My employer has no idea I am getting paid in BTC. Bitwage is like a reverse BitPay. BitWage gets paid in fiat from my company via direct deposit and converts it to BTC for me.
You sir are a true Bitcoin Hero! A Legendary Hero!
Topic: Started getting paid 100% in Bitcoin starting with my last paycheck - page 5. (Read 7074 times)
January 04, 2015, 12:08:15 PM
You sir are a true Bitcoin Hero! A Legendary Hero!
January 04, 2015, 11:53:40 AM
Really interesting and informative thread, keep it up, bookmarked for later read.
January 04, 2015, 11:43:35 AM
This is the true future and use of bitcoin, if we want it to be solid, we need the ability to get paid in it for serious jobs, not posting on forums or whatnot. The thing is, I dont really understand how it works for you... do the workers know you get paid in btc? they know your btc address? you bypass 100% taxes (you said banks dont know shit), and you can really trust bitwage? I dont feel too safe giving them personal info.
All that stuff I dont understand and have to check it out.
All that stuff I dont understand and have to check it out.
My employer has no idea I am getting paid in BTC. Bitwage is like a reverse BitPay. BitWage gets paid in fiat from my company via direct deposit and converts it to BTC for me.
My company takes care of my taxes, 401k, benefit deductions, ObamaCare, etc. before they send on the direct deposit.
As far as trusting bitwage, I trust them about as much as an exchange. They hold none of my bitcoins, the worst they could do is keep one of my paychecks. At that point their whole business would be finished and nobody would use them again. And because they use ACH, my company would probably get the deposit reversed.
January 04, 2015, 11:36:12 AM
This is the true future and use of bitcoin, if we want it to be solid, we need the ability to get paid in it for serious jobs, not posting on forums or whatnot. The thing is, I dont really understand how it works for you... do the workers know you get paid in btc? they know your btc address? you bypass 100% taxes (you said banks dont know shit), and you can really trust bitwage? I dont feel too safe giving them personal info.
All that stuff I dont understand and have to check it out.
All that stuff I dont understand and have to check it out.
January 04, 2015, 03:39:40 AM
Thanks for this post, I did not know this was possible with bitwage.co
So you simply tell HR that you need your direct deposit route/account numbers changed, and provide them with new numbers provided by bitwage.co - then do you provide bitwage.co with a new BTC receiving address each month? Their website isn't very clear on how any of this works and didn't inspire much confidence.
So you simply tell HR that you need your direct deposit route/account numbers changed, and provide them with new numbers provided by bitwage.co - then do you provide bitwage.co with a new BTC receiving address each month? Their website isn't very clear on how any of this works and didn't inspire much confidence.
That's exactly how it works, I provide a receive address to bitwage.co and can change it if I want.
Quote
Are you keeping track of capital gains for every bitcoin transaction you make? Every BTC you get through bitwage.co is now "on the grid" and presumably you'd need to be able to account for how you spent each one of them in the event of a potential IRS audit. I am curious how you are going to deal with all the additional bookkeeping?
Yes, to any IRS agent reading this I do all of my taxes, especially when using localbitcoins.
Actually, for me it is fairly different. I live overseas so I do not pay income tax up to my first $100k of income. I live in Germany where Capital gains on bitcoins is zero after a year. So I can buy and hold all year with these coins and spend my other coins. Simple enough to keep track of with one address for income. I can just change addresses in a year and start spending this income.
Quote
How will you pay your mortgage and bills? Or maybe your debt free which if so seems like a fun idea to try out.
Actually, I do have a mortgage on a house I own in the US that is being rented. The rent goes to my bank account which I send to the mortgage company each month. I need to figure out this last piece of the puzzle. Australia already has a Bitcoin bill pay company, hopefully someone in the US sets one up.
I pay cash for my rent here which includes utilities, so all I need money for is food and gas. Converting Bitcoins to euros is a lot cheaper than dollars to euros.
January 04, 2015, 12:54:28 AM
man this is scary lol. How will you pay your mortgage and bills? Or maybe your debt free which if so seems like a fun idea to try out.
January 03, 2015, 11:57:25 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.
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.
Are you keeping track of capital gains for every bitcoin transaction you make? Every BTC you get through bitwage.co is now "on the grid" and presumably you'd need to be able to account for how you spent each one of them in the event of a potential IRS audit. I am curious how you are going to deal with all the additional bookkeeping?
January 03, 2015, 11:25:37 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.
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.
Thanks for this post, I did not know this was possible with bitwage.co
So you simply tell HR that you need your direct deposit route/account numbers changed, and provide them with new numbers provided by bitwage.co - then do you provide bitwage.co with a new BTC receiving address each month? Their website isn't very clear on how any of this works and didn't inspire much confidence.
