1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Living EXCLUSIVELY on Bitcoin

Discussion in 'CryptoCurrency' started by Civandciva, Sep 13, 2014.

  1. Civandciva

    Civandciva Registered Member

    Joined:
    Dec 28, 2012
    Messages:
    87
    Likes Received:
    59
    Hey guys,

    I have been trying to implement this for the last 2 years, living exclusively on cryptocurrency, mostly Bitcoin. The idea is something we all dream about, to be able to quit my daily job, fire my boss and spend more time with my family. Most importantly to stop wasting my life on things which usually make money to other people. ATM, I can safely say I make about 60% of income for my family from variety of cryptoinvestments and I hope to increase this number in the future. It took me a lot of trial and error to achieve this, this journey of mine was quite rough at certain points but I can safely say I have managed to identify a few profitable ventures which can generate long term profits and let me focus on things I like and value in life. I have diversified my investments into cloud mining, crypto stocks, trading and arbitrage and several potentially profitable coins since I do not like to keep all my eggs in the same basket. Some of these investments generate profit on daily basis, others are just an investment for the future, I guess we all do expect crypto to be HUGE in the next couple of years.

    So, what do you think, is living exclusively on crypto possible ATM? Is it too early to try something like this? Since I am not yet completely financially independent, I still have my daily job but I am seriously thinking to focus completely on crypto once I manage to cover 80% of financial needs of my family from crypto investments. Has anyone else considered something like this? What do you focus on?

    Cheers
     
  2. the_demon

    the_demon Jr. Executive VIP

    Joined:
    Nov 23, 2008
    Messages:
    3,192
    Likes Received:
    1,577
    Occupation:
    Search Engine Marketing
    Location:
    The Internet
    I see no point to live on it exclusively, I would at this point continue to invest and earn dividends where you can. Keep in mind Crypto is a highly volatile market. You could be rich in BTC one day and broke the next if the value were to suddenly drop.
     
  3. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

    Joined:
    Oct 24, 2011
    Messages:
    776
    Likes Received:
    139
    Occupation:
    Internet Marketing | Software Development
    Location:
    Orlando, Florida
    Home Page:
    It is true that Cryptocoin specially Bitcoin is a great source of making money. But it is a risky market and price is not stable. So you may make profit one day and the next day you could face a big loss.
     
  4. gary2

    gary2 Jr. VIP Jr. VIP Premium Member

    Joined:
    Jan 20, 2013
    Messages:
    989
    Likes Received:
    82
    Occupation:
    Inbound Marketer. Blogger. Author.
    Location:
    Near River
    i would say get a firm foot holding in this and quit only once you have learned all the nitty gritties!!! it can be dangerous to quit so soon....
     
  5. Magic5

    Magic5 BANNED BANNED

    Joined:
    Aug 30, 2014
    Messages:
    376
    Likes Received:
    83
    I would make sure your covered for a number of years and then quit job.
     
  6. Techxan

    Techxan Elite Member

    Joined:
    Dec 7, 2011
    Messages:
    3,093
    Likes Received:
    3,585
    Occupation:
    Local SEOist
    Location:
    TEXAS (you have to yell, its the law.)
    How you gonna buy food? Gas for the car?
     
  7. xNotch

    xNotch Registered Member

    Joined:
    Sep 16, 2014
    Messages:
    72
    Likes Received:
    18
    hmmm valid point. Though I do remember reading about a prepaid debit card you could load with Bitcoins. I believe there are a few of them from different companies actually. Kind of a round about way of doing things but I think it would work out for you.
     
  8. Civandciva

    Civandciva Registered Member

    Joined:
    Dec 28, 2012
    Messages:
    87
    Likes Received:
    59
    There are Bitcoin debit cards available, XAPO is one of the companies which has started delivering these, still in beta but this should be resolved soon. BTC s volatile but not that volatile. Also, there are several ways to hedge that volatility. There are companies which provide locking the price for a certain period of time, companies sell IPOs for Bitcoin, etc. I plan to push even harder and I really believe in crypto. I feel crypto s got future.
     
  9. SharkServers

    SharkServers Jr. VIP Jr. VIP

    Joined:
    Jun 29, 2014
    Messages:
    384
    Likes Received:
    181
    Occupation:
    Web Hosting
    Location:
    DMCA? Pff! www.SuckMyBallsDM.CA
    Home Page:
  10. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 14, 2011
    Messages:
    5,500
    Likes Received:
    16,127
    Location:
    Jennifers Office.
    Your idea seems a little stupid to me, what exactly is the point, are you just trying to make things difficult for yourself?
     
  11. Jared255

    Jared255 Jr. Executive VIP Jr. VIP Premium Member

    Joined:
    May 10, 2009
    Messages:
    1,945
    Likes Received:
    1,752
    Location:
    Boston, MA
  12. dragon5

    dragon5 Junior Member

    Joined:
    Jul 15, 2013
    Messages:
    102
    Likes Received:
    25
    Did you hear about that couple that spent their honeymoon living off just BTC? They made a documentary film about it it was a news item a few months ago. Also, out of curiosity, which cryptocoins are you invested in?
     
