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Living off bitcoin is the dream for a great many people. Not having to worry about work, your next paycheck, or your livelihood ever again, is probably something that we all realistically hope for at some point in our lives. Whether or not that dream is funded with cryptocurrency is most likely the main divergent factor. But it doesn’t stop many from being genuinely curious about whether or not it’s even possible. 

Which, of course it is. It’s not unheard of for people to live comfortably off of the gains they make in the normal stock market, so it’s really not all that wild of an idea that crypto investors could eat their cake too. It often does, however, require a bit of creativity and forward thinking. It’s unlikely that you’ll go from rags to riches overnight, and it will probably help if you had a good idea about how bitcoin works in the first place. If you haven’t yet invested, head over to Bitvavo, or another new-investor focused exchange, and start there. Once you’ve got some bitcoin in that wallet, you can start building your empire, or maybe just a worry-free future. 

Where is the Best Place to Live?

If you’re planning on living solely off of crypto gains, it’s important to spend a decent amount of time considering where to live. This is largely because bitcoin can stretch a bit farther in certain areas, as taxation and legislation may not be as harsh. Habitating an area with a low cost of living may help bolster the dream of living out your days on crypto alone. 

There’s also the consideration of whether or not you’re going to need to convert your crypto to fiat before paying for all of life’s little necessities. Things like gas, food, and rent can be difficult to cover if you’re expecting to only ever pay in bitcoin. Unless you live in a crypto friendly city, which as it turns out, some are definitely more adapted to bitcoin living than others. 

Across the world, it’s actually surprisingly difficult to find that perfect blend of legal, cheap, and friendly as far as local bitcoin acceptance and generalized lifestyle goes. Most of the top crypto-friendly cities generally either boast a high cost of living, or are situated in countries with less than stellar legislation regarding cryptocurrencies and tax. 

Top countries like Cyprus, Malta, or cities like Buenos Aires, and Ljubljana are perhaps as close as it comes to finding the ultimate place to reside on bitcoin. Most others have really favorable laws and none of the other sought after perks, or a low cost of living, but no bitcoin adoption.  

How to Actually Make it Happen

Maybe, if traders had gotten in on the market pre-2017, had enough foresight, or dumb luck, to invest a substantial amount into bitcoin, then traded it when the coin hit its all time high of around $20- maybe they would have been made into overnight billionaires. But the actual truth is much less glamorous and a whole lot more convoluted.

Most early adopters of bitcoin wound up holding onto their coins for so long, that many fortunes were lost, stolen, or just plain forgotten about. Some ended up frivolously spending huge amounts on simple things- like pizza delivery. Still others were only mildly convinced the coin would ever take off, so they invested very cautiously. Of those, there are just a handful of original investors who have fingered out how to live comfortably off of bitcoin gains. 

Here’s some of their best advice on how to make it happen:

  • Live like you don’t have the money

Travelling frugally, eating normally, and not buying that all coveted “lambo” is a tried and tested way to be able to live comfortably off of modest gains for years to come. 

  • Know when to trade

Making money off of bitcoin isn’t just HODL. It’s knowing when to make trades and when to sit on your stash. It’s also understanding that it’s unlikely you’ll ever trade at the absolute top, and probably never buy at the actual basement. But being on either side of a parabolic market, and acting accordingly- will surely see you gains. 

  • Never invest or pull all of it

Just like you should rarely, if ever, completely pull an investment, you should rarely, if ever, go all in. Investing cautiously with medium-risk and low-risk strategies is unlikely to make you a millionaire, but it may get you just enough that you’re able to enjoy living on it. 

  • Don’t buy big ticket items- unless it’s a side hustle

For a long time, early investors would buy big ticket items with skyhigh bitcoin, then resell the same items when bitcoin prices dropped. Providing a small return on their loss. This however, is often a dangerous (if not flat out illegal) investment strategy, so it’s best to approach this slowly, or simply give it a curve. 

  • HODL now and again

It’s important not to trade just because you haven’t done so in awhile. Don’t let FOMO get the best of you and stick to your guns when it comes to holding onto your BTC. Sometimes just sitting on bitcoin is the absolute best strategy to see decent gains. 

  • Consider operation costs

Make a plan. Figure out how much life costs you. Understand how much you’ll need to make, or save. Find out how to make it. Consider branching out with your gains- like starting a business or investing in mining or other bitcoin related fields. Stick to what you know and hammer out a plan. Then follow it. 

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