The Canadian company, Wagepoint, is offering clients the opportunity to pay employees in bitcoin. The company began providing the service in November 2013 and has paid out $75,000 in salaries since then. Payment in bitcoin is picking up in the technology sector on both sides of the border with companies expecting the option will lure tech talent.
While potential for capital gains of owning bitcoins are present and real, employees receiving bitcoin salaries will need to pay much closer attention to their personal finances. As bitcoin is a new form of currency, tax law and fluctuation in value are potential pit falls for users. According to Ryan Lazanis of the Montreal based Xen accounting, bitcoin salaries are more useful for long-term investments and not daily financial transactions.
If you liquidate it it becomes a management burden for personal finances. But as long as you’re not cashing out stocks daily, the overall personal finance maintenance isn’t that high an overhead.”
Read more here, “More Companies Are Paying Employees in Bitcoin,” (Danny Bradbury, CoinDesk)
Olivia is a graduate of Villanova University where she studied Economics and History, minoring in Gender and Women's Studies. She also has experience working with federal legislatures on health care policy, women's issues, and Internet safety.