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

Elwar

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Quote from: freeyourmind on July 09, 2015, 05:05:48 PM

Quote from: Elwar on July 09, 2015, 01:29:46 PM

As for the average being higher, BitWage just released the following info:

Quote

This is why we are delighted to announce our new product, Bitwage Cloud Savings. By partnering with Bitreserve, we are now able to offer customers the option to choose any portion of their salary to be split and held in 9 currencies and 4 precious metal, including US dollars, Bitcoins, Euros, Pounds, Mexican Pesos, Indian Rupees, Gold, and Silver.

If the price goes into bubble territory I can split some of my paycheck into gold/silver or some other currency.

That's very cool that all of those currency and precious metal options are available along with Bitcoin. Is there a fee associated with using this service? I'm assuming a currency/foreign exchange fee?

I'm not sure, I just signed up for the BitShare service and they also offer a link to a Xapo debit card so I signed up for that. I would think that each has their own fees, I will verify after trying them out.

fryarminer

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Quote from: Elwar on February 07, 2015, 06:48:05 AM

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'm gonna do it. As in starting this month. I'm still keeping my bank account until I iron stuff out but I'm gonna start using bitwage for my salary.

freeyourmind

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Quote from: Elwar on July 09, 2015, 01:29:46 PM

As for the average being higher, BitWage just released the following info:

Quote

This is why we are delighted to announce our new product, Bitwage Cloud Savings. By partnering with Bitreserve, we are now able to offer customers the option to choose any portion of their salary to be split and held in 9 currencies and 4 precious metal, including US dollars, Bitcoins, Euros, Pounds, Mexican Pesos, Indian Rupees, Gold, and Silver.

If the price goes into bubble territory I can split some of my paycheck into gold/silver or some other currency.

That's very cool that all of those currency and precious metal options are available along with Bitcoin. Is there a fee associated with using this service? I'm assuming a currency/foreign exchange fee?

Elwar

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Viva Ut Vivas

Quote from: manselr on July 09, 2015, 11:24:48 AM

Quote from: Elwar on July 09, 2015, 06:40:27 AM

So I just did an average price check for my first six months of getting paid in bitcoin.

Here are the prices for each paycheck for 6 months, once every 2 weeks (BitWage sends an e-mail with the amount of bitcoins and the price so keeping track is easy):
$319
$212
$231
$241
$257
$295
$251
$238
$234
$240
$239
$227
$249
Final average: $246/BTC

That's a useful info. Im pretty sure next time you do this the average will be higher.
Are you living on the boat you would say you would buy with your wage in some country where you wouldn't need to pay taxes overy low ones? That sounded really cool.

I'm in a country where I don't pay taxes but not on a boat yet. Working toward something like that...

As for the average being higher, BitWage just released the following info:

Quote

This is why we are delighted to announce our new product, Bitwage Cloud Savings. By partnering with Bitreserve, we are now able to offer customers the option to choose any portion of their salary to be split and held in 9 currencies and 4 precious metal, including US dollars, Bitcoins, Euros, Pounds, Mexican Pesos, Indian Rupees, Gold, and Silver.

If the price goes into bubble territory I can split some of my paycheck into gold/silver or some other currency.

manselr

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Quote from: Elwar on July 09, 2015, 06:40:27 AM

So I just did an average price check for my first six months of getting paid in bitcoin.

Here are the prices for each paycheck for 6 months, once every 2 weeks (BitWage sends an e-mail with the amount of bitcoins and the price so keeping track is easy):
$319
$212
$231
$241
$257
$295
$251
$238
$234
$240
$239
$227
$249
Final average: $246/BTC

That's a useful info. Im pretty sure next time you do this the average will be higher.
Are you living on the boat you would say you would buy with your wage in some country where you wouldn't need to pay taxes overy low ones? That sounded really cool.

Oscilson

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Quote from: Elwar on July 09, 2015, 06:40:27 AM

So I just did an average price check for my first six months of getting paid in bitcoin.

Here are the prices for each paycheck for 6 months, once every 2 weeks (BitWage sends an e-mail with the amount of bitcoins and the price so keeping track is easy):
$319
$212
$231
$241
$257
$295
$251
$238
$234
$240
$239
$227
$249
Final average: $246/BTC

Good price compared to present price and probably future price. Cheesy

Elwar

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Activity: 3598

Merit: 2386

Viva Ut Vivas

So I just did an average price check for my first six months of getting paid in bitcoin.

Here are the prices for each paycheck for 6 months, once every 2 weeks (BitWage sends an e-mail with the amount of bitcoins and the price so keeping track is easy):
$319
$212
$231
$241
$257
$295
$251
$238
$234
$240
$239
$227
$249
Final average: $246/BTC

dsly

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Quote from: AtheistAKASaneBrain on February 09, 2015, 09:45:15 AM

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.

Well its not a matter of long term thinking. You should also realize, they will have to block that money for that many years.

AtheistAKASaneBrain

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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.

Elwar

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Quote from: Mewtwo on February 09, 2015, 04:55:18 AM

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.

Mewtwo

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ROAD TO HEAVEN...

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

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Quote from: smoothie on February 08, 2015, 08:00:21 PM

Quote from: Elwar on January 03, 2015, 03:31:50 PM

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.

gbianchi

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Quote from: QuantumQrack on January 03, 2015, 08:56:04 PM

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://bitcointalksearch.org/topic/dataexchanges-their-way-of-using-a-fractional-reserve-and-generate-inflation-945881

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: Elwar on January 03, 2015, 03:31:50 PM

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.

doggieTattoo

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Quote from: Mobius on February 08, 2015, 07:36:02 PM

Quote from: Elwar on February 05, 2015, 04:48:23 AM

Quote from: Possum577 on February 05, 2015, 12:28:58 AM

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 Tongue

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.

Mobius

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Quote from: Elwar on February 05, 2015, 04:48:23 AM

Quote from: Possum577 on February 05, 2015, 12:28:58 AM

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 Tongue

pereira4

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Quote from: justusranvier on February 04, 2015, 02:05:52 PM

Quote from: BillyBobZorton on February 04, 2015, 01:11:30 PM

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".

doggieTattoo

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Quote from: Elwar on February 07, 2015, 06:48:05 AM

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

Elwar

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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).

Elwar

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Quote from: nikona on February 05, 2015, 12:24:24 PM

Quote from: Elwar on January 03, 2015, 03:31:50 PM

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.

Topic: Started getting paid 100% in Bitcoin starting with my last paycheck (Read 7087 times)