Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio..
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Please Jack bring this to the UK as soon as possible, our government is racing down the road to serfdom with it’s socialist policies, our country is being destroyed, this is not an exaggeration 🙏🏽 i love your service and your conviction ❤️
This only works if BTC is bullish during the month you sell it to pay for your living expenses, and if going up more than inflation + the cost capital gains on the sale of the BTC (~25%?). So using BTC ends up costing you more in this scenario. And by selling it you miss out on the compounding effect than if you left it in. Over time that will cost you a lot. So not sure the math works out with this concept. Rather invest most of my fiat, but only leave some fiat to pay for my cost of living/bills.
@@gboogy you're missing the fact that Jack said Strike only provides a 1099-b form, not a 8949 form which is required to write off that loss. So good luck with that.
The fee is hidden in the purchase. Credit card companies charge 2 .5-3% fee for handing. This fee is either eaten by the business owner or passed on to the customer. I own a coffee shop. Almost 3% of our sales are absorbed by credit card fees- credit card tips also.
Looks like you're paying via a bank account (routing number, acct #, etc) that is paid directly from your BTC. So you don't provide Credit Card info, but bank info.
Yooooo!! Awesome job, Jack and the Strike team!! I was most concerned about tax tracking, and you've done it! My current 1099-B doesn't look right, though. Anyway, I am so pumped to be your customer! 🎉
Jack strike is not all over in America. it's not in New york i try signing up and was denied contact customer service, and they said sorry strike, not in NY yet
You know what would be really handy? If the STRIKE app showed me when I was in profit. I know I can track that on my own, but it would just be cool to just see when I'm in profit and then pay my credit card bill while I know my bitcoin is worth more than I spent to buy it in USD.
I am very new to all of this, so trying to learn. I understand the Capital Gains tax implication outlined in the comments. However, if I go to pay my Credit Card bill at the end of the month, and BTC has increased X amount, yes, I pay 24ish% on that X increase, but didn't I also GAIN 76ish % on that X increase?. So we shouldn't be as worried about the gain tax, but it's a net positive overall? The biggest concern would be if BTC fell greatly, but someone made a great point...you would also be BUYING at that amount. I could be missing something..but as long as the security measures are tight (we are our own bank), I love the functionality and direction of Strike. Anything thoughts on above? I don't want to be wrong either. Thank you for this community BTW! Learning a lot.
Soooo what happens when you’re paying for bills during a bear and your actual cash value depreciates? In this scenario, things become more expensive right? Yes you can get offset losses but this doesn’t account for day to day living, especially if you’re living on credit cards like you say. This ONLY works if you have a safe buffer of BTC that can withstand the drawdown of a bear market. Would love to see the calculator work during a crypto winter scenario! Love the idea of this btw, I’m very interested but I’ve been through 2 bears now and the bottoms are definitely not as fun and wouldn’t want to be spending my BTC since those are the times we should be accumulating. TIA Jack!
Safest would be to have a mix of BTC and USD in Strike, and decide with each bill which one would be best. That would be a good alternative if you feel uneasy.
Yooo Jack! I seem not to be able to download the app from Azerbaijan even though it says on the website that the country is supported. Am I missing something? Thank you!
Jack, could you and the team maybe look into doing the AI voice over so that more people around the world can listen too. Other channels have started doing it and it’s had positive feedback. I’d love to show this to my wife’s family but they’re German. Just an idea for the future. 🙂
technically this would only matter if your initial investment was really large. If you are doing his bi-weekly paycheck method, then you would be "re-buying" btc at the lower price as well once your paycheck hits strike
Sick! Only having to sell when you are paying off the CC means you might only have like 12 transactions a year to worry about tax wise. (Nice when a lot of the tax software costs more with more frequent transactions).
Woah, this is sweet. Can you choose a percentage of your paycheck to go straight to Bitcoin or is it all or nothing? I know I'd be keeping more money, but the end of year cap gains will still be a rude awakening, I'm assuming the tax bill can also be paid through bill pay?
Hi, watch his other video: "Tutorial: How to Own Zero Dollars & Live on Bitcoin With Strike." Yes, you can set the percentage of your paycheck that goes to BTC :)
you can choose a percentage to go into bitcoin. Tax bill can be paid with bill pay, or with anyone that accepts a bank routing and account number to ACH.
