Two serious questions:
1. Do you live on a #Bitcoin standard?
2. If so, do you have any regrets?
Discussion
1. As best as I can.
2. Not at all
Yes
Not yet
Yes.
Only that I’m not a plant that can use the sun for energy so I actually have to spend bitcoin to buy food 💔
Yes
No, it helps me stay on budget and increase my savings
It also makes us think twice before spending
1) think about money in #bitcoin terms as unit of account but still use fiat rails for payments
2) I know I won’t if I fully transition
I’m a boomer but trying my best Doc 😂
1 no
2 no. Because it's not really an option for now. I could. But I would have to endure a tax event every time I buy something if the fiat value of the BTC is up, which it is by a lot!
So, if I don't want to part with my BTC for no reason, I have no choice but to wait for legislation to change or to go to a more crypto-friendly place, which is not in the family plans for now.
But bonus question, do you want to?
Hell yes! I can't wait! ☺️
No, but I do convert major purchases to bitcoin before buying.
Of course this doesn’t include a house. 😁
Pricedinbitcoin21.com
1. Yes, fully on bitcoin standard, no fiat in our family- account done in sats and bills paid from bitcoin stack.
2. Only wish we had made the change sooner- Once you change the UOE to sats, everything gets so much easier.
Yes!! 🙌🙌🙌
How does everyone handle taxes? Seems like a huge pain.
This is my hesitation too. The new basis by wallet rule might make it easier to live out of my Strike account and stash excess into cold storage, but I'm still a bit fuzzy on all the details. I'll need to dig deeper into the 2nd and 3rd order effects when I have time.
I also second this post. Would love to pay everything in bitcoin (isn’t there an app that I sent bitcoin and it convert to fiat for the receiver, so that I can use it everywhere?)
1. Depends on the definition. I get paid in USD. I keep a short cash runway (roughly 1 month).
2. No. I might have answered different when I had to sell when bitcoin was 17k and work was slow. But I’ve come out way ahead and learned some lessons.
Bitcoin standard would be 0 USD I believe
Semantics
pretty different imo, means you have to get comfortable with selling your BTC to finance your life, changes your perspective.
How do you pay your taxes?
With my Bitcoin
You pay US federal taxes with bitcoin? Can you walk me through that process?
#ecash, taxes paid, money made
Easier close really.
No. You are converting to dollars before you pay.
Do tax return > select payment > use Strike Bill pay
Strike will auto convert my BTC to pay that bill
So you covert your bitcoin to dollars. You use dollars. You are not on a bitcoin standard…by your criteria at least
I don't own any dollars is how I see it
I’ve heard the nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle pitch. You’re missing my point. The only difference between that and keeping a month worth of bills in cash is when you convert the money over. We both have the same end goal of having more bitcoin. Hence a Bitcoin standard.
Additionally, all the fiat I use gets me Bitcoin rewards. Mortgage paid in fiat - 1.5% back in bitcoin. All other bills on a credit card (2% cash back used to buy bitcoin), paid off in fiat - 1.5% back in bitcoin.
LARP all you want but your paycheck hitting at $108k and your rent coming out at $95k is a L
To clarify, I fucking love nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle but o think the flaw in this logic is that bitcoins is down more days than its up. It’s up days just outweigh the down days. That’s why we’re at 100k. But on a week to week/month to month level I don’t want the volatility of my bills swinging up 20%.
We’re all traders 🤷♂️
I also get Bitcoin back on my purchases. For me the hassle of having to manage cash to have enough to pay bills and keep an eye on a regular basis is not worth my time.
And Bitcoin goes up on average, so yeah there could be instances when it's down, but Bitcoin is fungible, why would you say you're selling the one you just bought? Why not the one you bought 5 years ago. But on average I come out ahead.
I think it's good that different method suit different people
Does your employer take bitcoin out of your paycheck and give Bitcoin to the state and federal government? Or do they use dollars?
1. Yes, 100% of my savings are in Bitcoin, and my entire paycheck is automatically converted to sats. I use credit for expenses throughout the month, then sell some sats at the end of the month to cover my fiat bills. This process is automated through nostr:nprofile1qqsvn0dkjt80raqrxd470c98n7zrdehmcvj6p5hgw3kyku6zyd8z0fqpzdmhxue69uhhwmm59e6hg7r09ehkuef0007a2q.
2. No regrets. The closest thing might be missing out on dips, but if a dip lasts longer than two weeks, my next paycheck allows me to buy cheaper sats. If it doesn't, so be it.
While I might adjust this strategy if we entered a prolonged correction, I adopted it in early 2022, and it has served me well. It allows me to benefit from any price appreciation between payday and bill due dates.
Not quite, I have about 1.5 months of expenses in dollars. I feel like the math of cap gains taxes on long term gains doesn't make sense if I can keep a little float. maybe wrong though.
Taxes on long term gains is better than having no gains ☺️
yes but I have the long term gains without taxing now ...
I am talking about not having gains on what you didn't buy.
You are not taxed on your USD, because your USD is losing in value 😉
You'd pay taxes on what you sell, not your entire stack
I get that. but paying taxes on things I've held for 6 years to cover gains on few thousand dollars I'm going to spend next week anyway doesn't add up
Being constantly debased doesn't add up for me.
