Dear Reader,
Making a living off of crypto currency is in no way shape or form easy. At times its much harder than working a regular low paying 9 to 5, but in the off chance that you stick to your guns..YOU can live off of Crypto and it CAN be Beneficial.
This won't be a long drawn out Post, more so straight to the point.
Know The Resources
Before you start racking in the BTC Bitcoin hand over fist, you must have ways to utilize BTC Bitcoin. The fundamental question has to be asked; How will I pay for my living, bills,food,rent and other things that come about in life. Well Before I let you off to the races, I can just tell you some.
One of the BEST resources I have come to utilize it Gyft.com. Here you can use BTC Bitcoin to purchase Gift Cards, which you can then use at over 50+clothing stores and restaurants. To name a few;
Target - A Store that sells all type of stuff from home furniture to grocery goods.
Best Buy - A Tech and Gadget store, you can buy T.V.s and Moniters as well as CD's, Drones and Washing Machines.
Burger King & Apple Bees - Places to Eat.
The list goes on and on. Gyft.com alone will fulfill a lot of your needs when it comes to living off of crypto. Also, utilizing Gyft.com means that you do not need to send cash to your bank Cash that you may be taxed for later.
Another Resource to Consider is Coinbase.com. You will use this in conjunction with Bittrex.com obtain real world currency via selling Crypto.
Converting STEEM & SBD and other Cryptos into BTC then turning BTC into USD or other Currencies.
You will need the following;
Steemit.com account
Bittrex.com account
Coinbase.com account
Step One: Send your Steem or SBD to your Bittrex account.
Step Two: Sell Steem or SBD for desired amount for BTC.
Step Three: Send the BTC from Bittrex to Coinbase.
After step Three you have Two Options; Sell BTC for USD or another Crypto on Coinbase. Or use the BTC for Gyft.com. This all depends on you.
Now comes the difficult stuff, managing Crypto to sustain a decent life style.
First off you should always start off with a savings. Example: Post on Steemit for 1 year and do not touch any of the STEEM or SBD you obtain. After a year utilize that Savings to start living off of Crypto.
The First thing to remember; There will be more low times than high times, so if you plan on living off of Crypto..Be prepared to sell Low even when the market tells you not to.
You have to remember you are not a Trader or Investor, so do not gamble or risk what you make or think you need to sell high and buy low.
The simple logic behind surviving a bear market is simple.
Be Aware.
When the price is low, be prepared to spend double or even triple in crypto to survive. One week STEEM is worth 3 dollars, during those times you sell and profit while keeping a modest lifestyle. When the price goes down to around 1.50 or lower you then use the profits from the price spike to even out what you will need to spend to survive. Again it all comes down to Being Aware. Yes the market is unpredictable, but its also manageable.
When the Price goes to the Moon, remember to stay grounded on earth.
No Yachts, Lambos and golden toilet seats. Its always exciting to see the price rise, but always remember it will fall and the profits you make now are what save you in the future.
The Balance of utilizing resources like Gyft.com along with managing your lifestyle will almost ensure you stay just a bit ahead of the curve when it comes to the Crypto space.
If you use Gyft.com and other platforms that trade goods for crypto you avoid having to convert Crypto into Currency that you can then be taxed on.
Keep your fiat currency usage down to a minimum. Rent and Bills should be the only things you HAVE to pay with Fiat. Clothes, food, Gadgets, Toys and even Cars can be boughten with Crypto.
Side Note # 1
Remember to split your Savings. So after you save for a 1 year posting, convert half of that into fiat and keep the other half in Crypto in case of emergencies OR policy changes made by Coinbase, Bittrex and other Crypto based exchanges. You have to remember that this space is still the wild west and at any time you can lose Crypto Funds, have assets freezed or a Token can tank and lose its value. In the case of that its best to have a Fiat back up. So that you can; Buy into more Crypto. Still pay for food and bills and it gives you breathing space to think of new ways to earn crypto.
Conclusion.
I suppose this was more of a Overview of what I will be talking about. I will break each section down more thoroughly.
Getting started with the Transition
Earning Crypto; The How to
Life Styles and Habits
Fiat, Taxes and Living
Resources
Not in any real Order