Bitcoining it - Irish company to pay staff in virtual currency

GSM Solutions, the Dublin based electronics repair firm which hosts Ireland's first bitcoin ATM, has started paying some of its staff in the virtual currency.

The company has so far signed up five staff members to accept Bitcoin as part of their wages, and is currently integrating some Bitcoin Payroll API’s into its operations with a view to rolling it out fully over the coming months.

If workers get paid in Bitcoins, it may lead to more businesses in the neighbourhood accepting the currency, which could lead to more growth.

Alan Donohoe, managing director with GSMsolutions, said that the employees' salaries are set in euro, so the amount they get each pay period does not fluctuate with the price of bitcoin.

“As a tech company we’re always striving to be on the cutting edge. As we are quite heavily involved in this area already, using digital money to pay our employees at a tech company just makes perfect sense, in my opinion.”

Last month Bitvendo unveiled Ireland’s first Bitcoin ATM, which is hosted by GSM at Upper Abbey Street, in Dublin’s city centre.

The price of Bitcoin has fluctuated widely since it was first launched, peaking at $1,200 in early December before dropping back to below $500.