I am looking at switching from River to Strike so I can go 100 percent Bitcoin and automate my bills. The plan would be to deposit my paycheck into Strike, convert to Bitcoin, and have my mortgage, credit cards, and tuition paid directly without touching fiat. Anyone here already doing this?
The biggest benefit is convenience. Strike can handle bill pay automatically, so there is no need to constantly move money around or manually convert to fiat. Spreads look competitive, payments are fast, and the process makes it easy to actually live fully on Bitcoin. It also feels like a stronger commitment to the Bitcoin standard and a way to protect against fiat inflation as economic conditions get tougher.
The main drawback is taxes. Every bill payment counts as a taxable event, so you need to track gains and losses for each one. That means good software or clean records are important. Strike also does not have FDIC coverage, and there is always the risk of volatility before a big payment, although long term the bet is that Bitcoin continues to appreciate.
On paper it looks simple and clean: paychecks in, bills out, everything in Bitcoin. I would like to hear from anyone already doing this and how it has worked in practice. If I were to go through with this, I believe I would use the HIFO method as it seems to be the most recommended, then every month with excess over my monthly bills I would put in cold storage.
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