A Good Sats Purchase Flow Ive Discovered \ stacker news ~bitcoin

A Good Sats Purchase Flow Ive Discovered

2935 sats \ 13 comments \ @justBrian 1 Oct 2023 bitcoin

Here is a good sats flow yall I discovered:

direct deposit your paycheck as bitcoin with cashapp...you dont pay an exchange fee when direct deposited.

Then, go to robosats and select the swap option. Its common individuals will do swaps for 0% premium.

When you send your bitcoin on-chain to the recipient, you can select the 'slowest' option wit no transaction fee paid by you. It says it can take up to 24 hrs but typically sends and confirms within 30 mins.

Your bitcoin received via the swap is now kyc free with minimal premiums involved 🤙 . And someone just gained some corn privacy too 🙂

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181 sats \ 1 reply \ @2bithits 1 Oct 2023

Partly true.

First you need enough space in your channel to receive this amount of sats.

Second is that authorities still know that you purchased bitcoin via cash app. This is different to buying off p2p exchanges like hodlhodl, robosats or bisq.

0 sats \ 0 replies \ @justBrian OP 1 Oct 2023

Ya, that is true 🤙 not for everyone depends on threat model

107 sats \ 0 replies \ @shyfire 1 Oct 2023

Neat!

10 sats \ 1 reply \ @BlokchainB 1 Oct 2023

Ahh swap ln for on chain?

50 sats \ 0 replies \ @justBrian OP 1 Oct 2023

You can receive the bitcoin on chain or via lightning, up to you.

71 sats \ 4 replies \ @nout 1 Oct 2023

Strike would be better for this option, because in Strike you hold the value in USD. Paying LN invoice in Strike with your USD balance won't create a taxable event.

50 sats \ 0 replies \ @cryptocoin 2 Oct 2023

I love Strike, I just haven't used them since I can no longer add funds via my debit card. I still regularly use Send Globally, but that is because I'm funding my account with BTC, which I then sell on Strike for USD, and then send fiat from that USD balance.

I wish Cash App offered this "Pay BTC / Pay an LN invoice", from a USD balance. Seems such a simple step for them, yet such a game changer for us.

100 sats \ 0 replies \ @jamesviggy 2 Oct 2023

0 sats \ 0 replies \ @justBrian OP 2 Oct 2023

Strike has always been a shitty exp for me, unfortunately. But you can also hold cash in cashapp too, not sure how itd be diff.

Cash app also tracks your buy and sells well enough for reporting, in my experience. I guess if i had concerns for my tax reporting...if the bills were large enough, id just buy zenledger to take care of it 🤷‍♂️

0 sats \ 0 replies \ @rijndael 2 Oct 2023

If you buy and then immediately sell/spend, you dont have a capital gain

0 sats \ 0 replies \ @Coinosphere 2 Oct 2023

Since CashApp allows deposits from the LN, when can we expect them to allow payments from your BTC balance?

0 sats \ 1 reply \ @cryptocoin 2 Oct 2023

direct deposit your paycheck as bitcoin with cashapp...you dont pay an exchange fee when direct deposited.

What?

I've never heard of this. I looked at the Cash App direct deposit stuff and don't see anywhere where the conversion to BTC is free. You've done this yourself?

0 sats \ 0 replies \ @justBrian OP 2 Oct 2023

Thats how its been for me. Cant speak for the spread but the fee is $0.