I’m intrigued by the idea of switching to a #Bitcoin standard, at least in part. I say “in part” because my wife is unlikely to let me switch all our finances over to operating internally in Bitcoin so I’m going to have to do this with my toy money account. She’s coming around to the orange way of doing things, but it’s going to take some time.

Has anyone else done this and what has been your experience with it?

What have you learned from it?

Would you do something different if you had to do it again?

nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev if you haven’t done a podcast on this idea yet, it might be interesting to do one.

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I normally say I’ll send them some sats if they read the book or podcast I’ve sent them

I would challenge the phrase “my wife is unlikely to let me…” Do you have to ask for permission? If you have full responsibility for your household, then you must have the authority. If you are not a bum, at most, you may share responsibility, in which case agreement over permission may be a more appropriate model. Regardless, my suggestion is you help her understand what you see with examples (houses getting cheaper in sats, retirement happening sooner, cost opportunity of thinking long term, etc). Remember you once were blind too. Look back, what background did you have that lead you to understanding the key elements? Maybe she’s missing some basic concepts you assume she knows. I will say, life is even better once your wife finally gets it. It also helps if she’s ride or die type, because she starts by jumping in it with you just because she trusts you. Then your job is to help her see there was never any risk.

Not new to bitcoin but very new to living on a bitcoin standard. So, as usual, do the work and make your own decision. I think Strike and Fold are the best options. Looked into Bitrefill and similar options but not a big fan of buying gift cards (personal preference). I wanted to use Strike now that they have a lot better functionality than at the beginning. However, I had a bad experience with their KYC/support; twice (again, personal preference). I settled on Fold. Been working great so far. Keep in mind I'm only 30 days into this.

The one issue that keeps me up at night is BTC volatility. From a hodling perspective, I could care less. But converting pay into 100% btc regularly could pose a problem during a drawdown. I guess it's like an ad hoc DCA strategy? We'll see. You mentioned a small account to start with which is probably a good idea anyway.

Unless you are paid in sats to me it seems less efficient to be 100% on a Bitcoin standard, and due to capital gains implications & FX spread considerations it makes more sense to pay for monthly expenses with dirty fiat. If you are willing to take the spread and cap gain hit, then yeah being on a Bitcoin standard must be awesome for the circular economy.

This is a concern of mine that Uncle Sam will want more of my money if I go Bitcoin internally. Was hoping someone would say there was some loophole to allow me to do it without paying taxes on that which I’ve already paid taxes.

It’s funny how loopholes exist for those with outsized amounts of wealth but not so much for those of us just trying to make a better life for ourselves.

My approach is more of a ‘fiat diet’ - gradually reducing reliance on fiat without going all in at once. I’ve got responsibilities for others, so I play it safe. I split my expenses into buckets: critical, quality of life, and personal. The less urgent, the more I use Bitcoin. Slowly transitioning gives you flexibility, and you can keep some fiat for emergencies while using Bitcoin for the rest. Start small and build up.

I like your implementation. I might be able to get my wife on-board with this. Thanks for sharing.

Happy to! We’re all learning as we go.