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How To Get Paid Without A Bank Account

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Avatar for ZenMasters
Written by   17
1 year ago

For most people in the developed world, having a bank account is a given. Many of us have had bank accounts since we were teenagers saving up for our first car. But it is becoming more and more desirable to reduce dependency on a bank account, or even eliminate it altogether. Whether your concern is privacy, accessibility, cost, or security of funds, there are enough problems with bank accounts to justify ditching yours.

For those of us with jobs, income, and wealth to store, bank accounts seem like a necessary evil, but what if you could keep your current job, or even receive government benefits such as unemployment, directly into your crypto wallet? If you currently get paid in fiat to your bank account, and then use that to buy crypto on an exchange, you are likely aware of how inefficient and time-consuming that process can be. Wouldn’t it be nice if you could completely automate it while at the same time cutting the bank out of the process?

Yes, it’s possible.

I’m going to show you a way to get paid in crypto from your regular employer, whether you are an hourly or salaried W-2 employee or 1099 contractor, and you won’t even have to explain anything about crypto to them.

You’ll still need a government-issued ID for verification (there’s no way around that, unless working ‘under the table’), but that’s it. You’ll be able to select whether to receive your paycheck as Bitcoin, Bitcoin Cash, or Ethereum, and if desired, split it between your crypto wallet and a traditional bank account (but I found that it’s actually far easier and faster to take the whole thing as crypto. You can convert a portion to fiat as necessary).

For this tutorial, I’ll be using Bitcoin Cash because it’s the most versatile and useful of the available choices.

Let’s get started! (Full disclosure: Affiliate links ahead)

Step 1 – Download a wallet

I recommend a non-custodial wallet such as Electron Cash or the Bitcoin.com wallet, so that you can take direct control of your paycheck as soon as it becomes available. These wallets support advanced privacy features so even though you’ll go through a KYC process it is easy to use CashShuffle to automatically shuffle your new coins as soon as they arrive in your wallet. Alternatively, you can use a custodial wallet provider like Coinbase or Uphold to quickly convert your new crypto to fiat or other altcoins. Uphold also offers a debit card which you can link to your Bitcoin Cash wallet and spend it directly with instant conversions done at the point-of-sale.

Whichever method you choose, simply copy your Bitcoin Cash receiving address to use in the next step.

Step 2 – Sign up with BitWage

BitWage is a payroll service which facilitates conversion of wages and salaries into cryptocurrency. Once you register and go through their verification process, you will be able to set your crypto payout address (from the previous step) and add your employer information. BitWage will then generate an ACH Direct Deposit form with a personal routing and account number which you can print out and give to your employer’s payroll department just like you normally would. On your next payday, BitWage will take receipt of the ACH deposit and automatically convert it to your chosen cryptocurrency at the market’s exchange rate. Viola!

Step 3 – Bask in the Awesomeness

For me, the great thing about getting paid through BitWage was the mindset shift of knowing that my paycheck is immediately safe in my own custody. There is no need to visit a bank to withdraw cash, no risk of unexpected bills causing an overdraft fee, and it’s super easy and fast to convert any portion back to fiat if and when I need it. I also found that it was faster to convert my Bitcoin Cash paycheck to fiat than to wait for a traditional direct deposit to clear my bank account.

But most of the time, conversion is not even necessary. What is nice about Bitcoin Cash is that the sky is the limit when it comes to your choices of where and how to spend it. You can easily make purchases on Amazon with Bitcoin Cash using Purse.io, or find merchants who accept Bitcoin Cash directly with the Bitcoin Cash Map, BitPay Directory or Coinmap. Alternatively, you can convert a portion of your Bitcoin Cash to fiat currency using Local.Bitcoin.com. But my favorite method is printing gift paper wallets to hand to friends, neighbors, wait staff, or pretty much anyone to introduce them to Bitcoin Cash.

Whatever you decide to do with it, your paycheck is now fully in your control, not in a bank.

That’s it! If you enjoyed this article, or have questions, leave a note in the comments below!

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Written by   17
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Comments

Thank you for sharing with us your experience,I really love this info.. Its really an eye opening for me and am going to try it out. it could be very useful in promoting crypto currencies. Trust Wallet is a also a good wallet for putting your money, as well as sending and receiving coins.

$ 0.00
1 year ago

Nowadays you can keep your money safe in the form of cryptos. But you should also make sure about the security of your wallet. Writing your private keys and keep it in a safe place...etc. If not, you might end up losing everything!

$ 0.50
1 year ago

Great advice! I plan on writing articles on some of the ways I do this.

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1 year ago

That will be great. Many people underestimate the security of their wallets. Which is the biggest mistake can someone make. I will be waiting for the article you will be writing about that. Good luck!

$ 0.00
1 year ago

Your article makes sense. It is a useful information for beginners as well as experienced crypto enthusiasts. Thanks.

$ 0.00
1 year ago

Nice write up! Trust Wallet is a also a good wallet for putting your money, as well as sending and receiving coins.

