Image source: PexelsYour business lets employees work from home. It also continues to look for ways to make its remote workforce stronger than ever before. To achieve your goal, consider compensating your remote workforce with bitcoin. Is BTC a Viable Option for Remote Workers? Bitcoin has created a new reality for businesses and there are many reasons why your company should embrace BTC as payment for its remote employees. First, BTC promotes sovereignty. This is largely due to the fact that BTC allows individuals to maintain their own identity and sign up for the financial systems that align with their personal interests. In the past, people were relegated solely to receiving cash as compensation for work. With BTC, you can offer your remote employees an alternative to traditional fiat currencies. Options like this show that you care about your employee’s preferences and that you are a forward-looking company, agile and ready to adopt new solutions and technologies that can benefit the workforce. This can lead to more satisfaction with your remote employees. It can help your company avoid staffing issues and also boost talent recruitment and retention levels. Bitcoin also brings companies and their remote employees closer to justice. By offering bitcoin as compensation to remote workers, you can give these workers the option to choose a currency based on proof-of-work rather than proof-of-proximity. As a result, your employees can receive BTC compensation and take a stand against the Federal Reserve and others who pursue power, exploit excesses and vanity over virtue. Do you want to offer BTC to remote employees? Here’s What To Consider Before offering bitcoin to your remote employees, learn as much as you can about the cryptocurrency. Ultimately, your company will have to comply with the Fair Labor Standards Act and offer BTC in accordance with it. You must also comply with state-specific laws. However, if your company provides BTC to its outside staff as compensation, there are several ways to do it. You can pay a remote employee his full salary in BTC. In this case, you can send a BTC payment to the employee’s crypto wallet at regular intervals, much the same way you once deposited the employee cash directly. By comparison, you can still pay a remote employee in cash and convert some or all of the employee’s salary into BTC. The US dollar to BTC exchange rate fluctuates. As such, this poses a risk to employees as what they receive in BTC in one paycheck does not necessarily match what they get in the next paycheck. You should also understand the tax implications associated with offering cryptocurrency as workers’ compensation. If you pay remote workers directly in BTC, you are technically compensating them in real estate based on IRS guidelines. Meanwhile, the fair market value of BTC is subject to payroll taxes. So it must be reported on IRS Form W-2. In addition, there are cybersecurity concerns associated with every type of digital transfer in the world today, and that includes BTC payments. You must ensure that the bitcoin is distributed to outside personnel with security as the highest priority. It often helps to set up a crypto payment system built with keys and seeds. The system ensures that employee compensation remains confidential and secure. Keep in mind that cyber attacks are also evolving. So the payment system you implement should be checked and updated on a regular basis. This ensures that your system remains secure now and in the future. Do you need to provide BTC payments to external employees? Bitcoin represents the future of the metaverse – and more. If you want to make BTC payments to outside personnel, you need to plan accordingly. That way, you can offer BTC compensation options without putting your company or its remote employees at risk. If you are considering BTC as compensation for remote employees, please contact these employees for feedback. You can conduct employee questionnaires and surveys to research employee interest in BTC and determine if it is a viable option for your workforce. In addition, take appropriate measures regarding bitcoin compensation. Your company must make every effort to ensure that BTC payments are distributed correctly and in accordance with numerous rules and regulations. Education can also play a key role in the success of providing BTC as compensation for remote workers. When offering BTC as compensation, set up a training program to educate employees about the cryptocurrency. Create tools and resources and make them easily accessible for employees who want to learn more about BTC. This ensures that an employee can weigh the pros and cons of BTC as compensation, and they can then make an informed decision about whether or not to continue using BTC for payments. Getting Started with BTC for Remote WorkersBitcoin for Remote Workers can make a world of difference to your business. If you’re considering BTC for outside staff, get started today. Get information about BTC and continue to monitor the bitcoin market. Contact your remote workers to gauge their interest in BTC as compensation as well. From here, you can develop and implement a system to provide remote employees with confidential and secure BTC payments. You can then optimize this system and make sure it meets the needs of your company and remote employees. This is a guest post from Frankie Wallace. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.