Monday, June 11, 2018

Living On A Cryptocurrency Income

How To Live Off a Cryptocurrency Income

Cryptocurrencies have become very popular, and over recent years, and can be credited to new applications and infrastructure. They've become much easier to spend when compared to early times.

Living on cryptocurrency income
Nowadays, individuals are getting to be paid for their services in cryptocurrencies like bitcoin, Ethereum, Litecoin or other digital assets, and living off of cryptocurrencies is the next step towards  creating a stress free crypto-based income.

Living With a Crypto-Income  

Unfortunately, digital assets like bitcoin cash (BCH) haven't seen mass adoption yet, but things are changing rapidly although there aren't as many stores as we'd like to see that accept cryptocurriences for payment of goods and services.

So people who choose to  be paid in Bitcoin, or another cryptocurrency, need to know how to pay for  every day items using their crypto assets and settle their monthly expenses as well.

Are you being Paid in Bitcoin? 

The Gift Card Approach.

living off bitcoinAs far as spending money on things with cryptocurrencies, there are some options available to everyone. One of them is using websites like e-Gifter and Gyft to get gift idea cards to a wide variety
of stores both online and offline.  There are many hundreds of retailers who sell their gift cards on these sites, and customers can buy cards from places like iTunes, Amazon, Best Buy, and a variety of other entertainment venues, cafes and restaurants.

There are also many other sites that sell gift idea cards for cryptocurrencies, and thankfully Bitcoin. People have been buying gift cards with cryptocurrencies for several years and by doing this have been able to purchase things at their favorite stores.

Look for Retailers Who Accept Crypto  

It might be hard for you to imagine, but the next time you are in your favorite shopping mall, keep an eye out for shop window signs that say "We Accept Bitcoin". It might just be that you hadn't noticed that this payment option is becoming more and more widespread.

Finding those retailers who recognize cryptocurrencies is another option for buying things for everyday living, as you might just find a merchant near you that suits your everyday needs such as a greengrocer or supermarket, motor vehicle repair station, or even a dentist.

Many of the most popular cryptocurrencies have online directories that show a set of merchants / retailers and the locations relevant to you. For instance, bitcoin cash fans can utilize the 'Accept Bitcoin Cash Project' which has put together a list of merchants who accept BCH directly.

With a simple Google search, individuals can also find a merchant directory for cryptocurrencies like dash, monero, and bitcoin.  A lot of people realize that buying produce, services and other items directly helps the cryptocurrency ecosystem overall.

Sell Your Crypto to Exchanges

If you don't like the idea of being paid in cryptocurrency, another way you can choose is by selling them to various exchanges available on the Internet and converting it to fiat (your country's currency). However, the vast majority of online exchanges will require you to confirm your identification, because they are required by regulations to follow KYC (Know Your Customer) guidelines. What this means is you will have to verify a few things like your phone number and provide an image of your ID documents, plus some exchanges also ask you to provide evidence of your address.

Crypto-Loaded Debit Cards

Another popular way of living off a cryptocurrency income is to utilize debit cards that allow users of these cards to spend as you would with Visa debit card or similar. You will find crypto-infused debit cards provided by companies like Wagecan, Bitpay, Shift (Coinbase), Wirex,and many others. Most of these cards support a variety of the most popular cryptocurrencies, and with them users can pay for bills or shop almost anywhere. 

We hope you enjoy living off cryptocurrencies.

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