How if receive salaries in cryptocurrency?

According to the results of a recent study from Sage quoted by, more people are willing to accept cryptocurrency for some or all of their salary. However, writer Robert Dovoe questioned, is it really possible to live in this age with cryptocurrencies as your sole source of income?

According to the author, this might seem glamorous and interesting, but for many people, a life lived entirely on crypto is not realistic. The reason why getting a full salary in the form of crypto money might be bad is not the mistake of cryptocurrency itself. In the article on, the author gives consideration to several life problems and explains how someone who only has cryptocurrency-based income will solve the problem. The following is a detailed explanation by the author on

Bitcoin is shackled

How if receive salaries in cryptocurrency?

While for most people, getting a small percentage of their salary as a cryptocurrency will not be a problem and can even be considered an attractive bonus, but try to imagine when someone decides to receive all their income in the form of cryptocurrency. The sad truth is that today many aspects of our lives depend on what can be tracked and verified using a centralized system such as banks and brokerage companies. This system is very ignorant of the value contained in blockchain assets, and this can cause serious problems.

Buy a Car with Crypto Salary

How if receive salaries in cryptocurrency?

If you live in a place like the US or Canada, you will most likely need to have a car to survive. When buying a car, the average person usually needs to get a kind of loan. In order to qualify for the loan, someone will need a number of things such as a good credit score, enough cash in the bank for down payment, and in some cases proof of income.

In our hypothetical scenario, all of these tasks can be very difficult for those of you who support yourself fully in cryptocurrency. This is because you can only sell your crypto in fiat form first to buy important items that cannot be purchased with the cryptocurrency. Thus, there is a possibility that you have little or no credit history. As for some creditors actually, need to see a few months of bank statements to see that your bank balance is stable. In other words, if you plan to make a large purchase, you might need to sell your crypto to fiat a few months earlier so you can show that the bank balance is stable. If the lender sees a single large deposit just one or two days before the intended purchase, you will most likely be rejected. And the need to prepare for months before can force you to lose a lot of money or even your dream car itself.

In addition, most individuals who obtain cryptocurrency today to some extent often find it very difficult to show or even explain to lenders how they are paid. To make matters worse, many companies that pay with cryptocurrency cannot provide the most common forms of proof of employment, such as W-2 forms in the US. And unfortunately, most lenders will not be sophisticated enough to be able to review Bitcoin or Ethereum transactions on an open blockchain to verify revenue.

Personal Housing Crisis

How if receive salaries in cryptocurrency?

Of course, it is still possible to live without a car, especially if you live in a big city or an area that has good public transportation. However, no sane person wants to live without some form of safe housing.

The same when making large purchases such as buying a car, getting a mortgage or renting an apartment can cause other difficulties for those who are only paid with cryptocurrency.

For example, to rent an apartment in the US from an apartment management company, one usually has to prove not only how much their income is, but that income is 2.5 times their monthly rent. Background and credit checks are also important, and this system has no way to understand or combine blockchain assets. In other words, if there is a significant percentage of wealth that you have saved on a blockchain asset, you might not have it as far as this system is concerned.

When you want to get a mortgage for a home, the situation is even more terrible. General requirements are proof of income and proof of sufficient funds to make an advance payment or pay the settlement fee. While it may be easy to export a PDF that shows your ownership in your Schwab or TD Ameritrade account, services like Coinbase or the cryptocurrency wallet on your computer or cellphone are effectively worthless. For them, you might be considered waving piles of toy money like monopoly money.

The same rules for buying a car apply here because you might need to show a stable bank balance for months. Mortgage lenders also want to see individual deposits made for your account. So, if all your fiat money comes from, for example, the sale of bitcoin at Coinbase, to the creditor it doesn’t appear that you are paid from work. Instead, they will think you just moved money to make it look like you were paid.

Your only hope of getting a mortgage is to form your own company and declare your income as an entrepreneur or income earned through your company, and then keep a detailed record for at least two consecutive years and create a bank account in fiat currency for advances and settlement fees.

That’s the picture of someone who only has access to cryptocurrency income. The examples given in this paper are mostly related to those who live in countries such as the US and Canada, which have a credit score and bank account balance more meaningful than how much value you have in non-cash assets. Of course, if you are a bitcoin millionaire, most of this is not a problem for you because you can buy a house or car directly without the need for a mortgage. However, for the average worker who has an average salary paid entirely in cryptocurrency, some or even all of these problems can arise on their own and can be very difficult to overcome.

The worst of all is that all these problems have nothing to do with cryptocurrency itself. On the contrary, all of these problems are related to the requirements of the old world financial monoliths that want to keep their strength as high as possible towards most people.


So, before you decide to start receiving all your salary in the form of cryptocurrency, make sure that you already have a place to live and secure transportation, as well as ways to stay on top of your credit score. Because if not, you can find yourself in a world full of problems, or at the very least, an uncomfortable and frustrated world.


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