Bitcoin pay: Aussie workers paid salaries in cryptocurrency

A young rich lister has predicted that more people will be paid in cryptocurrency sooner then you think, as tech companies lead the way.

Being paid your salary in cryptocurrency could become normal for all Aussies in the next two years.

That’s the bold prediction of Fred Schebesta, CEO of comparison website Finder, who is leading the charge as one of the first Aussie companies to offer its workers the option to take home some of their pay in cryptocurrency.

He told news.com.au that staff had been asking for the option, but it took a year to bring it into reality from an accounting, payroll and legal perspective. Its 350 employees have the chance to take up 25 per cent of their salary in bitcoin.

“I think Finder is a very crypto friendly company and everyone working here is in their late 20s or early 30s, so they are pro crypto,” he said.

“We already get paid by suppliers in cryptocurrency, so didn’t see it any different but as normal for us. People put some salary in certain places, whether it’s into investments or super funds, and our employees instead wanted to put in into bitcoin.”

Mr Schebesta, an Australian Financial Review young rich lister, is planning to take 5 per cent of his take home pay initially, but said he will probably increase this down the line.

Bitcoin has risen from around $US10,000 to about $US45,000 over the past year alone, although its experienced extraordinary dips too after Tesla CEO Elon Musk announced they would no longer accept payments in the cryptocurrency due to climate change concerns.

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Fred Schebesta, co-founder of Finder, is giving employees the chance to be paid in bitcoin, while also selling bitcoin on its app. Picture: Supplied

Chasing bitcoin gold

Finder is part of a growing number of Aussies businesses embracing bitcoin.

Melbourne-based crypto exchange BTC Markets will also start offering its 35 employees the option to be paid in bitcoin, with other cryptocurrencies likely to be added lately.

Caroline Bowler, CEO of BTC Markets, said consultants for the company are already paid in cryptocurrency.

“A majority of our employees aged 35 and under have a natural appetite and understanding of crypto, and are open to exploring new and innovative ways to engage with it,” she said.

“So paying employees in the same way is a natural extension and purely demand led.” However, not everyone will want to do it, so it is voluntary, she stressed.

“We are starting with bitcoin in the next few weeks and depending on the demand, will expand to other altcoins,” she explained.

“This is based on the fact that each currency has a unique purpose and utility, so if there is appetite we would like to offer more options to cover preferences across the board.”

Unlike Finder, there is no limit to how much BTC Market’s employee can be paid in crypto.

“We let our staff determine that based on their comfort level. It’s all after tax, on their take home pay,” she said.

“While we may not be the first to do it, we certainly want to positively contribute to this movement where cryptocurrencies are becoming more mainstream and a part of our day to day lives.”

A little known company is leading the Aussie tech pack when it comes to cryptocurrency pay.

Founder of bitcoin bill payments company Living Room of Satoshi, already takes all his pay home in bitcoin, while its six employees take between 5 and 20 per cent of their salary. But he’s extending this option further by offering staff their full pay in cryptocurrency.

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While the companies are starting off by paying in bitcoin, they may soon add other cryptocurrency options. Picture: The Daily Telegraph

Buying bitcoin

Finder has also introduced the option to buy bitcoin from its app. A recent survey revealed that 25 per cent either own or plan to own cryptocurrency by the end of the year, but despite this one in five don’t know how to buy it.

It also revealed that 10 per cent are interested in purchasing cryptocurrency but said they just haven’t got around to it yet.

Mr Schebesta said he was trying to create a revolution where Australians could access the benefits of cryptocurrency.

He added it was still too hard for people to buy bitcoin and they wanted to eliminate the need to deal with technical things like crypto wallet addresses, private keys and blockchains. Ethereum is also coming to the app very soon, he revealed.

The app is the first to allow users to be approved and trading in less than three minutes, according to Mr Schebesta.

“I think at its core its really important as there are people who want to have access to these things but find it a bit hard, so it’s for a new audience,” he said.

“It’s for a beginner, who wants it easy and simple, and that’s what its really best for. If you’re an advanced trader or sophisticated cryptocurrency investor I don’t think the app is for you — maybe in future we will have advanced features.”

He did warn that cryptocurrency is very volatile and people need to be careful about how they invest their money.

The UK Financial Conduct Authority has warned people should be prepared to lose all their money if investing in cryptocurrency.

Bank of England governor Andrew Bailey has echoed the same sentiment taking an almighty swipe at cryptocurrency investors, warning punters to be prepared to lose it all to the online phenomenon.