Did you know people are having their salaries paid with Bitcoin? Not only are companies starting to offer Bitcoin paychecks to their employees, job boards are now popping up that specifically post jobs in which you can get compensated with Bitcoin.

For some time, supporters of the cryptocurrency were advocating to rule Bitcoin as actual currency. With pressure on how to classify Bitcoin for this year’s tax season, the IRS recently officially declared as property.

Now, people are taking it a step further to make Bitcoin widely known and accepted around the world. You can buy anything from clothes to pizza by using Bitcoin as your form of payment. The next step in the process of expanding Bitcoin’s presence on a global scale is under way, and it is coming from employers who pay their workers using the digital currency.

Company in Dublin started paying employees in Bitcoin

GSM Solutions, an electronic repairs firm in Dublin, Ireland, started paying five of its employees a portion of their salaries in Bitcoin. The company hosts Ireland’s first Bitcoin ATM and aims to set an example as to how the cryptocurrency can be accepted into the global currency market.

In a blog post from GSM solutions, Alan Donohoe, the managing director for the company, stated, “We set salaries in euros, so that the euro amount they get each pay period does not fluctuate with the price of Bitcoin.”

More companies are willing to pay via Bitcoin

A recent survey conducted by Harris Interactive on behalf of Yodlee, revealed that only 48 percent of people in America know what Bitcoin is. Despite the statistic, people are still trusting the cryptocurrency as a reliable source of income. In fact, the first Bitcoin job fair will take place on May 3, 2014, in Silicon Valley, a place well known for producing some of America’s most innovative companies.

Whether the public is ready for it or not, people are interested in receiving payment through Bitcoin. Coinality, the leading job and resume board for digital currencies, reported that over 1,800 job applications were generated within the first eight months of being created. New job openings are continuing to appear on the website every day, further showcasing demand for payments via Bitcoin.

Bitcoin advocates should still remain cautious when receiving it as a form of payment. Anyone who contemplates receiving all or a portion of their salary via Bitcoin should make a habit of converting a portion of their payment to an actual currency. There is no telling what the future holds for Bitcoin, especially since financial institutions like JPMorgan Chase are in the works of creating their own version of digital currency. In the same respect, it could prove rewarding if the value of Bitcoin increases.

Related Articles
  1. Entrepreneurship

    Top 10 Side Jobs You Could Start Now

    Ways to make extra cash in your spare time.
  2. Retirement

    Why are 401(k) contributions limited?

    Find out why contributions to 401(k) retirement plans are limited, including what the current contribution limits are and how limits encourage participation.
  3. Stock Analysis

    Why Walmart Raised Its Minimum Wage

    Read about the potential pros and cons of Walmart's promise to increase its minimum starting salary to $10 an hour.
  4. Entrepreneurship

    Millennials Guide: Freelancer vs. Employee

    How to decide if joining the gig economy is right for you.
  5. Savings

    All About Income

    Income is the money you or a business earns by providing goods or services, or through investments.
  6. Insurance

    Healthcare Premiums Keep Rising, But Salaries Aren’t

    Learn how college and health insurance costs have skyrocketed while wages have stagnated, and how, given the necessity of these services, consumers are stuck.
  7. Professionals

    Career Advice: Management Consulting Vs. Law

    Compare the career opportunities between management and law using such criteria as skills needed, starting salary and work-life balance.
  8. Forex Strategies

    Benefits & Risks of Trading Forex with Bitcoin

    Want to trade forex using bitcoins? Don’t jump on the bandwagon until you compare the risks to the benefits.
  9. Forex Strategies

    How To Trade Forex With Bitcoin

    We look at ways to trade forex with bitcoin and the pitfalls in doing so.
  10. Taxes

    Top Tips for Minimizing Taxes on Severance Pay

    A look at the top ways to lessen the tax burden on severance pay.
  1. Back Pay

    The amount of salary and other benefits that an employee claims ...
  2. Payroll Card

    A prepaid card onto which an employer loads an employee’s wages ...
  3. Lilly Ledbetter Fair Pay Act

    A federal law designed to ensure equal pay for all workers, regardless ...
  4. Cash Bonus

    A lump sum of money awarded to an employee, either occasionally ...
  5. Paper Wallet

    A paper wallet is an offline mechanism for storing Bitcoins. ...
  6. Litecoin

    Launched in the year 2011, Litecoin is an alternative cryptocurrency ...
  1. What is the difference between AGI (adjusted gross income) and gross income?

    In the United States, individuals pay taxes based on their adjusted gross income, or AGI, rather than their gross income. ... Read Full Answer >>
  2. How is a block chain network useful for trading goods and assets in virtual currencies?

    Perhaps the most famous quote associated with blockchain technology came from an anonymous virtual currency user, who described ... Read Full Answer >>
  3. Does my employer's matching contribution count towards the maximum I can contribute ...

    Contributions to 401(k) plans come from employee salary deferral and employer match dollars. According to the IRS, employees ... Read Full Answer >>
  4. What does a block chain record in a bitcoin exchange transaction?

    The bitcoin blockchain is essentially an enormous, shared, encrypted list of which addresses hold what bitcoin balances. ... Read Full Answer >>
  5. How does a block chain prevent double-spending of Bitcoins?

    Double-spending – the incidence of one individual successfully spending a Bitcoin balance more than once – is a major concern ... Read Full Answer >>
  6. How is marginal propensity to save calculated?

    Marginal propensity to save is used in Keynesian macroeconomics to quantify the relationship between changes in income and ... Read Full Answer >>

You May Also Like

Trading Center

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!