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.