I don’t have enough Bitcoin (yet) to borrow for anything significant, but this is my ultimate plan. When I get enough Bitcoin, I would borrow no more than half its worth (in case the price drops), and then I would still have Bitcoin along with whatever property I buy with the borrowed money.

This seems like a smarter move than to sell the Bitcoin for fiat money. If I sell, then I have to pay capital gains tax. When the cash is borrowed, there is no tax. Since I still have the Bitcoin, then I will gain when the price rises. If I only have fiat, the “price” will always go down because of inflation.

I hope Bitcoin will eventually replace the fiat system, but until then, the market for cash favors borrowers over savers. This seems like a win-win situation.

Does anyone else plan on doing this?

People like to think of Bitcoin as a super-dollar and compare it to fiat, but I like to think of it as a metric ton of gold. That would mean each satoshi is the equivalent of a centagram of gold.

According to the USGS (The U.S. Geological Survey), about 244,000 metric tons of gold have been mined. That is about 537,927,920 pounds of gold, so Bitcoin is already rarer than pounds. Accounting for gold on the 16 Psyche asteroid and other planets, there seems to be a never ending supply.

Do you think this would make Bitcoin more precious than a metric ton of gold, especially considering it cannot be confiscated and travels at the speed of light? 

Perhaps I am completely misunderstanding everything, but every time I mention Bitcoin, I am asked “What about when the internet is shut off”. I know this is highly unlikely, but seeing that this is the #1 criticism, I would love to have a reply that ends the conversation.

I have seen that Bitcoin can be sent over HAM radio, but there seems to be some issues with this. Mostly that the recipient must be prepared to receive the Bitcoin. I was wondering if it would be possible to use HAM radio to send Bitcoin over an extremely short distance- from your hardware wallet to a paper wallet- and to do this without interference from authorities.

This would allow you to make small paper wallets that could be used for local transactions. It would basically be like paper cash, and then the recipient could either radio the Bitcoin to their own wallet, or wait until internet is accessible again.

Like I said, I might be misunderstanding all of this, so please don’t be too hard on me. Thanks!