Post
Topic
Board Economics
Re: Paying my staff in BTC -- effects?
by
mr_change
on 23/09/2011, 04:16:15 UTC
So i have a few staff members across the country that we are considering using BTC as currency.

Really? REALLY? You're actually thinking of this?

Bitcoins has a (slight!) potential to become a real currency, but for now it's magic money! The volatility and low trade volume mean that regardless of what you give them, your staff are going to get paid _roughly_ their salary +/- 50% or so. Furthermore, they won't be able to spend it until they've traded it and extracted the cash.

Ah, yes. Friday night of a long weekend, pay comes in, and...nobody wants to buy BTC for the rate that makes their pay correct. "Hey man, wanna come to the bar with us?" "Nah, I can't. Couldn't trade my BTC tonight, so I'll have to wait out the slump. Sure hope it recovers before I have to pay my rent."

Do Not Do This.