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commandrix
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June 30, 2014, 11:22:28 PM |
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Is it worth mentioning that I don't have a checking account? Seriously, most of my personal value is wrapped up in Bitcoin and altcoins right now. So obviously not much room for a checking or savings account right now.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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Mithril1977
Newbie
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Activity: 58
Merit: 0
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June 30, 2014, 11:28:51 PM |
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Yes, albeit not much. Diversify and diversify again for all things in life.
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jjdub7 (OP)
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June 30, 2014, 11:38:27 PM |
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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. Exactly. Government is trying to say that its the work of "deceitful criminals" who have caused the bank run...they forgot to mention said criminals ocupy the C-suite at said banks lol |
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beetcoin
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June 30, 2014, 11:39:56 PM |
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man, some of you guys are nuts putting that much of your income into bitcoin.. it could pay off, or it could totally fuck you over in the months and years to come.
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dennydotco
Newbie
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Activity: 27
Merit: 0
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June 30, 2014, 11:41:55 PM |
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This summer I moved over everything that's not tied to my real estate investments (equity). I use that equity to buy more real estate.
After the next rally I'll probably use some (~10%) profits to buy another 4-plex/4-flat, but leaving most (~90%) of it in BTC. Bitcoin is awesome, but I still love using OPM (other people's money) in real estate.
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Beliathon
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July 01, 2014, 12:06:11 AM |
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man, some of you guys are nuts putting that much of your income into bitcoin.. it could pay off, or it could totally fuck you over in the months and years to come.
I can't speak for anyone else, but I'm willing to wager total poverty against the chance at ending the use of violence-backed nation-state fiat scrip (AKA murder-money). |
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samurai1200
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July 01, 2014, 12:27:02 AM |
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To OP: How do you pay your credit card bill?
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jjdub7 (OP)
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July 01, 2014, 12:31:06 AM |
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man, some of you guys are nuts putting that much of your income into bitcoin.. it could pay off, or it could totally fuck you over in the months and years to come.
Well, its a choice between a 1% guaranteed loss from inflation (much more if the US housing market doesn't see a reaction from the continued QE and assuming the stock market doesn't crash on the interest hikes from QE tapering) or an inflation hedge...right now I'm taking the hedge. Who in the younger generation is going to want to buy houses? We're up to our heads in student debt. |
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jjdub7 (OP)
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July 01, 2014, 12:31:57 AM |
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To OP: How do you pay your credit card bill?
I make enough to cover them with biweekly paychecks. Salaried, full time. |
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beetcoin
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July 01, 2014, 12:34:51 AM |
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man, some of you guys are nuts putting that much of your income into bitcoin.. it could pay off, or it could totally fuck you over in the months and years to come.
Well, its a choice between a 1% guaranteed loss from inflation (much more if the US housing market doesn't see a reaction from the continued QE and assuming the stock market doesn't crash on the interest hikes from QE tapering) or an inflation hedge...right now I'm taking the hedge. Who in the younger generation is going to want to buy houses? We're up to our heads in student debt. no, it's not a hedge when you have more than half of your wealth in bitcoin. a lot of bitcoiners seem to ignore that it's very possible that bitcoin collapses, yet they still have all of their eggs in a basket. |
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Kluge
Donator
Legendary
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Activity: 1218
Merit: 1015
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July 01, 2014, 12:44:49 AM |
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I'd guess you have a savings account, then? Checking and savings are practically the same at credit union here. Checking allows higher interest rate if you use debit card, and obviously allows you to tie a debit card to it. No fees. Have $5 in savings only because it's required to keep the checking account open which I use for auto-pay bills. I don't usually check it, though... I just keep cash at the house from selling BTC and let bills and direct deposits from employer kind of balance each other out or whatever it's doing in there. Keep debit card with me, but in past couple years, have only used it once when a tire went flat on the road and I got talked into buying four like-new tires which don't even fit because I'm a non-confrontational moron.
Use credit cards for 0% intro rates but transfer the balance to a new 0% card after. Idunno how people get so many loans out at once... CreditKarma gives me a "D" on a particular stat for only having 5 accounts open, because obviously I need 20 accounts open to be most creditworthy. Who the Hell could possibly have 20 accounts open at financial institutions?
