When nostr: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 announced bill pay in Strike, that pushed me into a bitcoin standard. I was HODLing as much as possible for my future savings, but left a good portion in fiat to pay monthly bills. I always wondered about eventually finding a way to stay mostly in bitcoin, but still have a way to pay bills. Strike gave me that way, and I appreciate it! Thank you, nostr: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 and the nostr:nprofile1qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqg4waehxw309ajkgetw9ehx7um5wghxcctwvsqs6amnwvaz7tmwdaejumr0dsqs6amnwvaz7tmwdaejumr0dsq3qamnwvaz7tmwdaehgu3wwa5kuegpzpmhxue69uhkummnw3ezuamfdejsz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqzpjdak6fvau05qvekhelq570cgdhxl0pjtgxjap6xcjmngg35ufaynl4wv2 team! Well done!!
Discussion
fiat liquidity but i am so tempted every day
especially with this fawning over banks now being able to custody bitcoin
'bitcoiners' it turns out are the new shitcoiners
i live on fiat fumes as it is so i may as well
I'm going to keep an eye on the price of bitcoin at point of direct deposit and when the bill is due. If price is below, I will make the minimum payment. If price is above, I will be more likely to pay full amount ( or more, since I will be primarily paying down CC debt). During a bull market, delaying payment may pay off. Time will tell, but I'm bullish.
I’m doing this too. It is awesome! I hate holding onto fiat.
Does this automatically figure out taxes for the end of year?
I am curious about this myself, however I doubt it unless you’ve only ever used Strike to buy corn.
I read it tracks what you spend and gives a report, but it must be up to the user to calculate gains based on basis, which, if you bought BTC elsewhere Strike wouldn’t know.
Man, I just don't wasn't to check that box on my tax returns about selling crypto...
It may be a moot point if Trump ends the IRS. Time will tell. In the meantime, I think I'll make out better by putting as much as possible in bitcoin and paying bills from that stash.
Have you made a bill payment yet using it? What does that look like?
It looks like Strike provides an account and routing number (like a check). You'd go to your bills and enter those numbers there so the funds get pulled out of your strike account. I haven't done it but I want to be more active on nostr so I'm sharing what I had looked into.
Yeah I’m aware of all that. Just curious what it looks like within the app
I linked my strike info to my CC bank a couple weeks ago. I will make my first payment when I receive that CC statement in the coming days/weeks.
How do you handle the tax implications of that? Do you use a specific software solution?
Strike does it for you. At the end of the year they send you a 1099 to show you your capital gains for the year. It's pretty slick.
Last year I switched to taking 100% of my pay in Bitcoin on Stike. This year I started using the bill pay feature. Fee is ~0.8% which is the same as selling to USD. Looks like this:
I like the bill pay idea. If it needs doing more than once you should automate it.
Question: Can you save the payee/payor info in Strike or do you have to enter that info for every transaction?
I'm not sure, but I'll find out pretty soon.
What is the best solution for us in Canada? Or when Strike Canada?
I've done the same for my fixed expenses. I was a little upset by the fees each time you sell back, but I'm giving it a few months to see if I still overcome that friction.
How does this work in a bear market? Do you need a Jack Mallers sized stack to cushion the fall?
If you spend less than you put in, eventually your bitcoin purchased will be much less than the bill-pay bitcoin, so you still make out. If you aren't growing your stash each month, than you may run into losses during a bear market. I plan to grow my stash so I'm always having cap gains, no cap losses.
