Topic: Living only on crypto: Possible in 2025? - page 3. (Read 647 times)

We're going there. The exchanges have their debit cards as well for which if you've got some stable coins stacked, you'll be able to use it for purchasing things with that card.

IMO, it can be said that you're buying things directly with crypto if the balance you have in there is being used. Although it's not advisable to keep your money in exchanges, if it's for this purpose, you may want to just allot some budget on it for purchase purposes only.

But as for wallets in smartphones, we can use them as well if the shops and merchants accepts them directly.

Elon was close to making this a big dream but he screw everything in 2020. Tesla was ready to accept Doge for motorbike those years but was quickly change and till date no better explanation was provided regarding the reason why they retract on that plan, they also remove Bitcoin completely. If they have allowed it even with a little limitation, it would've sent a big message outside there for people to start accepting crypto as means for exchange worldwide.

There is a great advantage for merchants who wish to accept cryoot as payment but I think there is going to be challenging about it and that's volatility. How do we really deal with sales about volatility. Even Bitcoin can nuke 5% in a day and be like nothing happen and alts do worse like 10% nuke, who is going to be held responsible for the reduction in the amount because not everyone will want to be holding coins receive from sales, they need more funds to buy more goods to keep the business working.

If you are using crypto to buy gift cards and buying something with them, how does that even differ from selling crypto for money and buying with it?

Also every crypto debit card or shop that i have seen "accepting" crypto, has been using third party services where the retailer won't even see the crypto. They just get money because third party sells your crypto for you.
So actually when you are "using crypto", you are almost certainly just dumping it for fiat money and paying with that money.

Imho such thing as using just crypto is no way near, because it's just an extra hustle for companies when they need to do taxes on those trades. They have to sell themselves those cryptos as soon as possible, otherwise they would risk the whole company. Because what would that do to their pre-planned budget, if their revenue with cryptos suddenly went down 20% in one day?

I was excited when I saw the topic titled, but unfortunately the body of the thread was actually not what I expected. I expected a question that if it is possible to only work in the cryptocurrency industry and not involved in any other industry. Liking living only on crypto earnings.

But for your question, less than 2% of cryptocurrency enthusiasts are living only on crypto. The industry has not matured to that stage, we still need the government and her fiat.

It's too early to tell, why do I say that? The local government is still banning bitcoin/altcoin as a means of payment and fiat will still be maintained by the government.

Imagine if the government legalized any payment using crypto would they have control? Of course not so that's where I think the government doesn't want crypto to be legalized as a means of payment.

If fiat itself where they can survive and have full control.

For 2025, not yet. But some time in the future of course that could happen. Currently, most countries consider crypto as an asset & not a currency. That's one thing that makes living completely using crypto not possible in the near future. Slowly but surely crypto will enter all industries in life, and that's where we will see more mainstream crypto for payments.

It is maybe even just not a good idea, because one nice thing about fiat prices is the prices are thus all in terms of something that goes forever downward in value.

That means you are probably going to be better off buying fiat when it is cheap, buying enough of it to live on through times when it is up in price, so you are always spending cheap fiat rather than fiat that cost you more crypto than it costs in periods when fiat is in a dip as it were.

Simply spending directly makes you vulnerable to ending up spending when it cost you more crypto per unit; the bad times when fiat is, weirdly, actually up in terms of crypto.

In such times you ideally want to be spending fiat that you bought back when it was cheaper, not spending your crypto when crypto is temporarily down compared to the prices sellers of goods are asking for their goods.

Bad money drives out good, in that everyone prefers ideally to spend whatever type of money is losing value fastest.

Thus, ideally spending fiat since over decades or centuries it can totally be relied upon to lose value.


-MarkM-

Why not? Everything is possible now with cryptocurrency. 16 years ago, people were laughing at the idea of decentralization and no-party transactions, but people are welcoming it now.
For this to happen, we should have a country to model it, and it will cause a domino effect, but expect resistance from the government. But if you ask me, I prefer coexistence because there will always be sectors or countries where its not possible for its people to live only on cryptocurrency.

There will come a time when fiat money and other traditional currencies will be replaced by cryptocurrency for purchasing products and services. This shift is driven by the decentralized nature of cryptocurrencies and the use of blockchain technology. While this change may not happen immediately it is approaching. The transition from traditional money to cryptocurrency is inevitable and will bring about significant advancements in the financial system.

Its too early to make that possible for many cryptocurrency users, in my country alone I have to convert my cryptocurrency to fiat to be able to pay my bills as cryptocurrency is not fully adopted in our country and you can hardly see any shops that offer cryptocurrency for payment and once the government see cryptocurrency as a threat they will restrict and regulate its usage, maybe ten years from now the scenario will be better but not this year.

You could live on crypto only via a technicality. You could pay all your bills & live using your Coinbase card. The reason I say via a technicality is because Coinbase card uses the crypto you have on your account & pays with a fiat conversion. Living fully on crypto would be tough though unless you are in El Salvador or something. It might be possible in San Salvador.

Aren't you afraid that to hundreds of governments issue money will added to the hundreds of commercial company that issue their own money? Won't all this turn into a huge bubble, backed by nothing? I think that being able to buy a Ferrari with Dogecoin is very cool and innovative, but won't it eventually lead to the devaluation of the institution of money as a universal equivalent for measuring the value of goods and a medium of exchange?

We are already seeing some merchants and services on which we can be able to make use of our crypto to serve as payment or simply without fiat involved but the main question here on this one is on how many will really be considering on spending up their precious coins into something if they could have done it with fiat? Yes, its really that cool that when it comes to utility then we can use up our own crypto holdings on which this is really that indeed great but we cant be able to deny that when it comes on using up our coins for the sake of payments on buying up something then it will really be just that a waste of opportunity of making profits. Pretty sure that most of us will really be thinking up about the profiting condition rather than on spending or in speaking about utility.

Adoption is really that moving forward and there's no doubt to that but people wont really be seeing this much for it to be used on day to day but rather ending up on having that store of value kind of consideration or approach on which we cant be able to blame everyone if this one will really be their own view towards it on which we would really be lying that we would really be trying out to deny this one into ourselves. 

Speaking about living with crypto then its possible as long you are making continous income with it but make it sure that your holdings wont really be on the same USD or fiat value all the time on which we know that prices could crash out anytime.

even though it will be amazing to see that coming to reality, it doesn't look like what is going to be very convenient for the larger population because adoption is still an issue and the rate of knowledgeable people that are comfortable enough to make use of it for such transaction is not all that much. with time when the rate of adoption must have increased and the commoners must have started making use of it for most of their needs, then we can see the possibility of it coming to fruition. 2025 doesn't look possible for crypto to go mainstream to that level except for those that are already in the system right from time and are familiar with the process  that makin use of it doesn't look like a big deal.

we're just waiting for regulation to become certain.

I think most of platform also would like to integrate crypto to their platform in a heartbeat if they know that it won't give them the burden of any legal related problem, the thing is, many countries still consider BTC as just commodity so there's no regulation about it being used as a currency, but I know some country already allow for crypto payment and so far it's been doing well.

if you see in popular platform specifically such as fiverr and udemy, there always some people who demand the platform to enable crypto payment, but the company don't have the guts or resources because this legality problem.
but if somehow BTC can get passed as strategic reserve, I think big fat chance there will be massive surge of crypto payment adoption.

one thing for sure, so many defi and exchange already providing debit card where they'd charge your crypto whenever you make a transaction, so actually you can already pay anything with crypto right now. even more so with coinbase pay and binance pay.

It's still too early for this. We're just beginning to move away from cash to credit/debit cards. Less new cash money is being printed now and governments are encouraging people to use credit/debit cards. The main reason for this is to prevent the informal economy. The idea of living solely on crypto currencies might only be a dream for now because there are many structural weaknesses in this area. Governments won't allow it and will fight against it. Maybe we can discuss this for 2035, but it's impossible in 2025.

As crypto becomes more mainstream, we'll be able to buy goods and/or services without the need to exchange for Fiat or use a debit/credit card. Imagine living entirely off crypto alone. It would be a dream come through.

I'm wondering if we're one step closer towards seeing this become a reality? Or is it too early to tell? With services like Bitrefill and eGifter selling gift cards for crypto, anything's possible. Heck, you can now purchase a Ferrari with Dogecoin. I mean, how cool is that?