Crypto Direct Deposit? WTF?

Tue, 19 Jul 2022

I just saw this MEL Magazine article about people getting paid in cryptocurrency and the bullshit they have to deal with to keep their payments from becoming worthless whenever the market dips or outright shits itself. This sounds like a great way to not have enough money to cover the monthly bills.

Of course, I might be a bit risk-adverse. I got into tech so I’d have a cushy day job rather than working part-time and living with roommates while I worked on my writing. I’m reluctant to take 1099 contractor jobs because of the double payroll tax and the additional complications self-employment brings to tax preparation, so the thought of getting paid in crypto is enough to send my balls crawling back into my belly.

Nor does Molly White’s reporting on blockchain, cryptocurrency, and web3 help much. I think I’ll continue to take my chances with fiat. It’s not like the Federal Deposit Insurance Corporation insures your crypto wallet.