Bitwage Helps Companies and Businesses Pay Employees in Bitcoin Compensation Rewards
With bitcoin becoming ever-popular, there may be employees who would like to be paid in bitcoin. For employers who are considering doing so, making such payments using the digital currency isn’t as difficult as it seems.
The main option is to use a platform that helps facilitate the transaction. One such platform is called Bitwage. Through Bitwage, employees can receive their wage in under 48, no matter where they are. The company has been providing this service since 2017 and since, it has accumulated over 200 employers that are using its service. Further, 95 percent of those employers payout in bitcoin to their employees around the world.
Another platform that provides a similar service is BitPay. This company has been around since 2014. The payments were generally facilitated through the company’s Application Programming Interface (API).
Unfortunately, it seems that the company’s approach is changing, as it doesn’t discuss API anymore or using its platform for bitcoin payments.
An alternative approach is to use a specialized accountant that understands the digital currency sector and who can help facilitate the transaction. This option, however, may be the most complicated because it requires individualized services.
The next issue that arises is whether paying in bitcoin is a good idea. There are some factors that suggest that using a traditional payment system may be preferable. One of the most glaring issues is that there may be tax implications for companies that pay in bitcoin. Companies may need to understand the consequences for not only the country that they are based in, but in countries in which they have workers who receive payments.
Another problem is that there may not be enough interest to outweigh the hassle involved. For example, even though Coinbase offers its employees payment in bitcoin, under half participate in the program.
For now, there are a few companies that tout payments in bitcoin. A few examples is GMO Internet Group, which is based in Japan; and Earn, a gig economy company. At this point though, there seems to be a lack of interest concerning bitcoin payments not only among companies, but their employees as well.
Until there is a shift in mentality that shows bitcoin is a preference, the transition from traditional payments to bitcoin payments may be quite slow.