$ 0.00
1 year ago

This is the most informative article I have read in a week. It even got me thinking about how cryptocurrency can make our lives easier.

$ 0.00
1 year ago

Thank you for sharing with us your experience,I really love this info.. Its really an eye opening for me and am going to try it out. it could be very useful in promoting crypto currencies. Trust Wallet is a also a good wallet for putting your money, as well as sending and receiving coins.

$ 0.00
1 year ago

Man the main stream banking system has taken over the world it wont be easy for the world to adapt to these new digital system. I surely hope to see this transition in my life time, but again the adaption is going to me challenged always by negative stake holders

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1 year ago

I really love this info.. Its really an eye opening for me and am going to try it out. Thank.. Kudos

$ 0.00
1 year ago

Thank you for sharing with us your experience, since crypto and its advantages were created, it is no longer necessary for some, to have all the money in the bank, because it is a problem to justify the figures if they are high, instead in a wallet does not happen that, decentralization is handled.

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1 year ago

keep updating us.. you are really ZenMaster..Thanks..

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1 year ago

wow its a nice way.I guess I should try it out for myself.thanks for sharing this informative article.keep it uo

$ 0.00
1 year ago

Nice... for first world countries. Sadly that won't work in so many places I can't even start mentioning. Plus you run your payment through a 3rd-party, which might look good now, but if they exit scam or simply go down, you loose your salary (while in your bank is safe). So is more a fancy alternative than an actual solution.

$ 0.10
1 year ago

I can see your points, but I still disagree that your money is safer in a bank. Look at the state of the world right now. Everything is in chaos. It is more likely that a bank will exit scam or as it's called, get "bailed in" by liquidating their assets, including customer deposits. The entire bitcoin (BTC or BCH) network will not go down, so even if the third party exits or shuts down, your money is still safe in your own wallet. You would just have to find an alternative method of getting paid. Your money that you already have would not be restricted in any way.

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1 year ago

We do love crypto in general and decentralization, and of course money which is actually yours is thousand times better than money in some bank. But as for the security and covering yourself against volatility, national banks are still a little better. If you loose your wallet keys or your paper wallet say bye to your money, while if you loose your credit card or missed a tx won't be a problem. Not saying banks are better: money there isn't really yours. But they are better for salary people that will find quite complicated to use crypto, and that might get paid 1000$ today and waking tomorrow with 500$. Our recommendation, always, is to turn most of your digital assets to stablecoins, and only what you can afford to loose to other crypto.

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1 year ago

Yes I totally get your point. It takes some forethought and effort to keep your own funds secure, but that's what I'm saying. I've spent a lot of time having to live through these problems and thinking about the best ways to solve them. So the point of this channel is to document some of those ways. So far I've found that flipping the model around and earning crypto to convert into fiat as needed is not too bad, and does away with many problems of dealing with fiat in the first place. It feels better to have my money going the other direction.

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1 year ago

Thaks for shsring this useful information. It will helo lots of peoole out here. Who are confuse about earning

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1 year ago

Wow this is a complete knowledge base to secure your money. Though is for those who hold large amount of money i will be going for it in the future.

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1 year ago

That's a nice way to get around to doing it. I guess I should try it out for myself sometime since I would love to have my payments directly in bitcoin cash (not any other crypto, for obvious reasons)

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1 year ago

Thank you for so much for sharing important information. Its really useful

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1 year ago

Gradually the world will soon appreciate the use of crypto-currency as a means of exchange. Then payment to people will then be a lot more easier.

$ 0.00
1 year ago

Thank you for this important information it could be very useful in promoting crypto currencies. Bless you

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1 year ago

Keep it up.. Nice update in crucial time..

$ 0.00
1 year ago

Thanks for sharing such informations in your article. I am now getting to know about all this wallet.

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1 year ago

Thanks a lot for the tips... I really liked how you even suggested some good wallets for us... I had a difficult picking one when I was about to start but I later went with luno.... Then again on the Luno a good option for store my crypto?

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1 year ago

Not heard of Luno before, but sounds like its more of a gateway for buying crypto with fiat, and requires KYC so not something I would mess with.

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1 year ago

Yeah it seems so... but their rate is kind of reasonable that why I still work with them.

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1 year ago

Wow thanks for your article now I know where to store my cryptos

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1 year ago

This is a very useful information that can be used as a vital marketing tool for promoting BCH for mass adoption. Thanks for sharing it.

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1 year ago

Nice! Now all we need is a payment system to pay directly from cryptocurrency of choice, preferrably an instant exchange connected to a card and it's now closed. Get paid, converted to crypto, buy things in crypto converted to fiat.

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1 year ago

So this could be possible. I have taught about this for a while and i never believed it could be possible. Crypto is really taking over everything fiat once had.

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1 year ago

This is a good development. At least, it will eliminate the exorbitant bank charges.

$ 0.00
1 year ago