How does that? Do they accept your bitcoin payment and convert it to fiat before transferring to the creditor?
Okay why doesn’t nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle have more Sats dropped here after he just shared an amazing product with the world. He deserves at least 100k Sats #nostr family.
nostr:note1t7vl3qvr5zggp79g8n5ntf6ejwpkp0rvv7ungz0hys4xvq6pnpeqm2tjj6
Discussion
Jack pays things with credit cards, he connects his credit card info into the bill pay all and when it is time to pay off his credit card the bitcoin that is sitting in strike sells off and is converted organically to fiat so that the creditor can receive payment
And they have an auto accounting tool on there that makes taxes easier for when you sell the btc. This way you maximize you living on a bitcoin standard
Back in the day, I bought an online friend a pizza for 4 BTC. It was only $25 back then, but when I look back, I can't stop hating myself for essentially paying $400,000 for a fucking pizza. I'd have that $400k today if I just paid with my bank card.
Yea but that’s the thing you are only using the money that would automatically goes towards bills. So it’s not like the bitcoin you are selling to pay for bills would be the Bitcoin that would be used to hodl.
The purpose is living on a Bitcoin standard and your balance appreciating in value until the bill is due. The leftover bitcoin that you have after expenses of course would go to your wallet for same keeping.
Now if you don’t have any expenses then obviously you wouldn’t want to get paid from work in bitcoin then sell that bitcoin for someone’s else’s bills or as a donation lol. You’d want to hodl it all and move to cold storage.
But damn 4 BTC I’m sure that stings everyday
It does. And not a single day goes be where it doesn't pop into my head at some point. Then it lingers for at least an hour until I can distract myself with some other thought. It just never goes away. And it's there everytime I consider spending my sats on something I can pay for with cash or credit.
It all makes sense now coming from your history. So sorry to hear that. That’s a tragic loss. :(
I think of it as an expensive lesson. And the sting has kept me from forgetting and making that mistake again. It doesn't rule my world, but it definitely influences my decisions.
At first I was like how the heck did I zap 10k Sats when I only I have 6k Sats in wallet then I seen it was you nostr:npub16jknkmh2luflurx2epkj99qyj7v2ut3ew7t2mfd7xxt9jtjku2nsj2gqp0 and I’m like okay thank god haha
Well, how much coin did you stack between then and now. Did you stop stacking at Bitcoin = $5 ? Why did you stop ? That's the issue.
When I first got into it, I made some small trades as I engaged in the community, which back then was basically an IRC channel. After a few months, I made one larger purchase after I saved up. Shortly after, I got distracted and life got in the way so I just put the coins away and moved on.
There was a lot of frenzy as the price approached $10k, much more so than their was for the $100k benchmark. People were excited, and scared. I was both. Besides myself over the fact that my little investment was now worth so much, and paralyzing fear that it would all come crashing down.
So, I made the decision to sell some and keep some. Ultimately, I sold about 75%, and kept the other 25% on ice just in case it kept going. And I'm glad I did.
I put the money into a trust for a "rainy day", and I once again moved on with my life. It wasn't til about a year ago that I caught the bug again, and started buying sats. I got into an argument with someone online about Bitcoin, and it just reignited my interest. I was shocked when I saw the current value and realized the 25% I still had was worth even more than the 75% I had cashed out. So I started making regular small purchases, and intend to continue until it's retirement time, which for me is about 20 years.
There it is, the whole story. Live and learn, huh?
Ok, so that's similar to what I was thinking. But honestly, knowing where bitcoin is going, I'd be hesitant to use it for my current expenses. Because that ultimately translates to higher APR than any credit card could charge. After 5 years, the $150 you spent on your cell phone bill will equal $1000. By paying with fiat, at least you're not giving away an inflationary asset.
No that’s not the theory. The theory is when you get paid all your money is converted into bitcoin on strike or you get paid directly in bitcoin. When you pay all of your expenses on your credit card (rent, phone, utilities, food, etc) you’ll get the 1-4% cash back from your credit card while also your expense money is in bitcoin that is growing (most cases) and when it’s time to pay off your credit card bill you are using the Bitcoin.
So you could earn cash back from credit cards and you bitcoin could have grown 5-10% in a months time as well so you end up net positive on both sides with the cash back / points and bitcoin appreciating. Even at the end of the year when taxing are due you pay capital gains taxes on the profit which sucks of course but you are still net green on the year and this is just simply living on a bitcoin standard. You won’t necessarily have to get paid in fiat then end up buying bitcoin on strike or whatever and paying off bills each month with little growth potential besides / unless you are using a credit card and getting cash back
But the cool thing about all of this is the freedom of choice to opt in or not. Could do the normal way and get 100% fiat and then allocate the necessary amounts to bills and Bitcoin portfolio.
Either works and both stack Sats.