Picture this: All the government-issued money you earn from a company in the form of salary that you then spend via credit card, bank transfer or cash, is on the top half of this image; the over world. Everything you earn and spend in self-custody, digital freedom money (cryptocurrency) is on the bottom; Freedomland.
What percentage of your time do you spend on top vs underground?
For me, right now, about 88% of my income comes from digital currencies: USDT, DASH, HIVE, HBD and BTC. The other 12% comes from a small rental property I purchased a long time ago. Most of what I earn has to be converted back into fiat so I can pay rent on the apartment I live in, buy food at the grocery store and market and acquire other services at normie businesses. Some of my income, however, stays completely digital. In other words, it doesn't leave the underground.
A visualization would looks something like this:
If my landlord accepted cryptocurrency as payment for rent it would be HUGE! but it would be difficult for that to happen because we need to have a contract, proof of payment and of course we all need to pay taxes on that money, so that's out of the question for the time being.
I could also consider using services like Bitrefill a bit more. I can buy giftcards for groceries, home and hardware, as well as airtime. This would add at least one more transaction in the digital economy as opposed to the legacy economy.
Because I live in a small, crypto-friendly neighborhood, I already make a few of my weekly purchases like coffee and the weekend beer at places that accept Bitcoin over Lightning, but somehow I feel it's not enough. Maybe I need to be onboarding more business so I can spend more time in Freedomland.
Today I saw an interview from 2023 that Joel Valenzuela made asking people how they manage to live on cryptocurrency. I thought it was quite insightful, so I thought I'd share it here:
Anyway, what's your money situation like?
If you're reading this, you're most likely not earning/spending 0 cryptocurrency, which is awesome, but I'm curious to know what it's like for you.
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Let’s make a lake to city underground currency loop, from transport, to sleep, to eat and activities… with a map of how to stay off the trad map!
@starkerz it’s hive hub time! 🙌
The transport would be a huge way of getting the ball rolling!
We have some tuk Tuks accepting lightning at the lake, but no agencies I’m aware of yet.
A Business collaboration like a golden goose waiting to lay golden eggs. 🪿
This would be radically good.
Good idea
I think the more we stay in the game, the more we can be able to rely on crypto. Personally I think it's even better when we have something that can pay stable ROI in real life. The advantage is that it helps you to accumulate more during the crypto winter.
For me, I was previously earning from other web2 opportunities, although they're online, but it was paid in USD and not crypto.
Relying on crypto has its pros and cons. If the market doesn't recover, I might get liquidated and I might need to sell some of my stash. I'm really hoping for a steady stream of income followed by a bull run.
Well, I'm also bank on a good bull run for us very soon. At least it helps you to put back a few of that gain into stables or something in real life, like another rental income.
"I learned a lot from what you shared, but I have a question: Do you think it's truly possible for an average person to fully shift to 'Freedomland', especially in developing countries?"
Yes, of course. Especially in developing nations. Look at Venezuela. The government currency is trash, so people have resorted to cryptocurrency and many are doing quite well for themselves. I think the most important part is finding ways to add value and telling others about your skill so you can add value to the most amount of people in Freedomland.
I think Michael Saylor once said, bitcoin is not for the comfortable, it is for the desperate or needy.
I think I understand why people need to be desparate or needy to be motivated to learn about bitcoin, because it's complicated.
But I think that once you learn about it, you also imerse yourself in knowledge about the traditional financial system and you can't unsee what you now know about traditional finance, so you can't tear yourself away from crypto.
Your percentage gain is very cool. But I wonder how much people make whenever they go into this stuff. I mean, 88%, is it $1,000, is it $5,000? Or is it a lot more? Who knows XD
For me, this percentage is around 35%. Most of my income is fiat now, but I'm trying to increase my crypto income.
I've been full-time in crypto for a few years now. That also means that if the market doesn't recover I'll be the first to get REKT, so it has it's pros and cons.
I'm willing to take that risk now, because with all the incredibly useful web3 tools we have today, I believe a bull run is very possible. If it happens, I might take some profits.
If there would be a bull run, you'll benefit a lot but it's risky as you said. I hope the best for you since it's best for me too 😂
I have a few hundred eur in my bank account. My Hive account is worth 3607 dollars. So most of my money is in Hive/HBD. I also own a few splinterlands cards. They are worth a bit less than what I have in bank account.
Nice!
If you are willing to take a bit of risk, you could also exchange work for crypto. That's how I build my stack.
I dont even consider Hive or crypto as income, so none xD
But insane that your income in crypto is that high in % :D
Would you consider doing some work in exchange for cryptocurrency?
I wouldn't be oppose to it, but I don't take out any Crypto since my taxes here on Crypto is insanely high, so it wouldn't make sense x)
Crypto taxes?
blockchains exist outside the jurisdiction of governments, banks and corporations. As long as it stays digital, you don't owe taxes to anybody. If you choose to use their systems is completely up to you :)
Well, I cant convert it to Fiat, thats what I mean and I only know of 1 business taking BTC as a payment and thats a bar x)
Check Bit Refill. They might have something for your area.
Well, I could find 4 resturants and no groceries stores xD
Otherwise I would have to buy a stuff like an Iphone and sell that, not sure I want to do that :D
That’s a huge percentage. For me its less.
That's OK too. For some it's more, for some it's less.
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@cwow2, PAKX has voted the post by @alex-rourke. (1/1 calls)88% crypto income is very cool. The more we use it for things like that the more we establish its presence in the world and strengthen the adoption agenda. More places should take crypto, it would make life easier
I agree. More places should accept cryptocurrency. Maybe it's up to us to bring them here.
you're very right about that Mr Alex
Most of my income have been crypto based..if I were who live in that land, I’d be living under😁
Do you also spend your crypto income on food, rent, clothes and fun?
Yes ooo
That’s basically how I take care of me and I also save some
Nice! congrats!
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STOPI am dealing with these same issues.
I am beginnning to explore the bitcoin gift card angle myself, so any insight you could provide would be greatly appreciated.
Bitcoin penetration is near zero where I live. So gift cards would definitely be the way to go. here.
ncesito mas dash libre de impuestos!!!!!!
@dashpay Is ALWAYS free from taxes. It's super fast, super private and super free from taxes. Highly recommend it.