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Last night I had a bittersweet bitcoin experience - I know it's going to be controversial here, but hear me out:

I was looking for private guitar lessons and after reaching out to a guy near my location, he casually mentioned that he accepts payment "in crypto". I asked which one he prefers, and he said "any, but BTC would be better".

I finally told him I would pay him cash instead, which he can exchange for actual money later if he wants, because I think the opportunity cost of reducing my sat stack is too big. This is something I've mentioned here too, and I still believe it.

So, while it gladdens me to occasionally find people who "get it", I still think that we're a long, long way until it makes sense for me to use sats as my currency. So it makes me sad too, because I have to turn them down when they ask me to part with my sats.

Hindu 2y ago

I used to think that way until I went all in. Now I see it as: I spend sats this week and BTC is "down" 10% fine, I am paying 10% more in comparison to last week. BUT overall I am spending less. If BTC is up 10% on last week then I got myself a discount.

I constantly buy BTC as people still use fiat.

That's why I put just my weekly shopping budget onto an exchange BTC and use their BTC debit card with which I can pay anywhere, and no it is not that much, so I am not worried. I also buy vouchers for various restaurants, store and services on Bitrefill. Of course I do keep some cash notes 💸 💰 and gold for emergencies where I of course wouldn't have time to start orange pilling people.

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Discussion

hh 2y ago

Yeah, I totally get what you're saying, but I have a very long outlook with BTC.

The way I see it is, I can invest one hour of my time mining fiat to buy sats and stack them, so in a few years those sats can buy ME 10 hours, or I can give them to the guy right now and get only one hour.

It really is a time preference and opportunity cost thing. I just can't bear myself to do it.

It MIGHT be different if I had mined BTC back then when it was possible instead of having to buy with fiat at current prices.

Hindu 2y ago

Live your life. Maybe through him you'll meet someone that will help you in business or life OR that skill will take you down a good path or make you a better person.

The way I do it is cut out a bad habit (smoking or drinking in excess or gambling on the stockmarket/casino/crapcoins or drugs) and stack sats that is great, but good habits/skills shouldn't be sacrificed. Just my 2 sats. Go enjoy your life in a positive way while you still can.

Jony⚡️ 2y ago

Very cool! How do you spend sats for daily life? I still need fiat for everyday spending + converting to fiat is a tax nightmare. What tools do you use?

Hindu 2y ago

Binance, Crypto dot com, and possibly others have a debit card that automatically concerts fiat purchases from BTC for you. I just put what I need for the week there. And I also use Bitrefill.

hh 2y ago

I have a Binance card. Never once have I used it, for the reasons I mentioned. I just don't feel comfortable with the idea of being the 2023 Bitcoin Pizza Guy.

Which in our case would be even worse, because unlike Pizza Guy, we can't just turn on our 2010 home laptop and mine 50 BTC.

Hindu 2y ago

That makes zero sense. Because 1. You were gonna buy the pizza anyway.

2. Pizza guy paid excess premium and didn't replace the sats. Imagine if he had been encouraged by someone accepting it and bought 100k sats to hodl.

3. Laziness is why you haven't used the Binance card, I was the same, I kept mine for an entire year and then used it one day for a 40 buck purchase for fun. It worked smoothly, I was so happy. As a result I increased my stack 10% by putting whatever spending money I have into BTC. And that 10% extra over time means I am DCAing into Bitcoin even with my spending and I'm supporting the other 90% of my stack. Did I waste 40 bucks? No, I was gonna buy that item anyway.

Hindu 2y ago

For taxes it's not too bad actually, you can see records in email/system and use those values. Remember they're not going to come at you for 100 bucks difference just like you are not going to die if you paid 100 excess, it is not material or significant in the grand scheme of things. Approximate values are fine there is no need for hairsplitting, just like you don't measure how much ink you used in your pen or how much you sharpened your pencils and claim 3 cents pencil devaluation in the course of business lol 😆 😜