Adopting Crypto in Retail Calls for Wages Paid in BTC?
Francis Pouliot, the Chief Executive Officer of Canadian BTC startup company Bylls, started a recent discussion on Twitter about the possibility of adopting crypto in the retail market being halted by the absence of wages being paid in BTC and whether BTC should first be seen as a complete alternative to fiat.
This debate can eventually just depend on whether BTC is seen as money. The coin's volatility reversed retailers' opinions about it last year when some of them, including Steam, announced they no longer accept the cryptocurrency as payment.
Steam referred to the volatility dilemma relating to BTC prices being behind their decision; they also mentioned Tx fees, which at one time exceeded $20 for one transaction. These issues added to a change in how people view BTC to assets such as shares or even gold, but not as a form of easily exchangeable money.
Jay Clayton, the chairman at SEC in the United States, offered his view on the matter in June of this year. He believes that BTC is not really a security, just like a lot of other cryptos, because it can absolutely serve as a substitute to fiat.
Investing in BTC
Many people see BTC as a form of investment or a store of value. They see it exactly like stock and share investments. Pouliot sees that they have two options, either hold on to it or sell it while not having to spend it on day-to-day expenses.
On the other hand, early advocates for BTC, those who believe in a decentralized ability as a form of currency that’s not controlled by the government, and to those working within the crypto industry such as miners or developers, BTC is money. That is despite the fact that the unexpected rise of BTC prices last year turned many of them into investors.
Those within the industry often do have the option to receive payments in BTC. This applies more to those who have balances in BTC as opposed to fiat; it is more probable for them to actually use BTC as payment for services and goods.
More BTC Adoption
It makes sense to reach the conclusion that paying wages in BTC, or more retailers adopting the cryptocurrency as a form of payment, would improve the overall perception of BTC as money. Within this viewpoint, such a perception will increase the use of the cryptocurrency. This does not mean that issues with its volatility and transaction prices will disappear. Retailers will just be averse as a result, though it is helping the situation that modern payment exchange platforms will allow BTC to be transferred to fiat on the spot.
Furthermore, paying employees a full-time salary in BTC will create so much work in calculating taxes, recording them than paying them in fiat due to the fact that all proceeds will then have to be converted for the numbers to jibe.
BTC is, in fact, moving forward, but retailers are accepting it in Japan more than anywhere else. Companies such as Uber, Microsoft, some online stores powered by Shopify, Overstock, and also Expedia accept the cryptocurrency. BTC’s advance marches on, even though it may not be as quick as what was expected in 2018.