For me, if you believe in Bitcoin, keeping tabs on your fiat spending doesn't really promote long-term thinking. Surely it gets you back into fiat thinking instead.
I've always liked creating spreadsheets. Often, I do it even to help make the right choice (the pro's and cons) when choosing new tech - putting each product's spec side-by-side to help me decide.
I've also been involved with business accounts in the past - and was very good at it - noted by the firms that came in to check it.
However, I didn't lift up a finger to keep tabs when buying Bitcoin, for some reason it just didn't happen.
I'm guessing I didn't do this as doing so would concentrate the mind just on the very short term, and maybe be super cautious.
Has anyone else had a similar experience?
Same here. I kept the books for a few businesses. For the first two years buying bitcoin I just bought without keeping records. A year or two ago I realized I want to organize my utxos, so I painstakingly looked up each transaction.
Are you saying that you rolled out out the accounting software Siggy?
If so, was the effort worth it?
No! Not at all. I used electrum for coin control, then just created a little basic spreadsheet. I spreadsheet for fun too sometimes.
… those long winter nights must just fly by….
(No offence intended - I’m actually impressed)
I keep pretty meticulous records of my spending, a habit from a time when budget was tighter. I don't really see it as concentrating my mind on the short-term, but rather just making sure you know what you're spending on. The records have been helpful because they once helped me detect that someone was using my credit card fraudulently... I wouldn't have caught onto it as quickly if I didn't keep careful records
I'm guessing you're looking at the fiat outgoings rather than buy prices.
That sort of experience would certainly sharpen my mind too.
Well tax is theft, buy no kyc etc but in some situations / constellations you are forced to reach in a tax report and BC I do not have all my coins non kyc I am forced to keep tabs on my BTC purchases...
I was sure that this might be the case for some users.
Is this the case if you're trading/selling or is it also when you're HODLing too?
Don't go into detail if it might doxx yourself though.
I got a LN Node obv. Theoretically I would have to report all routing events which I am not doing for sure. But even when I send onchain the mining fee is a spending event and you would have to report this. And this is what I am doing. Got non kyc in lightning so I can easily spent, pay friends etc without worrying
I've absolutely experienced this, when dealing in $USD terms you're always wondering and analyzing "is there somewhere else I could earn a slightly better % return, or IRR" or whatever - such a waste of time. Bitcoin fixes this :-)
Yeah, my buy experiences are always happy, cheerful ones because of it.
Yes, for my purchases on Bitrefill particularly. I still need to spend $38 bucks, otherwise my referral code/link for Bitrefill won't be activated haha
Looks like you've got your head screwed on right!
I did it from the beginning until I start earning in BTC. Then wouldn't matter anymore. I stop doing it because I realized that is a behavior that will drag me all the way down back to the fiat thinking.
When you start earning in BTC you don't give a damn shit anymore about how much "your BTC worth in fiat". Is totally meaningless.
I'm so familiar with your mindset that when I wrote,
I pretty well knew what your response would be dude.
I'm always thinking in fiat as most merchant I deal with collect only fiat. I believe over time we most of them start receiving Bitcoin for instance it will become easier
I just freeball it.
It has really been awesome with Bitcoin ever since I discovered Nostr and Zebedee.