What would you consider living on crypto?

Chato1977

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Quote from: leverageguy on December 08, 2021, 03:29:42 AM

It may be a good idea to completely live in the crypto world. But technically it might not be possible due to crypto’s volatility.

and this is not well accepted by the government so the chance of being used permanently is not there , not like those who live in EL Salvador since they are fully adopted .

So yes let us consider this to be available only in some part of the world but not in totality .

leverageguy

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It may be a good idea to completely live in the crypto world. But technically it might not be possible due to crypto’s volatility.

Ultegra134

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Quote from: gabbie2010 on November 29, 2021, 01:21:59 AM

Volatility is a big barrier to living with cryptos however if that is only option beckoning on me, I have no choice than to accept it, alternatively there is an option of exchanging it to a stable coin eg USDT provided that I am uncomfortable with it volatility while having some knowledge on trading and candlestick patterns will be very helpful trading my cryptos whenever there is sudden pumping or bullish runs and immediately exchange it back to a stable coin after earning some profits, though not advisable for any layman or newbie.

Volatility is a double-edged sword, it can be both negative and positive at the same time. It's definitely considered a high-risk investment, using your own salary, which you worked for. As I've previously mentioned, it's best if used aside with available fiat currency, that way, you won't run out of money in case the market is bearish.

Just keep in mind, there's a high chance your salary could potentially generate more money doing nothing.

carlfebz2

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Quote from: TinaK on November 29, 2021, 04:58:16 PM

Quote from: AakZaki on November 29, 2021, 03:38:03 PM

Quote from: Mr.sprin on November 29, 2021, 09:46:22 AM

I'm not ready to live in the crypto world because in my country I can't transact using crypto. I'm looking for coins and I'm converting them to fiat. If I don't convert to fiat, I can't use the coins to shop at the market or to the mole. I mean, crypto transactions are not legalized in my country.

crypto is still not fully used for real life. only el salvador uses bitcoin as a legal tender, while other countries are still limited to commodity regulations. Fiat still comes first. crypto transactions are still not fully legalized. There are many considerations to consider before fully adopting Bitcoin.

As I heard, not the only country of El Salvador doing legalizing bitcoin as a legal tender, there are also a few countries that I have heard do the same on El Salvador. I think people consider this bitcoin just because it has a multi-purpose, it can be a payments system and it could be a storing the value which is you can gain profit after a long time of holding.

They are just on neutral phase because if you do try to compare it on what happened on El Salvador or the level of adoption and acceptance then it is way too far off but its actually still good to see several countries does have positive impressions towards Bitcoin or crypto as a whole.

Would really be good to look at when adoption is on that positive impression on which as a citizen and living on a country which the government doesnt
really restrict out or something like that which would really be giving out that convenience for those people who do get involved with crypto.

TinaK

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Quote from: AakZaki on November 29, 2021, 03:38:03 PM

Quote from: Mr.sprin on November 29, 2021, 09:46:22 AM

I'm not ready to live in the crypto world because in my country I can't transact using crypto. I'm looking for coins and I'm converting them to fiat. If I don't convert to fiat, I can't use the coins to shop at the market or to the mole. I mean, crypto transactions are not legalized in my country.

crypto is still not fully used for real life. only el salvador uses bitcoin as a legal tender, while other countries are still limited to commodity regulations. Fiat still comes first. crypto transactions are still not fully legalized. There are many considerations to consider before fully adopting Bitcoin.

As I heard, not the only country of El Salvador doing legalizing bitcoin as a legal tender, there are also a few countries that I have heard do the same on El Salvador. I think people consider this bitcoin just because it has a multi-purpose, it can be a payments system and it could be a storing the value which is you can gain profit after a long time of holding.

AakZaki

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Quote from: Mr.sprin on November 29, 2021, 09:46:22 AM

I'm not ready to live in the crypto world because in my country I can't transact using crypto. I'm looking for coins and I'm converting them to fiat. If I don't convert to fiat, I can't use the coins to shop at the market or to the mole. I mean, crypto transactions are not legalized in my country.

crypto is still not fully used for real life. only el salvador uses bitcoin as a legal tender, while other countries are still limited to commodity regulations. Fiat still comes first. crypto transactions are still not fully legalized. There are many considerations to consider before fully adopting Bitcoin.

