Started getting paid 100% in Bitcoin starting with my last paycheck

[justusranvier]

the average joe is not going to want such a volatile ass income.

It's not volatile income - it's volatile savings.

There's a big difference between the two, although people who live paycheck-to-paycheck might not know what savings are and so might not recognize the difference.

If a person who is paid regularly in bitcoin buys as much local currency as they'll need before their next paycheck on the same day they get paid and saves the rest, they are not affected by short term volatility.

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[HarryPotHead]

Wow this is wicked i would love to be paid 100% bitcoin take out what you need to live an you have a good pension to look forward to, (hopefully) good luck dude

[Shattered]

Easily one of the best threads ive ever read on this forum.
Hopefully many people(who can) will follow your lead on this.

I tip my hat to you

[Possum577]

the average joe is not going to want such a volatile ass income.

It's not volatile income - it's volatile savings.

There's a big difference between the two, although people who live paycheck-to-paycheck might not know what savings are and so might not recognize the difference.

If a person who is paid regularly in bitcoin buys as much local currency as they'll need before their next paycheck on the same day they get paid and saves the rest, they are not affected by short term volatility.

That's a good point, as long as the BTC is spent quick (like within the pay period) the volatility means less.

[Elwar]

That's a good point, as long as the BTC is spent quick (like within the pay period) the volatility means less.

Actually, if I have something that can wait I do not buy it with bitcoins until the price is higher than what I was paid that last paycheck.

My last paycheck came in at $230. I am planning a trip to Milan so I bought my plane tickets using Bitcoin when the price was as $235 (coming down from $240). Now I need to book a hotel but the price is below $230 (currently $225) so I can wait until either the price is back above $230 or I get paid again.

Unless I have a pressing bill, spending this way will always have me spending when the price is higher than what I was paid. And if the price jumps up a lot, I buy things I've been putting off for a while.

[Beymond]

That's a good point, as long as the BTC is spent quick (like within the pay period) the volatility means less.

Actually, if I have something that can wait I do not buy it with bitcoins until the price is higher than what I was paid that last paycheck.

My last paycheck came in at $230. I am planning a trip to Milan so I bought my plane tickets using Bitcoin when the price was as $235 (coming down from $240). Now I need to book a hotel but the price is below $230 (currently $225) so I can wait until either the price is back above $230 or I get paid again.

Unless I have a pressing bill, spending this way will always have me spending when the price is higher than what I was paid. And if the price jumps up a lot, I buy things I've been putting off for a while.

That's totally Awesome idea .
Thanks man! i will soon try them too

[Bit_Happy]

I work for General Dynamics, a company that is suckling on the US government's teet. They would never risk their sweet military industrial complex relationship with the government by accepting bitcoins.

I use bitwage.co (I do not work for them, just happy that I can get paid in Bitcoin).

I set up my direct deposit to the account number they provided me and my last paycheck it was all converted to bitcoins automatically. My bank never saw a penny of my paycheck.

That is the first step in dumping my bank forever.

For spending money I usually sell on localbitcoins for a profit anyway so I always have some cash on hand. And pretty much anything I want online can be paid in Bitcoin.

You have a truly 'Legendary' set-up for payday, Elwar. Congrats on getting closer to being free from your bank. 

[nikona]

I work for General Dynamics, a company that is suckling on the US government's teet. They would never risk their sweet military industrial complex relationship with the government by accepting bitcoins.

I use bitwage.co (I do not work for them, just happy that I can get paid in Bitcoin).

I set up my direct deposit to the account number they provided me and my last paycheck it was all converted to bitcoins automatically. My bank never saw a penny of my paycheck.

That is the first step in dumping my bank forever.

For spending money I usually sell on localbitcoins for a profit anyway so I always have some cash on hand. And pretty much anything I want online can be paid in Bitcoin.

How do u pay your taxes then?? do u pay tax at all?

[Elwar]

I work for General Dynamics, a company that is suckling on the US government's teet. They would never risk their sweet military industrial complex relationship with the government by accepting bitcoins.

I use bitwage.co (I do not work for them, just happy that I can get paid in Bitcoin).

I set up my direct deposit to the account number they provided me and my last paycheck it was all converted to bitcoins automatically. My bank never saw a penny of my paycheck.

That is the first step in dumping my bank forever.

For spending money I usually sell on localbitcoins for a profit anyway so I always have some cash on hand. And pretty much anything I want online can be paid in Bitcoin.

How do u pay your taxes then?? do u pay tax at all?

For last year I have taxes but I was getting money taken out of my paycheck and I will likely be close to getting money back.

For this year I will probably not have any income taxes to pay from living overseas. But I will surely (for any taxman watching) pay my Bitcoin taxes for any gains like a good comrade.

We do need a Bitcoin service that allows people to pay or get paid from the IRS. That would be the final step. The way Bitwage is set up they could probably set up a direct deposit for your tax refund. A Bitcoin bill pay service could probably be used to pay it, or going through Brawker.

[Elwar]

I'd be curious to know if anyone else has set themselves up on bitwage.co even for 5-10% of their pay.

I hope they are successful and get 10,000 people to do the same.

10k people making on average $50k per year would be $500 million coming into Bitcoin each year. That more than makes up for the current mining costs of $300 million per year (until it halves next year).

[doggieTattoo]

I'd be curious to know if anyone else has set themselves up on bitwage.co even for 5-10% of their pay.

I hope they are successful and get 10,000 people to do the same.

