Topic: What would you consider living on crypto? - page 8. (Read 1282 times)

People would really be considering on living with crypto on where using up some platforms for your needs even though it is needing some conversion then you could really tell that you are living with it.

since crypto isnt fully or globally adopted yet which i do talk about p2p transactions between merchant and clients then i could really say that we would still stick into the traditional path.

Thing here is that we do see some progress and we are really heading up there.

At present living completely on cryptocurrency isn't happening around. For some reason what we experience is living in fiat through bitcoin, because we aren't spending bitcoin directly on our needs. We're converting to USD or to the local currency and then making use of it. Maybe this could change in the future, that is moment we can say we live on crypto. Right now the access to live on cryptocurrency is quite low and People too aren't much interested.

In general, all the transactions only use crypto like Bitcoin that certainly means but in the fact that we converted to local currency, that voids everything. Maybe this comes to be possible if Bitcoin is already accepted to all business establishments and runs both offline and online payment systems. But for now, we are still far from getting into a real deal with crypto, and the majority are still using fiat.

I don't think converting BTC to fiat/USD is considered living on crypto. Would call it living in crypto if you are using crypto for everything. Using bitcoin to buy gift cards and then buying things should kinda count as using crypto indirectly. But I doubt it is going to be actually possible to live on crypto. At least not right. The volatility is what is holding everyone back from accepting payments and spending in crypto. Imagine you receive you wage and the next day can't buy anything because of a market crash.. That wouldn't be nice.

This depends on whether the country you live in supports direct or indirect crypto adoption. It will be considered when its feasibility is appropriate and currently, I think my country is not fully adapted to accept bitcoin/crypto forms for payment of goods or services... Therefore, it has a long time left for poor and developing countries.
For this to happen, I think it needs regulations to ensure that assets flow smoothly.

And until this moment I don't have an account, I only keep my wealth in crypto, whether it's in Bitcoin or in other crypto. The reason is simple, because the policy of the bank in my country makes me not to create a bank account account. Well, regarding the interest every month will be deducted when you have a balance on the account and that makes me choose crypto where there is no interest deduction and no matter how big the crypto I get have absolutely no interest charges per month. What if I need money for shopping? I only cashed into fiat as needed. The rest I think for the future.

It would be not easy if we only operate and depend on our bitcoin wallet for transacting; not everyone is there to accept bitcoin.
I see that most e-wallet services are now adopting crypto and incorporate it into their service offer; that would be a great start. It would be easy to make transactions since crypto would be convertible to fiat whenever we need to pay someone. The problem is that these e-wallet services require users' personal info and can lock your account for many reasons. They still have the power in regulating and handling funds.

Crypto for me is a business, from which I can make a profit.  And if for example I work and get paid with Crypto, for me it doesn't matter because I can exchange it for USD. 
However, there is a concern if we always rely on Cryptocurrencies as a means of payment, namely high fluctuation values, so for me USD is suitable as a means of payment. 
Living in Crypto can indeed make us rich and fun, but we cannot continue to depend on it.

maybe for myself I can't put all my work savings in btc. The reason is because it's too risky. Maybe if I put will not everything . For sure I should have enough money to live my retirement without taking any money from bitcoin investment.

Well, if it's a crypto debit card and your transactions are crypto transactions, meaning the transactions are recorded on the Blockchain,  you can be considered living in Crypto, (depending on what that really means).

Though I tend to see living on Crypto as getting paid in Bitcoin/crypto in Crypto related jobs and spending the cryptocurrency in Crypto-friendly way. You basically depend on Crypto rather than fiat.

if this happens it seems this is a consequence when you live in bitcoin, but I still like in both bitcoin and fiat because if we put all the money we have it will be very profitable but if you just live and depend on it of course things this will not be true according to your words if bitcoin has decreased and you use your bitcoins for daily life of course this will be a double expense, because here we are not only talking about profits but every profit there must be a loss in this case means price drop in bitcoin.
it will be a different story when we place or have assets in bitcoin and fiat, even though it is not comparable, for example in the form of 60% bitcoin and 40% fiat this will be different when bitcoin conditions go down, the expenses we do will still not be double because we use fiat as the means for transactions, although indeed the profit will not be as big as those who store everything in bitcoin but that is not a problem for me. because here we are not talking about advantages only but look at the whole.

