Are People Really Receiving Their Salary Through Bitcoin?

By Gerald Morales | April 30, 2014 AAA

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.

You May Also Like

Related Articles
  1. Investing Basics

    The Most Popular Bitcoin Mining Software

  2. bitcoin
    Investing Basics

    Medici, The Blockchain Stock Exchange

  3. Investing

    Patrick Byrne's Interest In Bitcoin ...

  4. Investing Basics

    The 5 Most Important Virtual Currencies ...

  5. Economics

    How Bitcoin Is Helping Ordinary People ...

Trading Center