I’m wondering how it selects which bitcoin to spend? Stuff that you bought a year ago or stuff you bought yesterday. It seems like accounting is still going to have to happen
The only about this is the volatility of BTC in short term bear markets however you can hedge against the downside. Ultimately I think it’s a good way to pay for things. The tax implications will be something to account for. If your just using the BTC to pay for things then it really shouldn’t be a capital gain because it’s been used as currency
Help me understand. I deposit my paycheck. Strike charges me a fee to convert my paycheck into Bitcoins. When I need to pay a bill, Strike charges me another fee to convert my bitcoins back to fiat and pays my bill. Is that correct?
You can setup a weekly DCA (which is free) for when your check hits and have your check deposited as cash and then a few hours later, converted to btc via the free weekly dca.
Love this idea, Jack congratulations, also when Will you be bringing this to EU countrys ? I live in ireland and would love something like this over here
Yeah, the problem is - Let's say you deposit $5k bi-weekly into bitcoin, the value goes down during the month, then your bills that were $3000 will now cost you more than $3000. Over time, yes this seems like a great strategy but the down months could really hurt you.
Its not clear to me exactly how to do 'BILL PAY'. I understand how to do this with any of my banking apps. How do I add a person, a utility, or any bill that I receive in the mail? I did a search on the web and have not found an answer yet. This looked like he used an iPhone, which I am not familiar with the UI. Maybe we need an Android demo?
Need this in Australia, let's make BitPay BillsSexy with Strike....another life membership program we actually need...like Uber the lot, TH-cam till I cognitively fail, robot the too hasslesome...so we actually sleep 8 hours and live a life worth signing off and hats off to Frodo coming to a home near you : ) At the end of the year, if you saved over X or 'half off' then there is a button to donate 5% back to Strike....you guys know the rest...now let's get Striking and make Earth great again 😊
Another giant leap for Strike and Bitcoin. I at least plan to start using this for annual subscriptions. I will ween my monthly and weekly subscriptions into it over time as well. The idea that the money I save in Bitcoin will rise in value and thus leave me at surplus value over time is an incredible proposition.
I love this but what do you do when bitcoin goes in a bear market and drops 60% for multiple months? A lot of people will suffer if they kept all their money in bitcoin right?
Jack I really want to use Strike , when are you going to make Strike available for US expats living in Thailand? Do you have any suggestions of other places to live perhaps in the Caribbean where I can use Bitcoin and finish out my retirement years. I'm not moving to El Salvador that's for sure or Mexico. I'm not moving back to the States is so expensive now just to buy a one bedroom condo in Dallas will take 1/3 of my life savings and then I'll have to buy a car... But I may have to move back to the States to get on Medicare I'm 70 years old and worry about what the cost will be if I was to get really sick. My father lived to 104 and died in his sleep never had a hospital stay for longer than one or two nights.
Strike has no fees for Bitcoin DCA after the first week but there are fees for getting paid in Bitcoin. I'd love to see the fees for getting paid in Bitcoin be the same as DCA!
FIX BILLPAY JACK, IM IN CALIFORNIA, IT WAS ON MY APP AT FIRST, RIGHT BEFORE I WAS GOING TO DO DIRECT DEPOSIT WITH MY PAYCHECKS, BILLPAY DISSAPEARED FROM MY PHONE, THAT COULD BE A DISASTER IF YOU HAVE A MORTGAGE
You’re the man Jack! What a service to humanity… keep it up brother !
“For me - everything is 50% off”. That’s what I’m talking about
"my life has gotten half off" LOL this is revolutionary. Keep up the great work, Jack!
Until it goes the other way lol
This is insane. Strike so changing the game 🤯🤯
Bro love your content your the reason I got a friend of mine to start buying btc
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio..
Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Jack is the only one who can explain it this way, and no one else can. Hopefully it come soon in EU. God bless you, because it is God money.
Please Jack bring this to the UK as soon as possible, our government is racing down the road to serfdom with it’s socialist policies, our country is being destroyed, this is not an exaggeration 🙏🏽 i love your service and your conviction ❤️
Same for Canada
I'm guessing he will need separate businesses in each country, performing banking operations.
Fabulous! Shared with my 15year old son 👍 What a day 😊
Baller my friend! Complete Baller! Thank you. Can’t wait to use it.
🎉 Awesome! Another life line for people to escape the slowly boiling pot of inflation and currency debasement. Thank you!
Jack, this is what we needed! I have started the process, you are going to start getting my paychecks because of this move. Thank you!
The tax piece is excellent, thank you for acknowledging and addressing it.
Wow, I am very interested in the spreadsheet! Where can we download it? And also, can we calculate an scenario where BTC goes down in value?
