#asknostr
What is the best way to support #bitcoin now if you live on fiat?
A.) Convert all salary to bitcoin, and spend from bitcoin.
B.) Keep what you spend in fiat, convert the rest into bitcoin.
C.) Have a revolving credit card, and always pay back debt before due date, and convert rest of fiat to bitcoin.
D.)...
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#plebchain #coffeechain #grownostr
Good questions, also there are different options available in different countries. Some are more open and other less sophisticated but more controlling.
My ideal would be to spend what I need in fiat and convert the balance to non-KYC BTC. Why this? So not everyone knows I have any sats to start with…
What is the benefit you see in this option (B)? The no-kyc part I understand. 🤙
My thinking is from an opsec point of view. So you do normal life in fiat and you’re the same as everyone else - they don’t notice. The rest is in BTC where they don’t know. Result = no one knows you stack so no surprises.
I would say D: spend what you need in fiat and also in Bitcoin where you can. And buy immediately back the spended Bitcoin with your fiat 😄🙃.
Also if you need to buy with fiat you can buy it for example through satsback.com so you can get back some #Bitcoin #sats.
But why would you spend bitcoin and buy immediately back with fiat, if you have fiat, a worse money at hand to spend?
The money you keep in fiat can you use to buy back the Bitcoin, so your stack stays the same and helping Bitcoin to grow and the merchants. The place where I live (Holland) is not so big into Bitcoin and living on Bitcoin is some difficult here, so I try to make the best of it. What do you mean with a worse money at hand to spend? ( do not know what the meaning of that sentence is 🙈)
Sorry, I meant fiat with it. The money that is permissioned, inflated, and soft.
Why would you keep fiat, and not exchange your entire stack to bitcoin in the beginning? Why to only exchange when you spend?
Not only, but as an extra option, also buy Bitcoin. But when I put all my stack into it and there is a downfall with the fiat price, because stores/company's calculate the btc amount in fiat, I will lose more btc than I bought at a higher price. Which was the case for more then a year. I wish the value of btc is not compared to fiat but it is the way now unfortunately. And because the businesses in Holland are to comfortable with the fiat and the quick payments with cards and do not see the advantage of Bitcoin. There is only one store where I do my grocery's and pay with Bitcoin.
Do you know stable sats?
Uhm no I don't, what is it?
"One problem that persists for people in a Bitcoin economy is the short-term volatility of the bitcoin exchange rate."
"This problem led Galoy to create a feature called Stablesats, a USD account that people can use to hold “dollar equivalent” balances in their Lightning wallet, thus protect themselves from fluctuations in the bitcoin exchange rate."
I know that Blink wallet supports it, not sure yet about other developments.
Also I don't know how trustable it is, and how good. Just this can also be an option to hold bitcoin, and hold a certain amount in stable sats to reduce the short term volatility for your monthly spending.
How do you live your bitcoin standard?
#plebchain #coffeechain #bitcoin #btc #bitcoinstandard
