Little known startup "Square" is one of a few companies to take crypto currencies to the next level. It's service involves allowing card payments between individuals and businesses with little to no fees, using their unique electronic reader. In addition to their core activities, it has recently added BTC into the app, making it easier to buy and sell the digital asset into straight cash. But they've even gone one step further now.
"Square" will now be adding an option to pay their employees in Bitcoin as a salary. And more selected cryptos are being planned to be offered up in the future. This is a bold move to show their devote stance of support, in regards to crypto currency in the global economic arena. And the gradual introduction of the lightening network for BTC, will only help further push this example initiative across the world.
Huge fees and long transaction times were always the stubborn "Achilles' heel", if you will, for the technology. I'm glad to see this is now changing for the better and businesses are beginning to embrace and integrate crypto as part of their company model. Again, no doubt you will be seeing this on a much larger scale as time progresses. And the bit that I find most interesting is us, the end user, seem to have got the ball rolling, in that respect. We've all heard stories of people who've been living solely off crypto currency, for easily over a year already. We've actually set the benchmark against which corporations are now using as their template. In the past, the situation was always reversed. How times have changed, right?
Once upon a time, a pizza was bought for 10,000 BTC. One of the first business-related crypto transactions in history. That was back in 2010. Look how far we've progressed from back then? I see it clearly. The future is most definitely looking brighter than ever before...
OK, has to be a typo in the title because doesn't sync with the thumbnail. :-)
The guys who bought the pizza have been immortalised.
Oops, thanks for that! :)
You're welcome
Good to see a payments company adopt bitcoin instead of fighting it with regulation.
Couldn't agree more, bud.
I wasn't aware that Square was "little known." It's one of the major players in enabling anyone to accept credit card payments.
Just going by the headlines I read. I hadn't actually heard of them before today either.
$SQ is the leader in this arena....it's a no brainer
!dramatoken
There's not enough
DRAMAto go around.To view or trade
DRAMAgo to steem-engine.com.Getting paid in crypto is a risky business.
A buddy was coding for myetherwallet and getting paid in ETH. When the market was hot, it was great ... when the market tanked, he was in trouble. Plus, being in Canada, he needed a modern accountant to help with determining the exchange rates (ETH -> USD --> CAD) for every paycheque when submitting his taxes.
Now, he's moved over to coinbase where he gets paid in USD, so he only needs to worry about one exchange rate per paycheque.
It was a risky business back when BTC was in the five figures. Not so much now, me thinks.
It all depends on whether the company is paying based on a fiat currency (i.e. so you always make $1000/USD per week) or whether it's strictly a set number of ETH/BTC per week (i.e. when BTC was worth $20K, if you agreed to a 1 year contract at 0.05BTC/week), now, your $1k/week is now $265/week.
If you are negotiating now ... chance are, it's only going to work in your favour. :-)
Definitely risky...but not when its AT THE LOWS
It all depends on the contract you signed and when you signed it. Now is likely a good time to get in. :-)
Paying BTC in Salaries?
Cool, but what it would be interesting to see how they cope with BTC price fluctuations.
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I'm sure quite well from these levels. We are much closer to the bottom than the top, that's for sure.
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Given the reach the have with small and medium businesses (merchants), it could be a pivotal point to increase adoption as the Merchants are always seeking ways to improve their margin and transaction fees could be “low hanging fruit.”
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We are gradually achieving the milestone for making cryptos a means of payment and settlement of debt across all nations.
Their own uniqueness will bring crypto investors to their company.
A²¹
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And soon we shall also see people and companies adding Steem as their payment option too @ezzy!
That reminds me, Steem is looking up to you right now as we speak because you have it’s Torch!
Steem Torch is the latest fun going around to illuminate every true Steem believer! All Steemers are looking on you to see the next VIP that you’ll transfer the torch to. Please read the instructions on the Steem Torch. Best wishes!
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