With the latest announcements from the Bitcoin conference 2022, excitedly enough it seems that in certain parts of the world, definitely USA and potentially some places in Western Europe as well as of course a select few places in the world like El Salvador and Madeira, it looks possible to live a life entirely or almost entirely on a Bitcoin standard, without giving up much of the conveniences of the modern fiat transaction rails.
How would we go about living on a Bitcoin standard in 2022 in your part of the world? What applications and services could we utilise that would offer a good balance of security and convenience, such that you could potentially completely (Or almost completely) remove fiat cash from your life?
I'll start.
In France, we are somewhat neutral in regard to cryptocurrency laws. Its tolerated, its taxed when converted to fiat on the profit from its base cost (Except when the profit from these transaction is under €305 per year) Interestingly enough, there seems to be no expectation of paying tax when paying for services when paying directly in Bitcoin, but this is currently a very grey area and likely to change. You can't currently pay your taxes with Bitcoin, you must convert to cash which of course incurs a taxable event (Flat tax, 30%)
Currently we don't have great POS services for utilising Bitcoin directly like what is being rolled in in the USA now, nor do we have strike, cash app, or many other services that work as a fiat and satoshi lightening or Bitcoin wallet.
To live on a Bitcoin standard, you could negotiate directly with your employer and have your pay check in Bitcoin, although this is not regularly done and more realistically it would be easier to have a fiat bank account comfortable with regular transactions to and from exchange. This has been a problem for me in the past, once I had a significant portion of money frozen by my bank as they viewed the transaction as suspicious. Only once I threatened to close my account and take my business elsewhere did they allow the transaction. You would probably PAYE for taxes but you could take on the additional risk and pay your tax bill at the end of the year.
As you still need fiat to regularly pay bills, you would still need a few months expenses in a bank account, it isn't feasible to have no cash position.
So as you can see, still a long way from the privacy and convenience we could all aspire to have. What projects should I keep an eye on that would potentially bring me closer as a European to living completely on a Bitcoin standard? What strategies am I overlooking?
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