Bobos & Wojaks

Get rich or die tryin

Why Spending Bitcoin Payroll Is Good

Earning money to your e-wallet

It’s a common theme that “spending bitcoin is bad” with frequent references to a half-billion-dollar pizza purchase. I think this is all the wrong way to look at things. I think the true “full-commit” to bitcoin is payroll in bitcoin. By payroll in bitcoin, I include people paid in USD that convert the full paycheck to BTC each payday.

Anyone playing payroll-in-bitcoin will HAVE to spend bitcoin, even spending it on pizza that may represent half a billion dollars in “opportunity costs”. But here’s why payroll-in-bitcoin is good, even if you buy a pizza from time to time.


    1. Converting the full paycheck to bitcoin gives you the maximum exposure to up-ticks
    2. Forces you to have a “savers” mind instead of focusing on hookers, coke and Lambos.
  • Allows you to support companies accepting bitcoin at the counter
  • Allows you to support companies offering bitcoin credit cards or gift certs.
  • Puts money in “savings” by default
  • Forces you to budget your life so you can time your USD conversions for bills.

Obviously, most of these come with a mirrored downside

    1. Maximum exposure to price drops
    2. You lose 2% (or more) on fees at exchanges or BTC-card companies
    3. Things might be sketchy if you’re in a rural area where BTC conversion may be hard

A lot of the fees can be mitigated if you use some heavy OCD budgeting. If you know exactly what day the electricity is due and have good estimates you can do your USD conversion on an exchange instead of on a BTC-credit card or other high-fee methods. Converting on an exchange and withdrawing via ACH will be slow, but it will be inexpensive. Assuming you choose the “right” exchange.