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For over five years, I have been offering my remote employees the option of payment, or partial payment, in bitcoin, or in more recent years in whatever other c
by FatalLogic 8y ago
For over five years, I have been offering my remote employees the option of payment, or partial payment, in bitcoin, or in more recent years in whatever other cryptocurrencies they choose. For crypto salary payments, I added about 3%-10% to the amount paid, because processing it was much easier for me, no hassles, no paperwork. It's a one click solution, like Jeff Bezos would say ^_-
I also prefer crypto payout methods for personal sentimental or ideological reasons. Moreover, many of my foreign and US contractors had difficulties with bank payments, severe local corruption, and bank account processing. These problems are usually happening because they are from traditionally unbanked social classes, they are not legally resident in their resident country, or they are in developing nations where good quality banking services are not aligned with their social class. But I would not deny that some could be attempting to avoid paying taxes or other such traditional obligations.
More than half of the international contractors tried cryptocurrency options. Many of them cashed out pretty instantly and I've heard they had no big problems doing it. Several kept their cryptos for years and they have made ridiculous profits now, even enough to retire. But I've also heard that a few timed the markets unfortunately or made bad side investments and lost a lot of the money they earned.
- viraptor 8y ago> because processing it was much easier for me, no hassles, no paperwork Are you saying the payment was completely off the books? That doesn't seem to match "employees"...
- FatalLogic 8y agoI don't know how you would define employees, contractors etc. But the hard details of the deal have always been strictly an amount of payment for work completed. No more and no less than that. No written contracts, no sick leave, no government insurance, no paid holiday. All those expenses are their responsibility, and they know that. But the real situation is a little softer, because of course I will be more flexible if a contractor seems to be good and of course they will be more flexible if I have been playing reasonably and fairly with them. Decent people feel happier behaving this way, and wouldn't we all be damn stupid if we didn't behave like decent humans? I try my best to avoid doing business with stupid people.
- viraptor 8y agoWhat I was going for was: if it's a standard contractor-like payment, what paperwork do you save by using cryptocurrency?
- tomaha 8y agoTry sending money around the world and you will get to know how much manual work and paperwork is involved. Banks don't live in this century yet and if multiple countries are involved it gets worse.
- FatalLogic 8y agoThere's no paperwork. None. I'm working as an offshore company domiciled in a "tax haven".... So that paperwork is one of the hassles that we save. Sending payment is one-click. Then it's done and there's no possible undoing. Bank payments can be denied, reversed, routed strangely, delayed or something else. Bitcoin is more binary; either it works instantly or it fails and you know it. There's not so much doubt about it. Though high transaction fees for a few weeks last year did introduce more uncertainty, that is true. Anecdote: Out of hundreds of small monthly salary payments I've sent out, I've only once had a big problem. What happened there was that the payee said she hadn't got it, but the blockchain said it was sent and confirmed. Of course I certainly trust the blockchain to tell me the truth. More than I trust a bank. Who wouldn't? I think the payee's computer had probably been malware hacked. (So I told her how to clean her PC and then I sent the same payment again as a one-off favor and that was ok, no further trouble and we still work together today).
- deleted 8y ago[deleted]