Those who get paid only in BTC, how is it? Any advice for first-timers?
949 sats \ 3 comments \ @brianh 5 Oct 2023 bitcoin
I've seen a number of Bitcoiner Jobs that will pay whoever's hired in Bitcoin, so I'm curious what people's experiences have been?
I will say I like the idea of it, but there are parts that make me nervous:
  1. How do income taxes work? I'm in the US FYI, but I'd be curious how other countries would handle it too.
  2. Do you convert any to fiat? If not, how do you go about paying bills (rent, credit card bills, etc).
  3. Has the price volatility ever impacted you at all? I hate the idea of getting paid right before a bear market and losing a large chunk of value from my paycheck.
Thanks in advance!
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992 sats \ 0 replies \ @spraveenitpro 5 Oct 2023
some thoughts:
  1. Income taxes work great, Bitcoin is the ultimate separation of state and money. So you pay the state what you feel they deserve.
  2. Choose a jurisdication where this is not needed. You can even choose to receive a portion in fiat to avoid conversion.
  3. No, Stay solvent. Have a reserve fund that covers the next 6 months atleast.
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46 sats \ 0 replies \ @DarthCoin 5 Oct 2023
  1. Taxation is theft. Stop thinking in that.
  2. No, I never go back to fiat. Earn in BTC, spend in BTC. No more fiat.
  3. Fiat have volatility not bitcoin.
I live on Bitcoin only from 2018.
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5 sats \ 0 replies \ @chaoticalHeavy 5 Oct 2023
How do income taxes work?
Employer withholds part of gross pay and reports income to IRS in fiat
Do you convert any to fiat?
I have the option to send a percentage of my net pay to my bank as fiat
Has the price volatility ever impacted you at all?
Each paycheck varies a little in Bitcoin terms depending on the exchange rate.
I keep fiat for spending and bills. I saved so much fiat during Covid that I haven't needed to replenish my pile yet. I don't want to keep so much fiat since inflation is reducing it's value the longer I keep it.
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