Payroll API

A Majority of U.S Technology Professionals Would Accept Bitcoin as Payment Reports WSJ

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There’s no telling exactly how accurate this survey is, and whether or not the participants are thinking in terms of part of their paychecks or the entire thing, but if the figures are anywhere near the reported 51%, it is a very positive signal.

People being paid in bitcoin represents a huge step in the process of the currency transitioning into something more akin to the role fiat money plays in everyday life. We may be much closer to this reality than many people think, particularly with the recent launch of the very innovative BitPay Payroll API, which makes it incredibly simple for employees to receive a portion of their wages in bitcoin.

From the Wall Street Journal:

A majority of U.S technology professionals would welcome being paid in bitcoin, according to a survey by event organizer Tech in Motion.

Out of 847 responses to a questionnaire sent to Tech in Motion’s 18,000 members, 51.12% answered “yes, absolutely,” to the question “Would you be interested in being paid for your work in cryptocurrencies like Bitcoin?” A further 18.06% ticked “Maybe, let’s see where Bitcoin is in a year or two,” with the remainder saying that they would prefer to be paid in traditional currency. Just 9.92% rejected the option because they “do not think Bitcoin will last,” and 1.18% said they didn’t know what bitcoin was.

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Want to Receive Part of Your Paycheck in Bitcoin? Here’s How…

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I’ve covered Bitcoin payment processor BitPay on many occasions over the past year or so. The pioneering company provides an invaluable service to merchants that want to allow their customers to pay for goods and services in Bitcoin without taking on any currency risk. Well, they have now branched out into what seems to be a perfectly complimentary business, allowing employers that don’t deal with Bitcoin directly to pay their employees in Bitcoin should they so desire.

This will be achieved via the Bitcoin “Payroll API,” which is currently in beta release open to employers in the states of Georgia (where BitPay is based) and South Carolina. All 20 of BitPay’s employees receive some of their compensation in Bitcoin, and the project got kickstarted after many of BitPay’s own employees asked for something similar. CEO of BitPay Tony Gallippi receives 100% of his pay in Bitcoin.

However, this is not the only milestone for the company. A few days ago I pointed out that the company was signing up a staggering 1,000 merchants a week, and now it has been announced they have surpassed the 20,000 merchant threshold.

It’s interesting to think that a currency originally involved primarily in online gaming, which can be accessed at such venues as BitBet.com, has now spread so quickly into the mainstream with retailers such as Overstock accepting it.

This development is truly incredible, and allowing people to receive a small part of their salary in Bitcoin will only further its development as an genuine real world currency people and businesses want to both use and hold on to.

More from Coindesk:

What’s the easiest way to get bitcoins into your wallet? Answer: Get paid in bitcoin. BitPay, the world’s largest digital currency payment processor, now lets employees do that with the beta release of its Bitcoin Payroll API for employers.

American W-2 employees (see below) can elect to have all, or part, of their salary paid in bitcoin for every pay period. It works as a ‘net payroll deduction’, meaning taxes and garnishes are removed from an employee’s gross income first, and the bitcoin portion is deducted from take-home pay.

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