I used to be very minimalist in terms of having one bank account, one investment account. Multiple accounts lead to confusion, lack of easy oversight, etc. It's like decluttering your finances.
But now with bank accounts being closed if they're even suspected of being used for bitcoin purchases - it is a good idea to have a bunch of bank accounts? Even spreading them across different states?
I'm not talking about keeping large amounts in these accounts, just using them as a source to buy bitcoin.
Are there any negatives to this strategy? To me it seems like the main negative is the complexity. Also usually you need to keep a certain amount in them, to avoid fees.
You can even have accounts from different counties, but then you still need to play their game and keep worrying.
Or solving problems at the root: earning and spending in Bitcoin, no one can achieve this overnight tho; And the interesting thing is once you start this path, then you depend less and less on the banks, and less and less worries.
Yes, earning in bitcoin is the ideal.
It's amazing how once you've used bitcoin and start to get more comfortable with it, you start noticing how cruddy the banking system is. All their checks, and restrictions, and limits, and threats, and 50 page long "terms of service", and IDs, etc. And that's before even thinking of how your fiat money is melting.
and the idea of your money might be hostage if you do something "wrong" 🤣
I only keep what I am willing to lose there, and taking advantage of some benefits: #494208
Redundancy on any critical resource is a good idea 👍
But have you considered #GetOnZero ?
don't bother, he's a fiat maxi, a lost cause
I was once in that mindset, so I have sympathy for those not fully on a bitcoin standard yet. Everyone learned from someone else helping them along the way. I certainly did.
What does that mean - zero fiat?
Correct
view on x.comhttps://getonzerofiat.com/faq/
I'll never put all my eggs in the same basket. So yeah it's a good strategy imo
It may be a good idea if you want to continue living in the fiat standard, but not in the bitcoin standard
One account to get your salary, purchase stuff... And a second account on Revolut where you transfer Fiat money to buy Bitcoin!
You've got the right idea! My bank account's main purpose is for buying bitcoin.
But also food, groceries, bills.
But if you really hate banks, and want dollars, have cash in a safe.
Would like to be at a point where I don’t need a ‘traditional’ bank account. Also think the country you are based in will impact your banking options. I’m UK based and some banks won’t let me use my own money to buy Bitcoin so I now have several different accounts.
I'd also like to be at the stage of no bank account.
What does that mean "banks won’t let me use my own money to buy Bitcoin"? They actually monitor where you send money, and if it's going to a company where you can buy bitcoin, they close your account?
I got involved in a scam while buying BTC non-KYC on a P2P platform, it's called triangulation. Some fucker says he sent money to my account and didn't receive his product, police freezes account while they "investigate" . Gladly I had a little amount there, but now I need other accounts.
Morale:
Thanks for this. I'm trying to understand it a little better, cause I want to avoid exactly these types of situations.
This guy who says he sent money to your account...was this related to a non-KYC BTC purchase? How did it benefit him?
I would love to hear more, please share more details if you feel comfortable. Or maybe there's some info online, on triangulation as it applies to individuals (the info I found online relates to merchant level credit card fraud).
Just use one bank for regular activity (salary, bills, shopping) and another bank for Bitcoin purchases. Very easy to set up these days.
Why do you still need a bank account?
Live a life on Bitcoin standard.
Having multiple bitcoin wallets is optimal.
That being said I have 3 different bank accounts so I guess yes.
For me, I am looking to leave the old system behind so I have and need 0 bank accounts. It's the good life.
That's the goal, but getting on zero fiat is nearly impossible in the USA. How do they eat and pay for gas?
Luckily for me, my partner still has access to services as we need them. She does have a cash app account and debit card that takes care of the dirty fiat deals. But they have lightning and deal only in Bitcoin. Cash app is awesome. I don't work a regular job. Mining and hanging out here is how I secure my future.
https://m.stacker.news/25508
My bank accounts vs. my Bitcoin wallets
https://m.stacker.news/25550
I think you are confusing banks with bitcoin exchanges. You can maximize the amount of exchanges you have access to while only using one bank account.
But be mindful of KYC requirements. Maybe it’s better to just use bisq and get money orders. This is practical for small amounts but as soon as you want to do massive buys in the 5 figures of fiat then stick to one exchange
I like cash app. Serves most functions of a bank
As others have said, if a bank blocks you, you can use Revolut or these others methods to acquire bitcoin:
https://bisq.wiki/Payment_methods
Sure, but unless you're earing in bitcoin, don't you still have to use fiat in order to buy it?
it's a fiat rail
There are some banks that are "crypto friendly".
Bank accounts are outdated thing. Lol
Giving someone your ice cube to place under a hot light? Don’t do much of you have to at all. Try and avoid them!
I read stories during 2017 mining adoptions had multiple credit cards, zeroed first one, bought GPUs, started to mine, interest payments and loan of first card they payed with second card, etc, etc. In parralel they sell mining rewards and extended GPUs amount. In the end, the ones who wasn't greedy left without debts and with "free" GPUs