Hey Jessovereign individuals
As the inflation situation starts to get worse in my neck of the woods and gold doesn't seem to be the best thing to hold physically in a country with home invasions and crime like mine. Bitcoin and cryptocurrency appear to be the only way of protecting the wealth I've accumulated over the years.
As a South African, we're used to crime from both the petty crime, financial crime and government corruption, while it happens in other countries we're just more open about it. One of the most significant criminal enterprises in most countries is the banks, and governments, the far-reaching impact of their self-serving ways destroys more opportunities than it creates, in my opinion.
As I become more disillusioned and not wanting to be part of all this or at least only have some part on it, I've been trying to unbank myself, and it's starting to get a little easier.
Do you want to hold cash
Ask yourself this question, I asked myself, and it made it very easy for me to understand what I had to do next. Do I see myself holding the cash I have for ten years? Probably not at the current inflation rates, I'd lose more than I could gain as those losses compound year over year.
So if I'm not happy with cash, and if I'm not satisfied with assets denominated in my local currency, what can I do? Buy things that aren't like Bitcoin, and that's why I've continued to accumulate a position in the asset class.
Start building your bank
I got myself two ledgers, split my coins across two hardware wallets, have some in warm storage, have some in DE-FI, have some in CE-FI and try to use some of my Bitcoin to generate an income.
The rest I am not willing to risk, I put into cold storage, I create an X-pub to protect my privacy and keep stacking BTC safely and anonymously.
Now that I have a safe space for various Bitcoin holdings and a place I can safely add more to it whenever I need it. I then am looking for ways to hop out if required. Since I still have cash flow, I am happy to spend my "bad money" on things I need and hope not to have to use my BTC, but if I had to, I'd like to do it at a point of sale level.
Do you want to sell your BTC?
When I hear someone ask me that, what I hear is do I want to buy fiat, and the answer is no, so I'd only buy enough fiat to buy the product or service I want. I'd convert it at point fo sale and try to keep it low, so there is no tax burden to speak of when looking at measuring returns.
I've been staking CRO for a while hoping to get my crypto.com card making that my crypto to fiat offramp and perhaps one of many as different companies getting into this space my offer me various benefits and rates, so let's see.
Having control over your own money
It's a strange trip having full control of your money, having to figure out how to store it, use it to generate an income and then to spend it when needed. It's starting to give me much more confidence in handling my money and being responsible and prudent with my savings.
The more unbanked I can become the better, it's perfect for anyone who may feel the political and geopolitical situations aren't favourable or would like to be more nomadic like myself.
But that doesn't mean everyone shouldn't have a little bit of their wealth in the unbankable territory. I feel its almost irresponsible not to have a portion of your net worth as unbankable.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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As foreign national residing in SA whenever my work permit expires pending renewal, the bank always close my account regardless of whether I have money in my account.
My last permit expired in February and on the verge of renewal then Covid hit us. So I have been rendered bankless and in fact this time before my permit expired I withdrew all my cash unlike last time they closed my account with my money in it.
Normally, I get angry and sad over the treatment but since I grow into crypto by the day and seeing the benefit of being in this space, I careless of being banked.
I am doing the same, banking my money in crypto but on a small scale though I don't have much anyway, the idea for me now is never to use my crypto any time soon.
So getting out of fiat and opting into crypto sits pretty cool and sweet with me.
Posted Using LeoFinance
That's a pretty shit experience, I didn't know they do that to people, It just shows more that when the money is in the bank its not your money or you'd always have your right to it regardless of your status. Borders and nationalities seem so old school now like why do we even need it in any case?
I am happy to spend my fiat on just what I need to live and the rest now goes into crypto, I'm not going to try overthinking it, just making sure I am comfortable with my percentages and safety storing my crypto.
This reminds me I need to do an audit and save all my keys and check them again to make sure all is in order. You can never be too careful
Your crypto your keys! Give your keys regular checks bro absolutely important!
You're so well prepared, I think that living in the country in which you are somehow forced you into it. And that's not bad, to think years ahead.
LOL I could just be a scardy cat 🐈 trust me it’s like eveyeone goes on as per normal and I’m the only one freaking out! I have all these excel sheets where I track markets and my spending and trying to optimize and I see these trends I blog about
I don’t know when things break down but I’d like to be prepare for the worst and hope for the best! I hope I also can educate others in better economies to use their time to prepare and not fall victim to what’s happening here
I admire your tenacity in financially educating people. We need more people like you. I am sure that you changed some people's lives even if you're not aware of it. The power of education goes a long way!
That’s very sweet of you I do hope so too! I don’t mind that they might not tell me or I’ll never know I just think it would be cool to avoid bad decisions because of something I wrote!
Lol you’re putting me on such a trip now I feel like I have a responsibility to keep it up and improve and research even more
Hihi I am sure that you will so improve, you're already doing so much good work!
I think you are right.
I also think many of us have taught to be scared to "unbank" ourselves.
How scary is it to be completely in charge of your money? So easy to lose, so easy to get robbed. At least that is how they have programmed us.
I can have a bank account, and lose all the information about it, except for maybe the name of the bank, or, the month and year it was opened, and STILL have access to all the money there.
Let's say the bank goes out of business, my money is insured.
But I can keep track of my accounts, and I can protect my satoshis.
Let us all unbank ourselves a little more.
Here is a good question that you kind of glanced over. How much fiat do you want to hold?
Posted Using LeoFinance
Absolutely it’s a scar tactic, yes in a country like mine it’s not good to hold your own money as we have high crime and home invasions so owning your money is making yourself a target!
The bank deposits being insured is a lie though, the insurance is fractional and would bankrupt them easily which is what happened to AIG yes the government my backstop you but that’s with inflation so it would be worth less
If banks go bust deposit owners get paid last so anyone who owns banks bonds get paid first, then the equity holders if there’s anything left then the depositors so there’s no chance of that! A bank here went bust recently and people last all their money
I only hold enough fiat to pay my bills and then live on my credit card for any expenses. All my other fiat is in investments and crypto I do have some spare cash I just in case and some dollars and euros Incase my national currency implodes faster than it’s already doing
In South Africa id say 10% in fiat is more than enough
I spent a bit of Bitcoin yesterday, bought an Amazon voucher. Got $5 cash back. I did a fast transaction and it only cost 20 cents. Got to time it right with BTC but the Lightning Network is fixing that. The transaction was detected almost instantly, just took a few minutes to confirm. I'll probably use that method most of the time now. There's vouchers for most of the shops I use.
That’s very cool I am hoping we get vouchers and crypto cards here soon so I can use my crypto but for now I’m just happy using it as an alternative savings account and taking my time to build up reserves
Always happy to spend the bad money on good money until I figure out what I need