Work more hours at McDonald’s
When will the product exist in other countries. Any bootstrapping tips for the meantime ?
This only works if BTC is bullish during the month you sell it to pay for your living expenses, and if going up more than inflation + the cost capital gains on the sale of the BTC (~25%?). So using BTC ends up costing you more in this scenario. And by selling it you miss out on the compounding effect than if you left it in. Over time that will cost you a lot. So not sure the math works out with this concept. Rather invest most of my fiat, but only leave some fiat to pay for my cost of living/bills.
You’re missing the fact that when you sell at a loss you can offset your capital gains, tax-loss harvesting.
@@gboogy you're missing the fact that Jack said Strike only provides a 1099-b form, not a 8949 form which is required to write off that loss. So good luck with that.
@@Whiskey_Wisdomdear friend,
Form 1099-B is provided to you by an institution and YOU complete Form 8949 yourself with the information from the 1099-B
When will billpay be available in California.
Thanks for all the hard work really appreciate you !
Coming to UK?
As a hodlr you're freaking me out. At the same time I'm checking to see if I can get my social security check and annuity deposited here.
Thanks for the teaser, Jack! Wake me up when this feature is actually available! 😖
Still confused- with this model, are ALL monthly payments done with a credit card? If so, what is the impact if the 2.5-3% credit card fee?
I love these smart questions. It’s still probably overshadowed by the gains in bitcoin, but it would be nice to see the whole equation
I've never heard of a credit card fee. If you have such a thing, you could keep a portion of your paycheck in dollars and use debit or cash instead.
The fee is hidden in the purchase. Credit card companies charge 2 .5-3% fee for handing. This fee is either eaten by the business owner or passed on to the customer. I own a coffee shop. Almost 3% of our sales are absorbed by credit card fees- credit card tips also.
Looks like you're paying via a bank account (routing number, acct #, etc) that is paid directly from your BTC. So you don't provide Credit Card info, but bank info.
Yooooo!! Awesome job, Jack and the Strike team!! I was most concerned about tax tracking, and you've done it! My current 1099-B doesn't look right, though. Anyway, I am so pumped to be your customer! 🎉
As a CEO, Jack will never have to worry about someone coming after him like the healthcare industry.
Well the 3 letter agencies would be a concern.
Happy Sinterklaas from the Netherlands..
Hope to have that feature here too!!!!
Leuke pakjesavond gehad? Groeten uit Aruba
@ haha, eerlijk gezegd: overgeslagen…
Hartelijke groeten terug!
Jack strike is not all over in America. it's not in New york i try signing up and was denied contact customer service, and they said sorry strike, not in NY yet
Great to hear Jack, but will this be ever available in the UK?.
If you use credit cards to pay for everything, how does it benefit when the interest rate is 18% to 25%?
You don't pay any interest on credit cards if you pay them off every month. It's a free loan.
Always pay credit cards to $0. Never pay interest otherwise it defeats the purpose.
Oh I want this so badly in the EU!
Eu will fuck it up for sure.
You know what would be really handy? If the STRIKE app showed me when I was in profit. I know I can track that on my own, but it would just be cool to just see when I'm in profit and then pay my credit card bill while I know my bitcoin is worth more than I spent to buy it in USD.
I read the title and was like, oh, a revolutionary way to pay my bills by going on strike? Amazing
Need this feature active in South Africa ASAP!!
AND SOUTH AMERICA TOO
I am very new to all of this, so trying to learn. I understand the Capital Gains tax implication outlined in the comments. However, if I go to pay my Credit Card bill at the end of the month, and BTC has increased X amount, yes, I pay 24ish% on that X increase, but didn't I also GAIN 76ish % on that X increase?. So we shouldn't be as worried about the gain tax, but it's a net positive overall? The biggest concern would be if BTC fell greatly, but someone made a great point...you would also be BUYING at that amount. I could be missing something..but as long as the security measures are tight (we are our own bank), I love the functionality and direction of Strike. Anything thoughts on above? I don't want to be wrong either. Thank you for this community BTW! Learning a lot.
Can I send a check or ACH to my landlord with strike bill pay?
if they accept ACH, then yea. You’d just put in your strike bank and routing account number.
This is great, Jack! 🧡
Can't wait to have this in the UK and EU 💪🏻
When is this coming to the uk ?
Nice one Strike! 💪
When will this be in the UK?
