A friend of mine in our discussion today about Bitcoin was insisting that salaries and wages be paid in Bitcoin in some countries.
I was of the opinion that the government will not allow fiat to be replaced by Bitcoin .so what is your take on this will it be a positive move on the Bitcoin ecosystem or not
So far, I haven't met anybody in my hometown that is being paid in Bitcoins for his main salary. It's one thing to work on the side for some projects and be paid in BTC, but to receive all your money in BTC only might be a bit hard. First of all, the government wants its taxes in their own Fiat money. Sending them monthly BTC for the tax bill is probably not going to be accepted. The same goes for all the utility bills and other living expenses, I have to pay everything in Euro and can't choose to use BTC. It would be nice if the world changes so much that we could choose freely in which currency we want to pay our bills, but I don't see this happening any time soon. So, the only alternative is to exchange our BTC to Fiat on a regular basis each week or month, which creates a big risk if the BTC price moves in the wrong direction. Short term price movements could lead to financial losses if we need to pay bills during bear markets.
You still need to convert it to your own currency, even if you were paid in bitcoin. You are right; only a few merchants accept bitcoin as payment, and again, they are so few that you also don't notice them because most of the services that we pay for are in fiat. I haven't seen one that was receiving bitcoin as their main salary, but my coworker is almost doing this because we are paid via Paypal and it is banned in their country. I've tried to ask him, but he refuses, as I've seen again on TV that bitcoin is illegal.
As long as fiat remains the main currency of the world, getting a salary in bitcoin or any other cryptocurrency will bring more disadvantages than benefits. I will decline if my main job is paid in bitcoin, I don't find it as interesting or convenient as many people are saying. Even I believe that even the salary we earn on this forum, many people will convert it into fiat as soon as payment is received. So, what is the convenience of getting a salary in bitcoin here?
We take our salary in fiat and then invest in bitcoin as much as we want, that's been going on for 14 years, and has anyone experienced any inconvenience?
But if we look at it, there's a few jobs that are paid in Bitcoin like for example here in the forum which is the signature campaign that they will pay you thru BTC. So in short, I think it would only work in crypto currencies related work since the employee or the worker are aware on how Bitcoin works despite it's volatility. I think they would like to be paid in BTC than in fiat currency since they could hold more BTC without investing fiat money. But if it comes to corporations work? Nah of course it would not be a good idea, it's like giving them a random amount of money since BTC are volatile it changes it's value time to time. And the fact that's the hassle you'll need to do since you will still need to convert it to fiat money so you could use it plus the transaction fees.