What would you consider living on crypto?

[DaveF]

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

[avikz]

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.

Personally I wouldn't want to live on crypto because of a very simple reason, the extreme price volatility. So today if the bitcoin price is very high and it is my salary date, I will be receiving less unit of bitcoins. And tomorrow, if the bitcoin price drops by 15%, I will be spending more units of bitcoin to buy my regular supplies.

To be honest, bitcoin has not reached that point where it can be considered as a regular currency. Things might be different for El-Salvador people, but for the rest of the world, it is still an investment with extremely hugh growth potential.

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?

For the use as a currency, it's always better to have the reference of USD so that we can ensure that we aren't spending more than the retail price of a product.

1 bitcoin = 1 bitcoin formula doesn't apply here! The price swing still doesn't make bitcoin a spendable currency. If bitcoin price stabilizes, then possibly more people will be interested in using bitcoin as a currency system. But as of now, I personally would want to save every bit of my bitcoins rather than spending it.

[pjwaffle]

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?

*I made this a moderated thread, but it's going to be very lightly moderated if at all. Just to keep the spammers away a bit.

-Dave

I lived in crypto for a while but the reality of its value was unpredictable and made my life difficult, so I chose both as work. both working with a stable paying job and using cryptocurrencies for trading and storage. Do you think the same as I think about this?

[20kevin20]

I think that putting all your savings in Bitcoin works much better instead. If you live on Bitcoin, unless you earn at least 2x what you need for monthly expenses, there will be months in which you will struggle to live. Especially when quick dumps come and you happen to have to spend a little larger sum of money. You earn $500 a month? Should Bitcoin drop by -50%, any $1 coffee you bought before will now cost you $2 and any t-shirt you bought for $10 will now cost you $20. Got a $200 rent? It will now cost $400. Difficult living like that, and nobody will guarantee that by the end of the year you will recover from your losses.

[BlackHatCoiner]

That is actually pseudo-living, not living. I won't take seriously a person who says he gets paid in BTC and starts movements such as “living on crypto”. How do you pay your needs? Don't you convert BTC to USD since all the people of your society transact with the government's currency? How do you pay taxes? How will you pay your bills?

I wonder... Haven't they noticed that cryptos (referring mostly to Bitcoin) are pseudo-anarchistic currencies where your wealth is manipulated by individuals?

*I made this a moderated thread, but it's going to be very lightly moderated if at all. Just to keep the spammers away a bit.

You mean self-moderated? It's not.

[DaveF]

That is actually pseudo-living, not living. I won't take seriously a person who says he gets paid in BTC and starts movements such as “living on crypto”. How do you pay your needs? Don't you convert BTC to USD since all the people of your society transact with the government's currency? How do you pay taxes? How will you pay your bills?

Well that is part of the question. I rarely use cash and just about never use checks, it's all credit cards (for the rewards) so if I did get paid in BTC and then immediately sent it to my BitPay card as USD outside of the lack of cashback rewards for me it would make almost no difference.

*I made this a moderated thread, but it's going to be very lightly moderated if at all. Just to keep the spammers away a bit.

You mean self-moderated? It's not.

Yeah, I decided against it and forgot to edit the post. Done now.

-Dave

[Yogee]

It seems difficult at the moment to live 100% on crypto and purchase things without the use of third party app that converts BTC to fiat. It would be a nice experience living in an environment where crypto is actually recognized like El Salvador.

[Ultegra134]

On the one hand, if you're getting paid in BTC, your salary may end up generating money on top of your monthly income. On the other hand, a short term or even long term price crash may diminish your monthly wage. Let's keep in mind that BTC had reached $60.000 and then crashed below $30.000. It took months to recover.

If you're living from paycheck to paycheck, I would advise against it, if you have money aside however, it could be a chance to acquire more wealth. Personally, I'm not sure if I'd opt for such a thing, since it involves a high risk, perhaps having a few paychecks in a year, paid in BTC, would be ideal.

[Kong Hey Pakboy]

I consider living in crypto if I get paid in crypto when I work and I use crypto buy the basic needs for me to live normally. I think any compromise in the system isn't considered a crypto because what's the point of getting paid in crypto if you're just going to sooner or later convert it to fiat to use it, might as well just get paid in fiat in the first place.

[Ausgewielt]

There is a rule in my country which said that citizens only may do transactions using national currency. So I think this it will not happen in my country, but my country didn't ban Bitcoin. If talk about salary, I will be happy if google Adsense use cryptocurrency as one of payment method. I don't like to use paypal, it is too complicated for me and not practical. If I become a content creator it will be my second job and payment for this is for investment so it will be practical to get btc directly so I can trade it right away.

[dark1234]

I think crypto is just a complement to life that complements the shortcomings of others because I still think that in any line of human life it complements and perfects each other so I can't live in crypto alone
without other than crypto and plus not all life can be fulfilled and paid for using crypto

[Trojane]

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💎

[Anonylz]

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.  

[DannyHamilton]

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

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.

[cryptoperkele]

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.

[Dhoe]

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..

[flip4flop]

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.

[pawanjain]

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

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.

[Shenzou]

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

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.

[herurist]

I think that putting all your savings in Bitcoin works much better instead. If you live on Bitcoin, unless you earn at least 2x what you need for monthly expenses, there will be months in which you will struggle to live. Especially when quick dumps come and you happen to have to spend a little larger sum of money. You earn $500 a month? Should Bitcoin drop by -50%, any $1 coffee you bought before will now cost you $2 and any t-shirt you bought for $10 will now cost you $20. Got a $200 rent? It will now cost $400. Difficult living like that, and nobody will guarantee that by the end of the year you will recover from your losses.

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.