See that is the problem with the whole concept of living on crypto, you have to go through several process and lose a bunch of fees in order to make it work, because right now we still can't fully pay for groceries and food and pay the bills with crypto, you need to convert it to fiat in order to sustain living, i know that in some places you could do so but it would still be inconvenient for you to go 10km to buy some food with crypto, rather than to go to a nearby shop and pay with fiat.

The answer to this question actually depends on the question When ?

If you are saying to live solely on crypto 'now' then the answer most people would give is obviously a no.
The price volatility, not so great adoption, barriers to payments are few reasons why people would not choose to live solely on crypto.

But, if you are asking about it in any point in future then I would say Yes.
When crypto is widely adopted and the country I live in legalizes the use of crypto as payment.
In that case it would be very much beneficial to live solely on crypto.

Cryptocurrency is a digital or virtual currency that is guaranteed by cryptography. With cryptography, making crypto currency almost impossible to counterfeit. Cryptocurrency can also be used for transactions such as payments or transfers from one person to another online. Cryptocurrency can be used as a means of payment for online purchase transactions and exchanged for other currencies such as Dollars, Yen, Rupiah and other currencies, I am still considering living in crypto for now, because for now I only focus on making bitcoin an asset and to invest..

For most people I do not think that it is possible yet to live on crypto. If you were to live on crypto you would be paying for everything in crypto without having to rely on converting into fiat to pay bills or get food. While you can do so much more now than you could just a few years ago we are still quite aways away from being able to live on crypto alone.  It is getting much closer to being a real possibility soon but the extreme volatility will continue to slow down mass adoption.

what do you consider living in crypto,? for now, my consideration for living in crypto is only for assets and investing, if it's a problem to make eggs in one basket, I'm still not ready and don't dare to do all of that, because only the country of el salvador has legalized crypto currency, while other countries have not accepted bitcoin as a legal currency, that's why I'm not ready to live in crypto..

I have been living with crypto visa cards but those don't count. In order for it not to be converted to fiat in some point it would need to be accepted as a real currency, but obviously it won't because of the volatility.

In opposion, fiat money on the other hand is inflationary by design, and it isn't a bad thing. It's stable enough for the purpose it's been created, as a highly liquid transfer of stable enough value. Just because it's not designed to hold value, doesn't mean it doesn't work. If fiat wasn't inflationary, it wouldn't work either and the current system wouldn't hold.

If you get paid in crypto, and you convert that crypto to your local currency and store it in a bank, and then convert JUST ENOUGH local currency back to crypto each day to cover your daily expenses, and use a crypto based debit card to pay for things... then you are NOT "living on crypto".  You are NOT exposing your income to the volatility that comes with holding crypto and the issues that can arise when you want to pay for something, such as it costing twice as much crypto today as it did yesterday.

On the other hand, if you are paid in crypto, and you hold that revenue in crypto as you spend it, and you seek out merchants that accept crypto when possible, then it doesn't matter to me that you are using a crypto debit card in situations where crypto is not accepted. You are still "living on crypto".

I think of it this way:
Imagine I'm a citizen of the United States. I earn U.S. dollars from my employer. I hold my revenue in U.S. dollars (in my wallet, in my bank acount, in my investments). I spend U.S. dollars where I can. Now, I go on vacation to Europe for a month.  While I'm in Europe, I use my U.S. based credit or debit card to pay for hotels, food, transportation, entertainment, etc.  The merchant receives Euros, but the transaction processor converts to U.S. dollars at the current exchange rate and withdraws U.S. dollars from my bank account.  Am I "living on U.S. dollars" (my source of revenue, my holdings, and what I see disappearing from my account)?  Or am I "living on Euros" (even though I wasn't paid in Euros, I'm not holding Euros, and my bank account shows no Euros at all)?  In my personal opinion, in that situation, I'm living on U.S. dollars.

Well to me, I would not say am completely living off on btc since I do convert to fiat currency before spending, and to be honest am not sure am ready just yet to be completely strictly on btc spending just yet, I like the idea of being able to have both options and use which one best suit me at a particular time, btc or fiat, between btc acceptance is still limited compare to fiat, so for now I think I will stick to having the best of both world.  

I wouldn't want to depend and put all my hope and curiousity on crypto because its rate of durability is uncertain and sometimes becomes a flux.
But well, as you may have it,development is a gradual process.So we still believe when it gets to a level that it could be given 100% amount of trust,maybe by then,better cyber securities and programming will be made fame,conjoined to the world's market
Trojane💎