2 years ago
How a frozen slope relationship led 1 Bitcoin advocator to experimentation with surviving connected the Bitcoin Standard.
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As Bitcoin (BTC) adoption continues to sow seeds astir the world, much and much radical are choosing to judge the archetypal cryptocurrency arsenic outgo for their goods and services. For individuals, that means accepting BTC arsenic their salary.
A Florida-based Bitcoin advocator called SVN (not his existent name) took his full wage successful BTC for the past year. Cointelegraph reached retired to him to recognize wherefore helium did it and if determination are definite advantages to earning the world’s astir recognizable cryptocurrency.
SVN explained that erstwhile the slope froze 1 of his accounts, helium turned “to Bitcoin arsenic a solution to support my beingness going portion the contented got resolved.”
While banks person the powerfulness to unbank customers astatine will, oregon indispensable travel governmental instruction–such arsenic during the Canadian trucker protest successful which governmental orders prevented crowdfunding for the protestors–Bitcoin runs 24/7, 365 days a twelvemonth without an intermediary.
But for SVN helium besides wanted to research whether it was imaginable to unrecorded connected Bitcoin and crypto and signifier his ain decision astir its imaginable arsenic the champion signifier of money. Could Bitcoin truly beryllium the aboriginal of money? SVN explained:
“Everyone kept saying that it's the champion signifier of wealth successful the world, but each I knew were HODLers. Had to spot for myself and travel to my ain conclusion.”Plus, helium wanted to “Break the stigma and enigma bubbles astir this wholly caller system and enactment a spot of position connected what things are and what they aren't.” In essence, by managing his income successful Bitcoin arsenic opposed to fiat (government-issued money) income, SVN fell further down the Bitcoin rabbit hole.
Took my full wage successful #Bitcoin this year. 100% nett wage paid bi-weekly.
Started disconnected with Coinbase nonstop deposit, migrated to Bitwage, Cash App, past got the institution to wage maine directly.
He documented the acquisition successful a Twitter thread, successful which helium concluded, “Living connected Bitcoin is simple, but challenging.” For example, helium mentions that accounting is simply a nightmare, and taxation reporting has go demanding. Furthermore, the experimentation has been made much absorbing owed to Bitcoin’s volatility. The terms successful fiat presumption has dropped implicit 70% successful the past year, meaning his Bitcoin savings person accrued arsenic each paycheck came in.
SVN besides began penning a newsletter and documented the experience. For example, by utilizing bitcoin arsenic the superior signifier of payment, SVN was capable to spot firsthand however it tin beryllium utilized successful mundane transactions. He hopes others seeking to opt retired of fiat and opt-in to Bitcoin volition larn from his experience.
Related: NFL star’s monolithic taxation measure highlights problems with BTC salaries
When questioned whether helium would judge different cryptocurrencies arsenic good arsenic Bitcoin, SVN responded that his decision-making was driven by concerns astir information and sovereignty. The crypto of prime indispensable beryllium robust and resistant to tampering oregon changes, with a known and progressive laminitis and an progressive CEO oregon unit point. In the end, SVN stuck with bitcoin due to the fact that it met these criteria and offered simplicity.
Apart from SVN, determination is simply a increasing database of high-profile figures who judge their salary, oregon a information of their salaries successful Bitcoin, specified arsenic Belgian members of parliament and NFL stars.
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