Ethereum Bot Backfires; User Pays $600,000 In Transaction Fees

One hapless Ethereum user experienced astronomical transaction fees this week after their crypto bot went awry. The owner of a single address paid 3990 ETH (~$584,000) to send a handful of transactions—leading many to wonder exactly what happened. What Went Wrong? Amberdata, an analytics firm, noticed the problem after the incident drove the price of […]
Source: bitcoinwarrior
Ethereum Bot Backfires; User Pays 0,000 In Transaction Fees

How to Pay Employees With Bitcoin in 2019

pay send bitcoin pay employees in bitcoin

If employers want to compensate workers in an unconventional way, they may think about doing so with bitcoin. It’s an option some companies have pursued, but it’s not always as straightforward as some enterprises may assume.


Work With a Specialty Company or Accountant

Bitwage is a company that has specialized in the emerging desire that employers have to pay their workers in bitcoin.

Taking this approach does not require employers to go through an onboarding process, and employees get their wages in less than 48 hours no matter where they are. The company made headlines recently by adding the option for U.S.-based employers who receive W-2s to opt for getting paid in bitcoin.

The Future of the Digital Wallet

As of 2017, about 200 employers used Bitwage, and approximately 95 percent of those used the service to pay international workers.

BitPay is another company that got into the bitcoin payroll realm. In 2014, it launched an application programming interface (API) that allowed employers to pay people in bitcoin. However, the current version of the BitPay website doesn’t mention that offering anymore. That likely means Bitwage is the only option for now.

Alternatively, some companies that set up the possibility for people to get paid in bitcoin consulted with accountants who knew the cryptocurrency landscape and helped employers navigate it. If employers are looking for the most straightforward way to go about this type of payment, working with a company like Bitwage is the best bet.

Potential Reasons to Hold Off for Now

Although the option to pay people in bitcoin exists, some caveats could make them want to stick with traditional forms of payment. For example, if companies have remote workers in other countries, the tax implications for bitcoin vary depending on where a person pays taxes.

Also, as the above section shows, assistance is still limited if employers have questions about how to get started. Some businesses may decide that trying to pay their employees with bitcoin 00 is more trouble than it’s worth.

That’s an especially likely conclusion to make if a company leader doesn’t believe there is sufficient interest in bitcoin payments. At Coinbase, for example, people can choose that payment type, but less than half participate.

When employers want to give their workers other options for getting paid, setting up an employee share ownership plan (ESOP) could be a more viable choice. It offers several advantages, including letting employees own stakes in a company through a trust fund and having the ownership amount go up as seniority grows.

Student loan payoffs are another popular but unconventional way to compensate employees. The perk could be especially attractive if loan debt is a significant source of stress for workers.

Which Companies Have Paid in Bitcoin?

It should be evident by now that idea of getting paid for work in bitcoin is still an emerging option that many companies are still only exploring. However, some pioneering enterprises have moved forward by offering it to their employees.

One is GMO Internet Group. It’s a Japan-based internet company that announced the option for people to get their wages in bitcoin would start as of February 2018.

There’s also Earn, which gives gig economy workers the chance to get paid in bitcoin for completing tasks. Working for Bitcoins is a similar site that helps freelancers find clients that will pay them in bitcoin.

Still Not a Mainstream Choice

When employers want to pay their workers with bitcoin, a company such as Bitwage will likely be the most seamless way to do it.

Although some companies let people receive bitcoin payments, the option is still not common in the workplace.

Enterprises should keep that in mind as they consider whether now is a good time to investigate paying in bitcoin or if they should wait to see if a larger adoption rate occurs.

[Note: This guest article was written by Kayla Matthews.]

Also read:

Paying Salaries in Bitcoin is Becoming Trendy

What do you think about getting paid in bitcoin? Share your thoughts below!


Images courtesy of Shutterstock

The post How to Pay Employees With Bitcoin in 2019 appeared first on Bitcoinist.com.


Source: bitcoinist
How to Pay Employees With Bitcoin in 2019

Thailand Greenlights Japanese Exchange to Operate 4 Crypto Businesses

Thailand Greenlights Japanese Exchange to Operate 4 Cryptocurrency Businesses

The Thai government has issued four licenses to a new crypto exchange. Prior to this, only existing exchanges that were in business before the country’s crypto regulation took effect were approved. The first licensed new exchange in Thailand is a subsidiary of a regulated Japanese exchange, Bitpoint.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

New Crypto Exchange Licensed

Japanese corporation Remixpoint Inc. announced on Thursday that its Thai subsidiary, Bitherb Co. Ltd., has obtained four different crypto-related licenses to operate in Thailand. The announcement concurs with the information posted on the website of the Thai Securities and Exchange Commission (SEC). Remixpoint also operates Bitpoint Japan, one of 17 government-approved Japanese exchanges.

With the new licenses, Bitherb can legally operate as a crypto asset exchange, a digital token exchange, a crypto asset broker, and a digital token broker. Currently, it is the only company approved to operate as a digital token broker in the country.

Thailand Greenlights Japanese Exchange to Operate 4 Cryptocurrency Businesses

Bitherb is a crypto exchange and management company co-founded by Bitpoint Japan and Asia Herb Association Bangkok Co. Ltd. The latter owns 60.5552 percent of Bitherb while the former owns 39.4446 percent. The president of Bitpoint Japan, Oda Genki, also serves as an officer of the new Thai entity. Bitpoint also operates in other countries including Hong Kong, South Korea, Taiwan, Malaysia, and Panama.

Japanese Exchange Approved to Operate 4 Cryptocurrency Businesses in Thailand

Four Licenses

The Thai SEC’s website lists all companies that have been approved to operate crypto-related businesses in Thailand. The country enacted its crypto regulation in May and subsequently approved four companies that had been in business before the regulation took effect. Two companies were rejected.

Licenses have been granted to companies in five categories to date: crypto asset exchanges, digital token exchanges, crypto asset brokers, digital token brokers, and crypto asset dealers. Four companies have been approved to operate both crypto asset and digital token exchanges: Bitcoin Co. Ltd., Bitkub Online Co. Ltd., Satang Corp. Co. Ltd. and now Bitherb. Licenses to operate as a crypto asset broker have been granted to Coins Th. Co. Ltd. and Bitherb. Meanwhile, only Bitherb has been approved as a digital token broker and only Coins Th has been approved as a crypto asset dealer.

Thailand Greenlights Japanese Exchange to Operate 4 Cryptocurrency Businesses
Licenses Bitherb has obtained from the Thail SEC and the finance ministry.

The Thai SEC launched a website last month called “Siang Soong” which means “high-risk” to help educate the general public about cryptocurrencies and tokens. Rapee Sucharitakul, Secretary-General of the Thai SEC, said that “Digital assets are useful as funding tools … and as a medium of exchange.” However, he added that it is a high-risk asset suited for people with the knowledge and understanding of the technology and not necessarily for general investors.

What do you think of Bitpoint getting four different crypto licenses to operate in Thailand? Do you think many more exchanges will follow suit? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Thailand Greenlights Japanese Exchange to Operate 4 Crypto Businesses appeared first on Bitcoin News.


Source: bitcoin.com
Thailand Greenlights Japanese Exchange to Operate 4 Crypto Businesses

Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019

Citing an internal e-mail, The Block reported that the Chicago Mercantile Exchange Group [CME Group] opened the doors for cryptocurrency investments and institutional investors in 2019 via its Bitcoin Futures. Bitcoin Futures is a contract that will let customers bet on the future price of Bitcoin. CME Group first launched BTC futures in 2017 and […]
Source: bitcoinwarrior
Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019