January 03, 2015, 09:59:32 PM
Wow. Talk about someone who believes so much in bitcoin. I mean you practically wager everything you earn with the hope bitcoin will one day becomes the standard currency! Good luck then. I'm not that brave as you but still keeping a portion in fiat to lower the risk.
January 03, 2015, 09:04:49 PM
If I ever work for a big corporation I will be doing the same!
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.
January 03, 2015, 08:10:54 PM
Wow, that's quite some step you took there. Are there a lot of fees associated with that service? I'd prefer it if my employer paid me directly in Bitcoin, of course. Since you are effectively only forwarding your money directly to that service, there still are a lot of banks involved. But I agree that this is the next best thing to the dream of being paid in Bitcoin.
January 03, 2015, 08:05:13 PM
Dude!!! That is awesome!!! All in!! Go big or go home!!
January 03, 2015, 06:15:52 PM
Are you able to split your direct deposits between bank accounts? If so you can split it 10-20%, it goes by your direct deposit.
Most likely I can't. The only option would be to rewire 20% to bitwage.co from my primary account but this would mean paying international bank transfrer fees.My employer let's us split up our paychecks by fixed amount, percentage, & remainder.
January 03, 2015, 05:38:43 PM
Are you able to split your direct deposits between bank accounts? If so you can split it 10-20%, it goes by your direct deposit.
Most likely I can't. The only option would be to rewire 20% to bitwage.co from my primary account but this would mean paying international bank transfrer fees. January 03, 2015, 05:04:48 PM
I think more people should follow your initiative. However I am afraid converting 100% of salary on a monthly basis is still risky. I would like to go with 10-20% though. Is there any way to do so?
Another concern I have are fees for this service and overall financial benefit for both me and an employer.
1) Converting my wage into BTC so I can make use of BTC infrastructure should bring me benefits over doing the same with fiat. At least it must save me transaction fees which I would have to pay if I buy anything with fiat.
2) Both my employer and me should have tax release for an amount converted into BTC as this could be treated as company benefit.
Another concern I have are fees for this service and overall financial benefit for both me and an employer.
1) Converting my wage into BTC so I can make use of BTC infrastructure should bring me benefits over doing the same with fiat. At least it must save me transaction fees which I would have to pay if I buy anything with fiat.
2) Both my employer and me should have tax release for an amount converted into BTC as this could be treated as company benefit.
Are you able to split your direct deposits between bank accounts? If so you can split it 10-20%, it goes by your direct deposit.
There are no fees though when I was paid the price was around $316 on Bitstamp and they paid me based on $319 so they may be adding 1% to their base price.
I have no idea about the employer using their service. As an employee my employer has no idea that I am being paid in Bitcoin.
January 03, 2015, 04:53:58 PM
Make sure you have at least a nominal amount of regular FIAT money so you are not screwed in case the Bitcoin experiment goes belly-up at any point!
Even if Bitcoin drops to $1 I have another paycheck coming in 2 weeks so...no biggie. Like I said, I sell on localbitcoins to get cash so I always have some spending money.
you now need to push your local grocery store to accept bitcoin and your landlord. and then you'll be at my level of no FIAT
i dont even look at the fiat price anymore, the only time i see price changes is when people write topics on these boards in their emotional panicking state.. lol to me bitcoin is better than fiat no matter what the crappy exchange values show
January 03, 2015, 04:43:22 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.
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.
I think more people should follow your initiative. However I am afraid converting 100% of salary on a monthly basis is still risky. I would like to go with 10-20% though. Is there any way to do so?
Another concern I have are fees for this service and overall financial benefit for both me and an employer.
1) Converting my wage into BTC so I can make use of BTC infrastructure should bring me benefits over doing the same with fiat. At least it must save me transaction fees which I would have to pay if I buy anything with fiat.
2) Both my employer and me should have tax release for an amount converted into BTC as this could be treated as company benefit.
January 03, 2015, 04:35:20 PM
Make sure you have at least a nominal amount of regular FIAT money so you are not screwed in case the Bitcoin experiment goes belly-up at any point!
Even if Bitcoin drops to $1 I have another paycheck coming in 2 weeks so...no biggie. Like I said, I sell on localbitcoins to get cash so I always have some spending money.
I'm definitely gonna use this service soon. Most of my income has a corresponding expense, but that will change soon once I finish training (radiology) this summer.
January 03, 2015, 04:01:24 PM
Make sure you have at least a nominal amount of regular FIAT money so you are not screwed in case the Bitcoin experiment goes belly-up at any point!
Even if Bitcoin drops to $1 I have another paycheck coming in 2 weeks so...no biggie. Like I said, I sell on localbitcoins to get cash so I always have some spending money.
Jump to: