Have you ever tried to live only on Bitcoin?

Pmalek

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Quote from: traderethereum on August 17, 2023, 12:27:55 AM

If people use bitcoin in many ways, I prefer to use bitcoin as an investment and not use it to buy things in online or offline stores.
I still use fiat for everyday life and only keep my bitcoins for long term investment purposes, so there is no desire to use bitcoins in real life yet.

I don't think you need to limit yourself in that way. Depending on when you got your coins and at what price, it might be worth considering buying something with them when BTC reaches a price you are happy with. Sometimes seeing and holding a physical item is good motivation and incentive because it shows that bitcoin has a real value. It doesn't matter what it is. If the purchasing power of your coins are much higher now than when you got them, you can get a new phone, a watch, a new computer, a house, a car...

Quote from: landheer on August 17, 2023, 01:26:44 AM

it seems that in every country it will be different because there are governments that allow btc to be used as legal tender and some do not, in my country the government does not allow people to make btc as a means of payment and only allows btc to be used as an investment asset only.

Who cares what they allow or don't allow. It's between you and the buyer/seller. If I have goods you are interested in and willing to take BTC for them, your government's opinion on our deal is irrelevant.

Quote from: Mayor of ogba on August 17, 2023, 02:28:49 AM

When you only live on Bitcoin it will make life easier to live in, where you do not need a bank account...

We don't live in such a world. Even in the example with the YouTuber in the OP, we can see there are various hurdles he has to bypass and hasn't succeeded to live solely on cryptocurrencies.

Queentoshi

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Quote from: Pmalek on April 10, 2022, 01:59:01 PM

Has anyone tried it for a day, a week, or just a few hours?

It will be difficult to live on only bitcoins in my country because many business people that you transact with daily still have problems accepting even normal bank transfer. Many people here who do physical business are interested in getting their money in cash ,or through their POS machines and those online are interested in cash transfer, even the government approved CBDC will not be accepted by most sellers online and offline. It is impossible for me right now because of where I am a citizen. For the youtuber, he can only do this in his place, if he decides to leave or change his location, he will not be able to continue.

Majestic-milf

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I've not really tried living only on Bitcoin and while I'd love to try something different for a change, in my country the use of BTC has not being widely accepted and while there might be some places that accept Bitcoin payment, others don't. For example, I'd need fiat to pay the taxi driver or the woman at the market.
People who live in countries like El Salvador and Central African Republic can easily do this because Bitcoin is a legal tender there. Surprisingly, in El Salvador, not all locals live on the digital currencies as they still make use of the dollar.

Mayor of ogba

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Quote from: Pmalek on April 10, 2022, 01:59:01 PM

People use Bitcoin in various ways. For some, it’s a long-term investment. Others use it for trading to ultimately increase their fiat bags. Using crypto as a payment method to purchase goods and services is also popular, or it can be an instrument that protects you against inflation.

But, it’s very rare to come across people who have integrated Bitcoin into their daily lives in such a way that they don’t use fiat at all. It’s not that easy to do.

I accidentally came across a YouTube video of a guy from Canada who claims to live on Bitcoin. So he decided to share his experience. If you are interested to hear what he has to say, this is the link: I Live On Bitcoin! Here's How You Can Too…

It’s a rather long video that lasts over 44 minutes, so I will try to sum up some of the most interesting points:

Benjamin has lived on Bitcoin since September 2020.
He lives in Canada, where he spends most of his coins.
Benjamin is a Youtuber who gets paid exclusively in Bitcoin, no fiat.
He claims that he values his privacy and uses mixing services and CoinJoins to mask the origin of his funds.
Benjamin uses a Canadian online service called Bylls, which allows customers to pay utility bills with crypto.
He does his daily shopping by purchasing gift cards from Bitrefill.
When he needs USD, he deposits his Bitcoin as collateral and takes out a loan in fiat.

If you want to know more, you will have to watch the entire video. It’s difficult to explain everything in one post.

This YouTuber lives in Canada, a country in the West. So, naturally, it’s easier to do it there than in many poorer regions of the world. But it’s still an intriguing and courageous live choice. If all of it is true, of course.

With this thread, I would like to know how many users of Bitcointalk have tried something similar or are maybe living only on crypto as we speak. Has anyone tried it for a day, a week, or just a few hours?

Please share your experience, and if possible, include the names and locations of shops, websites, and services that made your BTC spending easier and more comfortable. How easy or hard is it to live only on Bitcoin in your city/country?

If you are concerned about your anonymity, you don’t have to mention any names if you believe someone could use that info against you.

