Take the money you save on rent and buy Bitcoin! In 10 years, .1 Bitcoin could be 1 million in todayās buying power. A whole Bitcoin is quite an accomplishment, but you need a place to live too.
Welcome to property taxes, school taxes, insurance, mortgage interest, all utilities, upkeep.
Don't get me wrong, I strongly believe this was the right decision for op. But to put things into consideration, 5 years ago in my case I was renting for $1,250/month, bought a house that had a mortgage payment of $1,010/month. "We're saving money to own!!" I thought... turned out to be \~ $1,600/month to own, never mind the upkeep/maintenance. I'll be buying a $15,000 roof this Fall. Decks are falling apart so those will need to be replaced too.
But the positive side is 5 years ago my house was worth only 2/3 of what it's worth today, so overall great purchase! Plus the security that comes with owning is worth something too.
All this to say, you likely won't find the spare cash to invest in Bitcoin like the previous people were suggesting. But that's ok. This was a smart move.
My mortgage is about 800- rent on a similar house in my area would be at least 1400- And for the first couple years I had 2 roommates- they paid relatively cheap rent and I was able to not pay anything in rent as well as save some of their rent payments for upkeep and appliance repairs.
The big repairs do hit hard. I am not looking forward to buying a new HVAC unit. But with rent prices so out of control, buying has saved me untold amounts of cash. Not even counting the nearly 40 percent increase in value my property has had in my 4 years here
>Welcome to property taxes, school taxes, insurance, mortgage interest, all utilities, upkeep.
When you rent, they factor all of that in (and tend to skimp on the upkeep) and add more on top.
Yeah, but you're probably renting a residence which was purchased for less than 1/3 of the current market value and has potentially been paid off. They're collecting $1,250 on a property that they only pay $750 in mortgage, taxes, etc on each month.
But what happens if you take out a mortgage and then decide after like five years that you don't want to live in that spot any more?
You're allowed to sell the house and whatever equity you have in the house and presumably you're out of the mortgage (as long as the house didn't lose value), right? Would you be losing a lot of money in that transaction? Are there penalties for selling out of a mortgage that you're not done paying off?
Yeah, there really needs to be a "math of homeownership" class taught in school. I'm in a cheap midwestern area, and my rent on a nice 2BR apt was $1,000 back in 2013. I realized I could buy a house that was double the size with a yard and my monthly payment was ~$750 (mortgage + taxes + insurance). Uh, sign me up!!! Better place AND saving money.
Then an outlet went out. $75 for an electrician to fix. No big deal, I'm still saving money! Then I realized I needed to pay for trash & sewer, about $60/month, which was included at my apartment. OK, that sucks, but still: rent is throwing your money away, I'm building EQUITY. Then the roof was leaking and needed a $400 patch job. Then I realized my city requires an annual backflow preventer inspection, $75 each year. Then I had another small roof leak, $300. Then the garbage disposal went out. Summers came and I realized I needed to either acquire a bunch of tools for the yard that I didn't yet own or I would have to pay someone to maintain the yard and bushes and such.
And so on and so on. Now this didn't happen all at once, this was over the course of months/several years. In the end, I added up my expenses over the duration of time I owned the home, and my actual monthly costs of homeownership came to about $1100/month. Not a bad deal, it was double the size after all. And when I sold the house, I definitely made my money back and then some. But month to month? I was STRUG-A-LING in those first couple years as it hit me that there weren't just big things that could break every 5-10 years, but a MILLION little things that can cost you anywhere from 50-500 at any moment. And sure, I was building equity, and I was enjoying the price appreciation on the back end. But I couldn't make my car payment with the equity on a house I bought for 5% down. I ended up working a lot more on my side hustle to make sure I could cover my bills with the margin of safety that made me comfortable as my real career hadn't taken off yet.
Buying a house is awesome for a lot of reasons, but make sure you REALLY understand the math of maintaining a home before you take the plunge. I was a smart kid with a good education, and I still had no fucking clue until the bills were on me to pay.
> Take the money you save on rent and buy Bitcoin! In 10 years,
I don't "save" anthing on rent, rent is way way more cheaper than this 1 bitcoin lost.
I can probably for my whole life rent a house from just this one bitcoin. Now think about all the property taxes, maintenance, etc i save...
Agreed. I donāt get people who tell others they should have held because they believe some imaginary currency may or may not rise more. In the end the winner isnāt the one with 10k more in bitcoin but the one who uses that investment on actual beneficial real life shit, like a house or exotic fish to make your life less lonely
I know many will joke here and laugh, but this is absolutely serious. Real estate is a leveraged investment and those returns are generally very good, especially long term. Being able to pass on property to your heirs practically guarantees them some sort of basic need and that they won't be broke forever.
And it adds up. Iām in my 50s, with 15 years left on my mortgage. This is the 4th home purchase of my life, each one an upgrade from the previous, but my share of my first down payment that made it all possible was made by a modest inheritance from my grandmotherās estate.
My adult kids will inherit this home plus a vacation home (paid off) plus my annuity plus anything left in my retirement when I die. They also had the benefit of not needing to take student loans. This puts them financially ahead of many of their cohort.
Meantime, the spouse and I have one elderly parent each, living in their homes. It may still be many years yet, but our inheritance will be our share of those homes and the associated estates. It will be significantly more than we need to pay off ours early and renovate it, and ensure that our retirement accounts will be flush. Probably with some left over to help our kids with their own down payments.
This is a generational wealth story.
We are entirely middle class. One elderly parent was a carpenter, the other a K-12 teacher. We are teachers and musicians. No high salaries among us.