  13. RyanPumper

    RyanPumper Newbie

    Joined:
    Aug 27, 2014
    Messages:
    25
    Likes Received:
    0
    Bitcoin is a little too volatile to "live on" exclusively right now.

    The way I look at it, BTC is best for short-term investment and swing trading.

    You will find yourself having to trade into Fiat regularly just to prevent injury to your capital
     
  14. Civandciva

    Civandciva Registered Member

    Joined:
    Dec 28, 2012
    Messages:
    87
    Likes Received:
    59
    With all due respect, I cannot believe you people are so shortsighted. Most of you consider BTC as some kind of temporary playground for quasi investors and speculators.

    Compared to this period last years, BTC is up about 400%, even with the recent decline in price. This recent price drop is also a very good sign cause most of it s been generated by high adoption rate by retailers who sell their goods for BTC and immediately exchange it for fiat via specialized services. This actually means BTC is slowly bein transfored from a highly volatile asset owned by early adopters into a widely accepted online payment solution, an evolution of Paypal if you like.

    Mark my words, BTC is going to be really huge in a couple years time and I am going to take advantage of it now. I suggest some of you consider doing the same. Also, where can I info about how can I get a signature on this forum. I guess I need to buy myself some kind of membership, right? Thx a lot.
     
  15. RyanPumper

    RyanPumper Newbie

    Joined:
    Aug 27, 2014
    Messages:
    25
    Likes Received:
    0
    Yes the underlying technology is really where the true value is, due to easy transfer of funds and low transaction fees. This is why merchants are adopting BTC. Most companies who are "investing" in BTC are investing in the various companies and services in the bitcoin industry rather than buying and holding actual bitcoins.

    Look at it like this, if you put $6000 into BTC in July when the price was $600.. your investment would now be worth 34% less. So clearly, BTC isn't what people would call a 'sound investment' simply because it is too volatile. This implies that you have to buy in at the right time and price and exit when the price increases - i.e short-term swing trading.

    For instance, right now is a good time to buy in because the market is correcting - when the price hits $700 you can easily cash out a 100%+ return.. that is double your money.

    So I'm not saying you can't make money from bitcoin i'm saying that if you are buying coins and looking to hold them forever because it is a "good investment" then that wouldn't be the best thing to do.. because clearly if you look at the charts, people who bought in last year at $1200 probably aren't too happy right now.

    Bitcoin is great for swing trading and the technology behind it is already changing commercial finance in a major way... But would I tell someone to buy a bunch of bitcoins and hold them forever, probably not.

    $390 is a good price to buy in though, I also suggest that people buy in.. the price is correcting and will exceed the previous all time high during Oct - Dec.. But don't hold the coins for too long, that's what a lot of people did last year and ended up losing alot of money as a result.
     
  16. sciborg

    sciborg Regular Member

    Joined:
    Oct 22, 2009
    Messages:
    365
    Likes Received:
    243
    Occupation:
    seo,sem,smm
    Location:
    All Around

    I agree with you 100%.. I expect bitcoin to also beat last year's high, during this years holidays season coming up shortly.

    I really like the idea of how Paypal is integrating Bitcoin into its payment system and just on time for the new shopping season :)

    Now what we need next is the Winklevoss twins to get their ETF approved and then its on $$$$$$$$$..

    Of course these are my OPINIONS, and I advise anyone to do their own Due diligence before investing in anything
     
  17. Civandciva

    Civandciva Registered Member

    Joined:
    Dec 28, 2012
    Messages:
    87
    Likes Received:
    59
    This last price drop is going to set me back a bit more, I am going to have to find one or two more profitable ventures to differentiate a bit more.
     
  18. virejulke

    virejulke Newbie

    Joined:
    Sep 27, 2014
    Messages:
    15
    Likes Received:
    1
    I think you're just a kid if you don't have other problems rather than thinking how to live only on btc, because what's the point? if you dont like government, living in a jungle might be a better idea
     
  19. Civandciva

    Civandciva Registered Member

    Joined:
    Dec 28, 2012
    Messages:
    87
    Likes Received:
    59
    Heh, I m not a newbie here on this forum, you are. Also, I can bet I am older then you. Please do not comment issue you know nothing about. If cryptoworld is something abstract for you and if living on crypto seems impossible for you, this does not seem to be the case for everyone else. No, I do not use my BTC to buy toys, I actually use it to cover aboit 60% of my every day expenses.
     
  20. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Premium Member

    Joined:
    Nov 10, 2012
    Messages:
    10,470
    Likes Received:
    29,488
    Gender:
    Male
    Occupation:
    Fun Lovin' Criminal
    Location:
    London
    Home Page:
    Dude, you just replied to yourself.

    [​IMG]
     
    • Thanks Thanks x 1