Re: Why do you still accept FIAT? Why have they not all been hung?
Why do you still accept FIAT?
When salary starts to be paid in crypto, then it will to be adopted and Fiat will die. We are probably a long way of from that But it just takes one currency crash in a major economy (e.g, Germany the 20's, Russai the 90's) and then crypto adoption could happen overnight. If that is next week or in 20 years who knows.
I'm out of sMerit but that post deserves one. Very good point.
The problem with this idea is, when pay is crypto rather than fiat, the IRS (and other taxing agencies) will still demand taxes in the form of fiat. This means that employers will have to keep complex records of what crypto was worth at the time they made their salary payments, and convert withholding into fiat from crypto.
Since businesses are always seeking to reduce costs, only the very dedicated employers will turn to crypto, because of the added taxation paperwork they will have to do.
This makes the crypto point almost moot. The focus should be around the right way to bypass the taxing authorities. Then it won't matter if crypto or fiat is used.
+1 to this.
When we tell businesses not to use a service like BitPay, something which makes the process 10x easier because they help with compliance and use settlement in USD. We're hurting businesses. Allow the solutions we have today, such as this, to take shape. Because any sort of adoption, even if the people who are accepting Crypto are converting directly to btc -- is still something.
Bypassing tax authorities doesn't go well, and will never go well. If we continue to tell people that using Crypto is for tax avoidance -- then we're just fueling the narrative that Crypto is for the illegal portions of authority.