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DannyElfman

sr. member

Activity: 406

Merit: 250

Quote from: Nautica on July 01, 2014, 08:25:05 AM

As aggressive as it sounds, this is not as crazy as it would have sounded say a year ago. Best of luck.

It is possible to buy many things with bitcoin but for the most part it would really not be an option for someone to live long term on bitcoin.

A lot of what people do when they "live on bitcoin" is they buy gift cards from gyft that are spent in dollars and use those gift cards at various stores. IMO this is not really "living on bitcoin" but rather using it as a more convenient payment method

jbrnt

hero member

Activity: 672

Merit: 500

Almost all liquid assets into bitcoin isn't as insane as it sounds. I have met people who invest their last cent into stocks, some choose to buy gold whenever they have cash. It is not much different with bitcoin. Bitcoin is gradually becoming more liquid and mainstream. It isn't that difficult to convert everything back into fiat, and probably takes around the same time as most other equities, including stocks and paper gold.

2double0

legendary

Activity: 2618

Merit: 1105

Quote from: Nautica on July 01, 2014, 08:25:05 AM

As aggressive as it sounds, this is not as crazy as it would have sounded say a year ago. Best of luck.

Itd still be hard to buy basics... Good luck keep us posted!!

Justine

full member

Activity: 169

Merit: 100

How is the progress on XAPO? I remembered signing up a few months ago and never heard anything back from them.

inBitweTrust

hero member

Activity: 658

Merit: 501

Quote from: Devin Chow on June 30, 2014, 11:12:52 PM

I might get a XAPO account when they launch for day-to-day purchases.

Keep a small amount of USD on hand, but otherwise put all of my liquid assets into BTC.

I'm either retarded or insane. I like to think a little of both.

I have already done this a 6 months ago. There is enough fiat flowing in to be used with merchants who don't accept bitcoin yet and everything else goes to bitcoin.

I look forward to the day when I can close my fiat bank accounts altogether, but this may be a 2or 3 years off in the future.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: Devin Chow on June 30, 2014, 11:12:52 PM

I might get a XAPO account when they launch for day-to-day purchases.

Keep a small amount of USD on hand, but otherwise put all of my liquid assets into BTC.

I'm either retarded or insane. I like to think a little of both.

You feel "retarded or insane" because your mind is letting go of its fiat-bias in favor of the rational argument for Bitcoin. You're making a wise choice, friend. Your future self will thank you.

Nautica

jr. member

Activity: 59

Merit: 10

As aggressive as it sounds, this is not as crazy as it would have sounded say a year ago. Best of luck.

leex1528

hero member

Activity: 784

Merit: 1000

That is very aggressive, it could definitely pay out for you and I hope it does!

I don't have the balls to do it...

But like others say, How do you pay your mortgage, your loans, utilities?

Malin Keshar

hero member

Activity: 616

Merit: 500

1 - How to pay bills and taxes with bitcoin? Is it possible with that XAPO stuff?

2 - Using debid and credit cards, even if paid with BTC, the gov and the banks will be able to see where you spend, how much you spend, and what you buy. Maybe cashout from exchange when needed for more privacy, if its possible?

Cicero2.0

member

Activity: 98

Merit: 10

★☆★Bitin.io★☆★

With a debit card it becomes a lot more convenient. It would pain me greatly to spend any though without immediate replenishment.

nwfella

legendary

Activity: 1610

Merit: 1000

Well hello there!

Actually not sure I agree that it's all that crazy. The way I understand it, once he secures his Xapo Debit credit card he should be able to essentially use it as if he would any other Debit card only it will draw from his Xapo BTC account at the time of purchase. Somebody please let me know if I'm wrong on this but I think it's actually quite commendable. Very much hoping to be able to do the same thing in within the next year or two

chennan

legendary

Activity: 1316

Merit: 1004

Very aggressive decision. At the moment using BTC is not as convenient as using dollar. I think keeping the most of your liquid into BTC is not smart yet just in case some emergency happens. If you really are optimistic about BTC in the long term, you can buy when the price is declining or replenish by monthly basis to average our your risk.

virginiallorca

newbie

Activity: 21

Merit: 0

Ha well yes probably a bit of both. That will be major speculation on BTC going up and sounds like you will have 98% of your liquid net worth in BTC . That is a pretty aggressive position.

But hey, if it goes back to 1000 (and beyond), you will be sitting pretty. I can never figure out how much of my funds to put into BTC but going to up mine a bit too on this recent strength.

Devin Chow

newbie

Activity: 53

Merit: 0

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