages from a global perspective with a focus on companies with operations around the world and employees being transferred from country to country. One scenario he imagines:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">If I had a mortgage on a house in NY, but was going to be stationed in Japan, and then in London for indeterminate periods of time [\u2026] I might want my mortgage in NY paid out of my salary, along with some other expenses, but while in Japan (if the company was paying for my housing there), I still might want to get a portion of my pay in Japanese yen (or later in English pounds). Getting paid in crypto would ease that difficulty.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">That probably isnt the typical workers dilemma, though  think of Suarezs Miami city workers. Hulme tells Cointelegraph Magazine that the vast majority of goods and services typically needed by an employee still cannot be purchased in crypto assets, which means that the majority of employees would likely rather be paid in fiat currency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">There might also be tax implications in places like the United States and the United Kingdom, where Hulme is based, as This will likely raise issues from a PAYE perspective  referring to the UK system that collects income tax and national insurance payments from employees  from a practical point of view and a general tax point of view.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Risks_for_employees\"><\/span><span style=\"font-weight: 400\">Risks for employees?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">People need to diversify their financial holdings, suggests Brody, and right now, the only people likely to demand Bitcoin wages are those already invested in crypto. He adds: Paying people all or most of their pay in a volatile digital asset poses significant risks for employees. The people most likely to take up this offer are also the ones that are most likely to suffer badly if it goes wrong: people working in the crypto-space already.<\/span><\/p>\n<p><span style=\"font-weight: 400\">I am a good example, he further explains: Professionally, I am all in on blockchain and digital assets  my job depends entirely on the success of this sector. Throwing in all my other financial assets into the same bucket is very risky, and if things go badly, that would leave me without a backup plan.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Of course, there is no imperative that an employee has to take all their salary in crypto. Okung, for example, will end up having half his NFL salary in Bitcoin, with the other 50% in fiat currency. CoinCorner, a UK-based crypto exchange and wallet provider, has offered its employees a crypto salary option since 2019, and even though all the firms employees participate, Nobody is currently taking 100% of their salary in Bitcoin, CEO Danny Scott tells Cointelegraph Magazine.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Still, this might not be the best way to think about the matter, suggests Mallers: The most healthy mental framework is to consider Bitcoin your savings account  money that is intended to be saved and not spent on everyday living. How much can be safely allotted to a crypto savings plan will differ for each individual. Meanwhile, companies need to be prioritizing their ability to recruit and retain talent, Mallers tells Cointelegraph Magazine, adding:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">Those that deny their employees ease of use to receive and hold the best performing asset and savings account in human history will have a tough time convincing the most talented people in the world to be employees.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Among the benefits for employees from providing a crypto option, Theobald adds that employees dont need bank accounts, they enjoy advantages like faster access to funding, and they receive the exact amount sent at the applicable exchange rate.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"How_does_it_work\"><\/span><span style=\"font-weight: 400\">How does it work?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">The logistics dont seem to be that difficult. CoinCorner, for instance, has held Bitcoin on its balance sheet for many years, which has made salary payments in Bitcoin fairly straight forward, Scott tells Cointelegraph Magazine. The firms accountant processes everything in British pound sterling from an accounting and tax side, but then the firm converts the required amount of pounds to BTC when making the salary payment. Scott says:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">We take the close price for the end of the month and use that to work out the BTC amount. Unfortunately, this part may get more complicated if you do not hold Bitcoin on your balance sheet, as you would need to buy and then use the rate from the time you purchase the Bitcoin.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Nor is Bitcoin the only crypto option offered at CoinCorner: We support Ethereum (ETH) and Litecoin (LTC) too  but none of our employees have opted for these as of yet, says Scott.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A company using the BitPay Send platform simply deposits fiat into its BitPay merchant account, and BitPay converts the fiat to crypto immediately before fulfilling an employees crypto payout request. BitPay also adheres to Anti-Money Laundering, Know Your Customer,<\/span><span style=\"font-weight: 400\"> Office of Foreign Assets Control<\/span><span style=\"font-weight: 400\"> and other global regulatory and compliance requirements, Theobald adds.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"A_boon_for_the_gig_economy\"><\/span><span style=\"font-weight: 400\">A boon for the gig economy?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">If a Bitcoin salary option were to become popular, where might it catch on first? Interest in crypto wages is strong across the globe but we do see higher interest in countries where the local fiat currency is highly volatile, says Theobald. Interest among firms with cross-border payouts is also particularly strong, and this is partly driven by the need to make mass payments to the gig economy and affiliate networks that need to make payouts anywhere in the world, on any day of the week, and at any time.<\/span><\/p>\n<p><span style=\"font-weight: 400\">From a freelancers standpoint, Online jobs that pay in Bitcoin are a fantastic way to source work from anywhere in the world, <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/laborx.com\/blog\/jobs-that-pay-in-bitcoin\"><span style=\"font-weight: 400\">notes<\/span><\/a><span style=\"font-weight: 400\"> LaborX, a freelance jobs platform, especially with the availability now of fully regulated exchanges and wallet services that store crypto securely.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>(function() {window.mc4wp = window.mc4wp || {listeners: [],forms: {on: function(evt, cb) {window.mc4wp.listeners.push({event   : evt,callback: cb});}}}})();<!-- Mailchimp for WordPress v4.8.3 - https:\/\/wordpress.org\/plugins\/mailchimp-for-wp\/ --><\/p>\n<div class=\"mc4wp-form-fields\">\n<div class=\"jeg_mc4wp_heading\">\n<h3><span class=\"ez-toc-section\" id=\"The_best_of_blockchain_every_Sunday\"><\/span>The best of blockchain, every Sunday<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>  Subscribe for thoughtful explorations and leisurely reads from Magazine.<\/p>\n<\/div>\n<p>By subscribing you agree to our Terms of Service and Privacy Policy<\/div>\n<p><label>Leave this field empty if you&#8217;re human: <\/label><\/p>\n<div class=\"mc4wp-response\"><\/div>\n<p><!-- \/ Mailchimp for WordPress Plugin --><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Brody opines that You will see this primarily offered in countries where local exchange ranges or high inflation makes being paid in the local fiat currency an even higher risk, but barring that, he foresees companies defaulting to the simplest payment method with the fewest complications  i.e., fiat currency.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_if_BTC_price_plummets\"><\/span><span style=\"font-weight: 400\">What if BTC price plummets?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">Will demand for Bitcoin-paid salaries vanish, though, if the price of BTC falls  or even levels off? <\/span><span style=\"font-weight: 400\">Kim suggested that employees are asking for BTC wages now mainly because the price of Bitcoin is appreciating  but if and when BTC achieves some price stability, employees may no longer be so keen to be paid in the cryptocurrency, he tells Cointelegraph Magazine.<\/span><\/p>\n<p><span style=\"font-weight: 400\">But when asked the same question, <\/span><span style=\"font-weight: 400\">Absolutely not, answers Theobald. In fact, we believe the opposite. If and when the price of BTC drops we believe we will see an <\/span><i><span style=\"font-weight: 400\">increase <\/span><\/i><span style=\"font-weight: 400\">in demand as employees who primarily buy Bitcoin as an investment often allocate more money on the dip. And for the more cautious workers, there are always stablecoins, he adds.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Streaming_salaries\"><\/span><span style=\"font-weight: 400\">Streaming salaries?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">What about the scalability challenges? In response to Suarezs Feb. 11 tweet in which he <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FrancisSuarez\/status\/1360069847971954690\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> that he was exploring [\u2026] paying employees in Bitcoin one Miami resident <\/span><span style=\"font-weight: 400\">r<\/span><span style=\"font-weight: 400\">esponded<\/span><span style=\"font-weight: 400\">:<\/span><\/p>\n<p>\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Dear Mayor Suarez;<br \/>Bitcoin can process, at best, 650K transactions per day. Population of MDC 2.7 million<br \/>If all of MDC used bitcoin, we&#039;d be limited to one transaction every four days<\/p>\n<p>\u2014 Marc Kwiatkowski (@fbmarc) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fbmarc\/status\/1360098367649566722?ref_src=twsrc%5Etfw\">February 12, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Strike uses the Lightning Network, a secondary system that can speed up Bitcoin transactions. <\/span><span style=\"font-weight: 400\">Will Lightning, or some facsimile thereof, be required<\/span><span style=\"font-weight: 400\"> if crypto wages are to become a reality at scale?<\/span><\/p>\n<p><span style=\"font-weight: 400\">It all depends upon how a company makes its staff salary payments, says CoinCorners Scott. If an employer uses a [service firm] that offers the tools for salary payments, then they may also offer Bitcoin wallets for the staff at which point there are no on-chain transactions initially, meaning there are no scaling issues.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Of course, if they want to send the transactions on chain to staff, then scaling comes into play and Lightning would help out. Lightning would also offer up an option to stream salaries rather than pay them weekly\/monthly etc., says Scott, adding:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">You could, in theory, stream your portion of salary to be paid in Bitcoin every 10 seconds for example over your working day, so youre effectively paid in real time, rather than once per month\/week.<\/span><\/p>\n<\/blockquote>\n<h4><span class=\"ez-toc-section\" id=\"Looking_far_ahead\"><\/span><span style=\"font-weight: 400\">Looking far ahead<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">Five years hence, will most global firms offer employees a crypto wage option? It is doubtful in my view, according to Hulme. Ainsworth, for his part, is more optimistic, telling Cointelegraph Magazine: Five years more should bring some changes, and<\/span> <span style=\"font-weight: 400\">I think there will be MORE, but maybe not MOST global companies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If BTC settles down enough to be used to pay company salaries, suggests Kim, Then the more likely effect is central bank digital currency development will be accelerated. Brody, for his part, believes that Companies will offer their employees the option to invest in crypto and digital assets as a part of their normal savings and retirement plans.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Scott tells Cointelegraph Magazine: I expect we will see more and more companies offering payments in Bitcoin <\/span><span style=\"font-weight: 400\">in the next five years. <\/span><span style=\"font-weight: 400\">It is still early in the adoption curve, and current tools are lacking, But they will improve with time. Theobald adds that it will be necessary<\/span><span style=\"font-weight: 400\"> in the future for employers to allow employees to be paid how and when they want to be paid.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mallers sees a sort of inevitability to the process: The public is beginning to treat Bitcoin as their savings account, where excess cash is preserved and protected. The natural evolution is getting a percentage of your paycheck in Bitcoin.<\/span><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/magazine\/2021\/03\/13\/bitcoin-payday-crypto-to-revolutionize-job-wages-or-not\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Bitcoin payday? Crypto to revolutionize job wages\u2026 or not&#8221; &lt;p&gt;&lt;strong&gt;Speaking at a Chamber of Digital Commerce panel discussion in late February, City of Miami Mayor Francis Suarez &lt;a rel=&#8221;nofollow noopener&#8221; target=&#8221;_blank&#8221; href=&#8221;https:\/\/www.youtube.com\/watch?v=g_4zOHpEyyM&#8221;&gt;noted&lt;\/a&gt; that his citys employees, like others, are worried about the potential devaluation of the dollar, so he proposed to the Miami City Commission&#8230;<\/p>\n","protected":false},"author":1,"featured_media":201383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/03\/magazine_Will_large_firms_ever_be_open_to_paying_salaries_with_crypto.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-201382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/201382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=201382"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/201382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/201383"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=201382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=201382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=201382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}