RE: GENIUS Act Passes: Major Milestone For Crypto
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For now, my biggest reason for using banks is for bill payments. Credit cards are already using stablecoins for settlement. It will be useful when we can pay those with stablecoins too. Utilities, taxes, and car payments that accept stablecoins would disintermediate banks. I think stablecoins would also largely affect credit card processing. We are at the start of a new age of finance.
What is more exciting to me is the 24/7 and almost instant nature of stablecoins. This is a massive boost to market efficiency.
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There are companies which allow you to pay regular biuills with credit cards, and Strike allows you to pay your bills with Bitcoin by converting BTC to your currency just in time to pay your bills.
I am planning to move in that direction, holding my excess cash as bitcoin.
The tricky part, as usual will be taxes.
Taxes can be paid by ACH, too. So the Strike option still works. I pay taxes weekly. I log in to the IRS website and schedule payments. I am just getting started with using Strike to do this.
I didn't realize this was an option, but it makes perfect sense.