The crypto ecosystem is evolving.A crypto-powered payroll benefits both the employee and the employer: better control over your finances, faster global payments, and no banks intermediating and delaying payment. Companies can even pay a portion of their staff in bitcoin, which is a desirable bonus for a technologically adept workforce. It has prompted a number of businesses to accept bitcoin as a valid form of payment and transaction. Many businesses have recently begun paying their employees with Bitcoin.
A partial list of firms that offer employees the option of being paid in Bitcoin.
Asta Solutions, a Melbourne-based technology consulting firm, is the latest Australian company to offer employees the option of being paid in Bitcoin.
Asta revealed on its Linkedin profile last week that it has partnered with Get Paid in Bitcoin, a Tasmanian startup, to allow employees to get a percentage of their compensation in Bitcoin.
According to the Sydney Morning Herald, other Australian companies that allow their employees to use Bitcoin include Finder, crypto bill payment startup Living Room of Satoshi, and BTC Markets.
Sequoia Holdings LLC has started providing employees with the option of receiving a portion of their income in cryptocurrencies such as Bitcoin. Employees at Sequoia can choose to invest a portion of their compensation in Bitcoin, Bitcoin Cash, or the ether of the Ethereum platform. The company is collaborating with a third-party payroll processing provider to withhold taxes and convert the remaining funds into bitcoin, which will be housed in a digital wallet managed by the payroll processor.
A Japanese business has taken the risky step of paying its employees with Bitcoin. GMO Internet is a company that specialises in web-related issues. Finance, advertising, and internet infrastructure are among them. They're experimenting with cryptocurrencies as a payment mechanism in a professional setting to gain a better understanding of it.
SC5 is a Finnish internet technology business that creates apps, software, and provides other services. Technical evaluations and migration assessments are performed by the firm. From concept through post-analysis, it also develops and implements concepts and solutions. Since 2013, SC5 has been paying its employees in Bitcoin.
Fairlay is a Bitcoin prediction and betting market, as well as a cryptocurrency exchange. By offering a completely open prediction market, Fairlay aims to crowd-source knowledge. Fairlay, which works more like a conditional betting exchange, allows users to not only gamble, but also to track public sentiment on bitcoin and altcoin-related events, sports, and general news.
Tax on Bitcoins
Cryptocurrency, or Bitcoin, is regarded as an investment instrument rather than a currency in a lot of countries throughout the world, including the United States and Australia. Check how bitcoins are taxed around the world. Some nations, such as Russia and China, restrict cryptocurrency, while others, such as Finland, where it is VAT-free, accept it.
The fact that bitcoin is classified as an asset clarifies its tax consequences. The IRS has made it mandatory for taxpayers to disclose all bitcoin transactions, regardless of their size. Every U.S. taxpayer is expected to retain a record of all Bitcoin purchases, sales, investments, and usage. In July 2019, the IRS sent warning letters to over 10,000 taxpayers who it suspected of "potentially failing to declare income and pay the resultant tax from virtual currency transactions, or did not disclose their transactions properly." It warned that failing to declare income correctly could result in fines, interest, or even criminal charges.