Paying taxes only happen when I made money, if you don't pay taxes it means you lost money 🫡
Not arguing though, just sharing my POV 😉
I get the pov, also not arguing, I just don't think the math maths
like mallers said, the idea is rolling debt so u don't have taxes or have to own dollars but I don't see that product yet
for now I'll risk not having gains on a few thousand dollars a month
Can't wait for that product too!
What was annoying for me and made me change to full BTC is the fact that I had to manually calculate each month how much USD I need to keep to pay expenses. Having all in BTC means everything is automated, no manual actions except swiping the credit card 🫡
that is annoying, I have a general amount and go a little over to make sure I don't have to force sell
looking forward to the days that btc is just accepted as money and we can get paid and pay with it without governments breathing down our backs
About half standard. Just securing self custody makes me a little nervous. I have more confidence in the USD bank account security (maybe I shouldn’t).
No, but because I can’t buy more BTC with BTC.
It would be great to be on a ₿ standard and using Strike bill pay. My concern is if my paycheck went to 100% into ₿, any correction or dip wouldn’t cover my mortgage. This strategy will work nice in the bull run but what happens if ₿ does continue a 4 year cycle pullback of 50-80%? I plan to store as much as possible in ₿ until I can make direct payments in ₿ to my mortgage lender. It might take ten years but we’ll get there eventually.
You don't have a reserve of Bitcoin?
Why would you consider it's the most recent Bitcoin you bought that you're selling for the mortgage payment? Why not the Bitcoin you bought 5 years ago?
Bitcoin is fungible.
If you have reserves and earn more that you spend you should be fine.
don't forget that during bear markets you also continue to accumulate as it goes down
Take a look at the two links I posted in the tread.
1. No because we do not pay our bills and leisurely expenses in BTC. However, we do use BTC as our primary savings account.
I’m organizing my finances to make the jump. With the new Strike app features like Bill Pay, it’s easier than ever to live on a bitcoin standard in the US
Fiat mining to Bitcoin via FOLD
Was hoping to go 100% but none of these fr*#king wonderful companies I love so much have it really sorted out.... (c'mon nostr: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 )
What about nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 ? What's missing?
Ug. TBH I haven’t tried. I moved everything from cashapp to fold already in 2024 and I want to see people using strike more first. They are new to bill pay afaik.
Then I got super disillusioned when I had to set up a credit union account to get a large cashiers check. We need a real Bitcoin “bank”
Yeah check is the only thing that can't be done with Strike, I still have a bank account in case I need, which I never use check.
Moving there. But keep 6-18 months of expenses in US$ so during a dip we don’t have to sell #Bitcoin (no job here - live off savings/investments). The range of time in expenses is based on where we are in the cycle (class of 2016). Move to more reserves during ATHs and less reserves during dips. Always easing in and out - no smash buying or selling. Bills are paid from Strike -
Yes
No
Yes.
Nope, best decision ever.
1. Transitioning
2. My only regret is I didn't move to a non-tax #Bitcoin friendly country sooner.
Trying to get closer every day
We are a young family, keep a significant fiat reserve for bills/immediate expenses. I don't want to have to sell SATS to repair a car or replace a water heater. I could really use some coaching on how to swing it for 2 reasons.
1 how to deal with taxes (I do see strike has a system to help)
2 (most importantly) what happens when BTC goes down and now I'm selling BTC at a loss to pay for cars/water heater
For 2, Bitcoin is fungible. Why would you consider it's the latest Bitcoin you bought that is being sold? Why not the Bitcoin you bought 5 years ago that is up 4x?
I do, 100% BTC for cash management using nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 - salary auto converted to BTC and pay bills using their Bill Pay function.
Very happy with the move so far.
I was basically sick of having to manually manage cashflow in order to limit my exposure to USD and buy enough Bitcoin but keep enough USD to pay the bills.
I was like fuck it, let's go 100% BTC
Couple articles I came across. I am not very familiar with these new IRS rules. Per wallet cost basis starting Jan 1, 2025 seems to be intentional to dissuade using bitcoin as a medium of exchange.
1. Not yet, but heavily considering.
2. I am still skeptical. I’m concerned of selling BTC in a bear market, and PTSD from FTX/BlockFI. If I am all in on nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9, let’s say, and something goes awry (banking crisis, government overreach/intervention), what do I do?
Once I find answers, or come to terms with those potential issues, I’m all in.
Thinking about it this year for sure. The whole “I can’t transition cause CGT” problem doesn’t make sense to me. Yes it sucks it exists, but that’s the reality of a money that increases in purchasing power. It’s still paid out of a percentage on the gain, not the entire amount so you’re still better off so long as the headache of accounting can be overcome.
How are you doing the taxes when living on a #Bitcoin standard? Where I’m from every transaction has to be reported and is a taxable event.
Yes.
Yes, that i didn't do it sooner.
Beginning this month, I am having my paycheck direct deposited to Strike and gradually taking over bill pay from my traditional banking account. A little nervous but looking forward to saying good-bye to fiat!
Yes! That I had to sell any of my bitcoin to pay bills.