Why getting paid in bitcoins is becoming more popular and more important
Sunday 25 May 2014
In September of last year bitcoin job site, Coinality, was attracting 20 – 25 new job posts “in a good month,” according to site founder, Dan Roseman. Wind the clock forward eight months and that figure has gone up by more than 25 times with more than 100 new jobs advertised every week.
On an average day, the site has around 500 visitors, proving the demand for jobs, which pay in bitcoin is also on the rise. “The trend for job seekers demanding compensation in bitcoin is on a slow upward trend, whereas the trend for employers offering compensation in bitcoin is on a much steeper upward trajectory,” says Roseman.
Typically, the types of role offering payment in bitcoin have been the preserve of the IT and technical fields with programmers and developers leading the way when it comes to being in demand. But Roseman has noticed the range of positions on offer increasing. “We've recently begun seeing some Marketing, Legal/Regulatory, and even Administrative/Receptionist positions opening up at some of the bigger firms,” he explains, citing BitPay as one such company, which is currently advertising nine full-time positions on Coinality, including a receptionist role. “We expect more non-developer job positions to open up as bitcoin companies continue to deploy venture capital funds to increase their workforce,” he says.
Electronic repair firm, GSM Solutions, became the first company in Ireland to start paying some of its Head Office team in bitcoin. In a CoinDesk article, CEO, Alan Donohue explains that, “Paying our staff in bitcoin is another step in the direction of helping to extend the bitcoin ecosystem into our economy.”
With that reason in mind, Australia-based Adam Poulton, founded Get Paid In Bitcoin, which offers a solution to those wanting an income in bitcoin but still waiting for their company to climb on board. If the model proves popular, Adam hopes to expand to other parts of the world in the future. The company allows people to have a certain portion of their salary paid in bitcoins, by simply setting up an account with Get Paid In Bitcoin and giving their employer the details. Their money is then transferred to bitcoin each pay cycle and the bitcoins paid into their nominated bitcoin address.
Adam set up the business hoping that having a constant income stream in bitcoins will make people a lot more comfortable to spend them. “The whole point is that it’s automated and you don’t have to think about going and buying bitcoins and questioning whether it’s a good time to buy,” he says. “The economy is not going to work unless people spend it and you’re not going to get merchants if people aren’t spending it.”
There are no registration fees but Adam makes his money from a 1% cut and charges a $1 banking fee. He hopes this will not deter people who would usually have to pay $2 ATM charges and high banking fees. The periodic nature is something he also believes will negate problems associated with using exchanges and hoarding bitcoins both for the bitcoin economy and for individuals, worrying about whether to spend or save with the constantly fluctuating value. “I’ve been in a position where I’ve had $500 to buy a bitcoin but by the time I get round to it, that has only bought me half a bitcoin… This way it is done for you at the time.”
Dan Roseman believes the reverse scenario is also going to be popular, where people get paid fully in bitcoin and convert just a small portion back into fiat currency.
“People who believe in bitcoin's long-term viability and who tend to spend less than they earn
are interested in earning income in bitcoin because it allows them to convert a portion of their income
into USD for necessary expenses while keeping the remainder in bitcoin.
The hope is that a bitcoin savings account will eventually outperform any traditional savings account
offered by the legacy banks.”
For employers he also sees the benefit of paying people in bitcoin as a way of securing the specialist talent and experience that some firms require. “Finding talent in the bitcoin community - especially technical talent with blockchain/bitcoin development experience - is no easy task,” he says. “Coinality provides a much-needed platform for employers to advertise opportunities that pay in digital currency and has also built a talent database of over 300 candidates who want to get involved in the emerging bitcoin ecosystem.”
He established Coinality with the intention of finding technical developers to help vet out & build blockchain-based software solutions. “The site became popular fairly quickly and I soon realized that there was significant demand for an "app" that could be used to discover job opportunities and talent related to bitcoin. So I stuck with it,” he says. Coinality’s success goes a long way in showing how demand to be paid in bitcoin and the adoption of bitcoin as a wage payment method is rising significantly.
Moving forward they hope to release an Android app in the near future to complement their iOS version and have developed an API to be used by technical recruiters in the bitcoin space. Like Poulton and Donohue, Roseman is a firm believer that being paid in bitcoins will help develop the bitcoin economy and play a large part in making it a much more day to day transactional currency. “Our goal is to become a leader in bitcoin talent solutions and to provide a platform for people to become actively involved in developing the bitcoin ecosystem,” he says.
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