A look at the growing demand for jobs, wages and blockchain taxes in the encrypted market

When we talk a lot about the encrypted market, topics like jobs, salaries and taxes are largely neglected. Interestingly, even with the decline in the value of cryptocurrency, there has been growth in these areas.

Demand for blockchain increases

In a LinkedIn analyst report, about 645 job openings used words like "blockchain", "bitcoin" and "cryptocurrency" in 2016. A year ago, the number of job openings using these terms rose to 4,500. Now, this year, there are 13,816 blockchain openings and 2,749 relative to the cryptocurrency.

The Glassdoor figures seem to support these results. A report published by the platform indicated that most of the cryptocurrency vacancies occurred in American cities, such as New York and San Francisco. In the area, it seems that software developers are the most popular jobs, with traders and investors behind them.

Those who watch the field for the time frame of the last three months, the state of the labor market in the crypt e blockchain the field looks a little different. Those interested in these roles have decreased by 3%, but the number of jobs in these areas has increased by 481.61%. Two of the largest companies looking for individuals in the area are IBM and ConsenSys. Furthermore, jobs are not just in the United States, but also in other countries.

Good job offers and packages

The advantage of looking for work in a space with very few qualified people is that salaries and packaging are higher. The average basic salary is around $ 84,884 per year, which is higher than the average salary in the United States, which is around $ 52,461. As for those who are able to develop blockchain technology and have three to five years of experience, they are able to start around half a million dollars.

David Schwartz of Ripple said the hiring packages have become "crazy" because of the ICOs who are investing a great deal of money in the industry. Some platform developers have received bonus offers of $ 1 million.

The increase in wages does not always mean that the quality of the products would improve. On the contrary, some have argued that quality has diminished. Alex Ferrara of Bessemer Venture Partners, stated that "beyond the enthusiasm [is] impact on the pace of development. Many of these projects are far behind in their launch programs. "

Which currency applies to salaries?

Chronobank, a human resources startup, published a poll that questioned 445 people in the cryptic space around the world on which currency they preferred to receive their salaries. About 66% indicated that they preferred to be paid in bitcoins and 83 were fine with receiving digital money.

Humans.net, a peer-to-peer platform, also conducted an extensive survey that showed that there was a significant increase in interest towards receiving cryptocurrency payments from ordinary citizens. There are some companies that already offer cryptocurrency wages. For example, GMO Internet, an IT company based in Tokyo, plans to pay salaries in the crypt. There are also companies outside the cryptographic space they are paying in the crypt. For example, Gibraltar United football can play its players with the Quantocoin encrypted coin. The club's owner, Pablo Dan, is convinced that crypto payments lead to greater transparency and simplifies the financial transaction process.

According to Bloomberg Law analysts,

"Several US-based companies are paying their international workers in Bitcoins, as they can save both company and employee money."

Fiscal Responsibility

Naturally, there may also be tax liabilities involved. However, these liabilities are difficult to determine due to the absence of defined legislation and tax rules. For example, the European Union has no regulations on encryption activities and each country of the Union has its own tax system for such transactions. In France, the digital currency is subject to tax on the country's capital gains. As for Germany, it does not apply encryption when it is used as a means of payment. In the United Kingdom, Bitcoin does not have a legal status, but is treated as a foreign currency.

In Asia, Singapore profits are not taxed when investors use cryptography in their portfolio. China does not recognize bitcoin as a currency, but a service and then tax it as a VAT. Australia applies income tax encryption, while Canada applies a capital gains tax. The United States requires that those who hold the cryptocurrant pay with the property tax.

On hold

The integration of blockchain and cryptocurrency into everyday life is slow, but as countries take a more favorable position towards these areas, adoption may increase. Furthermore, there are several states that have already adopted systems that allow payment via cryptocurrency. Even though China has banned encryption, things may change.

Furthermore, the labor market has been influenced by the cryptocurrency. Other companies are looking for employees who understand technology and are passionate about it. Going forward, it will be interesting to see how things evolve as does the crypt.