Should Businesses Start Paying Employees In Bitcoin?

By siliconindia   |   Friday, 09 March 2018, 12:04 Hrs
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It’s no secret that businesses around the world have been investigating Bitcoin and its uses within their industry, but rather than understanding its potential outside of the business, what about inside the business? Paying employees in Bitcoin isn’t a concept that’s unheard of – in fact some companies across the globe have already started to implement Bitcoin payments! With many seeing Bitcoin betting sites and Bitcoin wallets, yet still being unsure about the cryptocurrency’s potential, we’re here to sharpen out the blurred lines a little.

There Are No Geographical Limitations

It’s every business owner’s dream to expand their company globally, and once you’ve managed to meet that incredible milestone, you’ll begin to discover how complicated certain things begin to become, such as paying your employees when they’re overseas. Traditional currencies differ from border to border, however if there’s a currency that’s used universally around the globe, it’s Bitcoin. Therefore, after being paid in Bitcoin, employees are able to exchange it with ease into whatever currency they wish at any time, eradicating the need to fuss over exchange rates.

Zero Cross-Border Remittance Fees

To build on the above point, due to the fact that Bitcoin is a currency that’s used in almost every country in the world now, you’re able to send it to virtually anyone in your company without having to pay unnecessary cross-border remittance fees. The blockchain technology behind Bitcoin eliminates the need for a middleman, meaning that there is nobody to intervene with the transactions and thus nobody to charge you additional fees.

Especially for businesses with offices located across the globe, this will save you a lot more money in the long-term and, for businesses considering global expansion, you could possibly commit to this even sooner knowing that you won’t have to accommodate for extra transaction fees following the move!

It’s Much Easier To Manage Compared To Fiat Currencies

The benefits of receiving Bitcoin as a payment method as opposed to fiat currencies is the fact that it doesn’t have to be exchanged into a standard currency right away, nor does it need to be spent immediately. Instead, employees have easy access to websites in order to exchange their currency, but that isn’t all! While Bitcoin is known for being volatile and dropping in value from time to time, its volatility also means that it can unexpectedly shoot up in value as well, allowing employees to gain a rather healthy bonus without you physically having to pay them more!

Companies Are Already On The Bandwagon!

It’s no good talking about the potential benefits of paying employees with Bitcoin though – some organisations are already reaping the benefits! A company in Japan has started paying employees in Bitcoin in order to gain a better understanding of the cryptocurrency. The company, GMO Internet, has started to pay up to 100,000 yen a month by Bitcoin to its Japanese employees. This has only been a very recent transition for the business, but we will soon see whether or not paying employees in Bitcoin is beneficial for them.

Ultimately, paying your employees in Bitcoin isn’t only going to benefit you, but them as well, so it’s certainly something worth considering in today’s digital age. Especially for companies that operate on a global scale, paying employees in Bitcoin is massively efficient and will save you money in the long-term.

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