Are you ready to dive headfirst into the Bitcoin Standard, where every aspect of your financial life revolves around this revolutionary cryptocurrency? In this article, we unveil the scenarios, challenges, and innovative solutions that enable you to live the Bitcoin dream.
1. Building Bitcoin Savings
Starting off with the basics – building your Bitcoin savings is a breeze. Simply purchase Bitcoin and safeguard it through self-custody. It’s like a walk in the park.
2. Earning in Bitcoin
Even if your employer or clients aren’t cryptocurrency enthusiasts, Bitwage has you covered. They provide a unique IBAN number that you can share with your employer or customers. When they make bank transfers, you can predetermine how much should flow into your Bitcoin wallet, and how much should be routed to your traditional fiat bank account.
3. Spending Bitcoin Like a Pro
a) Paying for goods and services using your Bitcoin just as you would with a credit or debit card is a reality. Numerous debit card providers offer this feature. Load your Bitcoin onto your debit card and make payments online or offline, seamlessly. The beauty is, your money remains in Bitcoin until the very moment you make a payment. The recipient won’t even know you used Bitcoin. However, be aware of price volatility, which can affect the displayed fiat balance on your card.
b) Need cash for those occasional situations, like feeding the parking meter? No problem! With your crypto debit card, you can easily withdraw cash at an ATM, even right after grocery shopping. You can even ask the cashier to provide some coins for the parking meter – convenience at its finest.
4. Paying via SEPA Transfers
This one’s a bit more complex, but not impossible. While there isn’t an out-of-the-box solution yet, you have a couple of options:
a) You could choose to keep some of your income in a fiat bank account, which may contradict the Bitcoin standard but can be a practical compromise.
b) Alternatively, after receiving your income in BTC or converting it to BTC, you can sell it and execute a conventional fiat transfer. This route, though, involves more steps and complexities.
What’s on the horizon? We urgently need a seamless solution to transfer Bitcoin to another bank account via SEPA while converting to fiat only at the final moment.
By combining these diverse solutions, it’s entirely possible to live a fiat-free life, with not a single cent in your savings or checking account.
If you’re eager to explore the nitty-gritty details of these solutions and how to implement them, book an hour with us, and we’ll walk you through the whole process step by step. Welcome to the future of finance with the Bitcoin Standard!
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