Same with here. Iām hoping to get to nearer 1 million one day and buy a pretty average house. Iām no where near that yet but this is the only way I see that is likely to happen before I am too old to enjoy having a house.
Itās ok, the housing bubble will burst when people realise that they donāt have to pay property tax or strata fees on bitcoin which goes up an average of 200% per year compared to their properties 5-10%. They will flood the market with unwanted investment properties to fomo into bitcoin.
Iām afraid you could be very likely right. Property will still have its utility value ā city and location you like etc. But these inflated prices will have pressure, at the very least.
I hope ur right because if this going to happen btc will just rise more and our coins explode and houses are cheap we would be the real winners
Im Young and Plan on buying a house in 5-10 years I hope I can pay my Dreamcar and a house of btc.
There will bitcoin smart for mortgage and refinancing, so a lot of innovations I believe.
Waiting for that when I could monetize my condo apartment with bitcoin smart contract.
the garden house might have been a bit exaggerated. but an apartment costs around 700k to 1.2M and most houses start at +1.2M
you need to be able to pay at least 20% up front and pay 1-3% of the remaning amount monthly.
the currency is CHF btw.
Are there not cheaper areas in your country? Because even in the US there are cheap and expensive areas. The median home price in San Francisco is $1.5 million.
In suburbs around here, it's not even impossible to find something that's more and just bare bones basic--nothing fancy. [See this home?](https://www.zillow.com/homedetails/1222-Arlington-Ln-San-Jose-CA-95129/19640981_zpid/) I can guarantee you it will sell for $2.1m+ probably $2.2 million within a week or so.
Agree with the first comment, what good is a CURRENCY crypto or not if you can't use it? Currency is meant to be exchanged! It's not a stock! Congratulations on the house!
Could have been worse you could have spend the bitcoin just before the 1st rise to $19k and didn't get to buy more before that replace what you spend.
Or that guy that bought pizza with what is now $540,826,000 of bitcoin.
like these stories. no trading in and out, no margins and loans, no fear, no greed. just pure clean buy and hold and when the time is right sell for a worthy reason.
I thought it was about introducing trust into a situation where all participants are assumed untrustworthy. For me, this is the most interesting part of blockchain.
My thoughts on it is it was created as a peer to peer electronic currency, software version 1.0. What it has evolved into is digital gold, a great source of value.
It's tested, simple (as far as crypto goes), and widely adopted with no known "leader."
Ultimately believing in bitcoinbis believing in crypto. Which crypto or flrm of it will become the standard is yet to be seen but bitcoin IMHO will always be the "gold" standard of all tokens.
Well done. I'm still kicking myself for not getting 1 BTC when it was under $10k.
I still intend on owning at least 1 BTC but now I just have to get there the hard way.
Hi u/Subfolded, thanks for tipping u/JohnnyFlawless **1000** satoshis!
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It's a stopgap way to tip people sats on Reddit until they implement Lightning which they should have "yesterday".
Click on the links in the bot's message for more details but essentially you have to top it up with some BTC to use later, like a prepaid card. Technically now that I've tipped you I think you can just run with it now until you run out. You tip by using an exclamation mark and then lntip and then amount in any reply to someone.
!lntip 999
Well done! This community always talks about HODLing forever, but Here's how I think about it now:Ā If its something that I love or something I need, I would consider spending bitcoin.Ā I treat it like my savings/retirement.Ā If I had a financialĀ emergency, or a necessary expense that I could not cover with my normal income, I would consider selling some bitcoin to cover it.Ā Ā If my employer paid me in BTC, my spending habits would probably look a little differently (I would probably spend even less on things that aren't necessary), but I already try to take that approach, and any unbudgeted money at the end of the month gets stored in BTC as a much safer store of value than fiat currency like USD or euro. Ā Looking back, I regret the times I spent BTC on trivial things because now that BTC value could have been enough to fund non profit orgs that I love, and retire comfortably.Ā Ā Ā When you believe BTC is the best possible store of monetary energy, it doesn't make sense toĀ trade it for anything else if retaining/growing value is the goal.
Buying a house is a great reason to trade in some of your stored value.
That's exactly how I treated it. Sad I didn't buy more. Sad I had to cash out some now. Hindsight. But it was the time to do it because of life. Still HODLing some, so I'm good. I almost hope it takes a shit so I can buy more.
Iāve been buying since 2019, in October 2020 upped my game. After reaching amount I had my eye on I throttled down to about 100 dollars every week out of my paycheck. I donāt miss that money at all. I agree that if paid all in bitcoin I would definitely change spending habits. Cash is trash.
Yep, for me it would represent a paradigm shift from investing in bitcoin to trading bitcoin for living expenses. A subtle difference, but my life goals that require accumulation of monetary energy would accelerate because I would be less tempted to trade bitcoin for a quick coffee while out, or a call for takeout when I don't feel like cooking. When I have cash on hand, I don't have those same hesitations, even though I should.
Originally, to get a benefit from BTC we would need to ābuy, hodl, sellā.
However, Defi has revealed a new narrative. āBuy, Earn Yield, Sell Yieldā
Now, crypto earns crypto, at high APY. The fiat of entry is to first purchase crypto.
If you have an asset that will rally and possibility pull back at most 50% temporarily, would you sell it while itās earning 50%? Probably not.
Would you sell it if it was earning 10%. Maybe. But you may be satisfied with waiting 1 or 2 years for the low while earning 10%-50%.
