I've seen a number of Bitcoiner Jobs that will pay whoever's hired in Bitcoin, so I'm curious what people's experiences have been?
I will say I like the idea of it, but there are parts that make me nervous:
- How do income taxes work? I'm in the US FYI, but I'd be curious how other countries would handle it too.
- Do you convert any to fiat? If not, how do you go about paying bills (rent, credit card bills, etc).
- Has the price volatility ever impacted you at all? I hate the idea of getting paid right before a bear market and losing a large chunk of value from my paycheck.
Thanks in advance!
some thoughts:
I live on Bitcoin only from 2018.
Employer withholds part of gross pay and reports income to IRS in fiat
I have the option to send a percentage of my net pay to my bank as fiat
Each paycheck varies a little in Bitcoin terms depending on the exchange rate.
I keep fiat for spending and bills. I saved so much fiat during Covid that I haven't needed to replenish my pile yet. I don't want to keep so much fiat since inflation is reducing it's value the longer I keep it.