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#bitcoin Nostr, are there any good reason why I shouldn't: switch my salary to receiving in Bitcoin, move all my auto pay bills to a bitcoin-backed debit card, use the same for all daily purchases, sell a little in order to write the occasional check, and just let all the excess "save itself" in Bitcoin?

And then I just wait until more and more vendors will take direct Bitcoin payments (rather than the debit card in-between).

As far as I can tell, as long as the price keeps moving up more than the rate of fiat inflation, I'll be doing way better than the alternative (which is regular DCAs)

Bill Cypher 1y ago

Taxes if you do that sort of thing and live in a place that cap gains taxes BTC. Hard to dodge using KYC services like a debit card, the card company will narc you out to the IRS.

One big monthly conversion back to fiat to cover next months fiat bills is an alternative, only 12 taxable events to document. You need fiat inflation + your cap gains rate for that to be a good financial decision.

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Discussion

vinney...axkl 1y ago

I spent (way too much) time on some spreadsheets and I'm reasonably sure that even with short term cap gains, this strategy still beats fiat (even fiat + saving on BTC).

As long as Bitcoin grows as historical rates.

I'll post the calculator somewhere people can play with soon

Bill Cypher 1y ago

You can also claim losses 1 out of every 4 years to offset some gains.

vinney...axkl 1y ago

I don't plan on losing 😎