This is the way.
Adopted the live on credit, save in bitcoin strategy nearly 3 years ago now. Strike makes it so easy.
Discussion
I'm thrilled to see more people adopting this strategy:
https://bitcoinbarks.com/Barks/get-on-zero-2024-strike-update/#wbb1
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Is there an explanation of this process I can read and possibly share?
I realize it may be as simple as “buy bitcoin, spend on credit (cards)”. Simply looking for the logistics of “then what” the credit has to be paid, so if all fiat is in BTC, how does one pay the credit…I assume by selling the BTC…
Any process direction would be appreciated
At its simplest, it's just immediately converting new dollars to Bitcoin, spending on credit and paying your fiat bill by selling Bitcoin (either manually or automatically in the case of Strike's Bill Pay feature).
I've actually covered this in depth here:
https://bitcoinbarks.com/Barks/get-on-zero-2024-strike-update/#wbb1
Thanks for this article as well…
So for my use case I’d need to be on the “bear” all year or just stack BTC manually at end of month, week, etc…
Reason being is a privacy restriction since Strike is public (reports to agencies, etc) so due to that, it conflicts with a setup/structure im responsible for.
So I’d have to use the fiat directly and buy BTC directly….unless Strike and the bank you mentioned (they use) supports private bank accounts (UBOs / PMAs)
I get that.
I'm not really pushing for everyone to adopt the same strategy I have. We all have our own lives and unique situations and requirements.
I just wanted to detail the way I use this feature.
As far as private bank support, I'd reach out to strike on that. Unfortunately that's not something I have experience with.
Totally. I appreciate you publishing thie article as it gave some concreteness to one process, idea, approach.
The key takeaway: one has to live/operate under their means
I also have a more recent article that serves as a deep-dive on Strike Bill Pay:
https://bitcoinbarks.com/Barks/strike-bill-pay-deep-dive/#wbb1
This helps a ton.
Thanks
Yes pups article is a good start. The point is to pay the credit off in full each month so you dont accrue the interest at all. So youre using a interest free revolving 30 day credit line to be your dollar float instead of balancing your paycheck and buying the rest of your value into btc.
With this your entire weekly/biweekly/monthly pay is fully exposed to bitcoin at all times. Plus any time your selling youre only getting dinged on any captial gains. So if you bought $100 in bitcoin and it went to $110 by the time you sold youre only taxed on the $10. Then youre only selling 1 a month to cover your rent/mortgage/credit line and rinse and repeat. Id definitely suggest having a good chunk of btc in cold storage maybe 3 months worth set aside to be able to pull from to be able to weather some drawdowns of sorts that happen.
But mostly im just tired of feeding the machine and want to prove to myself that living like this is possible. nostr:nprofile1qqsvf646uxlreajhhsv9tms9u6w7nuzeedaqty38z69cpwyhv89ufcqpzamhxue69uhhyetvv9ujucm4wfex2mn59en8j6gpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqg5waehxw309aex2mrp0yhxgctdw4eju6t0t25cfd motivated me listening to money matters. Be the change you want to see in the world. If not me then who?
All great points.
Personally, Ive been rolling credit card balances into new 0% interest balance transfer offers for the past 2 years and will be closing out these fiat leverage positions this year.
That said, while this strategy has worked brilliantly for me, I'd hardly recommend that anyone start using it in a bull market. Just spend less than you make, leverage the interest-free 30 day credit line, and save in bitcoin.
Staying humble and stacking sats is always the best bet.
Glad to join you bud