How does one use the bitcoin they acquire?

00:02 How does one use the Bitcoin that you
00:04 have acquired? Well, if it’s in a
00:06 retirement account like Fidelity or
00:08 something like that, you have to cash it
00:10 back out to US dollars in order to use
00:12 it. But if you have Bitcoin you have
00:14 acquired on a platform like River or
00:17 Coinbase or something like that, the
00:19 easiest way to spend Bitcoin in the real
00:21 world is with a Bitcoin debit card. I
00:25 have the Coinbase debit card. Uh, and
00:28 Coinbase is currently the market leader
00:29 in that category of making it easy to
00:32 spend a bitcoin in the real world. And
00:34 the way it works is I can spend Bitcoin
00:36 absolutely anywhere that takes a Visa
00:38 card, like everywhere. So, I can go buy
00:41 groceries with Bitcoin. I can pay for
00:42 gas with Bitcoin. I can do everything
00:45 with Bitcoin. Literally everything. I
00:46 can link it to um payment apps and I can
00:49 pay with Bitcoin through payment apps. I
00:51 I can do anything. Again, everywhere
00:53 Visa is accepted. Also for my business
00:55 accounts, I have a River account for my
00:58 various nonprofits and you know some of
00:60 my legal entities and for those I often
01:02 do direct payments in Bitcoin. Um
01:05 because I’m, you know, part of the
01:06 Bitcoin ecosystem, most of the people I
01:08 work with want more Bitcoin. They don’t
01:10 want more US dollars. And so I usually
01:12 pay invoices in Bitcoin. And obviously
01:15 they keep up with their taxes and all of
01:17 that because uh platforms like River or
01:19 Coinbase make it easy to keep up with
01:21 taxes when uh for tax purposes if you
01:23 take if you receive income as uh in the
01:26 form of Bitcoin for example. Um they
01:29 make it easy to cut uh keep up with
01:30 that. Uh so uh they use So what can you
01:33 do with Bitcoin? You can buy anything
01:34 that Visa a Visa card can buy. uh you
01:38 can send it to people to pay anyone who
01:40 will take Bitcoin for everything which
01:41 increasingly is a lot of people and in
01:43 my world is a very large number of
01:45 people. Um I do write the occasional
01:49 paper check for a babysitter or
01:51 something like that. Um or send cash
01:54 along with one of my kids uh on a you
01:56 know a youth trip with our church or
01:58 something like that because they’re
01:60 stopping at Chick-fil-A and every kid is
02:01 supposed to have cash and they’re not
02:03 allowed to have electronic devices. So
02:06 it’s not you can’t you can’t escape the
02:07 current system entirely but you can come
02:10 really close and eventually you will be
02:13 able to escape it entirely. Uh so anyway
02:15 but what can you do with Bitcoin? The
02:17 number one thing you can do with Bitcoin
02:18 is sit on it and let it appreciate in
02:20 value as more of the world adopts
02:23 Bitcoin as their primary form of money.
02:26 Right now, less than 5% of the world
02:28 owns any Bitcoin at all. And less than
02:31 1% of the world has Bitcoin as a
02:33 significant portion of their assets.
02:36 Meaning, like me, they’re living on a
02:38 Bitcoin standard and own way more
02:40 Bitcoin than anything else. I have 100%
02:43 of my liquid assets in Bitcoin. So, um,
02:45 basically, I’ve got as few US dollars as
02:47 I can possibly get away with just so I
02:49 don’t bounce a check to a babysitter or
02:52 something like that. And I just live on
02:54 a Bitcoin standard. So um so anyway as
02:56 more and more of the world moves to a
02:58 Bitcoin standard and as the 95% of the
03:00 people who own zero Bitcoin in the world
03:03 also slowly move to Bitcoin just
03:05 adopting technology slowly as technology
03:07 adoption always is and that the price of
03:10 Bitcoin will appreciate radically and uh
03:14 even when it’s fully adopted worldwide
03:16 because the Bitcoin is still a limited
03:17 supply and it cannot be made out of thin
03:19 air like the US dollar. Bitcoin will
03:22 always trend up in value rather than
03:24 down like the US dollar. Um, so in
03:27 summary, what can you do with Bitcoin?
03:29 You can anything with a Visa card, uh,
03:32 with the Coinbased debit card, which
03:34 spends Bitcoin in the real world. You
03:36 can transfer it to people, you can pay
03:37 people, you can literally do absolutely
03:39 anything, uh, you want to do. Hold on,
03:42 there’s some wonky traffic here.
03:46 Um
03:48 there’s like signs that the road is
03:50 closed, but it’s not clear. Anyway, so
03:52 you can buy stuff with the Coinbase
03:54 debit card, which anywhere Visa’s uh
03:56 accepted. You can pay people and the
03:59 number one thing you can do is use it as
04:01 an investment because it actually
04:02 increases in value and in the near term
04:04 will increase in my opinion far more in
04:06 value than anything else you could
04:08 possibly have your money in. So um that
04:10 is how you use your Bitcoin. But in the
04:12 short take holding in the short term
04:15 holding Bitcoin is using Bitcoin. When
04:17 you hold an asset you are using that
04:19 asset for its price appreciation. And
04:22 Bitcoin has better price appreciation
04:24 than any other asset in the world. So
04:26 holding it is using it. And for most
04:30 people who who are not yet on a Bitcoin
04:32 standard and already have the majority
04:34 of their assets in Bitcoin like I do, I
04:36 recommend they buy as much Bitcoin as
04:38 they possibly can and hold on to it for
04:40 as long as conceivably possible. That is
04:42 the number one thing you ought to do
04:44 with Bitcoin. But once you end up with a
04:46 lot of Bitcoin, obviously you can spend
04:48 it in the real world and do pretty much
04:49 anything else with it as well. Have a
04:51 great day everyone.