FAQ

The minimum number of staff required to enroll in the Bitcoin savings plan is 5 or a recurring monthly purchase minimum of $300 in total for the entire company.

There is a one time installation fee of $250 to get your program up and running. This includes one education session for your staff.

No, Block Rewards is a non-custodial Bitcoin company. We do not hold customer funds at any time. This means we never hold onto your employees’  Bitcoin at any time, unlike custodial services. Your people have  full ownership and control of their Bitcoin once it is delivered to  the crypto wallet they set up as part of the enrolment process.

The decision to offer Bitcoin as part of compensation and rewards is not limited to a particular region or industry. Our clients range in size from small enterprise to large corporations, and are coast to coast. 

BPP Payments must be listed as “After-tax  Deductions”. Rather than providing this amount on  the employee’s paycheque, Block Rewards withdraws  this after-tax amount from your account and sends  the corresponding amount of Bitcoin to the employee.

Official guidance on personal tax obligations related  to trade/ownership of cryptocurrencies can be found  here: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.htm

We send your employees their Bitcoin on the same  day they receive their paycheques.

We send a transaction report that lists your  employees’ total contribution amounts. You  tell us how much you would like to match  per employee, and we will add that to their  contributions.

While there is risk and uncertainty in any investment opportunity, generally speaking the relative risk in self-stored Bitcoin is much lower than the public perception of that risk. Since 2009 Bitcoins price appreciated from $0.01 to $69,000USD in 13 years. It has had a number of high profile price crashes along the way, but over longer time frames the trend is up.

The Bitcoin network has been running near flawlessly during that time and is growing in global computing power every day. There is always risk of some unknown, unforeseen event creating a catastrophic failure of the network. Short of that occurring, most of the risk relates to individuals storing their Bitcoin securely and safely.

We send a transaction report that lists your  employees’ total contribution amounts. You  tell us how much you would like to match  per employee, and we will add that to their contributions.

Official guidance on personal tax obligations related  to trade/ownership of cryptocurrencies can be found  here: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.htm

The decision to offer bitcoin as part of compensation and rewards is not limited to a particular region or industry. Our clients range in size from small enterprise to large corporations, and are coast to coast.

The billing Bitcoin Purchase Plan (BPP) functions the same as benefits or a group RRSP / pension. Block Rewards sends you an invoice confirming employee contribution amounts and then withdraws the company total through pre-authorization and then distributes the Bitcoin directly to your staff.

No, Block Rewards is a non-custodial service. We purchase all Bitcoin on the same business day as the funds arrive from your company. Bitcoin are then immediately sent to your employees wallets.

There is no minimum number of required employees. We do require $150 minimum total purchase per pay run.

The Lightning Network is an additional layer atop the Bitcoin blockchain, enabling users to establish payment channels for conducting transactions independently of the primary blockchain. Despite taking place off the main blockchain, these transactions still leverage the security and decentralization features inherent in the blockchain. Referred to as off-chain transactions, this secondary layer contributes to enhanced speed, reduced costs, and improved scalability for the broader Bitcoin network.

The Lightning Network exhibits remarkable speed, capable of handling 1,000,000 transactions per second, a stark contrast to the main Bitcoin blockchain's 7 transactions per second. Offering cost-effective solutions, the network enables economical payments of any size, mitigating the often high fees associated with Bitcoin transactions. This affordability facilitates everyday micropayments in Bitcoin for items like coffee or pizza. Additionally, the Lightning Network's scalability allows users to navigate payment channels seamlessly, enabling transactions between interconnected parties without the necessity of opening new payment channels, enhancing overall flexibility and efficiency.

Yes, Satoshis on lightning can be exchanged for Satoshis on the base chain at any time.

Because lightning transactions are faster and cheaper, lightning payroll options create new ways for remunerating staff. Depending on the goals of the organization, and the preference of the users one option might make more sense than another, or you are free to offer your staff both.