SALARIES / AUG. 22, 2014
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How to Get Your Salary Paid in Bitcoins

Did you know that you are legally allowed to ask your company to pay your salary in Bitcoins? Not all companies will agree, but if you’re interested in receiving your payment in Bitcoins, it’s worth the risk!

First of all, you’ll need to present the payment option to your company. Most companies will either pay direct deposit into a bank account or write you a check, so it may be difficult for the company to accept this new method of payment.

If your company agrees to pay you in Bitcoins, you will need to make sure that your contract clearly states that Bitcoin is your preferred method of payment. This is not only for your protection, but it’s for the protection of your company as well. Not all countries accept Bitcoin as a form of payment, and having a contract written out is the best way to avoid problems.

Once the company has agreed to pay your salary in Bitcoins, they will need to sign up with a program like BitPay--a payroll service your company can use to pay you in Bitcoins. These programs convert legal tender (US dollars, UK pounds, Euros, etc.) into Bitcoins, acting as an electronic exchange house to provide your company with the Bitcoins they need to pay you.

You as an employee will need to sign up for an online Bitcoin wallet--the Bitcoin version of a bank account. Blockchain provides you with an account into which the Bitcoins are deposited, similar to the way PayPal works. It’s a digital Bitcoin account that you will use to receive and spend your Bitcoins once you are paid.

After setting up your Bitcoin wallet, you will need to provide the wallet address to your company. The address will look like a long chain of letters and numbers, like this:

"16kPuWYtQ3BdE7hvhU594bv8RNh5kWsBK8" -- (taken from Blockchain)

When your company pays you via Bitcoin, they will receive another long chain of letters and numbers, like this:

"22752c9c5349831d172521eebc6f176594edc5fda3eba12d2949848e179961d6"-- taken from Blockchain

This longer alphanumerical chain is like the "tracking ID" that your company can use to verify that the payment has been completed. Similar to the way you track parcels with UPS, your company is able to track the Bitcoin payment to ensure that you actually received the Bitcoins.

Why is this done? Simple: without access to your accounts, your company would have no way to prove that you actually received the payment. Thanks to this open payment ID, your company is able to verify that the Bitcoins were deposited into your account. It’s both your proof and theirs that they paid you as promised.

Getting paid in Bitcoins may become a trend of the future, but for now your options of spending Bitcoins are still fairly limited. There are many websites and online retailers that allow you make purchases using Bitcoins, but most traditional retailers, banks, and supermarkets just aren’t accepting them yet. It’s worth doing your research BEFORE asking for your salary to be paid via Bitcoin. After all, a Bitcoin wallet filled with digital currency may not pay the light, gas, water, and food bills!

 

Image Source: www.coindesk.com

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