Swordsoffreedom

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Quote from: ReiMomo on November 29, 2021, 01:18:37 PM

Quote from: DaveF on August 25, 2021, 07:38:16 AM

Was having a discussion with someone getting who is getting into BTC the other day about the 'living on crypto' movement.
Mostly about the people who want to get paid in BTC / crypto and only spend BTC / crypto staying away from banks.
We went around and around for a while as to where his line was vs. mine. And it does bring up some interesting points. If you are getting paid in BTC and send it to BitPay / Conbase and convert it to their debit card and spend from there are you 'living on crypto'? How about Bitrefill and other places you can get gift cards from BTC / crypto?
Was an interesting discussion as to where we stood. And was just wondering how everyone else thinks.
Gift cards? Debit cards? Get paid in BTC and convert to USD (or whatever) and put into your bank?
-Dave

I wish a part of my salary is paid in BTC yes so that I keep the BTC on hold as an investment and spend the local currency paid for other expenses. And yes would be good to know where gift cards are printed for BTC. As of now it would be a new move to gift friends who are aware of BTC and its profit on their birthdays or any other occasions. I hope soon in few years down the line, there would be possibility for all these things in line.

Since making payments in fiat money is complicated and not transparent, people want to adopt cryptocurrency as the payment method, so that payment can be made easily and everything will be transparent. But if a company pays half the payment in crypto and pays the rest of the half salary in fiat money, the problem will be more complicated. Cheesy

People do not want to take Bitcoin as salary because the price of Bitcoin is much volatile. And very few people can take advantage of the volatility of Bitcoin. If the knowledge of Bitcoin can be spread among everyone in the right way, then everyone will want to take Bitcoin as full payment.

ReiMomo

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Quote from: DaveF on August 25, 2021, 07:38:16 AM

Was having a discussion with someone getting who is getting into BTC the other day about the 'living on crypto' movement.
Mostly about the people who want to get paid in BTC / crypto and only spend BTC / crypto staying away from banks.

We went around and around for a while as to where his line was vs. mine. And it does bring up some interesting points. If you are getting paid in BTC and send it to BitPay / Conbase and convert it to their debit card and spend from there are you 'living on crypto'? How about Bitrefill and other places you can get gift cards from BTC / crypto?

Was an interesting discussion as to where we stood. And was just wondering how everyone else thinks.
Gift cards? Debit cards? Get paid in BTC and convert to USD (or whatever) and put into your bank?

-Dave

I wish a part of my salary is paid in BTC yes so that I keep the BTC on hold as an investment and spend the local currency paid for other expenses. And yes would be good to know where gift cards are printed for BTC. As of now it would be a new move to gift friends who are aware of BTC and its profit on their birthdays or any other occasions. I hope soon in few years down the line, there would be possibility for all these things in line.

TimeTeller

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Quote from: Mr.sprin on November 29, 2021, 09:46:22 AM

I'm not ready to live in the crypto world because in my country I can't transact using crypto. I'm looking for coins and I'm converting them to fiat. If I don't convert to fiat, I can't use the coins to shop at the market or to the mole. I mean, crypto transactions are not legalized in my country.

This is the dilemma of most people who are into crypto.
Up until now, there are only few shops or merchants that accept crypto as payments.
But we are now finding their numbers increasing when you talk about online merchants.
But for physical stores around your area, still very few are accepting btc or any crypto.
So you really need to convert your crypto to your fiat, in order to spend it.
Though there are people who consider themselves living on crypto like this Dutch family.

https://www.cnbc.com/2020/12/05/bitcoin-price-buying-bitcoin-how-this-family-buys-sells-everything-in-cryptocurrency.html

Mr.sprin

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I'm not ready to live in the crypto world because in my country I can't transact using crypto. I'm looking for coins and I'm converting them to fiat. If I don't convert to fiat, I can't use the coins to shop at the market or to the mole. I mean, crypto transactions are not legalized in my country.

KaliLinux

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Quote from: DaveF on August 25, 2021, 07:38:16 AM

Was having a discussion with someone getting who is getting into BTC the other day about the 'living on crypto' movement.
Mostly about the people who want to get paid in BTC / crypto and only spend BTC / crypto staying away from banks.

