What’s stopping you from getting on a #Bitcoin standard today?
Discussion
Fully understanding and using cold storage, also don’t have enough yet to be on a standard
Lack of testosterone
Gotta stack more sats from the fiat mine…
IM TRYING IM IN CA SETUP STRIKE. IT SHOWED BILL PAY. ALMOST DID DIRECT DEPOSIT AND MY BILL PAY DISSAPEARED. IF I WOULD HAVE DONE THAT THE TROUBLE THEY WOULD HAVE COUSED ME AS FAR AS MAKING MORTGAGE PAYMENT. OH MAN. THAT WAS ALMOST A BAD IDEA. IM TRYING AGAIN WITH STRIKE BUT JUST STACKING THERE FOR NOW. IM STILL NOT SURE WHY THEY WOULD DO THAT TELL EVERYONE BILL PAY I SEEN IT. THEN DISSAPEARED. THEY GOTTA STOP THAT FROM HAPPENING. JACK IS SMARTER THAN THAT. NOT A GOOD LOOK
Thank you for reporting this, I was considering as well. They need to stop the tax on BTC as makes no sense especially using it in this fashion such as Strike Bill Pay. So you say billpay is no longer on the Strike app?
Same thing happened to me. I messaged the Strike customer support, and they were able to swiftly help me out. Transitioned all our fiat on the 30th of December. While bill pay was showing up, then went to pay the mortgage on the first and the option was gone. They greenlit my account before I incurred any fees (16th day in my state).
Nothing!
Define Bitcoin standard 😁
Taxes
With Strike and Fold, there’s no reason not to be on a bitcoin standard
Nothing, I’m on one.
Already on one. I earn, spend, and save in #Bitcoin If I have to use fiat, my nostr:nprofile1qqsw4096vtjqyyjyfuzys8pqkxtpacdgtm7ljl2dftyfsjpfqqcp2fqpz9mhxue69uhkummnw3ezuamfdejj7dl8mag card takes care of that.
Working on it
I try to use the jack mallers play book and use a credit card for normal fiat expenses, pay it off using btc when the bill is due so no interest is accrued. The major Challenge is the off ramps are always changing! Stress levels often through the roof in missing a credit card payment when the interest they charge is 20% and more!
Based. Strike's bill pay has been great so far. I converted all our finances to Bitcoin for this year. Our Fiat checking account is the equivalent of a clearing account for us now.
Nothing stopping me per say. Right now all my savings is in BTC with my daily DCA. The rest of my fiat income is reserved for my fiat finance payments and fiat by only accepted Bill's.
I might consider converting everything to BTC directly first, but in Canada I would have to sell back to CAD and that could potentially hit me with cap gains taxes
To anyone saying "taxes", consider that you'd only be paying cap gains *on your gains*. At the end of the day, you still come out with more purchasing power than if you just held fiat (which is a guaranteed purchasing power decrease).
Go to around the 17 minute mark of this vid
What happens in a bear market when your Bitcoin keeps going down in value? When you look long-term, you know it’s going to have some downtime.
I'm interested to see how this plays out for me. I will choose one of the following:
Option A
1) Get paid (end of month paycheck), and withhold enough from pay to cover mortgage/rent on the 1st
2) Pay mortgage/rent (1st of month)
3) Sell the rest of our Fiat for Bitcoin
4) Spend on credit cards for living expenses (1st-end of month)
5) Get paid (mid month paycheck)
6) Pay off credit card last day of month
7) Sell Fiat from mid month paycheck for Bitcoin
Option B
1) Get paid
2) Pay bills
3) Sell Fiat for Bitcoin
Option C
1) Continue just doing what I'm already doing to live on a Bitcoin standard (see my previous post)
1. Make sure you have enough savings to cover a draw down (the idea being that over a long period of time, your savings purchasing power is greater than the last bear and you've stacked more says during that time)
2. If you're on a bitcoin standard for a long enough time, you will have more "gains" than "losses" in fiat terms
3. You can use bear "losses" to offset gains in the future!
I see, that makes sense. With something like Strike bill pay, your bills effectively get cheaper as Bitcoin's price rises. But during a bear market, when the price goes down, I initially thought that meant my bills would get more expensive that month. In reality, gains from the bull market should outweigh losses from the bear if you're thinking long-term. Bitcoin is a long game.
If you wanna think about more conservatively, measure from bear market lows!
100% I figured we need enough for at least an 80% drawdown. We also live below our monthly income, so we should be good on that end. Unless there's something major. We have long term credit lines that we could do minimum payments til it runs back up.
Income > expenses is definitely key, especially in drawdowns
nostr:nprofile1qqsvf646uxlreajhhsv9tms9u6w7nuzeedaqty38z69cpwyhv89ufcqpzamhxue69uhhyetvv9ujucm4wfex2mn59en8j6gpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqg5waehxw309aex2mrp0yhxgctdw4eju6t0t25cfd did you guys ever share the link for the calculator shown in this vid? Would be awesome to have for the plebs
Taxes. I’d rather save in Bitcoin and spend in Fiat.
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!!
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?
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.
nostr:npub1k7vkcxp7qdkly7qzj3dcpw7u3v9lt9cmvcs6s6ln26wrxggh7p7su3c04l my job in TradFi , my goal now is to move to a bitcoin job, but has been difficult, in Feb i’ll go to bitcoin investor conference maybe there is luck. The other is NYC laws - nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 is not available but hopefully with Trump 2.0 that changes. And third is capital gains of fiat-investments.