My prioritization is currently:
1. Cash
2. Bitcoin
3. Visa/MasterCard giftcard bought with cash
4. Disposable debit card connected to my bank
5. Debit card/bank draft/ach
Discussion
Aren't you propping up "the system" by using visa/MasterCard and debit cards and bank stuff? I'm not trying to be a dick, I'm pointing out that at this point in time using credit cards etc is a matter of convenience which is not entirely avoidable due to limited Bitcoin adoption. Also, Jack Mallers still uses credit cards. Of course it's good to not be in debt bit that's a different argument than "you shouldn't use credit cards because you're then proping up the fiat system".
Baby steps. I dont use cards unless I have to. Pretty rare for me actually. I never said people shouldnt use credit cards. My point is that of youre holding debt as a protest against the legacy system, youre actually doing them a favor.
Also, I dont know what Mallers has to do with anything.
You're holding debt for your debit services in the form of fiat. At least with a CC you're making someone else hold the fiat month to month. You can pay it off monthly from a Bitcoin balance.
It seems to me that debit does that more than credit. I don't actually have to touch fiat to use credit.
Say I have my fiat check deposited with Strike and instantly converted to Bitcoin. I use a CC for my fiat bills. I then pay the credit card from my Strike Bitcoin balance, which gets converted to fiat when it goes to the CC company.
Fiat debit requires me to hold fiat for a time.
You can argue that both contribute to fiat card fees and transactions in fiat, but less so than me storing my wealth (even in part) as fiat on top of that.
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To each their own, I just don't see how it's necessarily propping the system up any more than debitting fiat from a bank account. Youre in the fiat system less by doing it the way I mentioned. And youre getting a higher percentage back to buy more Bitcoin with lol At least I do with my particular card. So in a way, am I not draining the system faster?
I think your way is totally fine. That's what Jack Mallers does too and it's what I'll be doing soon 👍 Thanks for sharing your ideas, brutha 🙏
If you hold debt, youre an asset on the bank's balance sheet.
I don't see how that's propping them up in any real sense. I pay no interest and get back more to put into Bitcoin than I do using debit.
You can make this argument at a surface level using their definitions for assets and liabilities, but I don't buy it in reality.
Especially for something like uncollateralized credit cards. We can call that an asset, but I wouldn't consider it an asset if I loaned someone money with no collateral or interest.
I'm not opposed to doing what I do with a debit card. I'd rather prop Bitcoin up by buying as much as possible more than I'd like to remove a faux asset from some spreadsheet at a bank. But like I said, whatever works. I don't know everything. There could be other benefits I'm missing. Just sharing my reasoning and why others may be doing what I do. I think that's why Mallers was brought up. I believe he does the same