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as Bitcoin (Bitcoin) Adoption continues to seed around the world, with more and more people choosing to accept the original cryptocurrency as payment for goods and services.
A Florida-based bitcoin advocate called SVN (not his real name) has received his entire salary in BTC for the past year. Cointelegraph reached out to him to understand why he did it and if there were any particular advantages to winning the world’s most famous cryptocurrency.
SVN explained that when the bank froze one of his accounts, he “relied on Bitcoin as a solution to sustain my livelihood while the matter was resolved.”
Banks have the power to close customer bank accounts at will, but must comply with government instructions. Canadian truck driver protest A government order prevented crowdfunding for protesters. Bitcoin works 24/7 without intermediaries.
But for SVN, he also wanted to explore whether it is possible to live with Bitcoin and cryptocurrencies and come to his own conclusions about its potential as the best currency. Will Bitcoin really be the future of money?
“Everyone kept saying this was the best form of money in the world, but Hodler was the only one I knew. I had to see it for myself and draw my own conclusions. .”
Additionally, he wanted to “bust the bubble of stigma and mystery around this whole new economy and put a little perspective on what things are and what isn’t.” Essentially, by managing his income in Bitcoin rather than fiat currency (government-issued money), SVN has fallen further down the Bitcoin rabbit hole.
got all my pay #bitcoin this year. 100% net wages paid every other week.
I started with direct deposits on Coinbase, moved to Bitwage, Cash App and received payments directly from the company.
svn (@rarepassenger) December 20, 2022
He documented the experience in a Twitter thread, concluding, “Living on Bitcoin is easy, but rewarding.” For example, he says accounting is a nightmare and tax filing is becoming more demanding. Additionally, Bitcoin’s volatility has made the experiment more interesting.The price in fiat currency is dropped more than 70% last year, In other words, my bitcoin savings increased with each paycheck.
SVN also started writing a newsletter to document the experience. For example, SVN used Bitcoin as its primary payment method, allowing us to see first-hand how Bitcoin can be used in everyday transactions. He hopes others looking to opt out of fiat currency and opt into bitcoin can learn from his experience.
Related: NFL Star’s Huge Tax Bill Highlights BTC Salary Issues
When asked if he would accept other cryptocurrencies in addition to Bitcoin, SVN said his decision was based on security and sovereignty concerns. The cryptocurrency you choose should be robust, resistant to tampering and modification, and have a known active founder and an active CEO or pressure point. Ultimately, SVN met these criteria and offered simplicity, so we stuck with Bitcoin.
Besides SVN, there is a growing list of celebrities who receive their salary or part of their salary in Bitcoin. Belgian member of parliament When NFL star.