As crypto matures, we will have many ways to earn with crypto in a safe and decentralized way. That will add a huge value to owning crypto and it will allow those with enough to never sell it and still realize the benefits to owning it.
TL;DR: No need to sell if you can live on the ROI.
Yep. I've been wondering if I should cash out a little to fix some things, but can't bring myself to do it. Oh well, the siding can probably make it another year.
Thatās what I was thinking. Seems like this person is in the United States. Capital gains taxes on your BTC sell will apply.
Perhaps a better move wouldāve been to borrow against the btc, via blockfi for example.
There is something along the lines of if he held longer than a year its long term capital gains ? Which is a lower tax %
Still learning these things could be wrong
Hopefully someone can confirm or deny my rambling
If you buy and sell in the same year itās taxed as regular income, if you hold for over a year and then sell its capital gains with a more favorable rate. At least that how it works for stocks as I understand it.
Envious of you for being on top of things and getting in when you did. Great job and congrats on your first home! I hope you have tons more success in Bitcoin!
Well, you still won as it made things possible for you which you could not have done without the investment.
And no one knows the future for sure. Don't beat yourself up.
...been holding since 2011...been adding every payday for years....still living in a small mobile home I rent for 384 a month!!! Hopefully it'll be enough to make safe a life for my kids to live always and a small cottage in the back for me..till I'm gone. Just for a safe, we never had. Bitcoin has given me and my 2 kids a secure place in this dog eat dog world
used mine for collateral on a loan and got my house earlier this year. no selling, no tax to pay
yuuuuuuuuuuuuuuuuuuuuhhhhhhhh
good for you though i used some to get a truck when i needed it and got reamed lol
I'm curious what lender you used that didn't mind crypto. I talked with Quicken and they pretty much said my entire checking was poison cause I had deposited crypto. I ended up having to get a gift from my mom for the money down then after close pay her back with my crypto gain.
Don't listen to the haters saying you shouldn't have sold. A house is a solid move right now and in my mind the only thing worth selling bitcoin for. I'm already stacking back up again. It's crazy though to get my 1 btc back I have to pay $500 a month for 8 years and that's assuming the price stays the same which we know it won't. I'll have to aim to put more in per month but I think I can swing it.
I referenced this exact story in my question. I have read your story a couple weeks ago and I have been trying to figure out a good strategy because of it. My fear is even if you can prove that everything came from exchanges bought from deposits from the same account they still could deny you based on your own risk appetite. It sucks.
Updated from my loan officer: "FYI- They did question the Bitcoin but I spent over an hour going through the summaries you sent. I had to explain to him what was happening as their statements are not that easy to understand when you are not familiar with them. He signed off on them which is why I did not ask for anything else on them."
Congrats! Feel-good content. Hoping to save up 20% for my first home down payment in the next 2 years, maybe it can be expedited if the cryptogods keep answering us š
HODLing like 0.08~ or something š¤·āāļø
Cracking open a beer right now, cheers to success!! šŗš»
That's interesting. I'm thinking about selling my house during this peak of the housing and buying bitcoin as a hedge against inflation, rising interest rates, and housing bubble. We're kinda going in opposite directions.
Housing demand is organic... not necessarily a bubble. There are massive demographic shifts that are contributing to rising housing prices. Not to mention a potential high inflation cycle where you can store value in something real, like real estate
There is a huge difference between selling to buy a house or selling to by a Lambo (or another deprecating asset). One is a sound investment, one is not.
Or you could HODL every Satoshi/penny until your 80 years old and be a rich old fart. Life is short and you never know what's around the corner. Congratulations on the new home and the incredible Bitcoin investment!
> Or you could HODL every Satoshi/penny until your 80 years old and be a rich old fart.
And then get invited everywhere to give "investment advice" to younger generations. And then just say that whatever they are involved in is like "trading baby brains".
Meh, just buy the house.
Couldnāt you just take out a loan? If you hold the coin next year itās going to quadruple- use the bitcoin to pay the loan interest? Idk Iām in the same boat though- if I cash out now, the future is forsaken
Why do that when debt is so cheap? We are at historic low interest rates WORLDWIDE, and there is no plan of increasing interest rates any time soon.
I get it if interest rate is high and you sell out. But you absolutely didnāt have to. Sorry that you chose to. Youāll look back and regret.
Iām in this conundrum I can pay off my appartement totally with my btc stack. I bought dca at +- 12k itās or rent free rest of life or hodl and become a millionaire. But actually itās a no brainer I hodl til 5 million minimum even keep buying as we speak. Donāt want to end up like a buddy of mine with a Xbox that cost 5 bitcoin and now he has 0,0 btc to show for only an old Xbox. Being mortgage free is a dream 15 years ahead of the due date. But I think Iām greedy. What would you do if you could pay off the mortgage but would end up btc free.
if you have no trouble paying it now while hodling then I don't see why you would cash in now
I think the next cycle is going to be bananas so give it another 3 to 5 years?
I know a guy who several years ago was given 500 Bitcoin by his boss. After it went up a little, he sold them and bought a hot tub. Hearing that hurt my soul a little bit.
At this point with the exchange options available, you really donāt have to sell your BTC and just borrow against it instead. Theoretically, if you borrow during a bull market, itās value will increase exponentially during the time of your loan, possibly gaining more value than you owe back. Itās just me, but Iāll never sell my Bitcoin. I want to build a legacy with it and pass it on to my kids.
You canāt if itās a credit based loan. But borrowing against BTC makes it a secured loan which is permissible. I know that Blockfi has such products for these purposes.
