Does anyone keep money in their checking accounts anymore?

[jjdub7]

I've gotten to the point where I've started cashing the balance out into BTC every month instead of keeping dollar reserves, since I end up using credit cards for most things anyway, especially as I'm trying to build credit right now.  Plus, the credit cards give you 1-3% cash back.

From a personal finances-perspective, this has to be the most efficient way (assuming a non-stochastic model for spending and BTC-USD prices) to manage my money, right?

[smoothie]

Efficiency and risk are two different animals.

[jjdub7]

Efficiency and risk are two different animals.

Not when you have 50 more years of career ahead of you I guess.  But being able to effectively purchase at a discount and hold your wealth against inflation seems like the best bet regardless.

Edit: And also no - not in an optimal control model, they're not.  Risk preference over time is an input to the model, as is the most efficient asset configuration going into each successive period.

[smoothie]

Efficiency and risk are two different animals.

Not when you have 50 more years of career ahead of you I guess.  But being able to effectively purchase at a discount and hold your wealth against inflation seems like the best bet regardless.

Edit: And also no - not in an optimal control model, they're not.  Risk preference over time is an input to the model, as is the most efficient asset configuration going into each successive period.

Risk depends on the future performance of whatever you are buying or investing in.

Efficiency can be somewhat predictable if you know the present variables.

But they are different animals in my view.

You can be efficient in your purchases but if the things you are putting money into lose their purchasing power/value over time (future) then you have now a loss in terms of value. This is the result of risk (where you choose to invest your money).

[TheButterZone]

Yes.

[Dogtanian]

Of course people still keep money in their current accounts. It's not as if people can survive solely off bitcoin yet and it'll be a long time before this ever happens if at all (though I'm hoping we can). Banks still have their place for stuff like this and will for a long time to come.

[Beliathon]

Yep, but not very much. Minimum limit to avoid bank fees.

Fiat is a depreciating asset, after all. Holding it costs money.

[Yeah?]

Sometimes I think people on here are so against banks they can't see their benefits at all. People are still using regular bank accounts on here and haven't ditched them just because of bitcoin.

[Beliathon]

Sometimes I think people on here are so against banks...

Have you ever considered the possibility that there might be a reason ?

[Ron~Popeil]

I am diverting a significant amount of my savings to BTC at this point. I still keep a fair amount in fiat as an emergency fund but more and more is going into BTC all the time.

[jjdub7]

Sometimes I think people on here are so against banks they can't see their benefits at all. People are still using regular bank accounts on here and haven't ditched them just because of bitcoin.

The 5 day period for ACH transfers is tiring, as are the mysterious $7-10 fees for not maintaining a minimum balance (no such fee existed when I opened said accounts).  There's no way it costs $7-10 monthly to host and admin the databases that contain those accounts, so its obvious that its just a revenue grab.  That's exactly the attitude of the banks across the board - chip away at whatever you can grab.  PNC is particularly bad, especially after they expanded following the "too big to fail" dialogue.

[fryarminer]

What's a checking account? :p

[leex1528]

So do you have savings still?  I try to keep a good balance of around 4000 in both combined...but never make it lol

[justusranvier]

What's a checking account? :p

What's a bank?

[Meuh6879]

I've gotten to the point where I've started cashing the balance out into BTC every month instead of keeping dollar reserves

I do this since december 2013 ... but bank blacklist client that emit SEPA to bitcoin exchange (Europe, France).
I must do this slowly and with a paypal middle man.

Stupid banks !

[Meuh6879]

People are still using regular bank accounts on here and haven't ditched them just because of bitcoin.

well, read the bulgarian crash ... with no cash and no wire transfer available.
money is freeze at the bank with no explication to the customers.

[BitchicksHusband]

I've gotten to the point where I've started cashing the balance out into BTC every month instead of keeping dollar reserves, since I end up using credit cards for most things anyway, especially as I'm trying to build credit right now.  Plus, the credit cards give you 1-3% cash back.

From a personal finances-perspective, this has to be the most efficient way (assuming a non-stochastic model for spending and BTC-USD prices) to manage my money, right?

This is essentially what I do with Coinbase.  I keep a small amount in there instead of at my banks, which are now pretty much empty.  Why keep more than the minimum at the bank until it's time to pay bills?  Meanwhile, I made a ridiculous interest rate outside the bank.

Now if I could just get the bills to accept bitcoin...

[Chef Ramsay]

What's a checking account? :p

It's for the peasants. Srly, it's only purpose is to house fiat until I transfer into coinbase for the deflationary stuff.

[SaveYourBitcoins.com]

Checking accounts are so 1990

[2double0]

What's a checking account? :p

It's for the peasants. Srly, it's only purpose is to house fiat until I transfer into coinbase for the deflationary stuff.

Funny thing is you are part of a growing but extremely small minority who dont really use it. MOST people (there ARE alot of people who dont give a shit about bitcoin) who use checking accounts.