What is the percentage that you use Bitcoin to settle your daily transactions? \ stacker news ~bitcoin

What is the percentage that you use Bitcoin to settle your daily transactions?

4928 sats \ 21 comments \ @cryotosensei 19 Sep 2023 bitcoin

When I look back at myself before I joined Stacker News, I have to shake my head at how naive I was. Truth be told, I used to treat Bitcoin as a speculative asset and wanted it to pump to $69k and beyond so that my financial goals could be accomplished.

It took me some time but eventually, I figured that there is a group of Bitcoiners who are indifferent to Bitcoin’s price action as they have already incorporated it into their everyday life. You guys may run your own node, accept sats as payments for your businesses or support enterprises which accept Bitcoin. You are ever looking for ways to reduce your dependence on fiat.

Putting aside real-world bills which must be paid for in fiat, are you satisfied with your journey to live on and off Bitcoin? If so, what made you reach this point of equilibrium in your life? If not, what are the next steps you feel like you need to take?

view all related items

406 sats \ 6 replies \ @DarthCoin 19 Sep 2023

My case:

percentage is 100% done in BTC, mostly over LN. I do not have anymore bank accounts, from 2018. No shitcoins, stablecoins, no fiat.

what made you reach this point of equilibrium in your life?

I am in Bitcoin for long time (from 2012). I studied, I tested and accumulated it. I start earning in bitcoin. That's the key point. Demand to be paid in Bitcoin. Equilibrium? Just stay out of fiat and all your troubles will be gone.

Steps?

Read my guides, I wrote severals:

Improve your knowledge
Practice using Bitcoin
Stay away from banks and fiat

Done

21 sats \ 2 replies \ @cryotosensei OP 20 Sep 2023

Thanks for linking all your guides. Will read them one by one and digest them

I work as a teacher for my government, so I doubt that the civil service will ever utilise bitwage.com but that was a great thing to know

I respect how you put in the time and energy to scaffold Samir through the process. You changed his n his family’s lives

Before reading your article, I made a decision to buy gift cards from Bitrefill for groceries n food takeaways (rather than send sats to Kraken). N I’m relieved that that’s considered a viable method in your eyes. Haha. Ofc I should start checking out the btcmap.org website.

Thanks for commenting - much food for thought

20 sats \ 1 reply \ @DarthCoin 20 Sep 2023

teacher for my government,

There's no such thing as "my government"...

I doubt that the civil service will ever utilise bitwage.com

Is not about THEM to use it, is about YOU. You usually are giving to your employer a bank account where they have to send your wage, right? So same happen with Bitwage (please read my guide). They assign you an account number and that one you are giving to your employer. Your employer do not have to know that is from Bitwage or that you receive BTC, don't say nothing.

21 sats \ 0 replies \ @cryotosensei OP 21 Sep 2023

Read your 21 orange pills today - thanks for linking it

20 sats \ 2 replies \ @newnym 19 Sep 2023

That Bitwage thing looks really cool. I didn't know such a service existed. Thanks for the tip!

20 sats \ 1 reply \ @DarthCoin 19 Sep 2023

they had a mini-AMA here some weeks ago #223604

Is a very good option if you want to start slowly to be paid in BTC, until the employer will pay you directly.

10 sats \ 0 replies \ @newnym 19 Sep 2023

Thanks! I'll check it out.

356 sats \ 1 reply \ @supertestnet 19 Sep 2023

Do you consider it "settled in bitcoin" if I buy a gift card and pay with that? (It counts in my book.) If so, about 100%, including real world bills. The bitcoin company's visa gift cards come in clutch here.

0 sats \ 0 replies \ @cryotosensei OP 20 Sep 2023

It counts in my book as well. Except that I’m using Bitrefill.

I didn’t know the Bitcoin company has such tie-ups with Visa. I will look more into it. Thanks for the knowledge drop!

35 sats \ 3 replies \ @nullcount 19 Sep 2023

TLDR Spend soft money, save hard money.

Every spend of BTC I've ever made was regretted 2-4 years later.

Spend and replace only if you gain something for the extra effort. Discounts, rewards, better privacy, etc. Don't forget to replace!

Those who are 100% BTC cannot replace what they sell and may be forced to sell at inconvenient times. They also get more gains than someone who is 90% BTC but to me the risk of being a forced seller is worth having a 10% fiat position to spend from.

16 sats \ 1 reply \ @SpaceHodler 19 Sep 2023

Seconded. But having a 10% fiat position is dangerous, because it means having more and more fiat as your BTC stack grows. (Example: Let's say you have 1 BTC and $2700. As your BTC stack grows to 2 BTC and the price goes to $100k, you suddenly have to have $20k in fiat, which impedes your stacking for no good reason).

The percentage of my fiat position decreases over time, because I aim to have a fixed amount of it; not nominally but in terms of purchasing power, namely enough to pay my anticipated bills.

10 sats \ 0 replies \ @nullcount 19 Sep 2023

Aggreed, 10% could be 1% or 50% depending on the size of one's sat stack and their monthly expenditure to maintain their desired lifestyle.

0 sats \ 0 replies \ @cryotosensei OP 20 Sep 2023

I love how you talk about soft money vs hard money. I do such mental accounting in my mind too but I wouldn’t have the language to put my ideas in such clear terms. Thanks, it helps provide greater clarity for me wrt money

20 sats \ 4 replies \ @carlosfandango 19 Sep 2023

I don’t have much to add except some people are living almost exclusively off Bitcoin (real-world bills included).

I would be far happier with clearer tax rules and accounting around Bitcoin in business-2-business transactions etc and certainly more acceptance of LN as a means of payment at local retailers for smaller purchases.

41 sats \ 3 replies \ @DarthCoin 19 Sep 2023

Bitcoin is cash in accounting. Nothing more nothing less. So treat it mas such. No tax.

10 sats \ 2 replies \ @carlosfandango 19 Sep 2023

In my location it’s almost impossible to pay as a business to a business in BTC. Customer to business is possible… just about.

10 sats \ 1 reply \ @DarthCoin 19 Sep 2023

It is possible when you really want it.

10 sats \ 0 replies \ @Natalia 19 Sep 2023

indeed, like everything else in life.

94 sats \ 1 reply \ @MrM 19 Sep 2023

Here from ES 100% lighting Bankless and proud, fuck Fiat fuck Fiat mind set.

0 sats \ 0 replies \ @cryotosensei OP 20 Sep 2023

Is it easy to gain and use sats in El Salvador? I read that BTC adoption isn’t all that great there?

0 sats \ 0 replies \ @SaToSHiWoMaN 5 Mar outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.