I have been accumulating the Hive and cryptocurrencies for the last 6 years and thus I have only taken out money once (a very small amount) for my personal use. Now since there is a tax of crypto I am not very keen on taking out money because I have to pay a 30% tax on whatever I take out. And 30% is huge money and I am not interested in going that route.
PC: Pixabay.com
I have used some crypto for payments like in FullStackCafe for my interview preparation and other things but not really have used it for any other things to be honest. So now I am in a dual mind is that to spend or not to spend? For the last few months, there is a cash crunch at the end of the month because of a lot of ad-hoc expenses as well as I have increased my investment percentage too and because of that the basic needs and wants of money are getting short.
Now in this situation, I really need to have some passive income and currently, I have only Hive as my passive income source. Since I cannot take out the money directly, the only option for me right now is to pay for an airline ticket using crypto only if I have to buy a ticket.
This can happen If I want to spend, but as I said I am actually in two minds. I want to grow my crypto portfolio as much as possible and thus do not want to take out anything yet (Hive is low). I have HBD in savings for taking out but I am still waiting for the market update, if it goes up I can take out if it goes down more HBD can help me buy more Hive for cheap.
So yeah I am still in confusion and I am actually evaluating both options and based on that will take the call to Spend it or Not to Spend it.
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30% tax is very bad. Let's we see any alternate options bro. Keep building crypto portfolio 😊