I've interviewed with two crypto marketplace companies and neither of them would pay in BTC. One of the interviewers even laughed when I asked. I'm really intrigued by the crypto space and its future as a currency so I'm curious if there are any companies with BTC compensation, even as e.g. a bonus.
> neither of them would pay in BTC. One of the interviewers even laughed when I asked
this is an entertaining anecdote, thank you for sharing.
wonder if there's a bit of a "there's a gold rush going on, so sell picks and shovels" mindset -- i.e. you don't necessarily have to believe that investing in bitcoin is a good idea to make a profitable living selling bitcoin-related financial services.
there's a pretty big difference in asking for an annual salary of e.g. $100k usd, to be paid in btc at the current exchange rate, versus asking for an annual salary of 2.17 btc (apparently 2.17 btc = $100k usd at time of writing). which one did you ask for?
i personally wouldn't be comfortable signing a 12 month lease where i agree to pay the landlord a fixed amount of btc. i prefer my long-term liabilities to be predictable and boring, not amplified by volatility from speculative asset classes. might be the same for how the company thinks about its labor expenses.
They obviously know something that you don't --- like the fact that you can't pay rent or buy food with BTC --- because (wait for it) --- it's not a real, practical functioning currency.
there's btc debit cards. Moreover, many people have enough fiat already and are looking to get paid in crypto in order to increase their crypto exposure.
I buy whatever I want from my crypto income stream. Feels a lot like real money to me lol, I've not worked for fiat in years. You'd think I would have run out of food by now?
I don't have an answer for your question, but I was curious, are you interested in getting paid in BTC at a rate that is tied to the USD or that is negotiated up front based on what the BTC/USD pair is traded at when they sign the offer?
If the former, why not just buy at each paycheck as zepto stated below?
After you open an account they will provide you with bank accounts (ACH and/or Wire with your name) that you can send to your employer, after your employer deposits the money Bitwage will send you the equivalent amount in BTC to your address.
The payment window is usually same to next business day, they also charge a 1% fee for this service, but it's worth it in my opinion, because if you are willing to hold the BTC, the fiat value will keep increasing as BTC continues to rise.
If you need to sell because you need fiat, I recommend using Bisq (https://bisq.network/) and sell small amounts, then replace the BTC amount you previously spent.
If you believe that at the moment of being paid (in Bitcoin) there’s no arbitrage to be had, then you might as well just take your paycheck and immediately buy Bitcoin.
If you expect them to pay you a fixed salary in Bitcoin given its volatility that’s pretty ridiculous an ask - I’d laugh too.
Alright but I personally don't believe it's worth the trouble.
The value is not very stable, good luck with the taxes system of your country, or for example to get a loan from a bank to buy a home. You will most likely exchange a lot between bitcoin and your local currency anyway, so why not getting paid in your local currency to simplify everything?
And did you consider the environmental impact of bitcoin ?
iohk.io used to allow that, each month you would invoice your salary, where the company would convert the amount to BTC at market rate, right now, ADA is the only option.
Besides that one, I have only seen companies willing to pay in other coins, most commonly ETH.
If you receive something of value you usually owe taxes on it short of some gifts and inheritances. If you were compensated with 1000 shares (a more conventional situation) at a value of $150k instead of a cash salary (unusual but not impossible), you’d owe income tax on the value at the time it was received. You’d also owe taxes (capital gains) when you realize any gains (or not if you instead realize a loss).
This is also true for crypto currency wages.
NB: This is in the US, but there will be comparable rules in nearly every country.
Is that even legal in the place you live? Perhaps they laughed because maybe you're showing your interviewer a lack of understanding of real-world implications of BTC?
It is legal, according to my attorney and accountant. It's a pretty simple question, not sure why its worthy of ridicule or your assumption that I am somehow unaware of my financial situation lol
this is an entertaining anecdote, thank you for sharing.
wonder if there's a bit of a "there's a gold rush going on, so sell picks and shovels" mindset -- i.e. you don't necessarily have to believe that investing in bitcoin is a good idea to make a profitable living selling bitcoin-related financial services.
there's a pretty big difference in asking for an annual salary of e.g. $100k usd, to be paid in btc at the current exchange rate, versus asking for an annual salary of 2.17 btc (apparently 2.17 btc = $100k usd at time of writing). which one did you ask for?
i personally wouldn't be comfortable signing a 12 month lease where i agree to pay the landlord a fixed amount of btc. i prefer my long-term liabilities to be predictable and boring, not amplified by volatility from speculative asset classes. might be the same for how the company thinks about its labor expenses.
...would you be more comfortable with that arrangement if your salary was in in fixed btc?
They obviously know something that you don't --- like the fact that you can't pay rent or buy food with BTC --- because (wait for it) --- it's not a real, practical functioning currency.
I'm not sure what you're exactly getting at with the ad hominem, but are you doubting who I say I am?
I buy whatever I want from my crypto income stream. Feels a lot like real money to me lol, I've not worked for fiat in years. You'd think I would have run out of food by now?
If the former, why not just buy at each paycheck as zepto stated below?
After you open an account they will provide you with bank accounts (ACH and/or Wire with your name) that you can send to your employer, after your employer deposits the money Bitwage will send you the equivalent amount in BTC to your address.
The payment window is usually same to next business day, they also charge a 1% fee for this service, but it's worth it in my opinion, because if you are willing to hold the BTC, the fiat value will keep increasing as BTC continues to rise.
If you need to sell because you need fiat, I recommend using Bisq (https://bisq.network/) and sell small amounts, then replace the BTC amount you previously spent.
Good luck and enjoy freedom/peace of mind.
If you believe that at the moment of being paid (in Bitcoin) there’s no arbitrage to be had, then you might as well just take your paycheck and immediately buy Bitcoin.
If you expect them to pay you a fixed salary in Bitcoin given its volatility that’s pretty ridiculous an ask - I’d laugh too.
I recommend going for employers who got involved in a bit of mining or otc /retail trading, you can even get 100% crypto salary there.
because it makes no sense, sending money with BTC is like sending cash attached to a carrier pigeon.
The value is not very stable, good luck with the taxes system of your country, or for example to get a loan from a bank to buy a home. You will most likely exchange a lot between bitcoin and your local currency anyway, so why not getting paid in your local currency to simplify everything?
And did you consider the environmental impact of bitcoin ?
https://www.coindesk.com/square-to-support-greener-bitcoin-m...
Besides that one, I have only seen companies willing to pay in other coins, most commonly ETH.
Ideally you can use Blockfi.com and take out a loan using your BTC as collateral if you need fiat.
This is also true for crypto currency wages.
NB: This is in the US, but there will be comparable rules in nearly every country.