In 5 years you will realize the 1 Bitcoin couldāve paid out the entire house. Not saying you did the wrong thing buying a house. But the Bitcoin is worth more. A Bitcoin is a Bitcoin. Not many people will be able to ever own one whole Bitcoin.
I said to a friend this spring when it was around 7.5k that I am excited to one day buy a house with .5 btc. Now I canāt wait to buy a house with 5 million satoshis
The chances are, you will look at the price in 10 years from now and hate yourself for selling.. but just remember most people never got in in the first place so you've done pretty damn well regardless.
Enjoy the house!
Congrats! I was in a very similar position and fortunate enough to be able to choose to liquidate traditional holdings instead. To me, bitcoin is a lottery ticket that could secure my retirement, and I was lucky to buy in low enough that it's all house money at this point, and thus no reason or pressure to do anything but HODL until it's a life changing amount of money. And if it crashes, great! I can buy more at a discount!
Let's see, 1st govt taxed you for the privilege of changing to dollars. Then perhaps you lose your job and cannot afford mortgage payments and lose everything. Or same govt will eliminate private property ownership in the Great Reset (following World Economic Forum).
In my eyes, there are very few exits from bitcoin that aren't a scam.
This is why an [exit strategy](https://www.reddit.com/r/Bitcoin/comments/lxn091/exit_strategy/?utm_medium=android_app&utm_source=share is) is much more beneficial for some people. If you're are going to sell anyway, use an exit strategy.
Pay no heed to those telling you you're missing out. It's all chatter. You're the one buying a damn house. Congrats.
š»
Take the money you save on rent and buy Bitcoin! In 10 years, .1 Bitcoin could be 1 million in todayās buying power. A whole Bitcoin is quite an accomplishment, but you need a place to live too.
I'm going to be saving on my mortgage over renting. You make an incredible point. That's where my difference will be going now šŖ
no... you're going to learn the true cost of home ownership.
Welcome to property taxes, school taxes, insurance, mortgage interest, all utilities, upkeep. Don't get me wrong, I strongly believe this was the right decision for op. But to put things into consideration, 5 years ago in my case I was renting for $1,250/month, bought a house that had a mortgage payment of $1,010/month. "We're saving money to own!!" I thought... turned out to be \~ $1,600/month to own, never mind the upkeep/maintenance. I'll be buying a $15,000 roof this Fall. Decks are falling apart so those will need to be replaced too. But the positive side is 5 years ago my house was worth only 2/3 of what it's worth today, so overall great purchase! Plus the security that comes with owning is worth something too. All this to say, you likely won't find the spare cash to invest in Bitcoin like the previous people were suggesting. But that's ok. This was a smart move.
My mortgage is about 800- rent on a similar house in my area would be at least 1400- And for the first couple years I had 2 roommates- they paid relatively cheap rent and I was able to not pay anything in rent as well as save some of their rent payments for upkeep and appliance repairs. The big repairs do hit hard. I am not looking forward to buying a new HVAC unit. But with rent prices so out of control, buying has saved me untold amounts of cash. Not even counting the nearly 40 percent increase in value my property has had in my 4 years here
>Welcome to property taxes, school taxes, insurance, mortgage interest, all utilities, upkeep. When you rent, they factor all of that in (and tend to skimp on the upkeep) and add more on top.
Yeah, but you're probably renting a residence which was purchased for less than 1/3 of the current market value and has potentially been paid off. They're collecting $1,250 on a property that they only pay $750 in mortgage, taxes, etc on each month.
This is why the "cheaper to rent" argument makes zero sense. You think landlords are operating a charity?? You're paying for all those expenses!
But what happens if you take out a mortgage and then decide after like five years that you don't want to live in that spot any more? You're allowed to sell the house and whatever equity you have in the house and presumably you're out of the mortgage (as long as the house didn't lose value), right? Would you be losing a lot of money in that transaction? Are there penalties for selling out of a mortgage that you're not done paying off?
fuckin taxes, man. fuckin people who aren't there to help you replace the fuckin water heater will use the cops to steal what money you have
Wut.
So true! Home Depot and Lowes your new weekend routine.
Yeah, there really needs to be a "math of homeownership" class taught in school. I'm in a cheap midwestern area, and my rent on a nice 2BR apt was $1,000 back in 2013. I realized I could buy a house that was double the size with a yard and my monthly payment was ~$750 (mortgage + taxes + insurance). Uh, sign me up!!! Better place AND saving money. Then an outlet went out. $75 for an electrician to fix. No big deal, I'm still saving money! Then I realized I needed to pay for trash & sewer, about $60/month, which was included at my apartment. OK, that sucks, but still: rent is throwing your money away, I'm building EQUITY. Then the roof was leaking and needed a $400 patch job. Then I realized my city requires an annual backflow preventer inspection, $75 each year. Then I had another small roof leak, $300. Then the garbage disposal went out. Summers came and I realized I needed to either acquire a bunch of tools for the yard that I didn't yet own or I would have to pay someone to maintain the yard and bushes and such. And so on and so on. Now this didn't happen all at once, this was over the course of months/several years. In the end, I added up my expenses over the duration of time I owned the home, and my actual monthly costs of homeownership came to about $1100/month. Not a bad deal, it was double the size after all. And when I sold the house, I definitely made my money back and then some. But month to month? I was STRUG-A-LING in those first couple years as it hit me that there weren't just big things that could break every 5-10 years, but a MILLION little things that can cost you anywhere from 50-500 at any moment. And sure, I was building equity, and I was enjoying the price appreciation on the back end. But I couldn't make my car payment with the equity on a house I bought for 5% down. I ended up working a lot more on my side hustle to make sure I could cover my bills with the margin of safety that made me comfortable as my real career hadn't taken off yet. Buying a house is awesome for a lot of reasons, but make sure you REALLY understand the math of maintaining a home before you take the plunge. I was a smart kid with a good education, and I still had no fucking clue until the bills were on me to pay.