People that know about Bitcoin will love to live on Bitcoin. When you only live on Bitcoin it will make life easier to live in, where you do not need a bank account before you can make online payments, your payments and transactions will be fast. Unlike our traditional payment system where you will need a middleman before your payment will go through. Using Bitcoin for payment will eradicate inflation. Live only on Bitcoin will be hard to achieve because almost all goods and services are accepted will fiat payment

landheer

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it seems that in every country it will be different because there are governments that allow btc to be used as legal tender and some do not, in my country the government does not allow people to make btc as a means of payment and only allows btc to be used as an investment asset only.

but I do often benefit from btc because I always invest in btc for the long term and also always trade daily on btc which always makes a profit, but I only invest in btc as a side business because in my opinion investing in btc would be very suitable if used as side business.

but in this case of course everyone has a different story.

traderethereum

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If people use bitcoin in many ways, I prefer to use bitcoin as an investment and not use it to buy things in online or offline stores.
I still use fiat for everyday life and only keep my bitcoins for long term investment purposes, so there is no desire to use bitcoins in real life yet.
If later bitcoin is widely used, especially in shops around my neighborhood, I will try to use it but not too often because I am still focused on using bitcoin as an investment.
We may have read the story of Didi Taihuttu who was willing to sell everything to invest in bitcoin and who knows what happened to him and his family now.
There may be more people trying to use bitcoin in their daily lives.

Davidvictorson

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I wish I could but I can't. Several factors hindering this with the topmost on the list being the country I live in. First, bitcoin adoption is high but is not widely accepted in shops or business places for business purposes. The reason, government regulation. I have a dream that one day, I would vacation in El-Salvador bitcoin city for a week and have the full experience of living off of bitcoin within that type. I may do a vlog about it or write about my experience either here or on Medium. But until then, I will keep spreading bitcoin awareness, doing grassroot lobbying of government officials and day dream for that day to come.

Pmalek

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Quote from: Sim_card on August 15, 2023, 11:39:26 PM

I have thought of using only bitcoin for my daily spending if I travel to El Salvador on vacations because that is the only country that living on bitcoin will be possible.

I know you were being serious and not trying to make jokes, but before a travel to El Salvador, research the crime rate of that country and you might be negatively surprised and change your mind.

Quote from: Sim_card on August 15, 2023, 11:39:26 PM

The only time that I have used bitcoin was to pay for my hotel bills when I travelled for a project because the manager was a bitcoin fan and he wanted to have more bitcoin.

That's a good use of bitcoin. Were you expecting it and did you know you would pay your hotel bills in that way before your trip? I am asking because if you had access to BTC away from home, you must be holding it on an exchange or a phone wallet. Hot wallets are ok for smaller amounts and if pre-prepared for trips and holidays.

Alpha Marine

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Quote from: Pmalek on August 15, 2023, 10:26:06 AM

Do people in your region use payment cards while shopping and paying for goods and services? You could also go cashless by using virtual cards or Google Pay via your phone.

People in my region use payment cards and wire transfers for payment, but a lot of vendors don't trust them because;

1. The network is unreliable.
Both the banking network and service providers' network is so unreliable.
Most times when you make a transfer or pay with your card it takes so long for the beneficiary account to receive the money. Sometimes when it takes this long, the money may be reversed or it might just hang. This can be very frustrating and embarrassing because it might look like you don't have the money to pay or you're a fraud. The worst part is, you've been debited while the beneficiary account has not been credited.
You know how with Bitcoin it would show "pending" if the coin hasn't been sent, it's the opposite with this one. With this, it would show that the money has been sent successfully, while the person on the other end hasn't received it.

Particular banks don't give you this kind of issue, but again, a vast majority of the population doesn't trust them because they're online banks and people are skeptical of those in this region because of past experiences. But I use them anyway.

2. My country is not developed to the level where everybody can go digital. Some shops don't accept any form of digital payment. It has to be cash. And it's extremely difficult to live here without patronizing those shops.

Quote from: Die_empty on August 15, 2023, 10:52:07 AM

Even in some remote places in Africa, one can live a cashless life. It is now common to see POS machines that offer banking services in local markets in Africa.
Living a cashless life in urban areas in Africa is as easy as using physical fiat because you can pay for almost every goods and service using online platforms of Debit cards.

If it was this easy, why was the "cashless period" in Nigeria a problem for the whole country?

Sim_card

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I haven't thought of this before because in my country the use of bitcoin is highly prohibited because the restriction that is place on it by the government. I have thought of using only bitcoin for my daily spending if I travel to El Salvador on vacations because that is the only country that living on bitcoin will be possible. The only time that I have used bitcoin was to pay for my hotel bills when I travelled for a project because the manager was a bitcoin fan and he wanted to have more bitcoin. So when I asked him he was glad and told me that the management must not know about this. He told me that he will use his fiat currency to replace the hotel payment and I stayed for three days paying with bitcoin for feeding and accommodation directly to the manager. I have used bitcoin indirectly whereby I need to convert it to fiat before spending several times.

Die_empty

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Quote from: Pmalek on April 10, 2022, 01:59:01 PM

Please share your experience, and if possible, include the names and locations of shops, websites, and services that made your BTC spending easier and more comfortable. How easy or hard is it to live only on Bitcoin in your city/country?

If you are concerned about your anonymity, you don’t have to mention any names if you believe someone could use that info against you.

I live in a country where bitcoin is under stringent regulation. This has made bitcoin awareness and acceptance very slow. Only two businesses accept crorovurremcies in my neighborhood because of these anti-crypto policies of the government. Living totally on bitcoin is not possible for now in my country because you might not be able to have access to your basic needs.

Quote from: Pmalek on August 15, 2023, 10:26:06 AM

Quote from: Alpha Marine on August 15, 2023, 03:05:39 AM

First, I would have to figure out a way to live without cash because I hate holding cash on me before I can figure out a way to live on Bitcoin alone.

That shouldn't be too hard. I don't know where you are from, but you should have various debit or credit cards on your disposal unless you are unbanked somewhere. Do people in your region use payment cards while shopping and paying for goods and services? You could also go cashless by using virtual cards or Google Pay via your phone.

Even in some remote places in Africa, one can live a cashless life. It is now common to see POS machines that offer banking services in local markets in Africa.

Living a cashless life in urban areas in Africa is as easy as using physical fiat because you can pay for almost every goods and service using online platforms of Debit cards.

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSAkAKsQfNXarf-6CNd4Cxdw9ao-4To5IsRRw&usqp=CAU

Pmalek

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Quote from: Alpha Marine on August 15, 2023, 03:05:39 AM

First, I would have to figure out a way to live without cash because I hate holding cash on me before I can figure out a way to live on Bitcoin alone.

That shouldn't be too hard. I don't know where you are from, but you should have various debit or credit cards on your disposal unless you are unbanked somewhere. Do people in your region use payment cards while shopping and paying for goods and services? You could also go cashless by using virtual cards or Google Pay via your phone.

sokani

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Quote from: Pmalek on April 10, 2022, 01:59:01 PM

Before this can be achieved you have to take into considerations an important factor like the person's locality. This can only be feasible in the western world and not in third world or developing countries that are still struggling with bans and the adoption rate is very slow. Like in my case it is very impossible, there's no way I can live solely on bitcoin. While Bitcoin adoption is gradually gaining momentum, I buy and store Bitcoin as much as I can but I only use it as a medium of exchange in rare occasions. In most cases, I still have to trade my Bitcoin or other crypto assets to fiat in other to use it to settle my basic needs like buying food items, paying my electricity bills, house rent etc.

Gallar

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Quote from: Pmalek on April 10, 2022, 01:59:01 PM

~Snip

For now, I haven't tried something similar like what those Youtuber did. Because there are various reasons that make me unable to do this (using bitcoin in totality).

• The first reason, caused by the rules or laws regarding cryptocurrency made by the government in the country where I live. The rules made by the government in my country only allow cryptocurrencies such as bitcoin to be used as commodity assets, and do not allow them to be used as a means of payment transactions.

Quote

In accordance with the Regulation of the Minister of Trade Number 99 of 2018 it is stated that Crypto Assets are defined as Commodities that can be used as the Subject of Futures Contracts traded on the Futures Exchange.

Source: https://legalitas.org/tulisan/hukum-kripto-indonesia#:~:text=Sesuai%20dengan%20Peraturan%20Menteri%20Perdagangan,yang%20diperdagangkan%20di%20Bursa%20Berjangka.

• Then for the second reason, it's because I don't have a circle or friends I want to transact using bitcoin with. That's all because in my environment, the majority of people are still unfamiliar with bitcoin.

• And for the third reason, none of the shopping centers or shops in my area and maybe in my country accept payments using bitcoins (as far as I know). So that's why, using bitcoin in totality, for me at this time it's not possible.
Because if you flatten it out, basically there aren't many crypto/bitcoin users in my country. Of the 100% of the population, only less than 2% have cryptocurrency / bitcoin. So because of these factors, right now I can't just use bitcoin to run my life, but still need other things like fiat money.

cheezcarls

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I think it is happening now in Boracay Island through Pouch.ph. They are spearheading the Bitcoin adoption as means of payment for goods and services via their own lightning wallet. I think the Bitcoin maxis there are just trying to live only on Bitcoin. Not just for investment, but also as utilitarians.

