What Is Life Like on a 100% Bitcoin Salary?

Siamak Masnavi

Earlier this year, UK-based crypto exchange CoinCorner gave its employees the option to receive part or all of their salary in cryptocurrency. One employee, Zakk Lakin, decided to have his whole salary be paid in Bitcoin (BTC). 

CoinCorner, which is based in one of the British isles, the Isle of Man, was founded in June 2014, and its website first went live in July 2014, making it "one of the longest-established Bitcoin exchanges in the UK."

In a press release shared with CryptoGlobe on August 12, CoinCorner said that, earlier this year, its employees were "given the option to receive part or all of their salary in cryptocurrency."

Danny Scott, CEO and Co-Founder of CoinCorner, had this to say at the time:

It’s come full circle now as our team have welcomed the opportunity to have their salary paid in cryptocurrency. We hope to see this set a precedent for how other companies could manage salaries in the long-term and hope that it encourages them to try innovating by offering employees the choice to be paid in Bitcoin.

Employees were told that if they chose to be paid partially or in full in crypto, they could receive the GBP equivalent of one of the four cryptocurrencies supported by the exchange: Bitcoin (BTC), Ethereum (ETH), XRP, or Litecoin (LTC).

CoinCorner says that "all employees opted to allocate a portion of their salary to Bitcoin, with one employee taking home their full salary each month in the cryptocurrency."

That Bitcoin-loving employee was a 24-year-old software developer named Zakk Lakin, who recently told his story to British newspaper "Daily Mirror". 

Lakin told Mirror Money:

People always ask how I am coping with living on Bitcoin, but the truth is that my lifestyle hasn’t really changed. Buying things with crypto is easier than people think - there are many online merchants that accept Bitcoin and I use them to buy what I need throughout the month - everything from tech-related items such as Raspberry Pi products or cooking equipment from Amazon (yes, there are ways to buy things from Amazon with crypto!).

As for things that cannot be paid for with Bitcoin, Lakin had this to say:

At the moment I convert all of my permanent outgoings (such as rent, direct debits etc) to GBP on payday to avoid any issues around the Bitcoin price movements and then the rest is left for disposable income/savings. Over time I believe we’ll begin to see more retail companies like restaurants and petrol stations introducing Bitcoin payments, and this will mean I can spend less in fiat and more in Bitcoin.

Lakin also explained why he made the decision to live on a 100% Bitcoin:

 

As a young techie in the Bitcoin industry, I feel it’s important to not only contribute to the network by running my own node, but to actually use Bitcoin for it’s original intention as electronic cash. On top of it all, the conversations it creates are always worth it for spreading awareness and educating others about Bitcoin and cryptocurrency.

 

Featured Image Courtesy of Bitcoin.org