BTC India
[ad_1]
In light of the past few days, I’m more dedicated then every to divorce from the banking system completely.
I own a substantial amount of BTC, and I self custody. I run a lightning node.
But that’s not enough, is it?
I still can’t pay my mortgage without a bank.
I still can’t pay the majority of my bills without a bank.
I still can’t get paid without a bank.
So what’s the solution to finally cutting ties?
[ad_2]
View Reddit by IcomeforCP – View Source
Look into Bitrefill. Companies like that allow you to pay bills with BTC. They provide the off-ramp.
You have to find others that are their own bank and engage in commerce with them. Obviously we aren’t just going to jump from where we are now to full decentralized currency adoption. But, let’s say you are looking to paint your house. Find someone that will accept BTC. Maybe you do some type of freelance work, offer a small discount to collect in BTC. Buying household goods? Find a site that will let you pay with BTC. Eventually, if people do this microeconomies will emerge and then it’s only a matter of time.
Off the top of my head, in no particular order:
* We can wait for the world to catch up
* We can move to El Salvador, maybe Guatemala, or someplace like that
* We can find a landlord who wants Bitcoin, then find a grocer who wants Bitcoin, etc.
* Live off-grid?
But wait. I think you can get paid and pay with local fiat currency and *still* be your own bank. You would use their banks while you BE your OWN bank.
WTF am I talking about?
“Mattress money.” Yes, behold the Beauty of Bitcoin – it makes “mattress money” a sensible, reasonable, intelligent, and superior thing to have.
WTF?
First, let’s consider *why* do people save money in bank accounts? Why do they put money into 401K/IRA plans run by Wall St. criminals? Why is just about everybody convinced they *need* to buy some real estate?
Another way of kind of asking the same thing: Why don’t people just save up $100 bills at home: for a rainy day, for their children’s education, for their own retirement, etc.?
1. Inflation would eat them alive. That’s no fun.
2. Somebody might break in…
3. The home might burn to the ground, and the $100 bills with it.
4. If they get “caught” with a lot of cash, they’re assumed to be criminals, and the police get to steal their money.
Are we living in an Orwellian nightmare when the *police* get to *steal* your money?
When you hold Bitcoin, and your seed phrase is properly and securely backed up:
1. No inflation. There will never be more than 21 million BTC created.
2. Somebody breaks in, they find your HW wallet – good luck guessing the 10 digit PIN… Or, you’re home, so you use a decoy PIN which grants them just enough money to get them to leave… And/Or, you own a yappy dog and/or alarm system and/or video security cameras and/or you own weapons you know how to operate… Even criminals don’t want to be sneaking up and hear a little dog start barking and then there’s bright lights in their eyes and they hear the sound of a shotgun round being chambered followed by your voice explaining that they’re already been recorded on video in “the cloud” …
3. If the home burns down, you still have your seed phrase. You *DID* make a back up copy, securely hidden in a separate location, *right*?
4. Nobody can tell whether you own Bitcoin (or how much), unless you tell them. Cops can’t confiscate Bitcoin.
So, there’s no longer a valid reason to keep a ton of long term savings in the bank, or parked in Wall St, or tied up in real estate. You can be your own bank, in the comfort and security of your own home.
For now, cash and slowly building a community of people who prefer to exchange their goods and services for bitcoin.
There are many businesses that accept Bitcoin, apps that help facilitate bitcoin to fiat payments, so you just use it when you can.
Your mortgage, though, you made that deal with the bank, so you will have to finish it with the bank.
Slowly, but shurely we are moving over.
why can’t you pay things without a bank? please explain. everyone takes cash. and many take bitcoin. hell, many take barter too.
Buy bitcoin… the end.
Solution is don’t accept any random soundbite as truth. Bitcoin doesn’t do what banking does. Owning some BTC isn’t being your own bank. There, problem solved.
Easy, just loan the majority of your BTC out to people with bad credit and keep the fraction left in your safe.
If you were in Canada, BullBitcoin provides a service of paying your bills in fiat from provided BTC.
ie they will pay your CC or your mortgage etc