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How did you move your savings into Bitcoin? How would you do it now?
246 sats \ 18 comments \ @klk 29 May AskSN
Bitcoin is something that grows in you. And the proof of work philosophy really is a thing.
At some point, you become uncomfortable about holding fiat or fiat related assets (stocks, bonds, ...). Because those aren't really yours. And feels like sponsoring a system you don't support.
At some point, you might have decided to opt out. And move all your savings into Bitcoin. How did you do that?
If you had a significant amount of index funds and wanted to move those to Bitcoin, how would you do it? When?
For the how: probably selling it off slowly for fiat and then Bisq or similar.
For the when: 2 years ago you would have gotten 4x the amount of Bitcoin that you get today for each “share” of the S&P 500. 4 years ago you would have gotten more or less the same that you would today. https://inflationchart.com/spx-in-btc/?time=5%20years&show_stock=0&show_adjuster=0&zero=1 Would you wait for another SP500/BTC peak?
Did you move all your savings into Bitcoin? How did you do so? How would you do it today?
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52 sats \ 3 replies \ @Aardvark 29 May
Rolled over my 401k into a bitcoin IRA at unchained.com
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31 sats \ 2 replies \ @klk OP 29 May
Did you do it in one go? Or “DCA”ed?
For the 401k you have no other option. But for regular savings wouldn't you prefer a non-KYC way to do the swap?
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82 sats \ 0 replies \ @Alice_and_the_Wonderland 29 May
#920397
It was deposited, and then like any exchange you just set your purchase. As bitcoin was at $83500, I just pulled the trigger and bought it.
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132 sats \ 0 replies \ @Aardvark 29 May
As @Alice_and_the_Wonderland linked, I could have DCA'd it in, but it was during the whole tarrif dip, so I didn't wait around. If I was a psychic, I could have caught it at 77k, but I have no regrets at just shoving it all in at 83.5.
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39 sats \ 0 replies \ @anon 29 May
Convert to fiat, transfer to bank account
Buy non KYC only! Cash trades or robosats / bisq
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0 sats \ 12 replies \ @79c9095526 29 May
The issue one may face is how to sell meaningful coin in this upcoming bull market. Lets say hypothetically, one is looking to retire and wants to purchase their home to be able to control expenses going forward. They'd like to sell two bitcoin once price is lets say around $200k and they'd prefer to do it w/o using a kyc exchange like coinbase or gemini or strike to avoid reporting/tax issues...
Not sure one can move that much coin on a bisq or robosats type platform though.
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10 sats \ 10 replies \ @klk OP 29 May
Not planning on selling for fiat. That house can be rented or paid for with Bitcoin.
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0 sats \ 7 replies \ @elvismercury 29 May
How can your existing mortgage be paid with bitcoin?
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10 sats \ 6 replies \ @klk OP 29 May
Don't have a mortage. Not interested in one either.
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0 sats \ 5 replies \ @79c9095526 29 May
Ok, so how do you purchase a home (without a mortgage) with bitcoin? The home is for sale for USD. Like 99.9999% of homes in America, they do not accept bitcoin.
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10 sats \ 3 replies \ @elvismercury 29 May
As long as you don't actually want to interact with civilization, or the people who live in it, avoiding filthy fiat and using btc to buy everything is straightforward.
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60 sats \ 0 replies \ @klk OP 29 May
That's not really the problem I have now. Anyway, non-KYC Bitcoin is still perfectly legal. You could just sell if for fiat, or look for a house for sale in Bitcoin (there are now, and there will be more in the future). Or rent for life. It's not really tempting to buy something any time soon when you could just stack sats.
At the point it makes sense again to buy something like a house, it will really depend on how “yours” the house will be. In the EU you can't do shit without permission on your “property”. On top of that there's property tax, etc.
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0 sats \ 1 reply \ @79c9095526 29 May
Can you expound on that? So there is a home for sale that you want to pay for fully (won't be able to get a loan without a job), how do you purchase this home with Bitcoin?
Houses are not available for rent in this particular neighborhood.
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0 sats \ 0 replies \ @klk OP 17h
#991879
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0 sats \ 0 replies \ @96c0b276a3 29 May
Average trade value on Bisq is $1k. Gets up to $2k for ACH. More here: https://habla.news/u/corey@sdbitcoiners.com/1739691441175
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