How a frozen bank account prompted a bitcoin proponent to experiment with living by the bitcoin standard.
Adoption continues to sow seeds around the world, with more and more people choosing to accept native cryptocurrency as payment for their goods and services. For individuals, this means accepting BTC as pay.
A Florida-based bitcoin advocate named SVN (not his real name) received his entire salary in BTC over the past year. Cointelegraph reached out to SVN, which works in the animation industry, to find out why it did this and if there are any specific benefits to earning the world’s most popular cryptocurrency.
SVN explained that when the bank froze one of its accounts, it “turned to bitcoin as a solution to get on with my life while the problem was resolved.”
While banks have the power to charge customers at will or comply with government orders, such as during the Canadian truckers protest, where government orders prevented protesters from crowdfunding, Bitcoin works around the clock. , 365 days a year, without intermediaries.
But for SVN, he also wanted to explore whether it was possible to make a living from bitcoin and crypto, and come to his own conclusion about their potential as the best form of money. Could Bitcoin really be the future of money? SVN explains:
“Everyone always said it was the best money in the world, but I only knew Hodler. I had to see it for myself and come to my own conclusion.”
He also wanted to “break through the stigma and the bubbles of mystery that surround this whole new economy and give some perspective on what things are and aren’t.” Essentially, by managing its bitcoin revenue as opposed to fiat (government-issued currency) revenue, SVN has fallen further down the bitcoin rabbit hole.
He documented the experience in a Twitter thread in which he concluded, “Living with 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 Bitcoin’s volatility. The price of fiat has fallen over 70% in the past year, meaning his bitcoin savings have grown with every paycheck he receives.
SVN also started writing a newsletter, documenting the experience. For example, by using Bitcoin as the primary means of payment, 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 embrace bitcoin will learn from his experience.
Related: NFL Star’s Huge Tax Bill Highlights BTC Salary Issues
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 manipulation or change, 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.