Thank you for your amazing work on this. You sold me. 🧡
Thank you Jack!
i dont know if Jack is a complete joke and madman or if im going all in with his vision 😂
Soooo what happens when you’re paying for bills during a bear and your actual cash value depreciates? In this scenario, things become more expensive right? Yes you can get offset losses but this doesn’t account for day to day living, especially if you’re living on credit cards like you say. This ONLY works if you have a safe buffer of BTC that can withstand the drawdown of a bear market.
Would love to see the calculator work during a crypto winter scenario!
Love the idea of this btw, I’m very interested but I’ve been through 2 bears now and the bottoms are definitely not as fun and wouldn’t want to be spending my BTC since those are the times we should be accumulating.
TIA Jack!
you can also just use this for smaller bills in a potential bear market, especially if bitcoin is in crab mode for months.
Safest would be to have a mix of BTC and USD in Strike, and decide with each bill which one would be best. That would be a good alternative if you feel uneasy.
how do i get the billpay feature? In CO
Wow no way! That’s amazing. Are you planning on bringing this to the UK?
Yooo Jack! I seem not to be able to download the app from Azerbaijan even though it says on the website that the country is supported. Am I missing something? Thank you!
Where can i get that excel sheet?
When Europe?
Jack, could you and the team maybe look into doing the AI voice over so that more people around the world can listen too. Other channels have started doing it and it’s had positive feedback. I’d love to show this to my wife’s family but they’re German. Just an idea for the future. 🙂
Is cash in the Strike app FDIC insured?
When in EU?
Change the dates to the bear market drop in that excel sheet
Congrats to you and the Strike team. Thank you for continuing to change the game.
This is groundbreaking! I hope this video stays on TH-cam forever :) #jackmallers #billpaybystrike
Can you write checks with that account and routing number?
That is great! When Europe now?
What about the market cycles when btc drops over 80%?
This
technically this would only matter if your initial investment was really large. If you are doing his bi-weekly paycheck method, then you would be "re-buying" btc at the lower price as well once your paycheck hits strike
Then don’t use bill pay anymore and use cash or use it again when btc is in crab mode for a few months.
Love this Jack, any chance this will come to Australia
Sick! Only having to sell when you are paying off the CC means you might only have like 12 transactions a year to worry about tax wise.
(Nice when a lot of the tax software costs more with more frequent transactions).
Can your bill pay automatically pay the monthly amount due from credit card charges?
yea, just set it to auto pay with the strike banking and routing number attached.
Cant sign up for strike in Brooklyn, NY!!
What are the fees when depositing and paying bills?
follows the regular fee schedule in strike. Can also have your salary deposited for free and auto converted via free dca
Woah, this is sweet. Can you choose a percentage of your paycheck to go straight to Bitcoin or is it all or nothing? I know I'd be keeping more money, but the end of year cap gains will still be a rude awakening, I'm assuming the tax bill can also be paid through bill pay?
Hi, watch his other video: "Tutorial: How to Own Zero Dollars & Live on Bitcoin With Strike." Yes, you can set the percentage of your paycheck that goes to BTC :)
@@GregsTake Any idea what type of fees there are when using Bill Pay?
@@sobohobo12123 same as the fee structure when buying bitcoin
you can choose a percentage to go into bitcoin. Tax bill can be paid with bill pay, or with anyone that accepts a bank routing and account number to ACH.
Nice jack! Next step would be to not having to sell the btc but take out a dollar loan with btc collateral. A bit more complicated product though :)
Yep, this is what I’m waiting for.
Pay bills with credit cards and credit cards with btc
What if Bitcoin is down when you pay a bill. Do you also provide a form 8949 and Schedule D to report the loss?
I’m wondering how it selects which bitcoin to spend? Stuff that you bought a year ago or stuff you bought yesterday. It seems like accounting is still going to have to happen
Thank you Jack and Strike team!
The only about this is the volatility of BTC in short term bear markets however you can hedge against the downside. Ultimately I think it’s a good way to pay for things. The tax implications will be something to account for. If your just using the BTC to pay for things then it really shouldn’t be a capital gain because it’s been used as currency
Help me understand. I deposit my paycheck. Strike charges me a fee to convert my paycheck into Bitcoins. When I need to pay a bill, Strike charges me another fee to convert my bitcoins back to fiat and pays my bill. Is that correct?
You can setup a weekly DCA (which is free) for when your check hits and have your check deposited as cash and then a few hours later, converted to btc via the free weekly dca.
It doesn't allow me to connect my bank account.It just keeps canceling it.
