​Should you take your salary in BTC?

Ever wondered what would actually happen if you took your entire salary, in Bitcoin.

Well, a Florida-based guy who calls himself 'SVN' has done just that.

(And he wrote a great thread on Twitter about the pros and cons)!

Here're some of the more interesting parts:

• His employer initially paid SVN's salary through direct deposits straight into his Coinbase account.
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  This made tax reporting easy, but with Coinbase's 'know your customer' (KYC) rules there was almost too much transparency about the flow of funds, according to SVN.
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• The employer eventually started paying, in crypto, directly to SVN's wallet.
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  This took away the KYC side of things to some extent, but it made accounting much more challenging.
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• Because BTC's price has been volatile - and it's come down by ~70% in the past year - he now receives more BTC per paycheck than he did at the start of the year.
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  While on the surface that sounds good, it means the value of his first few paychecks is worth less today. The volatility makes it difficult to budget.
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• SVN was able to transact pretty easily for everyday items through tools that would immediately convert BTC to fiat.
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  Problem was, keeping track of all of the transactions, and their conversion rates, was a nightmare.

After a full year of taking his salary in BTC, SVN said that “Living on Bitcoin is simple, but challenging.”

Overall, the fact that someone has done this is a big step forwards in the evolution of digital currencies.

SVN highlighted some key areas that need to be improved - mostly focused on the accounting, and user experience, side of things.

But the good news is, innovation ain't stopping!