For many people, the only way to get paid is through an employer. But what happens if your employer freezes your bank account? The answer is not as simple as you might think. Most of us live paycheck-to-paycheck and don’t expect our employers to suddenly cut off access to our funds. But that’s exactly what happened to one man in London who had his account frozen for nonpayment of taxes.
If you are interested in getting paid in bitcoin, there are a number of ways to do so. There is the option of setting up a direct deposit with a company that pays out in BTC. Many platforms also offer payment solutions through Bitwage that allow users to get paid directly into their crypto wallets.
But for one man, the opportunity to receive his salary in cryptocurrency presented itself when his bank accounts were frozen by authorities due to unpaid debts from another person. As such, he was forced to live on Bitcoin for an entire year.
Bitcoin To Survey Frozen Accounts
We’re happy to share that the story of Bitcoin has a happy ending. The man was able to pay his employees with Bitcoin for an entire year, and he’s still accepting it as payment today (although his salary is “in fiat currency”). While there are still many challenges facing Bitcoin adoption, this proves that cryptocurrency can be used in everyday life—and even make it easier in some ways!
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.