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293 sats \ 4 replies \ @leo 24 Jan \ on: How many of you here live entirely on Bitcoin, with no reliance on fiat at all? AskSN
I stopped using my bank account in early 2021. Since then I've been paid in Bitcoin, and it's been quite the journey. I knew that eventually my bank accounts would fail me as I travelled the world and moved countries, and eventually in late 2022 I got locked out. Not a big deal, I closed both accounts I had shortly after.
I'm getting paid in sats, I'm trying to pay as many expenses as I can in sats, but it's been getting more difficult. There are fewer services now that let me book hotels and flights with Bitcoin than in 2021. I would sell Bitcoin for cash peer to peer, which would help me cover a big portion of my expenses and even tax payments. I also use gift cards a lot.
In 2023 I got a Bitcoin debit card, which made my life a bit easier, and I think this year I'm going to take another step back away from Bitcoin, using a virtual bank account that I can fund over Lightning, attached to a debit card, to cover regular expenses.
I fear there are way too few of us, the "buy and hodl" meme is too strong and Bitcoin is failing as a currency. I don't think Bitcoin can do well as "digital gold", mainly because I think gold is an absolute failure, too. I would love to use Bitcoin more, but at times I feel a bit alone in that struggle.
stopped using my bank account in early 2021. Since then I've been paid in Bitcoin, and it's been quite the journey. I knew that eventually my bank accounts would fail me as I travelled the world and moved countries, and eventually in late 2022 I got locked out. Not a big deal, I closed both accounts I had shortly after.
Yes, I guess this is the major problem—why we all need Bitcoin. Banks can lock you out of your money at any time. It’s still very early, which is why we are short of services that accept Bitcoin as payment.
I fear there are way too few of us, the "buy and hodl" meme is too strong and Bitcoin is failing as a currency. I don't think Bitcoin can do well as "digital gold", mainly because I think gold is an absolute failure, too. I would love to use Bitcoin more, but at times I feel a bit alone in that struggle.
So inspiring to hear your story. It’s you all who are making the change for us. Thank you.
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Can you elaborate how you do P2P transactions from Bitcoin to cash? Have you ever been threatened also (Russian mafia, etc) during such transactions? And could you tell us how much you lose in fees monthly? Are fees a significant part of the total?
Lastly, was your debit card based on a KYC service? And is the bank account KYC as well?
I am interested in doing a slow transition to Bitcoin only, at least for financial security. I always have problems to create a bank account or even get a credit card.
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I mainly find buyers for my sats through mutual friends and Bitcoin telegram groups. As a seller, it's super easy, there are far more people that want to buy sats than sell. I dont charge or expect to pay a fee for such transactions. And I've never been in an uncomfortable situation, either.
I've used non-KYC cards, but they are a total mess and I'm giving up on them. The KYC cards are more reliable, the fees they charge are mainly foreign currency fees.