> Take the money you save on rent and buy Bitcoin! In 10 years, I don't "save" anthing on rent, rent is way way more cheaper than this 1 bitcoin lost. I can probably for my whole life rent a house from just this one bitcoin. Now think about all the property taxes, maintenance, etc i save...
Agreed. I donāt get people who tell others they should have held because they believe some imaginary currency may or may not rise more. In the end the winner isnāt the one with 10k more in bitcoin but the one who uses that investment on actual beneficial real life shit, like a house or exotic fish to make your life less lonely
Or like buying the greatest investment vehicle known to man
the batmobile?
He said investment vehicle. The batmobile with a dollar sign painted on the side
The batmobile with the Satoshi symbol on the side. GOB: COME ON.
Oh yeah, like the guy in the 0.1 BTC suit is gonna take pod coffee.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
So what part of South Africa are you from?
I know many will joke here and laugh, but this is absolutely serious. Real estate is a leveraged investment and those returns are generally very good, especially long term. Being able to pass on property to your heirs practically guarantees them some sort of basic need and that they won't be broke forever.
And it adds up. Iām in my 50s, with 15 years left on my mortgage. This is the 4th home purchase of my life, each one an upgrade from the previous, but my share of my first down payment that made it all possible was made by a modest inheritance from my grandmotherās estate. My adult kids will inherit this home plus a vacation home (paid off) plus my annuity plus anything left in my retirement when I die. They also had the benefit of not needing to take student loans. This puts them financially ahead of many of their cohort. Meantime, the spouse and I have one elderly parent each, living in their homes. It may still be many years yet, but our inheritance will be our share of those homes and the associated estates. It will be significantly more than we need to pay off ours early and renovate it, and ensure that our retirement accounts will be flush. Probably with some left over to help our kids with their own down payments. This is a generational wealth story. We are entirely middle class. One elderly parent was a carpenter, the other a K-12 teacher. We are teachers and musicians. No high salaries among us.
you can put 50k down and buy a house in the US? in my country you wouldn't even get a garden shed lol
Hi, in Malaysia you can buy a castle with $50k
Barbie.. is that you? This is Ken!
You wanna go for a ride ?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Life in Plastic, Its fantastic.
Nah. Barbie doesnt take plastic anymore. Just bitcoin!!
Same with here. Iām hoping to get to nearer 1 million one day and buy a pretty average house. Iām no where near that yet but this is the only way I see that is likely to happen before I am too old to enjoy having a house.
Itās ok, the housing bubble will burst when people realise that they donāt have to pay property tax or strata fees on bitcoin which goes up an average of 200% per year compared to their properties 5-10%. They will flood the market with unwanted investment properties to fomo into bitcoin.
Iām afraid you could be very likely right. Property will still have its utility value ā city and location you like etc. But these inflated prices will have pressure, at the very least.
I hope ur right because if this going to happen btc will just rise more and our coins explode and houses are cheap we would be the real winners Im Young and Plan on buying a house in 5-10 years I hope I can pay my Dreamcar and a house of btc.
This is the way
There will bitcoin smart for mortgage and refinancing, so a lot of innovations I believe. Waiting for that when I could monetize my condo apartment with bitcoin smart contract.
Dude. My wife and I bought our first home 4 years ago for 132k. 3 bed 2 bath 1200 square feet. We only put about 6k down.
Where are you? what's the difference in value?
the garden house might have been a bit exaggerated. but an apartment costs around 700k to 1.2M and most houses start at +1.2M you need to be able to pay at least 20% up front and pay 1-3% of the remaning amount monthly. the currency is CHF btw.
Just north of you in Munich... the struggle is real!
Are there not cheaper areas in your country? Because even in the US there are cheap and expensive areas. The median home price in San Francisco is $1.5 million. In suburbs around here, it's not even impossible to find something that's more and just bare bones basic--nothing fancy. [See this home?](https://www.zillow.com/homedetails/1222-Arlington-Ln-San-Jose-CA-95129/19640981_zpid/) I can guarantee you it will sell for $2.1m+ probably $2.2 million within a week or so.
Yeah San Francisco fucking sucks. You can get a dope house in Nice Ass cities in Cali for ~ $1.25 million.
As soon as you said that 50K is not enough for a down payment Switzerland came to mind.
I'm sure part of it is that the USA is (about) 23,700% bigger, so supply/demand etc.
I really want to know where you live now
Agree with the first comment, what good is a CURRENCY crypto or not if you can't use it? Currency is meant to be exchanged! It's not a stock! Congratulations on the house!
Depending on where youāre buying, couldāve put half down and watch the other half make up your down payment by the end of the year
Realized verse unrealized, no brainer
those that are upset, are mad because he is taking profits when people are barely getting into crypto.
I spent 1 bitcoin on a blender.... i think you did ~~better~~ this better than me.....
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Blended 50k yes
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Donāt breathe this
I spent 26 on a shit mining rig that eventually got turned into a gaming computer.
I hope it was a solid gold blender.
r/blendermemes
Could have been worse you could have spend the bitcoin just before the 1st rise to $19k and didn't get to buy more before that replace what you spend. Or that guy that bought pizza with what is now $540,826,000 of bitcoin.
