The Trouble When Living Entirely Of Cryptos

in cryptocurrencies •  3 months ago

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One of the greatest achievements of my life is getting independent from any job or superior and become a fulltime Steemian and crypto enthusiast. Before that I was merely a slave, always at the will of some psychopaths who get off by putting force and control on others. I have sworn myself to never fall back into that trap again. But as free as I feel now, as annoying it is to sell precious crypto to pay for my bills in a bear market like that.

When Steem was at its alltime high I made a fundamental mistake: I did not swap some savings into FIAT. Instead of getting a nice reserve I was rather spening the extra money I had for amazing stuff like Anarchapulco - which I certainly don't regret as it has changed my life more than crypto itself. However, looking back at this opportunity I realize that I was naive to believe that it will go only up.

Today we are in the worst bear market I have seen in my 14 months in the crypto sphere and I am running incredibly low on funds. Sure, I have some nice crypto safed in Steem and other coins. But now I have to spend them in order to provide for my family. It is annoying and frustrating to see how little I get and that I have to break into my most precious savings.

And then there is the issue of exchanging cryptos into FIAT money. The only way available to me here in Costa Rica is Localbitcoins which takes about 25% fees in average. I have spend thousands of Dollars in fees during this year alone. Since I make the cryptos out of nothing (but my time) I feel that is not as bad as with traditional institutions. But it also proofs that cryptos are years and years away from mass adoption.

The lesson I learn from that is that I have to sell a huge chunk of my Steem and my other cryptos as soon as we see the next alltime high. I will probably not even wait for that but sell as soon as the market recovers to its previous ATH. It will hurt a lot and even more when the price continous to rise. But I cannot live like this anymore. I haven't bought a single piece of clothes during the past five years and I would love to have a full refridgerator for once again.

How are you dealing with this situation? The majority of you guys probably still has a 9-5 slave job which is actually super beneficial to have in times like these. You guys probably are even able to buy new cryptos with your earnings. I never had that luxury as I value my freedom higher then my actual life. Excuse my rant here. But you cannot always highlight only the positive, can you? ;)

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Ive cut back a lot too, I don't want to sell any at these levels. I just wish i had more fiat to buy now but I'm all in lol

Couldn't you use a wirex card and phone app.. Convert your steem to btc then via the app exchange btc for fiat and spend through the wirex card

I have been living off crypto for the past year and honestly it’s been a battle . I wish I cashed out some of it at $9, it would have been so peaceful with 40K in my pocket but I have home it’s gonna go back up again

I have to say that what you managed with your hard work (I suppose) in Steemit is amazing, get free from those works you mention it's a great archievement, but as you said that lefts you in a very vulnerable position against the market up and downs.

For the next bear run you could swap some crypto (steem or whatever you have) to Tether to protect yourself from that. I'm not a specialist but I think this is a safer way to have your funds.

The issue of the fees in Costa Rica is harder to solve, maybe if you have some confidence with someone of another country you could send crypto to that person, swap in that other country with lower fees and send you back with some app for remittances of money.

I don't know maybe these are some crazy ideas, hope that maybe could help a little to you. Greetings.

Shoot me an email at locution.revolution@gmail.com. I might be able to help.

I know this could sound a little bit crazy @flauwy, but haven't you tried an exchange in Panama? I have no experience with them and I really don't recommend any of them, because I haven't personally tried any. However, it will worth a try if you really really need it. As I said, this sound crazy, but it could be a better option than 25% in here. What do you think @maurocostarica, do you know another option that could work for @flauwy? Or maybe my suggestion is way off?

I am also not working (only on steemit), so this is hurting right now, even though I have not taken anything from my wallet out, but things are getting tough and I might have to take it out too.
I and my husband also value freedom more than luxury and that is why I am trying my best on steemit.
We also had to take some cryptos out at this low rate, which really sucks, but that is life.

I wonder if platforms like Nexo would be a good option in the next bull run. You'd still probably need to sell some STEEM for BTC, but then you could get cash with no fees coming out, presuming you have a fiat bank account somewhere. You wouldn't sell your crypto for a few years and then only sell enough to pay the 10% interest rate, which should be far less than the appreciation you saw during the period by not cashing out your crypto.