We went around and around for a while as to where his line was vs. mine. And it does bring up some interesting points. If you are getting paid in BTC and send it to BitPay / Conbase and convert it to their debit card and spend from there are you 'living on crypto'? How about Bitrefill and other places you can get gift cards from BTC / crypto?

Was an interesting discussion as to where we stood. And was just wondering how everyone else thinks.
Gift cards? Debit cards? Get paid in BTC and convert to USD (or whatever) and put into your bank?

-Dave

Quite frankly, I have never considered living on crypto as an option because I believe it is better for me more as an investment rather than spending it directly. You must already understand why the level of the volatility of Bitcoins price. Whatever you spent today as a direct BTC could be twice the price tomorrow even it could also be the other way round but I am of the opinion of not spending BTC directly.

gabbie2010

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Volatility is a big barrier to living with cryptos however if that is only option beckoning on me, I have no choice than to accept it, alternatively there is an option of exchanging it to a stable coin eg USDT provided that I am uncomfortable with it volatility while having some knowledge on trading and candlestick patterns will be very helpful trading my cryptos whenever there is sudden pumping or bullish runs and immediately exchange it back to a stable coin after earning some profits, though not advisable for any layman or newbie.

karanggatak

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it depend about adoption. if the whole world use crypto, we can, must life with it, without exception. we can do crypto thing every where. but if it just personal opinion, i wont do that one. its hard because no one use crypto as provider, as payment here. crypto is strange thing, i cant use it because rare to find merchant that provide payment method use crypto.

perfect999

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Quote from: DaveF on August 25, 2021, 07:38:16 AM

We went around and around for a while as to where his line was vs. mine. And it does bring up some interesting points. If you are getting paid in BTC and send it to BitPay / Conbase and convert it to their debit card and spend from there are you 'living on crypto'? How about Bitrefill and other places you can get gift cards from BTC / crypto?

It all depends on what you really want to do, if you are getting paid in Bitcoin and only to just withdraw all the money and put your bank, then it doesn’t make any sense at all. It would have been best that you received that money straight to your bank account, because receiving it as Bitcoin first and then converting it to send to your bank account is going to attract extra charges, which is unnecessary.

The only time that it would be best for you to receive it as bitcoin, is when you know that you are ready to hold that Bitcoin in your wallet and not start moving it to your bank, or maybe you want to keep a part of it at as Bitcoin while the rest stays as Fiat in your bank account.

Ultegra134

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Quote from: uneng on November 27, 2021, 04:36:50 PM

Quote from: Ultegra134 on November 27, 2021, 02:35:45 PM

Quote from: dupee419 on November 27, 2021, 12:43:22 PM

Getting paid in BTC is actually a good idea and I'll definitely consider that if I were to live on crypto, the only downside I can see is how big the conversion rates would be if I were to convert my BTC to fiat, will the company cover the fees for me? And volatility is also a problem, will the company adjust my salary everytime Bitcoin pumps or dumps? or will it stay as it is?

Volatility is an issue if you're solely depending on your salary, supposing Bitcoin's value goes down. Personally, if I had no other funds, I wouldn't do it.

On the other hand, I'm now considering to quit my job, enter unemployment benefits (it's not that great in terms of money), and depend on cryptocurrency too. A good 20% of my income is already stemming from cryptocurrency, I can manage to live off crypto for a few months, at least.

Using the correct strategy it's possible to rely only on your monthly salary and still live on bitcoin. I believe the person just need to keep a reserve in fiat that will guarantee his basic needs expenses for at least one month, that is the time period he will need to wait until receiving the next salary in bitcoin, always proportional to a fixed amount of fiat that is the same for every month, what means the salary in bitcoin value is constantly fluctuating each new month.

This way you never run out of fiat while keeping almost 100% of your money in bitcoin at same time. For some people it's a risky bet to go entirely for bitcoin with your funds, but that is the meaning of living on bitcoin in my opinion.

