Frozen bank account triggers switch to Bitcoin salary for an entire year

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As Bitcoin (BTC) adoption continues to sow seeds around the world, more and more people are choosing to accept the original cryptocurrency as payment for their goods and services. For individuals, this means accepting BTC as pay.

A Florida-based bitcoin lawyer called SVN (not his real name) took his entire salary in BTC for the past year. Cointelegraph contacted him to understand why he did it and if there are some benefits to earning the most recognizable cryptocurrency in the world.

SVN explained that when the bank froze one of his accounts, he turned to Bitcoin as a solution to continue my life while the problem was resolved.

While banks have the power to unbank customers at will, or must follow government instructions, such as during the Canadian truckers protest in which government orders prevented crowdfunding for protesters, Bitcoin works around the clock. , 365 days a year without intermediary.

But for SVN, he also wanted to explore if it was possible to live on bitcoin and crypto and come to his own conclusion about its potential as the best form of money. Could Bitcoin really be the future of money? SVN explained:

Everyone kept saying it was the best form of money in the world, but all I knew was HODLers. I had to see for myself and come to my own conclusion.

Plus, he wanted to break the bubbles of stigma and mystery around this brand new economy and put some perspective on what things are and aren’t. Essentially, by managing its revenue in Bitcoin as opposed to fiat (government-issued currency) revenue, SVN has fallen further down the Bitcoin rabbit hole.

I took all my salary in #Bitcoin this year. 100% net salary paid bi-weekly.

I started with Coinbase direct deposit, migrated to Bitwage, Cash App, then asked the company to pay me directly.

— svn (@rarepassenger) December 20, 2022

He documented the experience in a Twitter thread, in which he concluded, Living on Bitcoin is simple, but difficult. For example, he mentions that accounting is a nightmare and tax reporting has become demanding. Additionally, the experience has been made more interesting due to the volatility of Bitcoins. The price in fiat terms has fallen over 70% over the past year, meaning his Bitcoin savings have grown as each paycheck has come in.

SVN also started writing a newsletter and documenting the experience. For example, by using bitcoin as a primary payment method, SVN got to see firsthand how it can be used in day-to-day transactions. He hopes others looking to get out of fiat and into bitcoin will learn from his experience.

Related: NFL Stars’ Massive Tax Bill Highlights Problems With BTC Salaries

When asked if it would accept other cryptocurrencies besides Bitcoin, SVN replied that its decision-making was driven by concerns about security and sovereignty. The crypto of choice should be robust and resistant to tampering or modification, with a known and active founder and an active CEO or pressure point. Ultimately, SVN stuck with bitcoin because it met these criteria and offered simplicity.

Besides SVN, there is a growing list of high-profile personalities who accept their salary, or part of their salary, in Bitcoin, such as Belgian MPs and NFL stars.

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