Topic: Is it possible to survive on crypto while pursuing MS in the US or Germany? (Read 220 times)

You need to take into account the legislation of the future country of residence, so that not to break by ignorance one of the laws associated with crypto-currencies.
Example USA:
CryptoCurrency Tax Fairness Act

"A solution may be on the way. A new proposal by US lawmakers in the form of CryptoCurrency Tax Fairness Act (CFTA) introduced in the House of Representatives."

"CFTA is currently being debated in the U.S. Congress. If it is passed, it would subject digital currency to a similar tax regime as what currently exists for foreign currency. It would also eliminate a disincentive for people to use bitcoin (and other digital assets) in day to day transactions."

Yes, it is possible... There are few good campaign programs that'll let you post minimum of 20 posts a week and the payment is very good after a successful ICO. You just have to look deeper through the bounty section because sometimes they are hard to find.

I don't understand how you can say this with such confidence, as if this statement is definitive. How can crypto not be enough to survive when the market cap of bitcoin alone is over $200 Billion. OP did not disclose his current holdings in bitcoin or other cryptos, so it seems a little foolhardy to assume that crypto would not be sufficient.

If OP had 50-bitcoins, wouldn't you agree he could easily pull this off without much second thought? I'd agree if OP has anything less than 5-10 bitcoins (and plans to keep any of it) then they should definitely look into all other options, because it just won't be enough and isn't reliable enough to plan your life around it.

In my experience and everyone I know has never had a problem liquidating their  bitcoin in the US for $. There is a constant supply, any big exchange can handle almost any amount you can throw at it pretty much instantly. Again, I'm not sure how the rules work for someone that moves there, is on a visa or other sorts of restrictions, but I know citizens and anyone with "residential" documents have no problem using almost any and all exchanges.

It’s not possible. Yep, it is not possible, you need more better than crypto to survive, and by the way, withdrawal will be a difficult thing, especially in the U.S. unless you’ve got an actual job in Bitcoin that pays you like $50,000 to $100,000 in a month, if not, you’re not going to find it easy. Don’t think that making $100 to $300 or $500 (which is not on regular basis) from trading can help you. Better make good plans.

From what I know some master's degrees like Master of Business and Administration (MBA) requires you to have a minimum time of work experience in order for you to enroll the course. So you have at least that time to save and earn money in order for you to fund your own master's degree. Even if work is not a requirement I still would suggest for you to stop studying first and try to gather work experience for you to understand more what you will pursue on a higher degree. Also to answer your question it will always depend on how much you will earn and how much time you will contribute to doing it.

You should probably attempt to cash out a hefty amount prior to moving wherever you do end up going, because sometimes exchanges have a tough time working with visitors/immigrants, there might be delays or difficulties, even grey areas that you may have to overcome. I lived off of my bitcoin stash when I went through a tough time in other areas of my life. I made 2-years, on about $25,000 while i was pursuing a degree, eating pretty well daily and enjoying some nights out at the bar.

It's almost impossible to tell you how much you will need, because everyone is accustomed to a different standard of living. $12,500 a year in a country like Germany, or America might sound crazy to you, be it too little or too much. This question is similar to "How much $ do I need to live 1-year?", it has a million different answers and none of them are wrong or necessarily right. You should create a budget for yourself, figure out how much your living situation will cost you, figure out if you're going to have a car, how much you're going to spend on food (don't estimate, look up recipes, ingredient prices and even local restaurants). Once your figure out fundamentally how you'll be living, and where it should bee pretty easy to throw together a budget and figure out almost down to the penny how much you will need to make it. I would bring 10% extra, whatever you decide is enough, bring a little more just to be safe; and while you're doing the budget you should figure out what it will take to cash-out your coin if you should need to in the future.

You cannot hit a target you are not aiming at, so make a plan, set a goal and make it happen!

It is always posible but it all depends on how you manage your study and your ways of income. In a country like US and Germany i think it will be hard for you to coup up your study while crypto is your only means of income. Also cashing out would be a problem if you dont have a foreign family, since the regulated wallets need some verifications before you can create one.

I also want to study in an advanced country like UK or USA but this is really hard for me. When you immigrate to a country, you have to list the property and they are taxed this makes me think.

If you're going to depend on just trading, that could be extremely risky. One bad move and all is lost. I was going to make another point, I can't remember it. Anyway, if you decided to do this, just have to consider and accept the possibilities.

Entirely on your own  it would really really hard for you to depend upon crypto if you're new to this and you don't have any initial investment investment then you'll have to find an alternative. And studying in the US for 2 years you'd need money for your education, your stay, your livelihood expenses, other expenses. Better borrow an education loan. You'd an yearly requirement of 45000$, trust me.

It is possible but it will depends on how you manage your earnings. Like you I am also a student and I am taking a BS Computer Engineering. Before I was working at a fast food chain but thanks to bitcoin because it sustained all my needs in my school. As long as you are good in managing your money you can survive. Just do more hard work and think always to your dream or goal in life.

Localbitcoins has stopped their services in Germany, be aware of that. Paxful, I don't know about. If you want to live off crypto while in Germany, you'll likely have to rely on exchanges such as Kraken, Bitcoin.de or Bitstamp. There shouldn't be any legal problems (disclaimer: not a lawyer) but be aware that while you reside in Germany, any incoming bank transaction from outside Germany of EUR 12,500,- or more needs to be reported to your local authorities and bank beforehand (AWV Meldepflicht). Otherwise you might head into trouble.

Come to Serbia or Romania and you'll live like a king with your crypto savings. 

I survived my master degree in France with a scholarship of 1000euro per month, and college fees are free for me as well.

True I agree with that, sometimes the market reacts unusually too,  but a high volume exchange does the trade especially with small percentage gains since the big players in the market always seem to move it enough to take back their targets and its always a matter of playing in the safe zone.

...

There's a method behind trialing small sums to test potential profit. 

With trading, two of the main concerns are percentage difference, and consistency. Using smaller sums, like say $20, allows a person to do real world tests on percentage gain/loss and consistency, without the high degree of risk present in using larger sums like $2k.

Whether a person is trading $20 or $2k the percentage gain or loss will remain the same. It may be the percentages that matter. Trading small sums can also be good to gain experience and test different trading strategies.

Sometimes I test different sports betting strategies with small sums. I'll start with $20 with the goal to turn that $20 into $200 for a 10x gain. I've succeeded a few times and failed far more times than I've succeeded. The failures can be valuable learning experiences.

Oh i will be living the complete student life no worries. Also Germany has the free tuition fee option, I am looking at TUM University quite seriously.

 And I wont be paying for ANYTHING ANYWHERE with bitcoin until LN is implemented.

In Germany you wouldn't need $50k per year to study, as long as you are happy to live like a student.
I reckon 15.000€ would be enough per year for a flat share and living reasonably..

Living on Crypto would be more difficult. There is a supermarket that accepts Bitcoin and a take away service, but you'd be severely limited in your options, as well as getting badly ripped off by paying in Bitcoin for a 10€ pizza with 25€ of Bitcoin (more recently)

Thats what I hope to do for the 2 years, I wont/cant be doing the odd and stupid student jobs unless i get the opportunity to turn into an assistant to a professor or something

I am afraid online courses are not an option, i plan to study CS or such from a proper post-graduate school, hopefully with a scholarship, be it survive on crypto or education loan. I have rapidly expanded my portfolio in the last 2 or 3 months, and plan expand more within the end of next year before choosing a university.

$20 is useless though playing the market with at least $2k does the trick quite well unless BTC decides on having a bull run all of a sudden in the midst of investment.  

You will not create any problem by making bank account in that county.
Before making new bank account in another country, you need so much document to prepare.

You can, but you will need to use several bitcoin preloaded cards like the ones who wirex is offering right now ( i dont know if they ship to the US)

but yes, as long as you have enough crypto you will be able to do it, but why dont you withdraw the money on Usd?

The most affordable option for higher education aka college/university degrees I know of are a new thing called micro degrees offered on sites like these:

https://www.coursera.org
https://www.udacity.com

Micro degrees used to cost around $50 for the certificate. I can't comment on how useful the degrees are in finding a job, I've never undergone the process. I've done some of the free courses for fun and they seem like they're good.

To support yourself trading crypto, you would need to trade in massive sums. And you would need to be perfect. From a statistical perspective, its impossible, here's why. Let's say the average price movement of bitcoin is around 8.6% per day moving from 13000 to 15000 or the opposite. That gives you a maximum potential profit of 8.6% per day without factoring in losses and mistakes which cause you to profit only a fraction of total price movements.

When you do the math and break down the problem, it becomes more difficult. Especially over the long term where consistency is key. Suffice it to say you would probably need $10,000 minimum to trade. Then you would need to profit enough of a percent on that $10k to pay your bills. Of course, there would be some days where you lost money instead of making money.

If you want to get an idea of how much you can make trading, take a small sum like say $20 and see what percentage of that you can profit over a week/month. That will give you an idea of whether its feasible without having to make any long term commitments or risk more than you can afford to lose.

Living in the USA is just horrible for several points. In Germany, you need something like 15000€ per year to live like the average citizen (house, food, insurance, etc) The average cost to live in Australia is so high.. Between this 3 countries, Germany is by far the cheaper.

Once in Germany open a bank account and use Kraken to sell your cryptos and receive the money in your bank account. But be sure with what you do before, otherwise you may end working at McDonald.

I can keep using sites like localbitcoin or paxful right? My concern is what about the bank account? I reckon I can have a bank account while in another country, so once I do encash to my bank account will that create legal problems for me?

It is entirely possible but that depends on how much money you have in crypto and how much you can afford to leave in versus take out. I would reckon you need about 50-100k depending on what region you are going in those countries and yes cashing out may be your hardest problem especially if you live in the USA they are really strict and their tax law just got worse the other day.

Will I be able to cash out and at the very least support my livelihood if I pursue Master's degree in countries like USA, Germany or Australia? I dont want to do odd jobs, only dedicate my time to studies and maybe trade a little when I need to make cash.

How much savings do you reckon is needed to survive for the 2 year course as a student? Will cashing out and such be problems being a foreigner?