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Stephen Gornick
Legendary
Offline
Activity: 2506
Merit: 1010
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July 01, 2014, 12:46:29 AM |
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Bitcoin is allowing "just-in-time" cash management of a bank account. This lets the person who gets bitcoin income to use a bank account only when needed (e.g., mortgage or rent payment, etc.) A transfer from Coinbase takes two to three business days, so if you pay monthly, for instance, you can wait right up until the end of the month to sell your coins and have the cash arrive at about the same time the payment is due. One might think this is risky because there could be issues -- such as Coinbase canceling the order as "high risk" (which has happened to many, reportedly) but then there is also the same-day backup plan, using http://Bitcoin-brokers.org (or similar) to get a trade where cash is deposited into your bank account. So while a person still might keep a bank account, Bitcoin enables one to manage a lower bank account balance. |
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fryarminer
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July 01, 2014, 01:57:20 AM |
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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. Banks are so fake. They say it's your money. But if you deposit more than $10,000 cash they make you sign paperwork to tell the government about your transaction. When you keep your money in there they are loaning it out to other people. And it's difficult to withdraw large amounts of cash. I don't trust banks. |
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Ron~Popeil
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July 01, 2014, 02:28:47 AM |
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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. Banks are so fake. They say it's your money. But if you deposit more than $10,000 cash they make you sign paperwork to tell the government about your transaction. When you keep your money in there they are loaning it out to other people. And it's difficult to withdraw large amounts of cash. I don't trust banks. This. It is my money and I don't want to be told how to use it. I still have cash reserves as an emergency fund but more and more of my savings are melted into bit coin each month. |
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bitbaby
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July 01, 2014, 02:40:24 AM |
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man, some of you guys are nuts putting that much of your income into bitcoin.. it could pay off, or it could totally fuck you over in the months and years to come.
True, Never keep all your eggs in one basket. And as far as the question of OP is concerned I do not have a current account, I do however have a Savings Account and a Recurring Deposit Bank account. |
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ShakyhandsBTCer
Sr. Member
Offline
Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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July 01, 2014, 03:09:40 AM |
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To OP: How do you pay your credit card bill?
I make enough to cover them with biweekly paychecks. Salaried, full time. What do you do with your paychecks when you are paid? Are they deposited into your savings account? Most banks offer free/basic checking accounts for people with direct deposit and/or with small ($500~) minimum balance and/or if they use their debit card "x" (usually around 5) times per month |
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Gladdy
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July 01, 2014, 03:25:04 AM |
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Why not , some time you needed to make big payment it can easily done with check
and for business
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leex1528
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July 02, 2014, 01:24:32 PM |
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Doesn't anyone else feel that your checking account is more safe? I guess if someone does get a hold of your information. USUALLY banks are well aware of it before it happens and don't allow the funds to go through. Well if someone gets your Wallet information, it takes them about 3 seconds to clear out your bankroll with no way of getting it back...
I guess I would always feel safer with my money in a checking account rather then a bitcoin wallet..Plus I have automatic withdraws set up for bills and crap need to have some funds in there..
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inBitweTrust
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July 02, 2014, 01:52:59 PM |
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Well, its a choice between a 1% guaranteed loss from inflation
USD Fiat Inflation has actually averaged 5-8% yearly , not the reported 1-3%. There are many ways to calculate the CPI and economists like to play games and have removed Food and fuel(arguably important commodities for the average person) for the CPI that is typically published and used to generate the 1-3% numbers. Inflation in other countries like Argentina is much worse. |
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jjdub7 (OP)
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July 03, 2014, 12:07:55 AM |
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Doesn't anyone else feel that your checking account is more safe? I guess if someone does get a hold of your information. USUALLY banks are well aware of it before it happens and don't allow the funds to go through. Well if someone gets your Wallet information, it takes them about 3 seconds to clear out your bankroll with no way of getting it back...
I guess I would always feel safer with my money in a checking account rather then a bitcoin wallet..Plus I have automatic withdraws set up for bills and crap need to have some funds in there..
This is why we have things like 2FA and wallet encryption, to make holding BTC safe. Even Coinbase keeps their BTC in cold storage. To OP: How do you pay your credit card bill?
I make enough to cover them with biweekly paychecks. Salaried, full time. What do you do with your paychecks when you are paid? Are they deposited into your savings account? Most banks offer free/basic checking accounts for people with direct deposit and/or with small ($500~) minimum balance and/or if they use their debit card "x" (usually around 5) times per month Yep, direct deposited. I have a checking account, I usually just clear most of it out into cold storage BTC once the bills are taken care of. |
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