(Bitcoin.com) HOW TO PAY EMPLOYEES OR GET PAID WITH BITCOIN
LUBOMIR MUGV, June 29, 2019
Paying or paying with digital coins is the norm in the crypto currency sector. However, participants in many other industries may also be tempted to take advantage of decentralized currencies. At Bitcoin Cash (BCH), these are fast, secure and cost-effective transactions. Some platforms allow crypto payments between companies and their employees, while peer-to-peer comparisons are also a viable option.
CRYPTO PAYROLL SERVICES OFFERED
Companies that consider the possibility of implementing cryptographic payments for their employees and contractors may need the help of companies specializing in this type of accounting. Bitwage is a well-established platform that provides payroll services for today's times, where the use of digital currencies in payment traffic is rapidly increasing worldwide.
Bitwage helps international companies pay their suppliers faster and cheaper with crypto. Many of its clients are employers who want to offer their employees and contractors digital asset benefits. At the same time, it offers people who want to be paid with coins the opportunity to receive part or all of the content in cryptocurrency.
The platform, which has offices on both sides of the Atlantic and customers from Brazil to India, works with companies that need extensive payroll and staffing services. It offers both employers and employees a wide range of flexible solutions and prices. For payroll financing, Bitwage currently supports Bitcoin Core (BTC) and Ethereum (ETH) as well as several Fiat currencies, including the US dollar, Chinese yuan, Russian ruble and euro.
Once Bitwage receives the funds, employees can choose to pay in cryptocurrency or in local currency. In the US, companies also have the option of settling payroll taxes in Crypto through a partnership with another American company, Simply Efficient HR. Since January, Bitwage customers in the US can also cover employee benefits such as health insurance. The tax obligations regarding crypto currency income vary between jurisdictions and taxpayers should review their local regulations.
Setting up and developing other platforms that provide payroll services will probably lead more companies, especially those employing remote workers, to pay wages in crypto-currency. Currently, Bitwage does not have too many competitors at the same level, but there are others with interesting suggestions. An employment office called Laborx has set itself the goal of cutting banks and redefining salaries by facilitating real-time reimbursement with cryptocurrency.
In its vision of how payroll should look, the Australian startup considers the current monthly and weekly payment arrangements obsolete and allows companies to pay their employees while they work. At the end, or even during the working day, employees can spend what they have just earned. When the instant payment system was announced last year, it was only intended for members of the Laborx recruitment ecosystem who use their hourly tokens. However, decentralized cryptocurrencies such as Bitcoin cash can be used for the same purpose, as BCH payments often cost less than one US cents.
PAY DIRECTLY WITH BITCOIN
Many companies in the crypto industry often prefer to fund their entire payroll with cryptocurrency. Bitcoin cash is the preferred coin at Bitcoin.com, as it offers obvious advantages over other digital currencies, including fast and secure transactions, which are handled at negligible cost.
No third party services are required to make such payments. Everything your employees and contractors need is a secure and easy-to-use Crypto Wallet app. The Bitcoin.com Wallet is available for free on the App Store and on Google Play. And for desktop applications, you can try the badger wallet.
The wallet allows you to make and receive payments to and from any Bitcoin money and Bitcoin core address. Badger offers some useful features. One of them is the integration of an exchange service called Sideshift, which allows you to exchange BTC and BCH at very low cost and receive the converted amount directly into your wallet. You can also buy coins by credit card and without exchange.
But even if you work with people from countries where smartphones are less common and Internet connectivity is less reliable, you can pay them with Bitcoin cash. Cointext is a platform that enables offline crypto transactions. The platform allows users to transfer BCH with simple text messages.
CREATE AND SEND CRYPTO BILLS
Invoicing is an important part of daily business relationships between companies and contractors. Multiple platforms now provide accounting services for businesses and professionals in the crypto and beyond, including tools to help you build and send cryptographic invoices, such as: Gold Plated, Anypay, Blockonomics, CD Pay and Coinpayments.
At the same time, platforms such as Piixpay allow you to pay bills and digital asset bills, including Bitcoin cash, to companies that only accept Fiat money. It only takes a few steps before sending the electronic cash. For example, you must provide the exact amount in Fiat currency, the name of the recipient, and their bank account number.
The expansion of all these services has allowed many companies, and not just crypto-industry companies, to pay wages, bonuses and other rewards in whole or in part with cryptocurrencies. For example, platforms such as Openbazaar, Augur, Uber and Airbnb are among Bitwage's customers.
Others have taken precautions to make part of the salary payments in Krypto. The Japanese Internet giant GMO has implemented such a system early last year. In response to Peter Schiff's statement in May 2019 that "no one can work for payrolls paid with Bitcoin," the crypto-cracker Kraken announced that it paid only over a quarter of its employees in crypto-currency.
FINDING JOBS PAID WITH CRYPTOCURRENCY
Technological progress, including the spread of cryptocurrencies, has reduced the world and the importance of free participation is growing every year. A study published in 2017 predicted that freelancers would become the majority of the workforce in the United States within a decade. Remote jobs are a phenomenon that is rapidly gaining importance worldwide.
At present, cryptocurrency is as close as possible to a smooth, limitless means of payment. It can serve the growing freelancer space very well. A survey of US-based payment preferences by Humans.net in 2018 found that nearly a third of respondents wanted partial or full payment with crypto.
If you're a freelancer looking for a job in the crypto industry and you want to get paid with crypto currency, there are a number of online platforms that can help you find the right job. For example, check out Crypto Jobs List, Angel List, Peopleperhour, Moneo, Hire Match, Blocklancer, and Bitjob.
Workingforbitcoins is another option that provides the opportunity to connect with companies hiring employees for Crypto. The platform supports key currencies such as Bitcoin Cash (BCH) and allows you to choose a job to pay for with your favorite coin. On Crypto.jobs you can also find thousands of job advertisements offering crypto pay. With the Freelance for Coins service, users can submit offers and bids for freelance services.
Full article & images taken from Bitcoin.com.