Of course it is possible, Bitcoin has a value that can be converted to fiat currency so there is no problem if you prefer Bitcoin as your salary and it is already happening right now.
Bitcoin trade in Japan accounts for about half of the global trade volume. That number has surged since the government passed a new law earlier this year, recognizing bitcoin as a legal form of currency. But to broaden up and considering other countries, I think a big study should be done since the bitcoin is a volatile currency.
It tends to go up and down.
There are online freelancers that are getting paid in Bitcoin, also Japan have some companies that pay their employees half of their salary in cryptocurrency. But there are some disadvantages of this if you prefer Bitcoin as your salary. Due to high volatility, there is a chance that when you received your Bitcoin the amount of coins you get may drop its value, but the good thing is it can also increase its value.
Many of Bitcoin users aware and know well what is Bitcoin exactly. Bitcoin is just a platform that offer instant and anonymous peer to peer transactions of token without interaction of any third party. Many webmaster are already getting earnings in Bitcoins. Even some of countries have started to make payments of salary in Bitcoins. Japan is the first country who is offering payments of salary in Bitcoins. I think in coming future there will noticeable increments in numbers.
And what about tax?
It is a tricky one to generalise, and it seems inevitable that as the industry develops, so too will the tax rules.
Wherever they are in the world, employees will usually be liable for income tax due on their Bitcoin wages, calculated on its value at the time the salary is paid.
But just like with stock options, employees may need to pay capital gains tax if their Bitcoin has risen in value, depending on the tax jurisdiction.
What is in it for employers?
Some companies working in the cryptocurrency industry have been offering Bitcoin salaries for years.
After all, if you got in early and bought when the price was much lower, then it could be a smart move to use it now to pay wages.
But for others it is all about business strategy.
Japan’s GMO, for example, says it wants to get staff thinking about cryptocurrencies.
It has recently expanded into cryptocurrency trading and crypto mining.
And so it hopes that if at least some employees have direct personal experience of Bitcoin, it will help with “nurturing and developing cryptocurrency literacy”.
And that, it says is “vital to the growth and expansion of our cryptocurrency business”.