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Ask HN: Any companies that pay in BTC?
I've interviewed with two crypto marketplace companies and neither of them would pay in BTC. One of the interviewers even laughed when I asked. I'm really intrigued by the crypto space and its future as a currency so I'm curious if there are any companies with BTC compensation, even as e.g. a bonus.
- zepto 6y agoWhy not just buy btc with each paycheck?
- dyingkneepad 6y agoIs that even legal in the place you live? Perhaps they laughed because maybe you're showing your interviewer a lack of understanding of real-world implications of BTC?
- xkeysc0re 6y agoIt is legal, according to my attorney and accountant. It's a pretty simple question, not sure why its worthy of ridicule or your assumption that I am somehow unaware of my financial situation lol
- jqpabc123 6y agoOne of the interviewers even laughed ... They obviously know something that you don't --- like the fact that you can't pay rent or buy food with BTC --- because (wait for it) --- it's not a real, practical functioning currency.
- smabie 6y agothere's btc debit cards. Moreover, many people have enough fiat already and are looking to get paid in crypto in order to increase their crypto exposure.
- f430 6y agosource or is it more anecdotes from a self proclaimed crypto quant trader
- K0balt 6y agocrypto.com. I buy whatever I want from my crypto income stream. Feels a lot like real money to me lol, I've not worked for fiat in years. You'd think I would have run out of food by now?
- f430 6y agonot sure what your point is
- smabie 6y agohttps://www.google.com/search?q=btc+debit+card https://www.google.com/search?q=btc+debit+card I'm not sure what you're exactly getting at with the ad hominem, but are you doubting who I say I am?
- f430 6y ago"Do you know who I am? I'm a cryptocurrency quant expert!"
- mattwilsonn888 6y agoIts surely reasonable to argue that btc isn't practical, but not real? That's a bit schizophrenic.
- companyhen 6y agoIt's a real store of value to me and it's payment network will scale over the next decade.
- speedgoose 6y agoBut why would you want such a thing ?
- xkeysc0re 6y agoI believe in BTC
- speedgoose 6y agoAlright but I personally don't believe it's worth the trouble. The value is not very stable, good luck with the taxes system of your country, or for example to get a loan from a bank to buy a home. You will most likely exchange a lot between bitcoin and your local currency anyway, so why not getting paid in your local currency to simplify everything? And did you consider the environmental impact of bitcoin ?
- dingus9 6y agoDeFi loans and platforms like blockfi let you borrow against your BTC.
- companyhen 6y agoDid you consider the environmental impact of the entire traditional financial system? https://www.coindesk.com/square-to-support-greener-bitcoin-mining-as-part-of-zero-carbon-pledge https://www.coindesk.com/square-to-support-greener-bitcoin-m...
- speedgoose 6y agoYes, and bitcoin isn't an alternative to the entire traditional financial system.
- companyhen 6y agoIt is happening before our eyes day by day - https://defipulse.com https://defipulse.com
- yao420 6y agoFriend at coinbase has this option. Said he opted in 20% of his salary in btc.
- xkeysc0re 6y agoReally? The HR rep said it wasn't doable. Might be because of my state?
- runawaybottle 6y agoI was told by recruiter that getting paid in Bitcoin was an option as well.
- stenius 6y agoI don't have an answer for your question, but I was curious, are you interested in getting paid in BTC at a rate that is tied to the USD or that is negotiated up front based on what the BTC/USD pair is traded at when they sign the offer? If the former, why not just buy at each paycheck as zepto stated below?
- AlexITC 6y agoiohk.io used to allow that, each month you would invoice your salary, where the company would convert the amount to BTC at market rate, right now, ADA is the only option. Besides that one, I have only seen companies willing to pay in other coins, most commonly ETH.
- smabie 6y agoIt's common for crypto trading firms to pay in crypto, mostly because they have so much of it sitting around in trading accounts.
- f430 6y agoprobably because of money laundering laws
- sua3000 6y agoProtonmail had the option early on
- shoo 6y ago> neither of them would pay in BTC. One of the interviewers even laughed when I asked this is an entertaining anecdote, thank you for sharing. wonder if there's a bit of a "there's a gold rush going on, so sell picks and shovels" mindset -- i.e. you don't necessarily have to believe that investing in bitcoin is a good idea to make a profitable living selling bitcoin-related financial services. there's a pretty big difference in asking for an annual salary of e.g. $100k usd, to be paid in btc at the current exchange rate, versus asking for an annual salary of 2.17 btc (apparently 2.17 btc = $100k usd at time of writing). which one did you ask for? i personally wouldn't be comfortable signing a 12 month lease where i agree to pay the landlord a fixed amount of btc. i prefer my long-term liabilities to be predictable and boring, not amplified by volatility from speculative asset classes. might be the same for how the company thinks about its labor expenses.
- floxy 6y ago> be comfortable signing a 12 month lease where i agree to pay the landlord a fixed amount of btc. ...would you be more comfortable with that arrangement if your salary was in in fixed btc?
- jurgenwerk 6y agoKraken offers that.
- quickthrower2 6y agoHave fun at tax time!
- companyhen 6y agoThere are no taxes for being paid in BTC, only when you sell. Ideally you can use Blockfi.com and take out a loan using your BTC as collateral if you need fiat.
- Jtsummers 6y agoIf you receive something of value you usually owe taxes on it short of some gifts and inheritances. If you were compensated with 1000 shares (a more conventional situation) at a value of $150k instead of a cash salary (unusual but not impossible), you’d owe income tax on the value at the time it was received. You’d also owe taxes (capital gains) when you realize any gains (or not if you instead realize a loss). This is also true for crypto currency wages. NB: This is in the US, but there will be comparable rules in nearly every country.
- deleted 6y ago[deleted]
- companyhen 6y agoAh I see. I thought the taxes would be taken out before the BTC is sent.
- endisneigh 6y agoWhat’s the purpose of this? If you believe that at the moment of being paid (in Bitcoin) there’s no arbitrage to be had, then you might as well just take your paycheck and immediately buy Bitcoin. If you expect them to pay you a fixed salary in Bitcoin given its volatility that’s pretty ridiculous an ask - I’d laugh too.
- dyeje 6y agoDo you mean you earn X BTC/year or $Y/year paid out as Bitcoin?
- colesantiago 6y ago> One of the interviewers even laughed when I asked. because it makes no sense, sending money with BTC is like sending cash attached to a carrier pigeon.
- deleted 6y ago[deleted]
- throwaway710614 6y agoUse bitwage (https://bitwage.com https://bitwage.com). After you open an account they will provide you with bank accounts (ACH and/or Wire with your name) that you can send to your employer, after your employer deposits the money Bitwage will send you the equivalent amount in BTC to your address. The payment window is usually same to next business day, they also charge a 1% fee for this service, but it's worth it in my opinion, because if you are willing to hold the BTC, the fiat value will keep increasing as BTC continues to rise. If you need to sell because you need fiat, I recommend using Bisq (https://bisq.network/ https://bisq.network/) and sell small amounts, then replace the BTC amount you previously spent. Good luck and enjoy freedom/peace of mind.
- joshxyz 6y agoChances are you are applying to new players in the market. I recommend going for employers who got involved in a bit of mining or otc /retail trading, you can even get 100% crypto salary there.