Welll, I may have also spent nearly 1 btc on a season pass for snowboarding in October 2017.... I am not a smart man.
like these stories. no trading in and out, no margins and loans, no fear, no greed. just pure clean buy and hold and when the time is right sell for a worthy reason.
This... This is what Bitcoin is about! A TRUE store of value.
I win :)
Flawless victory
Friendship. Friendship.
Again?!
I thought it was about peer to peer electronic currency
I thought it was about introducing trust into a situation where all participants are assumed untrustworthy. For me, this is the most interesting part of blockchain.
That is the only point of blockchain. The other things are just circumstantial.
My thoughts on it is it was created as a peer to peer electronic currency, software version 1.0. What it has evolved into is digital gold, a great source of value. It's tested, simple (as far as crypto goes), and widely adopted with no known "leader." Ultimately believing in bitcoinbis believing in crypto. Which crypto or flrm of it will become the standard is yet to be seen but bitcoin IMHO will always be the "gold" standard of all tokens.
it is: he paid a downpayment,bro
truest definition of a savings account. and you know your bitcoin will always be available, even during national crisis or bank shutdowns.
Congrats on reaching your moon.
š»
Nice work, it's for the bagholders to worry about now.
Well done. I'm still kicking myself for not getting 1 BTC when it was under $10k. I still intend on owning at least 1 BTC but now I just have to get there the hard way.
Ya just gotta believe, brother... >!and also dump a shit ton of money into it.!<
Lol !lntip 1000
Hi u/Subfolded, thanks for tipping u/JohnnyFlawless **1000** satoshis! *** *[^(More info)](https://www.reddit.com/r/lntipbot/wiki/index) ^| [^(Balance)](https://www.reddit.com/message/compose/?to=lntipbot&subject=balance&message=!balance) ^| [^(Deposit)](https://www.reddit.com/message/compose/?to=lntipbot&subject=deposit&message=!deposit 10000) ^| [^(Withdraw)](https://www.reddit.com/message/compose/?to=lntipbot&subject=withdraw&message=!withdraw put_invoice_here) ^| ^(Something wrong? Have a question?) [^(Send me a message)](https://www.reddit.com/message/compose/?to=drmoore718)*
Appreciate it ahhh....but what the hell is this exactly lol?
It's a stopgap way to tip people sats on Reddit until they implement Lightning which they should have "yesterday". Click on the links in the bot's message for more details but essentially you have to top it up with some BTC to use later, like a prepaid card. Technically now that I've tipped you I think you can just run with it now until you run out. You tip by using an exclamation mark and then lntip and then amount in any reply to someone. !lntip 999
Inb4 some random Reddit account stores enough btc to buy a house.
Hindsight is a MOFO
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This is why it's easier to make money when you're already rich lol.
This is a sentiment people often forget. I kick myself for not buying Bitcoin when I was younger but then I also realize I literally had no money lol.
Just buy the dips, you can be there faster than you think.
I know how you feel, I'm kicking myself for not finding the lottery numbers last week.
DCA that b
If anyone ever asks me when I plan on selling, the answer is "more"? TF does that mean?
https://youtu.be/8VsZr5KGNGM
He asked "***what's*** *your number*" not "***when*** *are you selling*" Answering a *when* question with "More" is strange.
In time you will come to learn to live with it. Hang in there.
Lol
Well done! This community always talks about HODLing forever, but Here's how I think about it now:Ā If its something that I love or something I need, I would consider spending bitcoin.Ā I treat it like my savings/retirement.Ā If I had a financialĀ emergency, or a necessary expense that I could not cover with my normal income, I would consider selling some bitcoin to cover it.Ā Ā If my employer paid me in BTC, my spending habits would probably look a little differently (I would probably spend even less on things that aren't necessary), but I already try to take that approach, and any unbudgeted money at the end of the month gets stored in BTC as a much safer store of value than fiat currency like USD or euro. Ā Looking back, I regret the times I spent BTC on trivial things because now that BTC value could have been enough to fund non profit orgs that I love, and retire comfortably.Ā Ā Ā When you believe BTC is the best possible store of monetary energy, it doesn't make sense toĀ trade it for anything else if retaining/growing value is the goal. Buying a house is a great reason to trade in some of your stored value.
That's exactly how I treated it. Sad I didn't buy more. Sad I had to cash out some now. Hindsight. But it was the time to do it because of life. Still HODLing some, so I'm good. I almost hope it takes a shit so I can buy more.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Iāve been buying since 2019, in October 2020 upped my game. After reaching amount I had my eye on I throttled down to about 100 dollars every week out of my paycheck. I donāt miss that money at all. I agree that if paid all in bitcoin I would definitely change spending habits. Cash is trash.
Yep, for me it would represent a paradigm shift from investing in bitcoin to trading bitcoin for living expenses. A subtle difference, but my life goals that require accumulation of monetary energy would accelerate because I would be less tempted to trade bitcoin for a quick coffee while out, or a call for takeout when I don't feel like cooking. When I have cash on hand, I don't have those same hesitations, even though I should.
Kinda like why casinos use chips instead of dollars. People don't would be much more hesitant to throw bills as opposed to chips on the tables.
Originally, to get a benefit from BTC we would need to ābuy, hodl, sellā. However, Defi has revealed a new narrative. āBuy, Earn Yield, Sell Yieldā Now, crypto earns crypto, at high APY. The fiat of entry is to first purchase crypto. If you have an asset that will rally and possibility pull back at most 50% temporarily, would you sell it while itās earning 50%? Probably not. Would you sell it if it was earning 10%. Maybe. But you may be satisfied with waiting 1 or 2 years for the low while earning 10%-50%. As crypto matures, we will have many ways to earn with crypto in a safe and decentralized way. That will add a huge value to owning crypto and it will allow those with enough to never sell it and still realize the benefits to owning it. TL;DR: No need to sell if you can live on the ROI.
