nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle
You did it. You found a way for us to live on Bitcoin while technically also shorting the dollar with credit cards. Fucking Brilliant.
I'm signing up yesterday.
Discussion
😁✌️
What are the tax consequenses of this? Are there going to be short term capital gains taxes due for using this feature?
I’m not going to complain about new functionality for my favorite Bitcoin app.
That said, is this really “paying in Bitcoin”?
My assumption is that, a debit request comes into the strike account, Strike sells Bitcoin for fiat, and fiat is sent to the merchant for payment..
I see your point. Although I think it's arguable to say the same of using your debt card in another country's currency. American debt card in Mexico or Canada for example. The merchant requires their form of currency. Since you use a Bitcoin bill pay service, you don't have to ever touch their form of currency.
I imagine it looks like this on the back end:
You send Bitcoin as payment to Strike.
Strike sells that Bitcoin to another Bitcoiner (probably) in the Vendor's currency
Strike then pays the bill
This is at no cost to Strike's clients while simultaneously providing their exchange with more liquidity for their clients trying to sell fiat.
Pretty neat cycle.
Bearish market and you owe more bitcoin. Use with caution.
Agreed on the use with caution. Though ultimately I’m all onboard with Strike offering as an option. Someone has to start the trend. The messaging could be misleading to those who have not educated themselves on Bitcoin much yet though — and could get wrecked by a significant bear. nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle how would you caution newcomers? Or is the product mostly marketed towards Bitcoiners because who else would even consider living on Bitcoin than someone who is “all in”? I haven’t taken the step towards transacting in bitcoin, but I save almost exclusively in bitcoin.
The water's fine
👀
What a time to be alive.
I like the sound of this but tbh I don’t understand what’s being said
-You pay your stuff with credit cards (money you dont have)
-While you keep the balance on the credit card, bitcoin naturally keeps going up in value and the dollar keeps going down in value
-When its time to pay the credit card, you feel like your purchases weren't too expensive because your purchassing power increased (because you saved in bitcoin)
Basicly you want your fiat balance to be negative as often as possible. If you kept it positive, your potential purchassing power could dissapear because of inflation
Well, that's a nice thought but usually bitcoin bear markets last years and bull markets last few months so of your credit overdraft needs to be settled within months you will be paying more bitcoin than if you had bought fiat with your bitcoin and spent that. The stats indicate this is a bad idea unless you have credit overdraft that can be settled within years, which is obviously not the case here.
Understood
Yup!
This is “get on <0”
I want to get on board, but I'm hesitant if taxes are gonna be higher for getting "paid in bitcoin"? Is there a taxes explanation page?
or did I miss the idea entirely.
They do have a taxes page. Strike says they'll give us an export of all the transactions for tax purposes, shouldn't be too hard.
I will take a look. Thanks for informing me. I would like to help grow BTC usage in America and this seems like a great way to start.
Hey guys! does anybody know why it says that the strike app is not available in my region on the google play store even though the country is on the list of supported regions?
Hey guys! does anybody know why it says that the strike app is not available in my region on the google play store even though the country is on the list of supported regions?
#asknostr #strike
Using hashtags can often help me find answers on here. 🙏
In the US some states have laws that make certain services unaccessible that are otherwise widely available. I know in MA for instance I can't use ZBD, but have no trouble with it once I cross every state line except the one into NY, which also doesn't allow it.
Not sure if you're in the states as you didn't indicate this.
I am in Azerbaijan
Might be worth contacting Strike's support team, maybe here: nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9
Appreciate the lead!
I made the jump! For a seasoned hodlr, there’s nothing more challenging than this new type of hodl: getting paid while your purchasing power to pay bills drops 10%. Three weeks in, and I’ve realized—truly, low time preference is everything. I’m chill.