Topic: Started getting paid 100% in Bitcoin starting with my last paycheck - page 2. (Read 7074 times)

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

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

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

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

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

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

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.

You are trully a pioneer. My concern with this tho is, unless one were to be a die hard enthusiast of bitcoin.. the average joe is not going to want such a volatile ass income.

This is really cool! you dumped your bank
I want to do it too but only if i could live w/o my salary for so long

No fee during Beta. It would not be a disaster if bitcoin plummeted, I get paid every 2 weeks. I can survive the price going down some over the span of 2 weeks only to have my next paycheck come up less than 2 weeks later.

My last pay two paychecks have been 10 to 13 bitcoins or so.

For bills, there is https://billpayforcoins.com/ but I am not quite keen on their 3% fee, I could use http://www.brawker.com as well. I use localbitcoins to sell bitcoins for euros to pay my rent which includes all utilities. There are several websites I use for day to day spending, here's a breakdown of some of the sites I use regularly: https://bitcointalksearch.org/topic/useful-sites-for-every-day-bitcoin-spending-links-and-reviews-943143

Interesting. How much is the fee? Would be a disaster if bitcoin plummeted... It's a risky gamble. Would you mind disclosing how many bitcoins you get? At least do tell the number of digits... How do you pay bills though? Is there a service that helps you pay bills in fiat in exchange for bitcoins?

If you are not in the US you can fill out a 673 and check either the Bona Fide Residence Test, or a Physical Presence Test. They will stop taking out taxes until you reach $100k for the year.

Imagine your paycheck was generated during a flash crash... oh my..

Of course this is a lie.

When you give your bitcoins to somebody else, they sell them on the market and hold $ or £.

When you want your money returned, they buy back the $ or £ value at current market prices and give them back to you.

Giving your bitcoins to somebody else to hold on for you "protected against volatility" is loaning your coins to short sellers, except in this case you generally pay them for the privilege of borrowing your coins to short with instead of getting paid interest.

If you are simply employed, rather than holding independent contractor status, fill out a new W-4 form every time the IRS comes out with a new one. If you are not in the U.S., you need to do something similar with whatever forms you use. The exceptions are that if you are NOT in a common law country, or if the language is not English, do your research before you do this that I am about to tell you.

1. Download and print out a 2015 W-4. You can find it located here http://www.irs.gov/pub/irs-pdf/fw4.pdf.

2. Write out the W-4 in longhand. Fill in your name, address and SSN in all caps. Do it in blue ink by writing it out yourself, by hand, rather than filling in the blanks using a computer or typewriter.

3. Over the marriage status section print the word "non-assumpsit" in lower case. Don't check any of the marriage status boxes.

4. In the number "4" box, print "non-assumpsit" as in the number "3" box.

5. In the big box that holds numbers 5, 6, and 7, print "non-assumpsit" across it. On the number "7" line, print "exempt" in lower case.

6. Sign and date as usual, except that I would recommend signing in all lower case... even the first letters of each part of your name.

NOTE: Be sure that you have filled all this out by hand, in blue ink, without using a computer and printer.

7. Make, say, a half dozen color copies.

8. Keep the original unaltered in your personal files at home or wherever. Print the word "COPY," slanted, and in red, across each of the 6 copies. Or use a "COPY" stamp that you can buy at an office supply store.

9. Certify mail, return receipt, a copy to your employer. If you work for a large company/corporation, you might mail several copies, one to the CFO of the company, another to the accounting department, a third to your local place of employment if you work at a branch of your company that is not the main branch.

Non-assumpsit means "no contract."

Generally, your employer is supposed to keep W-4 on file, except if the IRS requests a copy of it.

If your employer continues to withhold taxes after you have done this, you have a legitimate legal claim against your employer. If you don't work for the government, your employer is supposed to obey your wishes as listed on the W-4.

If your employer decides to deduct, the deductions must NOT be withheld from your paycheck. Rather, they must be separate funds that your employer sends to the IRS per any agreement he has with them.

If the IRS tells him to disregard your W-4... they don't have the authority to overrule your wishes. Your agreement for pay is between you and your employer. If he withholds, you have a legitimate legal claim against him.

I'm not going to go into the details of method for making your legal claim. It starts with a batch of letter writing to the CFO as a man, not as the CFO. You give him time to respond by seeing to it that you receive your withheld pay. Ultimately if he is the person who has the authority to see to it that you are paid, you make a claim that you have been damaged, that he has done wrong to you, that he has stolen your property. Do this like you would with any common thief. Or do it like you would for your neighbor who stole a valuable tool of yours and won't return it.

Use common sense in writing your letters. Be friendly and gracious, to the point and brief. Finally, if he won't respond, serve notice on him using a process server. Then start a common law (court of record) proceeding against him, man to man, not man to company Chief Financial Officer. Why not to the CFO? Because a CFO without the man can't do anything. It is the man using the office of the CFO who is damaging you.

Ultimately, if the CFO man will not respond by giving you your property (pay) including expenses entailed for process server, etc., take him to court, man to man, not in his office as CFO.

Search through the Youtube files here http://www.youtube.com/user/765736/videos?view=0&live_view=500&flow=grid&sort=da and here http://www.youtube.com/channel/UC5duR4OvEHHxOSdEZhANETw and here http://www.youtube.com/channel/UCwyBESRGpm1vZRErvtSmNGg for info that you might do to accomplish the law suit properly.

The volatility actually helps in the long run.

I get paid once every 2 weeks. If the price drops during that time I cut back on my spending. If the price goes up I spend more (pay my monthly bills, pay for trips I'm planning, buy something online I'd had my eye on).

Over time, doing this is better than just dollar cost averaging.

(I just wish I was at home to pay my hosting service when the price jumped up over $300, by the time I got home from a long flight the price was back down)

The price is up over the $231 rate I was paid on Friday so I will probably plan my Valentine's weekend trip today.

Seriously? How would that work if, say, I hypothetically were to put one billion € worth of bitcoins in Bitreserve. And then -again, hypothetically- the price plunges (because China bans Bitcoin or whatever) and the total market cap of Bitcoin goes below one billion €. How much bitcoins are they now storing for me on the Bitcoin network?

Don't get me wrong, I highly appreciate services like Bitreserve as they can help a lot in getting new users in while covering their risk. But don't be delusional about how this works: they store fiat, not bitcoins.

I would recommend using bitreserve.org where you can hold your bitcoin in dollars or pounds so you are protected against volatility your money would stay the same in $ or £ but its on the bitcoin network.

Just checked this directly with them: it works with AirBNB.