How to live off of your Bitcoins? - page 2.

cytokine

donator

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Quote from: silverfuture on July 06, 2012, 06:45:58 PM

Move to Barbados, Cayman Islands, Ecuador, Estonia, Isle of Man, Singapore or any other country without any capital gains tax. You could also become a sovereign citizen and hop around the planet with multiple residencies and passports.

Now you're talking! Cool

I'm actually a resident in several different countries already, but only a citizen of the US. And all my friends are here.

Meanwhile, I should probably get familiar with this:

Self-Employed Individuals Tax Center

Thanks for the ideas. I love the concept of being a "sovereign citizen", that is so cool! I just hate being tied down to any single location; I'd love to go around visiting friends all over the world and having adventures before I hit 30.

silverfuture

legendary

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central banking = outdated protocol

Move to Barbados, Cayman Islands, Ecuador, Estonia, Isle of Man, Singapore or any other country without any capital gains tax. You could also become a sovereign citizen and hop around the planet with multiple residencies and passports.

cytokine

donator

Activity: 224

Merit: 100

Quote from: Bitcoin Oz on July 06, 2012, 06:19:34 PM

Dont live like a gansta and drive a ferrari with no visible means of income.

True... one can drive an old car and live in a small apartment, but go out and eat lobster every night using cash. And you'd be just fine.

The funny thing is, in terms of quality of life that's actually probably a much better life than living in a nice house with two cars with payments you can barely make and having to slog to work for a 9 to 5 that you hate. For me, money is a means to freedom, not a means to "luxury".

On that note, I'm hoping to hit the road one day if I can make enough from BTC, and just travel and run my business from my laptop+clearwire connection. That would be the life for me.

Maybe I could eventually settle down in New Hampshire if I meet up with a nice liberty oriented girl... *sigh*

Bitcoin Oz

hero member

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Wat

Quote from: cytokine on July 06, 2012, 06:08:02 PM

Quote from: westkybitcoins on July 06, 2012, 05:54:52 PM

Cash can be converted to money orders and/or cashier's checks.

I actually know someone who can pay their rent directly in BTC. That's probably the best route if you can do it.

Money orders/cashier's checks are a great alternative for bill payment, thanks. But I suppose for any major payments you should probably declare the income and pay the income tax for it ( even if you pay in cash or BTC ) since at some point someone is going to ask where the money is coming from.

Depends if you live below the radar with a shitty house and drive a shitty car no one will care Wink

No one asks you how you go the money for a $1000 car or where the rent money comes from of $300 a week.

Dont live like a gansta and drive a ferrari with no visible means of income.

cytokine

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Activity: 224

Merit: 100

Quote from: westkybitcoins on July 06, 2012, 05:54:52 PM

Cash can be converted to money orders and/or cashier's checks.

I actually know someone who can pay their rent directly in BTC. That's probably the best route if you can do it.

Money orders/cashier's checks are a great alternative for bill payment, thanks. But I suppose for any major payments you should probably declare the income and pay the income tax for it ( even if you pay in cash or BTC ) since at some point someone is going to ask where the money is coming from.

westkybitcoins

legendary

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Firstbits: Compromised. Thanks, Android!

Cash can be converted to money orders and/or cashier's checks.

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Probably at this point moving to New Hampshire which has a large bitcoin using population untill bitcoin is more widespread.

cytokine

donator

Activity: 224

Merit: 100

Speaking as someone who genuinely *hopes* to earn their income entirely in BTC in the future, I am wondering something - how does one best use them to live off of?

Obviously, it's easy to meet up and exchange BTC for cash each month. But, unfortunately, it's hard to use cash to pay for many things, for example:

- Health insurance
- Rent
- Various loan repayments ( mortgage etc. )
- Other things that I'm probably missing ( buying plane tickets online, etc. )

I suppose the way to deal with this is to liquidate just the minimum BTC each month to cover living expenses that cannot be paid in cash, and then pay income tax on that money.

What about anonymous debit cards that can be re-filled with BTC to pay off things that cash cannot? The problem is that they're not anonymous if you keep using the same card to pay your rent etc, so you might as well liquidate BTC on gox and pay the income tax.

Any other ideas would be greatly appreciated. Thanks.

Topic: How to live off of your Bitcoins? - page 2. (Read 4826 times)