Bitcoin and spending habits

[Elwar]

I have started a new approach to my spending habits.

Every time I spend money, I buy the equivalent amount of bitcoins.

I booked my flight for a vacation (used Lufthansa.com because the price was a lot lower than cheapair.com) which cost about $630. So after booking the flight I went to Coinbase and bought 1 bitcoin.

I paid for the hotel with bitcoins on Expedia for 3 bitcoins. So I turned around and bought 6 bitcoins on Coinbase after that.

Doing it this way, I will be forced to save 50% of all of my spending. And if the price of bitcoin doubles I will have paid for all of my spending up to that point.

And if I spend bitcoins, it does not matter if the price is low when I spend it and goes up after the purchase. That just means I gained money.

[Malok]

Wow....saving 50% of your expenses would be very hard for me.

I certainly hope that it works out!!!  (Though I'd probably diversify a bit into other cryptos as well)

[jonanon]

That's and interesting philosophy, let's hope the price does indeed double lol

[Bit_Happy]

Amazing plan for people who can afford it, congrats on your good fortune... and your future huge fortune. 

[Swordsoffreedom]

Amazing plan for people who can afford it, congrats on your good fortune... and your future huge fortune. 

This it takes persistence and a nice bankroll to be able to do that
A small portion here for now but when I finish off here I might do the same for now I will have to make do with what I can get
Cheers

[keithers]

I have started a new approach to my spending habits.

Every time I spend money, I buy the equivalent amount of bitcoins.

I booked my flight for a vacation (used Lufthansa.com because the price was a lot lower than cheapair.com) which cost about $630. So after booking the flight I went to Coinbase and bought 1 bitcoin.

I paid for the hotel with bitcoins on Expedia for 3 bitcoins. So I turned around and bought 6 bitcoins on Coinbase after that.

Doing it this way, I will be forced to save 50% of all of my spending. And if the price of bitcoin doubles I will have paid for all of my spending up to that point.

And if I spend bitcoins, it does not matter if the price is low when I spend it and goes up after the purchase. That just means I gained money.

This is exactly what I have been suggesting that people do . I do the same thing, but I dont usually use my BTC at all yet, i pretty much use it as a volatile savings account

[teukon]

I booked my flight for a vacation (used Lufthansa.com because the price was a lot lower than cheapair.com) which cost about $630. So after booking the flight I went to Coinbase and bought 1 bitcoin.

How did the price compare to https://btctrip.com/?

I paid for the hotel with bitcoins on Expedia for 3 bitcoins. So I turned around and bought 6 bitcoins on Coinbase after that.

Nice!

Doing it this way, I will be forced to save 50% of all of my spending.

Are you including things like rent and bills in "spending"?

[Malin Keshar]

Saving a big % of your gains is basic to personal finances. Also its common to the orientals save 50% or more.


Its good that bitcoin gives incentive to people do that, and ways to make people gain more, then save and invest more.

[Ron~Popeil]

I do the same thing. It allows you to support the bit coin economy and maintain/increase your stake. I don't have the funds to buy 50% more each time but I round up to the nearest .01

[hollowframe]

Most people do not have this much discretionary income to be able to do something like this.

Even if you were to save, say 5% or 10% of what you spend, putting all of your money in bitcoin can be dangerous in the event that the price were to crash (bitcoin is still very speculative)

[nkocevar]

This is extremely risky, but extremely profitable at the same time... Imagine had you invested like that 3 years ago... you would have tens of millions of dollars by now.

[johnathan32]

First of all very nice, great idea, but I can not understand how one can save half the expenses (I guess I have an apartment and vehicle) and you have to pay the bills, we find out the secret?

[Elwar]

How did the price compare to https://btctrip.com/?

Still about $100 more expensive. I think it was because of the specific flight to a small airport. The other sites like travelocity and expedia also had higher rates. I did an extensive search. I will add btctrip.com to my list though. Thanks.

Are you including things like rent and bills in "spending"?

I currently have no rent and bills (living on a military base) but next month when I get out I will add that to my routine. It will encourage me to get a cheaper apartment instead of getting too greedy.

I will use bitcoins as much as possible, mainly because I enjoy how easy it is to spend compared to filling out a form with my credit card information.



As for how I can afford it. I'm single. I am just finishing 20 months in Afghanistan as a defense contractor making a lot of money working 12 hour days, 7 days a week. I spent most of those 20 months putting all of my money into bitcoins (after I paid off all credit cards and other debts). Now I head to Germany where my company will give me money toward housing. I have downsized my life to be able to fit all of my belongings into a carry-on bag and a backpack. I don't plan on spending a lot on material items unless I absolutely need it or don't care about donating it when I'm done with it.

[DjPxH]

That's an interesting strategy. Until now I've only heard of people who try to pay everything with bitcoin and instantly 'refill' their stash by buying the respective amount of bitcoin afterwards. Your idea definitely is more aggressive! Kudos!

[oceans]

I really like the idea of doing this, as long as you can afford it. It is risky, but the pay off could be big.
If you did it all the time it would add up really quick. Lets hope it doubles in price

[counter]

I'm hoping this turns out for the better.  Rather aggressive maneuver but I like it for that very reason.  I wish others that I knew would invest atleast something in BTC..  They still see it as to risky as I watch them waste money on things that have no chance of retaining their value.  SMH

[Baitty]

I have started a new approach to my spending habits.

Every time I spend money, I buy the equivalent amount of bitcoins.

I booked my flight for a vacation (used Lufthansa.com because the price was a lot lower than cheapair.com) which cost about $630. So after booking the flight I went to Coinbase and bought 1 bitcoin.

I paid for the hotel with bitcoins on Expedia for 3 bitcoins. So I turned around and bought 6 bitcoins on Coinbase after that.

Doing it this way, I will be forced to save 50% of all of my spending. And if the price of bitcoin doubles I will have paid for all of my spending up to that point.

And if I spend bitcoins, it does not matter if the price is low when I spend it and goes up after the purchase. That just means I gained money.

That's a great way to do things. especially if Bitcoin rises by a lot in the future. but I don't know if everyone can afford to do this.

[kerafym]

Housing was thought to be a good way to hedge inflation. Most people are dead wrong in this regard.

Will bitcoin turn out differently?

[Baitty]

I might take up this Bitcoin spending method. I think I won't be able to match the payment 100% everytime so I might just do 50% every time. so if Bitcoin does double then I have paid for it just not made any profit.

[Minecache]

Only invest what you can afford to lose. I'm looking at buying 0.5 bit coins a month depending on what I can afford.