A Florida-based Bitcoin advocate named SVN (not his real name) earned his entire salary in BTC for the past year. Cointelegraph reached out to SVN, who works in the animation industry, to understand why he is doing this and whether there are certain advantages to earning the world’s most popular cryptocurrency.
When the bank froze one of its accounts, SVN explained, it turned to “Bitcoin as a solution to keep my life going while I solve the problem.”
While banks have the ability to cancel customers’ bank accounts at will or must follow government instructions, such as during a Canadian trucker protest where government orders prevented crowdfunding of protesters – Bitcoin works 24/7, 365 days a year, with no middleman. .
But for SVN, he also wanted to explore whether it was possible to live on Bitcoin and cryptocurrencies and form his own conclusion about their 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 were scammers. I had to see for myself and come to my own conclusion.”
In addition, he wanted to “break the stigma and fuzzy bubbles around this whole new economy and put some perspective on what things are and aren’t.” In essence, by running its income in Bitcoin rather than fiat income (money issued by the government), SVN has fallen further down the Bitcoin rabbit hole.
He documented the experience in a Twitter thread in which he concluded, “Living on Bitcoin is simple but hard.” For example, he stated that accounting is a nightmare and that tax reporting has become a requirement. Moreover, the experience is made more interesting due to the volatility of bitcoin. The price has fallen legally by more than 70% in the past year, meaning his Bitcoin savings have increased with each paycheck coming in.
SVN has also started writing a newsletter and documenting the experience. For example, by using Bitcoin as the primary payment method, SVN has been able to see how it can be used in everyday transactions. He hopes that others seeking to opt out of the fiat system and engage in Bitcoin will learn from his experience.
Related: NFL star’s huge tax bill highlights BTC salary woes
When asked if it would accept other cryptocurrencies in addition to Bitcoin, SVN replied that its decision-making was driven by concerns about security and sovereignty. The cryptography chosen must be robust and resistant to tampering or changes, with a known, active founder and active CEO or lobby point. In the end, SVN stuck with Bitcoin because it met those criteria and provided simplicity.
Aside from SVN, there is a growing list of notables who accept their salary, or part of their salary, in bitcoin, such as Belgian MPs and NFL stars.