There are many reasons why employers starting this journey need to eliminate the noise of other cryptocurrencies as options before adopting bitcoin. Most importantly this is a tool to enhance recruitment and retention. Bitcoin is volatile in price, but has proven extremely collapse resistant during its 14 year life span. Bitcoin has been the largest digital currency by market capitalization every year it has existed. No other cryptocurrency offers bitcoins combination of decentralization, price stability, and network effect. Bitcoin only.
Bitcoin is the most well-known and widely adopted cryptocurrency, with a significant market presence. It has been around since 2009, and many businesses and individuals already transact in Bitcoin. Offering Bitcoin as a payment option could potentially attract a larger pool of talent who are already familiar with or invested in Bitcoin.
Bitcoin generally exhibits higher liquidity compared to other cryptocurrencies, meaning it can be easily bought, sold, and converted into fiat currencies. Bitcoin has also demonstrated a relatively higher degree of stability compared to many other cryptocurrencies, although it is still subject to volatility. This stability may be more appealing to both employers and employees concerned about the potential fluctuation of their earnings.
Bitcoin has a well-established infrastructure, including numerous cryptocurrency exchanges and payment processors that facilitate the conversion of Bitcoin into traditional currencies. This existing ecosystem makes it relatively easier for employers to implement Bitcoin payments and for employees to convert their Bitcoin earnings into fiat currencies if desired.
Bitcoin has gained significant mainstream recognition and media coverage, often associated with innovation and technological advancements. By offering Bitcoin payments, an employer may project an image of being forward-thinking and embracing emerging trends, which could positively impact brand perception and attract tech-savvy individuals.
Cryptocurrency regulations vary by jurisdiction, and it's crucial for both employers and employees to comply with relevant tax and legal requirements. Bitcoin has been more extensively regulated and integrated into existing frameworks in many countries compared to other cryptocurrencies. This may simplify the tax reporting and compliance processes for both parties involved.
Bitcoin's monetary policy is uniquely designed with the user in mind. It enforces a hard cap of 21 million coins and utilizes a merit-based minting process — bitcoin mining. This approach is revolutionary because it introduces a fixed supply, a feature that government-driven monetary policies have historically failed to offer. Central banks are unlikely to adopt such a user-centric model, as the power to control the money supply is both politically and economically invaluable. Consequently, bitcoin not only serves as an attractive alternative, akin to gold in the past, but also represents a scientific advancement over previous monetary frameworks.
Bitcoin is money that requires work to be produced. There is a permanently finite amount, and the rate at which new bitcoin are mined reduces by 50% every 4 years. This process is called the halving.
We believe in rewarding employees for their efforts with money that requires effort to create.
Block reward is a term in the bitcoin world that refers to the bitcoin rewarded to a miner when they successfully validate a new block. Miners supply the bitcoin network computing power and for their energy they are rewarded with bitcoin.
Our business is helping Canadian employers validate their employees work, with bitcoin. We help Canadian employers integrate bitcoin into compensation, rewards, and savings plans. We are the conduit to the next step in the evolution of compensation and employee benefits.
While your employees might be interested in other cryptocurrencies, our position is that bitcoin is the only digital currency employers should be considering for compensation and benefits.
When considering alternative currencies as an employer, every possible step to minimize risk must be taken.
Bitcoin enjoys significantly more regulatory clarity than any other digital currency. In Canada there are several Exchange Traded Funds which track the spot price of bitcoin. Bitcoin is considered a commodity in Canada.
What makes bitcoin unique is the ability for users to transact peer to peer without an intermediary such as a bank or payments company.
To do this, bitcoin wallets store their own funds. Block Rewards does not store bitcoin for any clients. Instead we help empower clients to custody their own funds.
The best practice with bitcoin is to learn how to safely custody it yourself. Our clients receive education and support on this journey.