Quote from: 687_2 on January 04, 2015, 04:25:37 AM

Thanks for this post, I did not know this was possible with bitwage.co

So you simply tell HR that you need your direct deposit route/account numbers changed, and provide them with new numbers provided by bitwage.co - then do you provide bitwage.co with a new BTC receiving address each month? Their website isn't very clear on how any of this works and didn't inspire much confidence.

That's exactly how it works, I provide a receive address to bitwage.co and can change it if I want.

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Are you keeping track of capital gains for every bitcoin transaction you make? Every BTC you get through bitwage.co is now "on the grid" and presumably you'd need to be able to account for how you spent each one of them in the event of a potential IRS audit. I am curious how you are going to deal with all the additional bookkeeping?

Yes, to any IRS agent reading this I do all of my taxes, especially when using localbitcoins.

Actually, for me it is fairly different. I live overseas so I do not pay income tax up to my first $100k of income. I live in Germany where Capital gains on bitcoins is zero after a year. So I can buy and hold all year with these coins and spend my other coins. Simple enough to keep track of with one address for income. I can just change addresses in a year and start spending this income.

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How will you pay your mortgage and bills? Or maybe your debt free which if so seems like a fun idea to try out.

Actually, I do have a mortgage on a house I own in the US that is being rented. The rent goes to my bank account which I send to the mortgage company each month. I need to figure out this last piece of the puzzle. Australia already has a Bitcoin bill pay company, hopefully someone in the US sets one up.

I pay cash for my rent here which includes utilities, so all I need money for is food and gas. Converting Bitcoins to euros is a lot cheaper than dollars to euros.