Unless you are paid in sats to me it seems less efficient to be 100% on a Bitcoin standard, and due to capital gains implications & FX spread considerations it makes more sense to pay for monthly expenses with dirty fiat. If you are willing to take the spread and cap gain hit, then yeah being on a Bitcoin standard must be awesome for the circular economy.
I’m intrigued by the idea of switching to a #Bitcoin standard, at least in part. I say “in part” because my wife is unlikely to let me switch all our finances over to operating internally in Bitcoin so I’m going to have to do this with my toy money account. She’s coming around to the orange way of doing things, but it’s going to take some time.
Has anyone else done this and what has been your experience with it?
What have you learned from it?
Would you do something different if you had to do it again?
nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev if you haven’t done a podcast on this idea yet, it might be interesting to do one.
Discussion
This is a concern of mine that Uncle Sam will want more of my money if I go Bitcoin internally. Was hoping someone would say there was some loophole to allow me to do it without paying taxes on that which I’ve already paid taxes.
It’s funny how loopholes exist for those with outsized amounts of wealth but not so much for those of us just trying to make a better life for ourselves.