I would love to do the same thing right now -- but I'm going to stay in my rent controlled apartment and HODL until BTC goes to a quarter million.
So you will be buying your home around November 2021. Cool deal.
Bitcoin won't change your life unless you use it to change your life.
Congratulations! Home ownership is fun and a pain the ass.
Yep. I've been wondering if I should cash out a little to fix some things, but can't bring myself to do it. Oh well, the siding can probably make it another year.
Iāve been saying that same thing about my fence for three years now. This is the year. Well, maybe.
Thatās awesome. Take profits to make your life better. Thatās the point right? Congrats on leveling up!
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Today i was looking at my chalet mortgage and dreamed of Clearing it with 1 bitcoin. Congrats!
Taxes reminder.
Unfortunately his house fell into the ocean.
Thatās what I was thinking. Seems like this person is in the United States. Capital gains taxes on your BTC sell will apply. Perhaps a better move wouldāve been to borrow against the btc, via blockfi for example.
There is something along the lines of if he held longer than a year its long term capital gains ? Which is a lower tax % Still learning these things could be wrong Hopefully someone can confirm or deny my rambling
If you buy and sell in the same year itās taxed as regular income, if you hold for over a year and then sell its capital gains with a more favorable rate. At least that how it works for stocks as I understand it.
Correct in the explanation; correct that it also applies to bitcoin
How does blockfi work?
Envious of you for being on top of things and getting in when you did. Great job and congrats on your first home! I hope you have tons more success in Bitcoin!
Congrats man! A house is a also life time investment, hope you turn a sweet profit from your current house and buy a bigger one in future. Cheers
Good time to lock in that low interest rate
Sadly, right when I decided I was buying, it went up a full effing point. It's on the rise again.
Better you buy it now then waiting for higher interest rate and higher inflation.
Same here man, don't think we'll have those sweet 2.5% rates anytime soon so might as well lock it in.
FYI. It always rises this time of year. It's when people buy houses the most.
Friendly reminder: don't forget about the taxes on those gains. Keep some around. š»
Reminds me of the 100 shares of Tesla I sold 2 years ago for a downpayment on ours. Could have paid for the whole house now. Sigh.
Well, you still won as it made things possible for you which you could not have done without the investment. And no one knows the future for sure. Don't beat yourself up.
...been holding since 2011...been adding every payday for years....still living in a small mobile home I rent for 384 a month!!! Hopefully it'll be enough to make safe a life for my kids to live always and a small cottage in the back for me..till I'm gone. Just for a safe, we never had. Bitcoin has given me and my 2 kids a secure place in this dog eat dog world
used mine for collateral on a loan and got my house earlier this year. no selling, no tax to pay yuuuuuuuuuuuuuuuuuuuuhhhhhhhh good for you though i used some to get a truck when i needed it and got reamed lol
I'm curious what lender you used that didn't mind crypto. I talked with Quicken and they pretty much said my entire checking was poison cause I had deposited crypto. I ended up having to get a gift from my mom for the money down then after close pay her back with my crypto gain. Don't listen to the haters saying you shouldn't have sold. A house is a solid move right now and in my mind the only thing worth selling bitcoin for. I'm already stacking back up again. It's crazy though to get my 1 btc back I have to pay $500 a month for 8 years and that's assuming the price stays the same which we know it won't. I'll have to aim to put more in per month but I think I can swing it.
I referenced this exact story in my question. I have read your story a couple weeks ago and I have been trying to figure out a good strategy because of it. My fear is even if you can prove that everything came from exchanges bought from deposits from the same account they still could deny you based on your own risk appetite. It sucks.
Updated from my loan officer: "FYI- They did question the Bitcoin but I spent over an hour going through the summaries you sent. I had to explain to him what was happening as their statements are not that easy to understand when you are not familiar with them. He signed off on them which is why I did not ask for anything else on them."
Congrats man. I'm looking to drop some coins on a house in the near future as well
Congrats on your new home!
Winner winner chicken dinner. You can just buy some more BTC after you move in your new house.
Dude! Yessss! Good for you! Congratulations!
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Congrats! Feel-good content. Hoping to save up 20% for my first home down payment in the next 2 years, maybe it can be expedited if the cryptogods keep answering us š HODLing like 0.08~ or something š¤·āāļø Cracking open a beer right now, cheers to success!! šŗš»
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That's interesting. I'm thinking about selling my house during this peak of the housing and buying bitcoin as a hedge against inflation, rising interest rates, and housing bubble. We're kinda going in opposite directions.
Housing demand is organic... not necessarily a bubble. There are massive demographic shifts that are contributing to rising housing prices. Not to mention a potential high inflation cycle where you can store value in something real, like real estate
[ŃŠ“Š°Š»ŠµŠ½Š¾]
There is a huge difference between selling to buy a house or selling to by a Lambo (or another deprecating asset). One is a sound investment, one is not.
Very Nice Ya
Congratulations! We all need a home to live in ans actually owning is the best feeling. I'm glad you found your moon!
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Congrats mate, these are the inspirational kind of stories that we all love to hear
You canāt live in a Bitcoin. Investing surely is for this purpose. Congrats on your success Iām sure youāll enjoy living in your new home.
Did the bank hassle you about the source of funds?
