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In this video, I discuss Bitcoin hodling vs. Bitcoin spending.
Most people should probably have at least 2 Bitcoin buckets:
1) Deep cold storage Bitcoin, where you hold your keys on a hardware wallet like a Coldcard or Blockstream Jade, either using single sig or multisig
2) Spending wallet (hot wallet like Strike or Aqua or Mutiny on your phone)
Try to spend BTC from your spending wallet as often as possible to help to increase Bitcoin adoption. Whenever you need to pay someone (handyman, babysitter, friend, etc), offer to pay them 110% of the amount if they will accept it in Bitcoin, then show them how to download the Aqua Wallet or Mutiny Wallet or Strike Wallet.
This hot wallet should be treated as a "spend and replace" wallet:
Buy $100 worth of BTC for this wallet, spend it, then buy another $100 worth of BTC for this wallet.
Final note for less experienced Bitcoin users who are not familiar with the intricacies of chain analysis, coinjoin, and non-KYC Bitcoin:
You should probably never send BTC directly from cold storage to your spending hot wallet.
You should also probably never send BTC directly from your spending hot wallet to cold storage.
Much better to keep your cold storage sats completely separate for now--
And then just use fiat to buy BTC whenever you need to top up your hot wallet.
The Strike app is especially great for fiat, on-chain BTC, and Lightning BTC. It's custodial and thus not private or self-sovereign, but it's a good tool to use when you are just getting started learning how to spend and replace your BTC.
Not investment advice! Consult a financial advisor.
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
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