Of course, if there is a "bull start" that fizzles and turns bull again, you could get into such a squeeze that you wind up having to sell all your crypto to repay the loan. So there is some risk involved.

To me the risk of Tether is that you miss all the increases and move into Tether always when the market is down. I see that most people wind up doing that, even though they are certainly not trying to.

It may be the best lesson or highest value lesson learnt in the past 14 months, write this into a principal like ray dalio. Lesson learnt, how to do it better, what actions you will do when it happen again (which you already did, check the discipline to execute the plan when it happen). put it somewhere you can see to remind you when you see pattern repeating again in future, you will be aware, capable and handle it well.

You can do it man ! keep it going.

Hey Flauwy. Ingrid and I have also been going through hard times. I know somebody else mentioned it here, but you should consider maybe having one of your family members in Europe (like your dad) use a better exchange (LBC sucks ass, they are terrible) like Kraken, and maybe your dad could sell your crypto for Euros there and maybe he could mail the Euros or wire transfer to you and then you swap locally for Costa Rican Colon. Just a thought as I think the stress of that would far outweigh the precious thousands of dollars killed on fees. I feel pain for you brother, we hope this can all be overcome and we will all be enjoying ourselves next February in Acapulco again 😄

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Excellent post! It is a trouble that the prices are not fixed, but ever will be better in front of a crazy and slavy boss...

It's a high risk - high reward thing.

The main benefit being a salary slave is the garantee of a steady income, you won't get rich from it but (hopefully) not poor either. (low risk - low reward).

It's a baseline that is missing when your unemployed/living off crypto/interest what not. And fear and other bad feelings can come in playing havoc if it takes too long.

I hope you'll take the right fortuituous decisions in the future :)

this year was a learning curve for many people the high stays for a short while only

25% fee is insane man. Sorry to hear about your struggles. If it helps, know that I’m feeling the effects too. And I’m living in one of the most expensive places to be!

Ultimately, every market is going to have a correction and every market is going to have a rally. We know it’s coming, we just don’t know when. Now is the time to plan though. And even if you do have to sell cryptos at a low, keep making content to replace it as you withdraw it.

Something I’ve done personally is look to diversify my income stream. We’ll get through it buddy! Good thing is there was a lesson out of this!

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I am working on living on crypto alone as well. I also learned that in order for more blessings to come to you, its important to stay thankful for the things you have, especially when you're expressing it. I wanted to ask you, do you have bitpay available out there? Do you guys have Uber in Costa Rica? I also do that when it gets tough like this. There are other skills you can do at home too like marketing, videos, me personally i do mix engineering and production which is my forte. Good luck to you on your crypto journey!

Reay appreciate your oppeness and honesty. Not a lot of people do that. More choose to show only the positive. Time work for you now.

flauwy, thank you for your article. In my opinion, it is pretty cool that you live by cryptos already. I think the advantage with Steemit is, that nevertheless how low the market is, you still generate a lot of Steem and SBD. Regarding your topics: Do you still write about Memory Techniques?

Thanks! :)

Wow, what an open and honest post. I guess you'll be better prepared next time there is a serious spike. Also, sorry it took so long, but here are those photos you requested:

Welcome to reality, It sucks.

Actually, being able to provide yours (and your family) needs only with steem is quite an achievement, but i guess you were carried away by all the moons, lambos and hodls.

It sucks, but all mistakes bring in a Lot of lessons, and you seems to be on the right Path.

I think good things are still coming to the cryptocurrency Space, but It is still (and Will be for a while) a Very high risk endeavor, and should be treated as such: got a good profit? Move some of the money to a less risky savings, and dont lose the profits.

There is too much hype on this market, and all the market gurus, and most media (not all) doesnt do a good job on talking about the risks.

But fear not my friend, you are on a good Path, Just remember to move some money to a less risky investment when things get better.

Also, keep learning about financial education beyond cryptos. There is a good reason why the Financial system we have still works.

Flo you are much too smart to give your monies to local bitcoins!!!! What about paxful??? You can set your own terms, and seel on a free market!
https://paxful.com/sell-bitcoin/paypal

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Thank you for the idea but it looks like they are specialized on PayPal and that doesn't work in Costa Rica at all. Having money on PayPal is like having no money at all. In fact I do have money there but all I can use it for here are Ubers.