They’re just treating Pouch.ph as the “GCash” of Boracay. But the downside however is that they are centralized because it’s tied to Netbank and requires KYC for verified users.

I am currently having a good relationship with their founder. But even though it’s centralized, the positive side is that they are spreading awareness for Bitcoin.

Alpha Marine

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This is something I would really love to do but unfortunately, it is impossible in my country. Living without having cash at hand in my country is difficult enough as it is, talk more of living solely on Bitcoin.
I use Bitcoin to pay for a few things and they are mostly international transactions but anything within my country I use fiat.
My government has a very myopic view on crypto, although it isn't illegal, it opens you up for scrutiny. So local businesses stare clear of Bitcoin as a means of payment so they won't be in the bad books of the state.

It's funny because our local currency going to shit and inflation will affect people like me more if it were not for Bitcoin. The currency keeps losing value against the dollar daily.

First, I would have to figure out a way to live without cash because I hate holding cash on me before I can figure out a way to live on Bitcoin alone.

Sandra_hakeem

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Nahh Malek, this is exclusively hard for an average citizen yunno..
Benjamin must HODLing coin in stock already - and if that's coming from his YouTube incentives, then he's really trying, honestly.. ( well, on the other hand, it depends on his traffic and how much he earns as well)
I cannot think of trying that as I won't wanna Begin utilizing any staked coins I have in stock; or maybe I just feels that's one of the most critical ways to survive...
Lastly, this is really possible but not on every peripherals; it's not even about peeps not accepting BTC as a medium of exchange,.. It's about the restrictions, fees and accessibility.

Sandra 🧑‍🦰

Rockstarguy

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I would always like to spend bitcoin to buy things that I need, but its not possible to spend bitcoin always to buy things because bitcoin have not be fully adopted and not everyone or business firm have a wallet address to accept bitcoin for payment. But I still spend bitcoin to buy somethings to those who accept bitcoin, sometimes ago I have also sent a friends who is a lover of bitcoin as a birthday gift. It not to possible to spend bitcoin throughout because of fiat we have as a major currency.

cheezcarls

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I haven’t despite I want to see myself accumulating and owning more BTC and I have already started doing DCA last month. I cannot see myself leaving the crypto industry. It’s the reason why I can afford to pay my bills, maintain my health, supporting my family, investing into BTC and other promising coins, tokens, NFTs, etc. How we wish that we’re going to get paid in Bitcoin like this Canadian Youtuber.

Wakate

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Quote from: Pmalek on April 10, 2022, 01:59:01 PM

This YouTuber lives in Canada, a country in the West. So, naturally, it’s easier to do it there than in many poorer regions of the world. But it’s still an intriguing and courageous live choice. If all of it is true, of course.

Well, it is amazing to people that live on Bitcoin in respective of the market volatility or what could make an ordinary trader jump on stable coins because of the volatility. I have once imagine myself living on Bitcoin for all my life 2ithout being bordered about the bear or bull market.

Quote

Please share your experience, and if possible, include the names and locations of shops, websites, and services that made your BTC spending easier and more comfortable. How easy or hard is it to live only on Bitcoin in your city/country?

If you are concerned about your anonymity, you don’t have to mention any names if you believe someone could use that info against you.

It is 100% possible for people to live on Bitcoin without bordering about inflation or the government principles on fiat currency. I am a lover of Bitcoin and I will continue advocating for it adoption so that people can have a clue of what it takes to hold Bitcoin and use it for daily transactions. Bitcoin is a digital currency and also a financial instrument which can be termed as an asset with liquidity that increases and decreases in time.

https://coin-turk.com/bitcoin-temali-ilk-belgesel-film-life-on-bitcoin

Have you ever tried to live on Bitcoin?
This is a good question which really inspires me but I think we need to understand what it means for people to live on Bitcoin. Living on Bitcoin shouldn't be a difficult lifestyle just like other forum members here that earn their wages/salary in Bitcoin. I think getting paid in Bitcoin for services rendered can be termed as living on Bitcoin just like other people that are living on fiat. They get paid in fiat currency and they use the money for settling their basic needs on a daily basis.

https://www.ibtimes.co.uk/bitcoin-use-switches-investment-commodity-everyday-currency-new-data-reveals-1496316

I believe many of the forum users here are living on Bitcoin likewise myself. It all depends on how we understand the word living on Bitcoin. I am an epitome of a person that partially live on Bitcoin. Apart from my job, I do other online businesses that I do receive my pay in Bitcoin or stable coins. Most times I do convert the stable to Bitcoin and keep in my cold wallet.

Living on Bitcoin should not be as hard as we think!

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