Paying Employees with Bitcoin – with Jonathan Chester #59 (Video)

Nick Day is joined on The Payroll Podcast sofa by co-founder & CEO of Bitwage, Jonathan Chester!

Bitwage is a top 7 blockchain company in the US and ranks top 21 in the world! Bitwage offer solutions for workers to receive wages in a variety of currencies including bitcoin – something we will find out much more about later in this episode.

Jonathan also writes for Forbes on all things bitcoin and blockchain related for the Entrepreneurship section and since joining the Blockchain ecosystem in 2013, Jonathan has consulted members of the European Parliament, Dutch banks & regulators as well as the Californian Senate regarding regulation of the blockchain industry; so, it is an amazing privilege to have someone with Jonathan’s expertise join us all the way from California for today’s show!

In this “Paying Employees with Bitcoinepisode with Jonathan Chester, on The Payroll Podcast, we also explore:

  1. Can you tell us a little bit about your background to date and, what led you to combine the world of bitcoin with the world of payroll?
  2. We have an audience of global payroll listeners who perhaps have never considered paying staff in cryptocurrencies before. So, can you tell us all what cryptocurrency is and more importantly, why you are you so excited about crypto/Bitcoin payroll?
  3. Why are you specifically focused on Bitcoin/crypto? Aren’t you concerned about a bubble?
  4. Do payroll professionals need to understand blockchains or DLT technology before they delve into potentially offering cryptocurrency payroll solutions?
  5. Presumably an issue that employers or employees may face is the wild volatility in the prices of cryptocurrencies as compared to fiat currencies. It’s not unknown for the price of Bitcoin, Ethereum or any of the better-known cryptocoins to increase or decrease by significant amounts in a single day and recently we have seen some assets like Dogecoin increase by 5000% within a month. Could such volatility make it difficult for companies to budget payments effectively, especially if they are paying multiple workers, across multiple cryptocurrencies? Is Bitcoin/crypto payroll realistic when we consider how volatile the market can be?
  6. Are there any tax implications for being paid in Bitcoin or other cryptocurrencies, especially if you are converting your Bitcoin back to a fiat (state-backed) currency like the US dollar or British pound?
  7. I have seen that one of the benefits of having a proportion of your wages paid in crypto is that it enables individuals to follow an investment strategy which follows investing a set amount of money over given time intervals and you offer a bitcoin cost average calculator to help with this. Can you explain this in more detail? https://www.bitcoindollarcostaverage.com/
  8. Explain to me how, exactly, Bitcoin/crypto payroll can transform & revolutionize payroll tech, HR, etc.
  9. On your website, www.bitwage.com you say you offer payroll & benefits for the new digital era and you have two core payroll products – one for companies and one for individuals, can you talk to me about these?
  10. How many registered workers are already receiving payroll payments via Bitwage and how are these payments received?
  11. What are the pros and cons of Bitcoin/crypto payroll? In fact, are there any cons at all? Is it practical for all businesses?
  12. How is Bitwage different from competitors in the crypto payroll space? (Strike, Bitpay)

Links highlighted in this “Paying Employees with Bitcoin” episode are included below:

Of course, if you are Payroll Leader listening to this podcast and you have a payroll-related vacancy that you would love some specialist payroll recruitment support with – please also get in touch with me!  I would love to help show you what a great Payroll recruitment experience feels like!  You can reach out to me directly at nick@jgarecruitment.com or give me a call – 01727800377

www.jgarecruitment.com

Thanks for listening folks – I look forward to bringing you the next episode of the Payroll Podcast real soon