Love this idea, Jack congratulations, also when Will you be bringing this to EU countrys ? I live in ireland and would love something like this over here
thats great but they aint getting my btc....they can have the cash
Yeah, the problem is - Let's say you deposit $5k bi-weekly into bitcoin, the value goes down during the month, then your bills that were $3000 will now cost you more than $3000. Over time, yes this seems like a great strategy but the down months could really hurt you.
I’d say you could start conservatively and not have your full salary into bitcoin. Could start with streaming bill first
Its not clear to me exactly how to do 'BILL PAY'. I understand how to do this with any of my banking apps.
How do I add a person, a utility, or any bill that I receive in the mail?
I did a search on the web and have not found an answer yet.
This looked like he used an iPhone, which I am not familiar with the UI. Maybe we need an Android demo?
He did a video showing this from his phone - th-cam.com/video/USMri_DSSBI/w-d-xo.htmlfeature=shared
This sounds good but I want to fully understand. Does Strike act as an exchange and hold all your btc?
Strike is an exchange and they hold your btc for as long as you want to keep it there.
When Canada sir. Big Canadian supporter here 😅
My main thing is tax summary end of the year. If this gives me automatic tax summary i am in.
Need this in Australia, let's make BitPay BillsSexy with Strike....another life membership program we actually need...like Uber the lot, TH-cam till I cognitively fail, robot the too hasslesome...so we actually sleep 8 hours and live a life worth signing off and hats off to
Frodo coming to a home near you : )
At the end of the year, if you saved over X or 'half off' then there is a button to donate 5% back to Strike....you guys know the rest...now let's get Striking and make Earth great again 😊
"Anyone in the United States" Does this included New York?
not NY yet. It always takes longer in NY because we have more regulation. but it will come eventually.
Another giant leap for Strike and Bitcoin. I at least plan to start using this for annual subscriptions. I will ween my monthly and weekly subscriptions into it over time as well. The idea that the money I save in Bitcoin will rise in value and thus leave me at surplus value over time is an incredible proposition.
why would i even think about selling my btc right now though?
What about volatility? It goes up with time but I'm the short term it may be more expensive. I agree with this but not at 100k but maybe 1M
can start with smaller bills to dip your toe in the water.
Thank you Strike !!!
Coming to Brasil !???
Could I translate this video to Korean?
Legend!!!
Wen Strike Mortgage?
Only need to be able to deposit cash and checkes!
This is badass!!!
Fucking Incredible
Strike will be one of the biggest companies in the crypto and bitcoin space if they keep up the work they’re doing. 🎉
I'm probably going to do this. Expect me at the new year.
I love this but what do you do when bitcoin goes in a bear market and drops 60% for multiple months? A lot of people will suffer if they kept all their money in bitcoin right?
When Europe, Jack?
Is direct deposit subject to fees?
Correct, direct deposit to auto convert to btc. You can however have your salary direct deposited as cash and then auto buy btc with the free dca
Short term gains are the only thing that scares me. I think its 22%
When CA?
now!
The only thing I regret is that I can use Strike app in NEW YORK.
Wouldn't short term capital gains taxes make the inflation savings not worth it?
Tax-loss harvesting
great news
Jack I really want to use Strike , when are you going to make Strike available for US expats living in Thailand? Do you have any suggestions of other places to live perhaps in the Caribbean where I can use Bitcoin and finish out my retirement years. I'm not moving to El Salvador that's for sure or Mexico. I'm not moving back to the States is so expensive now just to buy a one bedroom condo in Dallas will take 1/3 of my life savings and then I'll have to buy a car... But I may have to move back to the States to get on Medicare I'm 70 years old and worry about what the cost will be if I was to get really sick. My father lived to 104 and died in his sleep never had a hospital stay for longer than one or two nights.
Thx. you Jack so much!
when is strike going public lol?
Strike has no fees for Bitcoin DCA after the first week but there are fees for getting paid in Bitcoin. I'd love to see the fees for getting paid in Bitcoin be the same as DCA!
Wen europe?
FIX BILLPAY JACK, IM IN CALIFORNIA, IT WAS ON MY APP AT FIRST, RIGHT BEFORE I WAS GOING TO DO DIRECT DEPOSIT WITH MY PAYCHECKS, BILLPAY DISSAPEARED FROM MY PHONE, THAT COULD BE A DISASTER IF YOU HAVE A MORTGAGE
Already added it as a payment method to all my bills, waiting till January to start direct depositing into BTC