iris.to on Nostr: Step 3 of #BeYourOwnBank As mentioned in my earlier note, I am on step 3, but ...
Step 3 of #BeYourOwnBank
As mentioned in my earlier note, I am on step 3, but simultaneously continuing with steps 1&2.
A - set up your own Bitcoin node(s).
B - open channels to businesses you patronize regularly. Try to make these business that accept Bitcoin. I.e. coffee shop, landlord, local farm, the dog sitter, housekeeper, etc.
Review your monthly recurring expenses and find alternatives that accept Bitcoin. This may take months or years depending on your specific situation. It all depends on how urgent of a goal you make of it.
Having no mortgage or car payments, makes this easier as those are usually the largest recurring expenses. But it took some years to get here.
C - turning up a second node might be useful as a training tool. I am trying this out now. More to come with my progress on that front.
D - follow and connect with experienced node operators on NOSTR and Telegram. Hence why I am here. Well that and the memes. Nostr has some of the best memes in all media.
I had a couple private sessions with Ben from BTC Sessions. This was hugely helpful in getting me started with basic mechanics of managing a node. Most of the information you need is available for free on his channel. But if your time is limited (which mine is) the private session is a quick and dirty way to learn what you need in relative short order.
In short, the objective at step 3 is opening channels to businesses and individuals that you have monthly recurring payments to. If one of these business will not accept BTC. Make note and do some research to find alternatives that do accept BTC or are open to learning about it.
The node and channels will essentially be used similarly to your checking account.
Your node shouldnt have more then 2 months expenses. The bulk of your BTC should be managed with a hard wallet (think of it as a vault).
To the experienced node operators, I welcome your feed back on these steps so far.
Below is a rando picture of a path to one of my favorite hiding places and has absolutely nothing to do with this note. š¶
ššš
As mentioned in my earlier note, I am on step 3, but simultaneously continuing with steps 1&2.
A - set up your own Bitcoin node(s).
B - open channels to businesses you patronize regularly. Try to make these business that accept Bitcoin. I.e. coffee shop, landlord, local farm, the dog sitter, housekeeper, etc.
Review your monthly recurring expenses and find alternatives that accept Bitcoin. This may take months or years depending on your specific situation. It all depends on how urgent of a goal you make of it.
Having no mortgage or car payments, makes this easier as those are usually the largest recurring expenses. But it took some years to get here.
C - turning up a second node might be useful as a training tool. I am trying this out now. More to come with my progress on that front.
D - follow and connect with experienced node operators on NOSTR and Telegram. Hence why I am here. Well that and the memes. Nostr has some of the best memes in all media.
I had a couple private sessions with Ben from BTC Sessions. This was hugely helpful in getting me started with basic mechanics of managing a node. Most of the information you need is available for free on his channel. But if your time is limited (which mine is) the private session is a quick and dirty way to learn what you need in relative short order.
In short, the objective at step 3 is opening channels to businesses and individuals that you have monthly recurring payments to. If one of these business will not accept BTC. Make note and do some research to find alternatives that do accept BTC or are open to learning about it.
The node and channels will essentially be used similarly to your checking account.
Your node shouldnt have more then 2 months expenses. The bulk of your BTC should be managed with a hard wallet (think of it as a vault).
To the experienced node operators, I welcome your feed back on these steps so far.
Below is a rando picture of a path to one of my favorite hiding places and has absolutely nothing to do with this note. š¶
ššš