Employers Unwilling to Pay in Bitcoin and AltcoinsSeptember 14, 2018
In a recent survey by ChronoBank, a HR startup company it was found that crypto investors are willing to get their salaries paid in Bitcoins and Altcoins; however, employers are not willing to pay in crypto.
The respondents to the survey came from different counties like Australia, U.S., Russia, and a few other nations. About 92% of them were males, 75% were employed, and 40% were aged from 25 through 34 years.
In response to the survey, Jim Kelly, a random audience to the survey results remarked, “This survey goes to show the warped sense of values that crypto holders have. They want to be paid in crypto? Even after suffering massive losses, the lure of the drug is still there. This is a sign that prices will go much lower. They want to be paid in crypto, but no one wants to buy it with cash on hand. Very bizarre. Little wonder the crypto market is crashing.”
Sergei Sergeinko, CEO of Chronobank remarked, “Most revealing was that 72% of those surveyed said they would prefer an employer who has the salary payment option in the cryptocurrency when choosing their next place of employment. These results suggest that employers need to get up to speed with crypto sooner rather than later.”
The fall in the crypto price has not induced any change in the attitude of crypto wage earners to ask for an alternate currency payment.
About 445 crypto investors were surveyed and it was found that about 66% of them were willing to get their wages in cryptocurrencies. However, 30% of them are of belief that in the near future several companies in their country will begin dispensing salaries in digital currency. However, Americans were having their own reservations in this regard.
Of all, nearly 83% of the participants who responded to the survey questionnaire were more than willing to get their bonus payments in cryptocurrencies. Most of the respondents felt that if they received their wages in crypto they might probably spend less.
When it is about the concept of paying taxes on their digital income, only 52% of them were willing to pay the taxes. About 65% of who were willing to pay taxes were Americans. However, only 30% of the Russians were willing to pay the taxes. On an average about 60% of young survey respondents were from various countries and they were ready to pay the taxes on their cryptocurrency earnings and transactions.
ChronoBank has to say that crypto-payment options will benefit employers in a great deal. Several of them who were willing to get crypto salaries have to say that they might not choose to spend their crypto in a hope to see the value of the crypto increase.
Sergeinko added “Even though there are ongoing changes in the legislation of different countries in the field of cryptocurrency, audiences are still not adequately informed about the innovations. Almost half of the respondents do not have enough information on whether salary payments in cryptocurrencies in their countries are allowed.”
Regardless of regulatory attitudes and its influence a majority of the HR respondents firmly believe that blockchain technology can be used as a secure method for payment processing.