I’m proud to say my direct deposit for me job is now going 100% into Bitcoin automatically with strike! I’m using their bill pay for my bills and then just sell and transfer what I can’t use Bitcoin for.
Discussion
can’t my then what sell for and 100% my to Bitcoin with using Bitcoin transfer for I automatically bill just bills me deposit and pay into job for. proud use is going I’m I’m their strike! say direct now
Que bien hermano, no he podido hacer eso aun
congrats! this is the way 🍻
How do you like the bill pay? You have to keep sats in Strike and they are exchanged to fiat on the due date or how does it work?
Haven’t used it just yet, first time but I have it set up to pay my car insurance ect. Yeah it used sats and exchanges then at time of bill
Not trying to rain on your parade but I have some questions. What about fees aren’t you getting hit when you convert to sats then again when you convert to fiat? Seems like you would end up with less sats then just paying bills directly in fiat first and converting what’s left over it bitcoin for saving?
Zero fees on bill pay, also zero fees on purchases via direct deposit, I only get hit with fees if I sell for cash in the app which isn’t much anyway
Check the spreads then. That is probably where the “fees” are. Strike ain’t making hundreds of millions in profit doing zero fees.
Also are you hit with any fees when you send to your own cold storage?
Yes, same as any other exchange though
If you’re going the KYC route then Kraken has the lowest fees and spreads I’ve seen. Might want to compare those spreads/fees add up over time especially if you’re converting all your money every payday.
Yes, there’s no fees to buy with paychecks, just to sell it there’s a fee and obviously a sending fee, I’m not sure if they charge a fee to send or if it’s just an onchain fee
Also if you are sending on chain they will wave the fee for sending it if you choose 24 hours
Sounds pretty good then I would just check spreads compare the price on Bitbo or whatever you use to check market price and compare it to what strike charges at the same time. It’s probably a couple percent, just guessing. If it’s lower than that it’s pretty good. Exchanges either make money from fees or spread or a combination of both.
Their prices are super reasonable, and for the convenience it's worth the price
No on chain fees when you withdraw if you’re patient. Spreads are best I’ve found every time I’ve mathed it out(five or six separate occasions) when they introduced fees over spreads it tighted up significantly. No fees after a week of automatic purchases, no fees on direct deposits. Hard to beat as a pleb.
They make their money on whales.
*checks transaction history on strike*
There's definitely a "Strike Fee" for Bill Pay.
Definitely spreads are the biggest fees and I have long criticized Strike for the outrageous spreads at times. It’s like a hidden fee even though they boast ‘no fees’. Still if you believe Bitcoin will trend up over time it may make sense to eat the spread/fees regardless. Or if you are already living on a Bitcoin standard and only hold sats, having a way to auto convert and pay fiat bills is a nice convenience to have.
I just made a comment on the original post on how I mitigate fees, and use River as a savings account
I've used it since day 1.basically you can keep SATs or dollars on strike and then they pay for the bill from your account. If you use SATs, they handle the tax accounting for you, but personally I just use it as my bank and then use strike to buy from folks on to lasts BC this year I've decided to only buy Kyc free sats. 100% of my bills flow through it. From the transaction history, the one time I used SATs to pay a bill, there was no fees besides a 3 sat routing fee. So unkess their spread is off, I don't think it cost anything extra. Also I think there are only buy fees on strike but even if there are sell fees, my strategy works.
Good choice on the KYC free sats I haven’t bought KYC in years
It’s kyc no matter what somehow unless you buy from someone behind the 7Eleven with cash, money needs to be transferred somehow with a kyc account at least in the USA.
Well you can use robosats that’s what I use
What are you using to pay for them though?
I know what you’re getting at but it’s not the same thing. If it were true exchanges wouldn’t need to KYC you because your funding with a KYC method. KYC links addresses to identity which can be traced indefinitely, when you exchange p2p the KYC part has no knowledge of the bitcoin address therefore has nothing to trace. It’s not the same thing at all.
Yeah that’s true, but also feel like could get you in hot water or investigation more.
Say you mange to acquire 1BTC via exchanges on robosats, the irs looks at your bank or cash app payments or whatever you used to pay with and just sees random payments going out to random people all the time. This is gonna look suspicious. I wish we could all just buy it wish cash without kyc, I hope we can get a no kyc on bitcoin in the future.
I just look at it simply as bitcoin is peer to peer cash so should be used as such buying p2p makes the most sense.
Report back if you can. I’m curious to try it out but haven’t had time to dig too much into it
It converts your sats to usd before paying your bill. Incurring a fee and possible taxable event. Strike should help you eoy with tax docs, fees I cover with cash back from credit card spending. I left a comment on the main thread explaining my process if you’re curious
That’s the best feature I wish I had access to
Nice, I was looking at setting this up, too. I’ll ask in a few months how it’s working out!
💪🏽
This is the way
Same. Works great
Been debating at making the switch as well :)
Do it!
For some reason, my ID verification was denied. Waiting for support, then I'll go for it :D
This is the way.
Another Bitcoin Standard Convert 🤙 Fuck Fiat
it works great
Congrats! Strike is great. Hey just a heads up, I figured a way to cut down on fees a bit, while still maintaining somewhat of a bitcoin standard.
On strike, I setup a weekly buy every payday about10 mins after my direct deposit usually hits. This recurring buy waives the purchase fee, and calculated each week to eventually cover my expenses by the end of the month. I then use credit cards all month for purchases, and strike routing and account number for bills that offer a discount for ACH setup with auto pay.
Then once a month, I pay off my credit cards with the strike bill pay feature, which does generate some fees. The fees are more than covered with credit cards cash back rewards that I also use to buy more BTC.
Rent is the only bill not paid with cc or strike since my landlord is old school prefers a handwritten check.
Hopefully that makes sense, it does to me at least. It’s a fun process and only have to do it once a month but I’ve been keeping a ledger and moving surplus BTC “savings” over to River before eventual cold storage. Happy stacking!
Why move it to River?
Just a personal choice. I’ve always been better with savings if I don’t see the balance that often.
I guess I'm confused why you would move it to an exchange before cold storage. It seems like a wasted step. If you send directly from strike to cold storage, you would theoretically see the balance less often. No judgement here, I'm just curious about the extra step.
Oh oh I see, good question as I didn’t make that part clear. I have my paycheck direct deposit to a traditional bank account and then I have a large reoccurring buy at strike for bill pay, and a smaller one over to river for savings. So both buys take advantage of each exchanges’ free buys on a schedule.
And that’s just to keep the savings separate from bill pay account, any surplus in the bill pay will end up in cold storage too. River also has 1 free transfer off exchange a month, which will waive any mining fees, not that fees have been very high lately. It’s also a form of UTXO management too.
Nah... bitcoin is a long term hold and not 30 days. It makes way more sense to stack your savings after all bills have been paid and are not going to need to convert to fiat for a while.
I do the same thing, however my mortgage and car payment $ go into my fold account that pays bitcoin rewards just for paying those.
Congrats dog right on track 🫡🧡🗽
Since @strike uses HIFO to calculate gain/ loss, how do you know the cost basis of coin you move to cold storage. I.e after a while of direct deposit and bill pay you’ll eventually have a stack you’ll want to move to cold storage. If you intend to sell those coins at a later date you’ll need to know the cost basis. It seems like HIFO kind of complicates this, whereas FIFO is a bit easier to determine which coins have been sold and which have been transferred to cold storage.
Congratulations uno 💪🏴☠️😍
Are you going to use the loan service? Seems like the full Monty with Strike. Maybe 80% funds in BTC, get a loan when cash is needed. Never sell BTC.
CooL 💜🫂