As some people face account lock-outs from their banks, some have turned to Bitcoin and other cryptocurrencies to receive their salaries.
One such Bitcoin enthusiast, SVN, received his entire salary in Bitcoin for 2022, paid in fortnightly instalments.
In a Twitter thread, he stated that he used Coinbase’s direct deposit method, then migrated to Bitwage, Cash App, where his company paid him directly in cryptocurrency.
Took my entire salary in #Bitcoin this year. 100% net wage paid bi-weekly.
— svn ⚡️ (@rarepassenger) December 20, 2022
Started off with Coinbase direct deposit, migrated to Bitwage, Cash App, then got the company to pay me directly.
He stated direct deposit services were “simple and straightforward” from then.
He said: “Payment would go direct to wallet. Would send a % straight to cold storage for saving, the rest would use as needed.”
Explaining further, he stated the benefits of receiving his yearly wage in Bitcoin was that “accountants didn’t need to know [Bitcoin]” and that tax reporting was “easy.”
Conversely, he stated Know Your Customer (KYC) coins were a challenge.
Continuing, he said: “Getting the company to pay direct was a better experience. Because I was taking 100% net every other week, it required the business to change strategies for accumulation and earning.”
On the positive, he did not have to use KYC and was paid directly to his wallet. Despite this, he faced an “accounting nightmare.”
Getting the company to pay direct was a better experience. Because I was taking 100% net every other week, it required the business to change strategies for accumulation and earning.
— svn ⚡️ (@rarepassenger) December 20, 2022
Benefits:
Non-KYC coin
Direct to wallet
Cons:
Accounting nightmare
SVN added that obstacles to receiving his coins were transition tracking, with several wallets such as Sparrow Wallet and Mobile LN wallets offering separate transaction record-keeping.
Concluding, he wrapped up his analysis of a year’s worth of Bitcoin salaries, stating,
“Anyway, a whole year of accepting #BTC as pay has been interesting. Some days there’s a gain, some days a loss, other days neutral. It makes you take care of responsibilities faster, purchases are more considerable during drops and builds time horizon. Savings increases too.”
Anyway, a whole year of accepting #BTC as pay has been interesting.
— svn ⚡️ (@rarepassenger) December 20, 2022
Some days there’s a gain, some days a loss, other days neutral.
It makes you take care of responsibilities faster, purchases are more considerable during drops and builds time horizon. Savings increases too.
He added he would do things differently such as using less “off-ramps” or avoid automatic clearing house (ACH) payments, which conduct transactions between banks and credit unions.
Finally, he recommended using stablecoins more than other cryptocurrencies.
He concluded: “Haven’t had ANY banking issues considering I don’t have a bank account anymore. Would I go back? No. I really love the freedom having custody of my [hard-earned] funds feels.”
