#bitcoin Nostr, are there any good reason why I shouldn't: switch my salary to receiving in Bitcoin, move all my auto pay bills to a bitcoin-backed debit card, use the same for all daily purchases, sell a little in order to write the occasional check, and just let all the excess "save itself" in Bitcoin?
And then I just wait until more and more vendors will take direct Bitcoin payments (rather than the debit card in-between).
As far as I can tell, as long as the price keeps moving up more than the rate of fiat inflation, I'll be doing way better than the alternative (which is regular DCAs)
this is the dream, if you can do move to BTC all the way
This is called spend and replace fyi
Taxes if you do that sort of thing and live in a place that cap gains taxes BTC. Hard to dodge using KYC services like a debit card, the card company will narc you out to the IRS.
One big monthly conversion back to fiat to cover next months fiat bills is an alternative, only 12 taxable events to document. You need fiat inflation + your cap gains rate for that to be a good financial decision.
I spent (way too much) time on some spreadsheets and I'm reasonably sure that even with short term cap gains, this strategy still beats fiat (even fiat + saving on BTC).
As long as Bitcoin grows as historical rates.
I'll post the calculator somewhere people can play with soon
You can also claim losses 1 out of every 4 years to offset some gains.
Making it even easier for me...
nostr:nevent1qqsp29gm2vdhqs8h3x0t06ascz0s2hk76aq8pdky3pv20wn5xrk0a5cpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgsvf646uxlreajhhsv9tms9u6w7nuzeedaqty38z69cpwyhv89ufcqrqsqqqqqp782atp
nostr:nevent1qqs8saakpk98szhpp4y2e65wt0vr59zxqe3yqlsz9uszuuk5589mz5spzdmhxue69uhhwmm59e6hg7r09ehkuef0qgsza748zkamgmw4he4hm2xhwqpxd5gkwju38wqh3twmtshx8kv8xvgrqsqqqqqps2gr2v
> As far as I can tell, as long as the price keeps moving up more than the rate of fiat inflation
There is no reason to believe it would, however if it did your Bitcoin salary would probably go down, and go down in unpredictable ways. How would you be able to plan financially with that?
With the size of a purported Bitcoin economy fluctuating against a largely fixed monetary supply, the Bitcoin price of goods and services would fluctuate wildly, and not in lockstep.
Businesses that require more upfront investment are exposed more to fluctuations and will fail sooner.
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