If cryptocurrencies are indeed a worthy and usable substitute of fiduciary currencies, people should be able to live a normal life and buy goods and pay for services with them, just like with state currencies nowadays.
But as adoption is just not there, using cryptocurrencies for everyday purchases does present certain downsides and certain advantages, and while not as comfortable as a state-backed currency, it is possible to live being paid in cryptocurrency today.
One might say that no one would want to collect his allowance in cryptocurrencies; for normal people, it really does not make sense; only if you are investing part of that allowance immediately; but for freelancers in certain parts of the world, cryptocurrencies are the most attractive way of collecting their allowance for several reasons: first, the unbanked can be their own bank and receive their allowance without a third certificating the funds; second, they can bypass currency control measures like the ones imposed in Venezuela, and third, in inflationary economies, it helps people to preserve the value of their money, even with their clear volatility.
But, apart from this, how does a person that collects his pay in cryptocurrencies lives a normal life?
According to an article by Bitcoin News, there are three important tips for surviving in this way:
First, try to find merchants who will accept the cryptocurrency of your wage for payments. This is a valid choice and the one with fewer caveats; you won’t have to deal with exchanges or fees, and you will be able to purchase your good and pay services with no drama.
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The obvious downside is that most small merchants do not accept payments with crypto.
The second choice, is to try to use a payment service that offers crypto to fiat exchange services via a credit or debit card at the time of the purchase. The obvious advantage is that being a credit card, is that it is accepted in every establishment that accepts fiduciary currency cards. The downside is that most of these projects are not universally accepted in every country, because they function like a just-in-time exchange, and exchanges are not legal in many countries.
examples of these projects are the Monaco suite of products, and Bitpay cards, among others.
The third and most obvious one is to exchange your wage in cryptos to normal currency via a cryptocurrency exchange. This is cumbersome because you will have to identify yourself in the exchange platform and then sell your cryptos, with the exchange taking a fee of everything traded, and some of these operations are taxable by law.
But this is the nicest option, because you will be able to buy everything you want with the normal currency gained from a transaction.
So, living with a wage paid in crypto is indeed possible, you just have to be careful and always consider the volatility of your money to make the right choices handling it.