Everyone bitten by the Bitcoin Bug search high and low for a way to spend their coins or for new uses.
I had an idea to start saving bitcoin each month from my paycheck in different wallets for different purposes.
My motivation were a few big payments which had to be met at inopportune times of the year:
- Car tax is around 600 euro, so I was going to save 50 a month for the year to have enough set aside for this.
- There were a few other big payments I was also going to save for in separate wallets.
This type of segregated saving is just not possible in traditional banking:
- You can only get one account for funds
- You cannot share view access or create a joint account easily
- Anything you add costs money
- Often incurs significant FX fees
- Can't tag transactions
- It doesn’t use bitcoin so it's no fun
Would this experiment work, be convenient, be practical and make sense?
With the stability of bitcoin in recent months I was hoping volatility would not be an issue.
Copay could be a great app for saving. It has multisig wallets and you can create as many as you like to segregate your funds in the one app.
The motivation for using bitcoin for this experiment was simple
- I could ring fence the money for certain purposes
- I could easily share with my wife the balance and even make some funds multi sig if i wanted. (e.g. The holiday fund)
When it came to making a payment I would have several good options such as Xapo, Wirex or possibly Shake if it was ready.
When it came to payments with a bitcoin debit card in the real world there would be advantages too:
- It would be safe to use over the phone or internet because I could control how much was in the spendable account
- The use of multi sig would keep people in the loop when funds were being transferred to the spendable account
- I would get email notifications of transactions on the card
- FX transactions would not incur charges.
Do you use a debit card to spend Bitcoin?
In my next post I will share my experiences.