You’re already a digital nomad trading cryptos. But do you feel that you’re not quite making the most out of living off Bitcoin & digital assets? Are you looking for freedom?
Grab a refreshing drink and read this one! I have a few ideas that may help you achieve just that: 👇 Now, just to be clear, none of what you’re about to read is any type of financial advice. It’s only my opinion and some of my own research that I’m about to share with you. Please do your own research before you jump head first into this lifestyle.
It’s great if you are consistently earning with Bitcoin & digital assets, but living off them is a different story. That’s because how you choose to take those earnings into the real economy matters.
What I mean is that although a currency like Bitcoin has no geographic boundaries —it holds the same exchange value regardless of where you go – the things that you are most likely to use it for are still subjected to local regulations:
– Trading and owning them
– Making retail transactions
– Buying properties
– Converting them to fiat currencies
So, depending on your citizenship or country of residence, the local legal attitude towards cryptocurrencies impacts your options. While some countries are in favour of cryptos, others have strict policies against them.
You will notice that there is no ideal place. However, some countries are more welcoming to crypto users, and it is possible to run your digital nomad lifestyle on Bitcoin & digital assets.
However, to start making it happen, you have to learn how to:
– Navigate safely and smartly through taxation or regulations that don’t add value to your life
– Weigh in your options of crypto-friendly places
– Spend your crypto earnings where they are valued most
Where Can You Live Well Off Bitcoin & Digital Assets
Venezuela is theoretically a crypto-friendly place as of recently, but would you like to spend your time there? Maybe, maybe not.
However, there are quite a few places in the world where a cryptocurrency user can certainly feel welcome. As a digital nomad, you have options when it comes to making the most of your money and living a life of adventure. To achieve that, let’s explore a few key things to consider:
1. Cultural Openness
Cultural resistance or acceptance of cryptocurrencies varies around the globe. When a country has an open attitude towards cryptos, you have more freedom to trade or use them for everyday life payments.
You can’t expect that in Montenegro, but in Japan, you can pretty much pay for everything in Bitcoin. Its mass adoption in this country makes it easier to get by with nothing but cryptos.
South Korea is also one of the crypto-friendly countries as its legal framework is very supportive of crypto-investments. The numbers speak for themselves — South Korean crypto transactions account for a staggering $7 billion per day. This trading volume makes you rest assured that you will feel at home in this country, doesn’t it?
2. Taxation
We spoke about Japan being a culturally open country, but you have to know that its 55% crypto tax is the highest in the world. This may start to make this country less appealing, right?
Luckily, you’ve got better options. If you want to stick to trading and living off cryptos, but don’t have plans to start a crypto-related business, then Portugal could worth considering.
In this country, cryptocurrencies don’t have legal tender (they’re not considered money), but they can be exchanged for fiat currencies (USD, EUR, etc.) and profit from them. This means that capital gains and incomes are tax-free. When you add to these the quality of life here, what results is a great place to live off your crypto earnings.
But this is only an example of a tax haven. In places like Malta, Singapore, Malaysia, Switzerland or Hong Kong, you can enjoy the benefit of zero capital gains tax.
3. Banking services
Banks around the world have been slow or weary of adapting to Bitcoin & digital assets, either for fear of disrupting their operations or facing pressures from the governments.
Regardless of their reasons, one thing is for sure —those who make efforts to become crypto-friendly are winning clients.
However, if you want to transfer your money to and from crypto exchanges, there are companies that offer financial and banking services allowing you to do so.
Here are a few examples:
- Revolut —allows you to purchase cryptos with either a debit or credit card and offers you a wide range of accounts, all of which are crypto-friendly
- Wirex —opening an account with them offers you the possibility to buy, store, manage and sell various cryptocurrencies (BTC, LTC or ETH) and exchange them for fiat currencies (USD, EUR, GBP)
- Monaize —this innovative company is useful for entrepreneurs and small businesses. Their mobile platform allows businesses to accept multiple currencies (fiat and crypto) and integrates with other partners in the banking industry.
4. Investment Opportunities
For now, many places around the world are still skeptical of cryptocurrencies and don’t accept them for making investments. Others, like Vanuatu, are paving the way by offering citizenship by investment paid in Bitcoin. In exchange for a passport, this South Pacific island requires a donation equal to USD 130,000.
More countries are starting to attract foreign investments by offering citizenship or various tax-exemptions in exchange for investment. Some examples are:
– Malta
– Liechtenstein
– Portugal
– Malaysia
Go Where You Are Treated The Best
There’s little point in trading cryptos if you can’t use them to give yourself the best possible lifestyle and achieve your goals. And to make that a reality, probably the most important thing is to go where you are treated best.
So my biggest tip is to keep yourself up to date with how the world is adopting cryptos and take advantage of what different places have to offer.
Do you want to know more?
Trading Bitcoin & digital assets is not a set it and forget it kind of thing. If you want great results, you have to stay consistent with educating yourself.
I hope to see you in the program!
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