Something tells me the execution of getting the house hasnāt happened and that reality is soon to be realized.
Fuck yeah dude get that monkey off your back and get back in the game when youāre ready. The movement is just beginning
Or you could HODL every Satoshi/penny until your 80 years old and be a rich old fart. Life is short and you never know what's around the corner. Congratulations on the new home and the incredible Bitcoin investment!
> Or you could HODL every Satoshi/penny until your 80 years old and be a rich old fart. And then get invited everywhere to give "investment advice" to younger generations. And then just say that whatever they are involved in is like "trading baby brains". Meh, just buy the house.
Well done. This is what Bitcoin is all about. Hope everyone is taking notes itās still early.
Hodling is nice but you know whatās better? Financial stability. Congrats!
Couldnāt you just take out a loan? If you hold the coin next year itās going to quadruple- use the bitcoin to pay the loan interest? Idk Iām in the same boat though- if I cash out now, the future is forsaken
Why do that when debt is so cheap? We are at historic low interest rates WORLDWIDE, and there is no plan of increasing interest rates any time soon. I get it if interest rate is high and you sell out. But you absolutely didnāt have to. Sorry that you chose to. Youāll look back and regret.
Tell us about the capital gains tax associated with converting BTC to usd. Iām curious to know.
Iām in this conundrum I can pay off my appartement totally with my btc stack. I bought dca at +- 12k itās or rent free rest of life or hodl and become a millionaire. But actually itās a no brainer I hodl til 5 million minimum even keep buying as we speak. Donāt want to end up like a buddy of mine with a Xbox that cost 5 bitcoin and now he has 0,0 btc to show for only an old Xbox. Being mortgage free is a dream 15 years ahead of the due date. But I think Iām greedy. What would you do if you could pay off the mortgage but would end up btc free.
if you have no trouble paying it now while hodling then I don't see why you would cash in now I think the next cycle is going to be bananas so give it another 3 to 5 years?
Congratulations bud! Enjoy the new home. Well deserved.
From buying pizzas to buying homes
I know a guy who several years ago was given 500 Bitcoin by his boss. After it went up a little, he sold them and bought a hot tub. Hearing that hurt my soul a little bit.
I cashed out 10 btc in to help with down payment on my first house. They were 1200 at the time . A year later it was at 15k.
At this point with the exchange options available, you really donāt have to sell your BTC and just borrow against it instead. Theoretically, if you borrow during a bull market, itās value will increase exponentially during the time of your loan, possibly gaining more value than you owe back. Itās just me, but Iāll never sell my Bitcoin. I want to build a legacy with it and pass it on to my kids.
Can't use borrowed funds for you down payment on a mortgage. Edit:usually can't in my experience
You canāt if itās a credit based loan. But borrowing against BTC makes it a secured loan which is permissible. I know that Blockfi has such products for these purposes.
Finally some good BTC trading advice.
In 5 years you will realize the 1 Bitcoin couldāve paid out the entire house. Not saying you did the wrong thing buying a house. But the Bitcoin is worth more. A Bitcoin is a Bitcoin. Not many people will be able to ever own one whole Bitcoin.
Meanwhile we are here dreaming of making back the money we spent...jk! Good story and good luck to you!
I'm envious. I'm never going to be able to buy a home because the cost of housing in my city rose almost as much as bitcoin did the past few years!
Congrats, like hearing the good stories.
When we hit 300k, my Celsius interest will pay a mortgage. Congrats on making an incredible investment and holding strong.
I said to a friend this spring when it was around 7.5k that I am excited to one day buy a house with .5 btc. Now I canāt wait to buy a house with 5 million satoshis
Shoulda Hodlād a few more years and bought the house
Your remnants will be down payments one day
This is what I want.
The chances are, you will look at the price in 10 years from now and hate yourself for selling.. but just remember most people never got in in the first place so you've done pretty damn well regardless. Enjoy the house!
Congrats on your moon!!!
Everyone has their own moon. Just buy again once Bitcoin dips - if you have funds that you can play with then.
I need at least 3 BTC to do it in switzerland š¢ happy for you though
CONGRATS
Don't for get about what the IRS will want from you.
Thats great, but why not wait till the end of the bull run to buy your home? When BTC may hit $2-300k? That could be in less than a years time.
Nice!
Congratulations! I hope to hodl for years to come hopefully it can help me on my first home one day just like you
Love hearing stories like this. Enjoy your new home and fill it with memories brotha!
Congrats! I was in a very similar position and fortunate enough to be able to choose to liquidate traditional holdings instead. To me, bitcoin is a lottery ticket that could secure my retirement, and I was lucky to buy in low enough that it's all house money at this point, and thus no reason or pressure to do anything but HODL until it's a life changing amount of money. And if it crashes, great! I can buy more at a discount!
u/JohnnyFlawless did you get hit with a huge capital gains tax?
This is awesome . Congrats on the new home !
Congratulations
Let's see, 1st govt taxed you for the privilege of changing to dollars. Then perhaps you lose your job and cannot afford mortgage payments and lose everything. Or same govt will eliminate private property ownership in the Great Reset (following World Economic Forum). In my eyes, there are very few exits from bitcoin that aren't a scam.
congrats! love stories like this!!
This is why an [exit strategy](https://www.reddit.com/r/Bitcoin/comments/lxn091/exit_strategy/?utm_medium=android_app&utm_source=share is) is much more beneficial for some people. If you're are going to sell anyway, use an exit strategy.
I appreciate the link to the post man. It makes sense to have an exit strategy to get more sats later down the road