More and more people are choosing to accept the original cryptocurrency as payment for their goods and services as Bitcoin BTC adoption spreads across the globe. Individuals must do this by accepting BTC as payment.
The past year, SVN, a Florida-based proponent of Bitcoin, received his entire salary in BTC. Cointelegraph got in touch with SVN, a member of the animation sector, to find out why he did it and whether there are any benefits to obtaining the most well-known cryptocurrency in the world.
The bank had frozen one of SVN’s accounts, so he turned to “Bitcoin as a solution to keep my life going while the issue got resolved,” he said.
While banks can refuse to bank customers at will or are required to do so by government decree, as happened during the Canadian trucker protest when the government forbade crowdfunding for the demonstrators- Without a middleman, Bitcoin operates 365 days a year, around the clock.
But SVN also wanted to investigate whether it was feasible to subsist on cryptocurrency and Bitcoin in order to draw his own conclusions about its potential as the ideal form of payment. Could Bitcoin truly be the currency of the future? SVN clarified:
“Everyone kept saying that it’s the best form of money in the world, but all I knew were hodlers. Had to see for myself and come to my own conclusion.”
He also wanted to “break the stigma and mystery bubbles surrounding this entirely new economy and put a bit of perspective on what things are and what they aren’t.” By choosing to manage his income in Bitcoin rather than fiat, SVN effectively fell further down the rabbit hole of Bitcoin (money issued by the government).
In a Twitter thread where he shared his account of the experience, he came to the conclusion that “Living on Bitcoin is simple, but challenging.” He mentions the difficulties of accounting and how difficult tax reporting has become, for instance. In addition, the experiment has gained interest due to Bitcoin’s erratic price. His Bitcoin savings have increased as each paycheck has come in because the price in fiat terms has fallen over 70% in the past year.
Additionally, SVN started a newsletter where it shared its experiences. As an illustration, SVN was able to observe firsthand how Bitcoin can be used in regular transactions by using it as the main form of payment. He hopes that his experience will help others who want to switch from fiat to bitcoin.
When asked if he would accept other cryptocurrencies in addition to Bitcoin, SVN replied that concerns about security and sovereignty were what guided his decision-making. The cryptocurrency of choice should have a well-known and active founder, a CEO who is active, and be resistant to changes or tampering. In the end, SVN stuck with Bitcoin because it provided simplicity and met these requirements.
In addition to SVN, a growing number of well-known individuals, including NFL players and members of the Belgian parliament, accept all or a portion of their pay in Bitcoin.