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. Investing News

    What Does the Fire Monkey Mean for Your Portfolio?

    The Chinese new year this year corresponds to the monkey, a quick-witted, playful, tricky figure that means well but has a penchant for causing trouble.
  2. Stock Analysis

    The Top 5 Financial Penny Stocks for 2016 (CPSS, ASRV)

    Learn about some of the most promising penny stocks in the financial services sector that investors can consider adding to their portfolio for 2016.
  3. Your Practice

    How to Save for Retirement Like a Wealthy CEO

    Don't have a CEO's income? You can still employ a millionaire’s saving strategy when it comes to planning for retirement.
  4. Investing

    Blockchain: The Backbone of Finance's Entire Future

    What is blockchain, and why is it now being used for everything from tracking loans to authenticating diamond purchases?
  5. Investing News

    JP Morgan's Blockchain Trial Project

    A glance at JP Morgan's blockchain trial in association with Digital Asset Holdings.
  6. Investing News

    Why 2016 Might Be the Year for the First Bitcoin Unicorn 

    Many people believe that 2016 could be the year that the first bitcoin company with a value of more than $1 billion will emerge.
  7. Economics

    Ways To Earn Bitcoins

    The most popular way to obtain Bitcoins is to buy them on a Bitcoin exchange. But that’s not the only way.
  8. Budgeting

    Got a Raise? 7 Smart Things to Do With It

    If you get a raise and spend all of it each month, from a wealth-building perspective you didn’t get a raise at all. Make that extra money work for you.
  9. Investing News

    Bitcoin Is Dead? Not A Chance

    The price of the digital currency, Bitcoin, fell from around $450 to below $380 late last week following the departure of long-time developer Mike Hearn.
  10. Investing News

    The Outlook for Bitcoin in 2016

    A look at the forces behind the recent surge in Bitcoin price and how it stands entering 2016.
RELATED FAQS
  1. Is Bitcoin legal in the US?

    The digital currency known as bitcoin was created in 2009 by a person called Satoshi Nakamoto, but whose true identity has ... Read Full Answer >>
  2. How does a cost-of-living adjustment (COLA) affect my salary?

    Some companies build salary adjustments into their compensation structures to offset the effects of inflation on their employees. ... Read Full Answer >>
  3. Does working capital include salaries?

    A company accrues unpaid salaries on its balance sheet as part of accounts payable, which is a current liability account, ... Read Full Answer >>
  4. Do financial advisors need to meet quotas?

    Most financial advisors are required to meet quotas, particularly if they work for firms that pay base salaries or draws ... Read Full Answer >>
  5. 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 >>
  6. 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 >>
Hot Definitions
  1. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  2. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  3. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  4. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  5. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  6. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
Trading Center