That's what I meant, but phrased it differently, you'll need to have some kind of balance in fiat currency, in order to spend throughout the month. Receiving your salary in Bitcoin is an investment, your own salary could actually be generating more money, without too much effort. However, it sounds like too much of a risk to me, and would personally avoid it.

livingfree

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Quote from: molsewid on November 27, 2021, 09:15:43 AM

Quote from: livingfree on November 26, 2021, 04:53:37 PM

There's a need to convert as always for those people that don't have a community near them that has 100% adoption of crypto.

We're flexible, we can live in both real life with fiat and as well as cryptocurrencies. The advantage is that we know how to deal with risk and volatility unlike those people that are still not going with the whole usage of cryptocurrencies.

That's a good thing because we already developed our ability to become flexible to live with the use of both fiat and cryptocurrencies because of the fact that the adoption of cryptocurrency especially here in my country was not yet legally adopted so there's always a need for me to convert or to go through crypto to fiat conversion all the time. So far, all that matters to me going through a conversion transaction was only the fee's but having the other means of financial platform that I am using is a big advantage for me because I'd be able to ride with the fast changing technology.

That's no problem for us because we've been adaptive to fiat and crypto.

And that's why wherever we go and if there's a community or place that's wholly crypto friendly, we can go or live there anytime. But if there's none, we just have to live the normal life that we have with fiat.

uneng

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Quote from: Ultegra134 on November 27, 2021, 02:35:45 PM

Quote from: dupee419 on November 27, 2021, 12:43:22 PM

Getting paid in BTC is actually a good idea and I'll definitely consider that if I were to live on crypto, the only downside I can see is how big the conversion rates would be if I were to convert my BTC to fiat, will the company cover the fees for me? And volatility is also a problem, will the company adjust my salary everytime Bitcoin pumps or dumps? or will it stay as it is?

Volatility is an issue if you're solely depending on your salary, supposing Bitcoin's value goes down. Personally, if I had no other funds, I wouldn't do it.

On the other hand, I'm now considering to quit my job, enter unemployment benefits (it's not that great in terms of money), and depend on cryptocurrency too. A good 20% of my income is already stemming from cryptocurrency, I can manage to live off crypto for a few months, at least.

Using the correct strategy it's possible to rely only on your monthly salary and still live on bitcoin. I believe the person just need to keep a reserve in fiat that will guarantee his basic needs expenses for at least one month, that is the time period he will need to wait until receiving the next salary in bitcoin, always proportional to a fixed amount of fiat that is the same for every month, what means the salary in bitcoin value is constantly fluctuating each new month.

This way you never run out of fiat while keeping almost 100% of your money in bitcoin at same time. For some people it's a risky bet to go entirely for bitcoin with your funds, but that is the meaning of living on bitcoin in my opinion.

Ultegra134

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Quote from: dupee419 on November 27, 2021, 12:43:22 PM

Getting paid in BTC is actually a good idea and I'll definitely consider that if I were to live on crypto, the only downside I can see is how big the conversion rates would be if I were to convert my BTC to fiat, will the company cover the fees for me? And volatility is also a problem, will the company adjust my salary everytime Bitcoin pumps or dumps? or will it stay as it is?

Volatility is an issue if you're solely depending on your salary, supposing Bitcoin's value goes down. Personally, if I had no other funds, I wouldn't do it.

On the other hand, I'm now considering to quit my job, enter unemployment benefits (it's not that great in terms of money), and depend on cryptocurrency too. A good 20% of my income is already stemming from cryptocurrency, I can manage to live off crypto for a few months, at least.

isaac_clarke22

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Quote from: dupee419 on November 27, 2021, 12:43:22 PM

~

The conversion rate matter if you're just really into Bitcoin that you won't care that how much its value to USD or whatever currency we're talking about in here. For now, sure we can worry about that. For sure that your company won't cover the fee for you and that is entirely up to whatever wallet you're using which is likely to be a custodial ones.

dupee419

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Getting paid in BTC is actually a good idea and I'll definitely consider that if I were to live on crypto, the only downside I can see is how big the conversion rates would be if I were to convert my BTC to fiat, will the company cover the fees for me? And volatility is also a problem, will the company adjust my salary everytime Bitcoin pumps or dumps? or will it stay as it is?

Topic: What would you consider living on crypto? (Read 1282 times)