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Irish company begins to pay subordinates in bitcoins

GSM Solutions, which owns the first bitcoin ATM in Ireland, became partially pay salaries to employees in bitcoin instead of euros.

"We pay a part in euro, so that when paying salary its size would not hesitate with the rate of bitcoins," said Alan Donohoe, managing director of GSM Solutions.

Despite the fact that more and more companies offer their customers the ability to pay for services in bitcoin, the number of people satisfied with wages exclusively in e-currency is relatively small.

As you may have guessed, these are mostly people involved in technology, such as the employees of the Polish web design company El Passion, which last December was provided with an opportunity to get paid in bitcoin. The Internet Archive and Coinbase also partially or fully paid employees in bitcoin.

However, it is not just about the employees of the technosphere: Tony Vaugn, the sheriff of a small town in the state of Kentucky, became the first state employee receiving wage in bitcoin.

GSM stated that by the end of the year they will try to switch the rest of the staff to bitcoin, which will make the company the first in Ireland that pays for labour of employees in this currency.

It could not be better make a statement about us as a tech company, except using the slogan "we pay our staff in bitcoin." In our opinion, such an approach will help to strengthen the local bitcoin economy, encouraging people to carry out spending in cryptocurrency.

However, the payment of wages in this form is associated with difficulties for companies and employees. Companies need extreme accuracy, to make sure that all applicable taxes are taken into account.

For workers bitcoin’s rate fluctuations may also lead to lower salary shortly after its receipt, which is why GSM pays only ‘a part’ of the salary in the digital currency.

Source: cryptorussia

  • December 5, 2016 12:20 PM MSK