Paying employees in bitcoin offers several benefits and there are numerous desirable payment attributes for remote workers.
Your business lets employees work from home. It also continues to seek out ways to empower its remote workforce like never before. To achieve your goal, you may want to consider compensating your remote personnel with bitcoin.
Is BTC A Viable Option For Remote Workers?
Bitcoin has created a new reality for businesses, and there are many reasons why your company should embrace BTC as payment for its remote employees.
First, BTC promotes sovereignty. This is due in large part to the fact that BTC lets individuals maintain their own identities and opt into the financial systems that align with their personal interests.
In the past, people have been relegated exclusively to receipt of cash as compensation for work. With BTC, you can give your remote employees an alternative to traditional fiat currencies. These types of options show that you care about your employee’s preferences and that yours is a forward-facing company, agile, and ready to adopt new solutions and technologies that can benefit its workforce. This can lead to increased satisfaction across your remote workforce. It may help your business avoid staffing issues and bolster its talent recruitment and retention levels, too.
Bitcoin also brings businesses and their remote workers closer to justice. By offering bitcoin as compensation for remote employees, you can give these workers the opportunity to choose a currency built on proof-of-work in lieu of proof-of-proximity. As a result, your workers can receive BTC compensation and take a stand against the Federal Reserve, and others that exploit clout chasing, excess, and vanity over virtue.
Want To Offer BTC to Remote Workers? Here's What You Need To Consider
Before you offer bitcoin to your remote workers, learn as much as you can about the cryptocurrency. Ultimately, your business will need to consider the Fair Labor Standards Act and provide BTC in accordance with it. You must also comply with state-specific laws.
Nevertheless, if your business provides BTC as compensation to its remote staff, you can do so in multiple ways.
You can pay a remote worker their entire paycheck in BTC. In this instance, you can send a BTC payment to the employee's crypto wallet at regular intervals, much in the same way you may have once provided the worker with direct deposits of cash.
Comparatively, you can still pay a remote employee in money and have some or all of the worker's paycheck converted to BTC. The exchange rate of the U.S. dollar to BTC fluctuates. As such, this creates risk for workers, since what they receive in BTC in one paycheck won't necessarily match what they get in the next one.
You must also understand the tax ramifications associated with providing cryptocurrency as employee compensation. If you pay remote workers directly in BTC, you are technically compensating them in property based on IRS guidelines. Meanwhile, the fair market value of BTC is subject to payroll taxes. Thus, it must be reported on IRS Form W-2.
Furthermore, there are cybersecurity concerns associated with any type of digital transfer in today’s world, and that includes BTC payments. You must ensure that the bitcoin is distributed to remote staff with security top of mind. It often helps to establish a crypto payment system built with keys and seeds. The system ensures employee compensation remains confidential and safe.
Keep in mind that cyberattacks are evolving as well. Thus, the payment system you implement must be audited and updated regularly. This ensures your system remains secure now and in the future.
Should You Provide Remote Staff With BTC Payments?
Bitcoin represents the future of the metaverse — and more. If you want to provide BTC payments to remote personnel, you need to plan accordingly. That way, you can offer BTC compensation options without putting your business or its remote workers at risk.
If you are considering BTC as compensation for remote employees, reach out to these workers for feedback. You can conduct employee questionnaires and surveys to examine workers' interest in BTC and determine whether it’s a viable option for your staff.
Moreover, take appropriate measures relative to bitcoin compensation. Your company must do everything in its power to ensure BTC payments are distributed properly and in alignment with myriad rules and regulations.
Education can also play a key role in the success of providing BTC as remote worker compensation. When offering BTC as compensation, establish a training program to teach employees about the cryptocurrency. Create tools and resources and make them easily accessible to workers who want to learn about BTC. This ensures a worker can weigh the pros and cons of BTC as compensation, and that they can then make an informed decision about whether to move forward with BTC for payments.
Get Started With BTC For Remote Workers
Bitcoin for remote workers can make a world of difference for your business. If you are considering BTC for remote staff, get started today.
Get information about BTC and continue to track the bitcoin market. Check in with your remote workers to gauge their interest in BTC as compensation as well. From here, you can develop and implement a system to provide remote workers with confidential and safe BTC payments. You can then optimize this system and ensure it meets the needs of your business and remote staff.
This is a guest post by Frankie Wallace. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.