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?
I just freeball it.
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)
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'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
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 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.
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'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.
It has really been awesome with Bitcoin ever since I discovered Nostr and Zebedee.