Believe it or not, more and more companies all over the world now are paying their employees via Crypto currencies and not the traditional sovereign backed pay checks. Although it’s a small group of people who are getting paid this way. It’s still a growing trend, with Bitcoin being the most popular Crypto currencies that employees are asking their employers to pay them in. Bitcoin in November 2021 reach an unprecedented high of surpassing $68,000 dollars (£56,270 Pounds) in value. If you’re an employer whose considering using Crypto currency as a way your staff members, keep reading along.
Whose Doing It?
Companies such as Microsoft and Tesla have recently announced plans to accept Bitcoin as means of payment. It’s only matter of time where other companies who follow.
Benefits of Using It:
· It’s Popular
· Potential Investment
Cons of Using It:
· Not Globally Accepted
· Weak Regulations
· Not based on anything solid just speculation
· Not integrated with most existing systems
At the moment using a Cryptocurrency as a payment method to pay your employees is still an uncertain and unproven way of paying your employees. It’s a mighty gamble, so we would suggest to do some independent research and explore your options entirely. Before you make this type of decision, if you need assistance with managing your payroll. We at Quinton Oakes are here to help.