forums

Okung Receiving Partial Pay In Bitcoin

Empirical Cane

Empirical Cane

We are what we repeatedly do.
Joined
Sep 3, 2018
Messages
44,970
Okung taking half his pay in Bitcoin.

This is going to be either a really, really good or really, really bad outcome for him.

www.foxbusiness.com

Panthers' Russell Okung will become first NFL player to be paid in bitcoin

Carolina Panthers offensive lineman Russell Okung fulfilled his goal to be paid in Bitcoin.
www.foxbusiness.com www.foxbusiness.com


Seems like too restrictive as a value-store to me. Anybody* can start a digital currency if they have the resources.

What do you currency trader cats think??

*ok.. ok.. not anybody but you get my point
 
Advertisement
Every fiat currency in the history of the world has failed due to fallen regimes or manipulation. Anyone would be wise to hedge with precious metals and BTC with a long term outlook in mind. 50% is steep but he's also getting paid to promote.

The potential of crypto is far less restrictive and is frictionless than fiat.
 
That’s a lot to put into it, but it could be a huge gain for him.

How is this any different from him just using his paycheck to buy Bitcoin outright tho?
 
I know ZERO about Bitcoin other than the name and now Musk has promoted a rival.

Is it true there are only so many Bitcoins able to be digitally "mined"?

As of now, it is essentially a closed system?

If you have a $20,000 Bitcoin and purchase an item say, $8,500 with it, does the seller give you a partial bitcoins (cents?) as change?

Educate me.
 
wspcane said:
I’m not even sure that’s the case. You have to pay taxes whether received as BTC or USD, but if he received cash and then had to buy it, it would be on an after tax basis. I have no idea.
Click to expand...
Either way, he won’t get punished (taxed) for the value increase of the Bit over time, right?
 
Advertisement
Empirical Cane said:
I know ZERO about Bitcoin other than the name and now Musk has promoted a rival.

Is it true there are only so many Bitcoins able to be digitally "mined"?

As of now, it is essentially a closed system?

If you have a $20,000 Bitcoin and purchase an item say, $8,500 with it, does the seller give you a partial bitcoins (cents?) as change?

Educate me.
Click to expand...

Yes, there are only 21 million bitcoins of which 18.5 million have mined. Bitcoin is infinitely divisible so you can give .00000000001 change if necessary, the same applies if you want to purchase .000000001 bitcoin. You do not need to purchase whole bitcoins. The difficulty to mine bitcoin is adjusted every 2016 blocks to maintain a 10 minute average per block and has increased in difficulty over time due the computing power of the network consistently rising.

In simpler terms bitcoin is like a visa network , except it's decentralized so the miners are using their computing power to mine as well as process transactions for small fees (significantly smaller than visa fee's). The network is secure from hackers and governments and be moved across borders with ease unlike traditional currencies or gold.
 
Back
Top