10k people making on average $50k per year would be $500 million coming into Bitcoin each year. That more than makes up for the current mining costs of $300 million per year (until it halves next year).

I don't think very many people can afford to save that high of a percentage of their income. And even fewer people can afford to save that much into such a speculative investment as bitcoin

[pereira4]

the average joe is not going to want such a volatile ass income.

It's not volatile income - it's volatile savings.

There's a big difference between the two, although people who live paycheck-to-paycheck might not know what savings are and so might not recognize the difference.

If a person who is paid regularly in bitcoin buys as much local currency as they'll need before their next paycheck on the same day they get paid and saves the rest, they are not affected by short term volatility.

"Normal" people dont think like this. They want something stable.
Otherwise they treat is as some kind of asset, like gold or something, not "Money".

[Mobius]

That's a good point, as long as the BTC is spent quick (like within the pay period) the volatility means less.

Actually, if I have something that can wait I do not buy it with bitcoins until the price is higher than what I was paid that last paycheck.

My last paycheck came in at $230. I am planning a trip to Milan so I bought my plane tickets using Bitcoin when the price was as $235 (coming down from $240). Now I need to book a hotel but the price is below $230 (currently $225) so I can wait until either the price is back above $230 or I get paid again.

Unless I have a pressing bill, spending this way will always have me spending when the price is higher than what I was paid. And if the price jumps up a lot, I buy things I've been putting off for a while.

This is actually a really good idea

[doggieTattoo]

That's a good point, as long as the BTC is spent quick (like within the pay period) the volatility means less.

Actually, if I have something that can wait I do not buy it with bitcoins until the price is higher than what I was paid that last paycheck.

My last paycheck came in at $230. I am planning a trip to Milan so I bought my plane tickets using Bitcoin when the price was as $235 (coming down from $240). Now I need to book a hotel but the price is below $230 (currently $225) so I can wait until either the price is back above $230 or I get paid again.

Unless I have a pressing bill, spending this way will always have me spending when the price is higher than what I was paid. And if the price jumps up a lot, I buy things I've been putting off for a while.

This is actually a really good idea

It is only a good idea as long as the price of bitcoin does not fall a lot between the time he gets paid and the time he is able to spend the funds.

[smoothie]

I work for General Dynamics, a company that is suckling on the US government's teet. They would never risk their sweet military industrial complex relationship with the government by accepting bitcoins.

I use bitwage.co (I do not work for them, just happy that I can get paid in Bitcoin).

I set up my direct deposit to the account number they provided me and my last paycheck it was all converted to bitcoins automatically. My bank never saw a penny of my paycheck.

That is the first step in dumping my bank forever.

For spending money I usually sell on localbitcoins for a profit anyway so I always have some cash on hand. And pretty much anything I want online can be paid in Bitcoin.

where do you live in the world?

curious how easy it is for you to sell for fiat on local bitcoins.

[gbianchi]

I work at Micron Technologies, Inc. and I am doing something similar.  I just receive enough shitty fiat (of which the federal reserve counterfeits daily) to pay rent, utilitites, etc.  Everything else, starting this new year, is going into bitcoin via bitwage.co.  Once you are 100% in control of your money there is no going back to legacy banking.  Fuck you bankers.

great ! Remember to fuck exchangers too

https://bitcointalk.org/index.php?topic=945881.0

[Elwar]

I work for General Dynamics, a company that is suckling on the US government's teet. They would never risk their sweet military industrial complex relationship with the government by accepting bitcoins.

I use bitwage.co (I do not work for them, just happy that I can get paid in Bitcoin).

I set up my direct deposit to the account number they provided me and my last paycheck it was all converted to bitcoins automatically. My bank never saw a penny of my paycheck.

That is the first step in dumping my bank forever.

For spending money I usually sell on localbitcoins for a profit anyway so I always have some cash on hand. And pretty much anything I want online can be paid in Bitcoin.

where do you live in the world?

curious how easy it is for you to sell for fiat on local bitcoins.

I live in Germany, where localbitcoins is banned. Before it was banned I was getting almost too many people wanting to buy bitcoins because it's so hard to get them here. I charged 10% and that was undercutting other sellers so much that people were driving hours to buy from me.

Now that they shut down access in Germany I have 3 or 4 people that I traded with before that contact me, usually just a bitcoin each time they get paid which is enough for me to pay my rent and some spending money. I actually prefer this because I did not want to start turning people down for trades and risk my localbitcoins reputation but I was getting too cash heavy and am not comfortable dropping more than 10k euros in my bank account. I meant to use it as a way to get cash for bitcoins, not turn it into a business.

[Mewtwo]

That's a really interesting way to receive your paycheck. Have to check that site out more, but wouldn't dare to use them yet since they are only in beta and we know what has been happening with unfinished sites lately...

[Elwar]

That's a really interesting way to receive your paycheck. Have to check that site out more, but wouldn't dare to use them yet since they are only in beta and we know what has been happening with unfinished sites lately...

The worst that could happen is they disappear in that brief window from when I get paid and they send my bitcoins. If that happened then I'd be able to have my company reverse the transaction.

But that window is very small. A matter of hours. It is better than an exchange because once they have my money it is immediately converted to bitcoins, sent to an address in my cold storage.

[AtheistAKASaneBrain]

From all the people i've talked to proposing getting paid in BTC instead of fiat monthly they dont like the idea because when they think bitcoin they think "80% devaulation" so they are scared of it. Unfortunately they arent very bright long term thinkers.