Frozen bank accounts trigger the switch to bitcoin content for a full year
Frozen bank accounts trigger the switch to bitcoin content for a full year
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As the adoption of Bitcoin (BTC) continues to sow seeds around the world, more and more people are choosing to accept the native cryptocurrency as payment for their goods and services. For individuals, this means accepting BTC as salary.
A Florida-based bitcoin advocate named SVN (not his real name) has been getting his entire salary in BTC for the past year. Cointelegraph reached out to him to understand why he did this and if there are specific benefits to earning the world’s most popular cryptocurrency.
SVN explained that when the bank froze one of his accounts, he “turned to Bitcoin as a solution to keep my life going while the issue was resolved.”
While banks have the power to charge customers at will or have to follow government orders — as during the Canadian Trucker Protest, where government orders prevented protesters from crowdfunding — Bitcoin runs 24/7, 365 days a year with no intermediaries.
But for SVN, he also wanted to explore whether it’s possible to make a living off Bitcoin and crypto, and form his own conclusion about its potential as the best form of money. Could Bitcoin really be the future of money? SVN explains:
“Everyone kept saying it was the best form of money in the world, but all I knew were HODLers. I had to see it for myself and come to my own conclusion.”
He also wanted to “break the stigma and mystery bubbles surrounding this whole new economy and give a little perspective on what things are and aren’t.” Essentially, by managing its income in bitcoin as opposed to fiat income (government-issued money), SVN fell further down the bitcoin rabbit hole.
I collected my entire salary #Bitcoin this year. 100% net salary is paid bi-weekly.
Started with Coinbase Direct Deposit, migrated to Bitwage, Cash App, then got the company to pay me directly.
— svn ⚡️ (@rarepassenger) December 20, 2022
He documented the experience in a Twitter thread in which he concluded, “Living with Bitcoin is simple but challenging.” For example, he mentions that accounting is a nightmare and tax reporting has become demanding. In addition, the experiment was made more interesting due to Bitcoin’s volatility. The price of fiat has fallen over 70% in the last year, meaning his bitcoin savings have grown with every paycheck that has come in.
SVN also started writing a newsletter, documenting the experience. For example, by using Bitcoin as their primary means of payment, SVN has been able to see firsthand how it can be used in everyday transactions. He hopes others who want to opt out of fiat and sign up for bitcoin will learn from his experience.
Related: NFL star’s massive tax bill highlights issues with BTC salaries
When asked if he would accept other cryptocurrencies besides bitcoin, SVN replied that his decision-making was driven by concerns about security and sovereignty. The crypto of choice must be robust and resistant to manipulation or change, with a known and active founder and an active CEO or pressure point. In the end, SVN stuck with Bitcoin because it met those criteria and offered simplicity.
Aside from SVN, there is a growing list of high-profile figures who accept their salary or part of their salary in Bitcoin, such as Belgian MPs and NFL stars.
