jeremycady on Nostr: I tried doing the all cash in Bitcoin once before. Paying my bills, buying groceries, ...

I tried doing the all cash in Bitcoin once before. Paying my bills, buying groceries, and such all in BTC, using services like Bitrefill, Bitpay, and others.

I don't recommend it. And the truth, you aren't buying anything in Bitcoin, you're swapping back and forth into/out of Bitcoin and fiat. And every time you swap back and forth, you're paying a premium or "fee" to do so, let alone a taxable event too.

If you get paid in fiat, I recommend keeping enough in fiat to pay your bills and meet your needs/requirements.

Having three months of budget available in fiat is not a bad thing. Having an emergency fund in fiat is not a bad thing.

Is there a cost associated with those, absolutely. Their value will erode, guaranteed.

But their function is not to grow. Their function is so you have the funds available to take care of your family.

Today, I use it as a store of value, much like gold.

But you wouldn't keep all your cash as gold and then move back into fiat every time you needed to buy something.

I still invest in the stock market. To me, cash is a holding in my portfolio that waits until a stronger investment is available. Having a holding that doesn't depreciate in value is preferred.

So when I say, jump into Bitcoin when you have the opportunity, I mean in a manner that is respectful of your position and budget.

But, for the amount you have budgeted and saved for BTC, I don't see much reason to wait on a purchase.