Cryptocurrency and living smaller

If you follow my blog, you are probably wondering about the nep-5 wallet and the links for cryptocurrency, and for those who have not already invested in Bitcoins, or looked into cryptocurrencies – I believe it will be a boon to you in your search for making a living while living your life.

Many people who are pursuing downsizing, do so because they are searching for ways to make the most of the salaries they are receiving, while keeping debt at bay. Some people pursue tiny living, in order to speed up paying off debts in the hopes of “getting out from under” the massive debts that seem to pervade our society. And once someone has “gone smaller” they seek ways to provide alternate incomes in case they are “downsized” at work, or when seeking to work less and live more.

Cryptocurrency has been around for awhile. Like many technologies, early adopters were more technically educated and could get their heads around shifting and expanding their definition of money.

After all, money is a symbol that we use to barter for goods and services. The days when that money had actual gold and/or silver to back up the stated value of the currency have passed away. (If you don’t believe me look at old money versus newly printed money. Example: a 1935 E series One Dollar Bill “silver certificate” is currently being sold for $299 dollars on Etsy.com).

Once the concept of cryptocurrency became well understood by the technologists of the world, many other cryptocurrencies were being created, and today there are as many (or more) cryptocurrencies out there as there are paper currencies.

What are some of the advantages of cryptocurrencies?

  1. They are faster to send and receive, and have lower (and sometimes no) extra fees to handle. So things like “remittances” being sent from one country to family in another country, can more easily be done with smaller amounts of money.
  2. Developers who create games, can establish an economy that is based on pennies (or fractional amounts of whatever currency) and still make money, because there are not those heavy bank fees to contend with.
  3. “Tipping” and “Donating” can happen worldwide, because the currency is easy to transport in the internet and easy to convert.

Some disadvantages are:

  1. You need to establish a wallet or wallets, virtually, to receive and send from; and the “key” to these is often a long string of characters, making it hard to remember and to secure. For example, if you keep your wallet on your computer and your computer crashes – boom, no money. You need to keep a copy of the wallet on a usb stick (also known as a thumb drive, or jump drive), in case – which means remembering to back things up regularly.
  2. Also, not all wallets work for all currencies, so you may wind up with a few wallets.
  3. The process of buying, transferring, and spending cryptocurrency; while it is “simple” is not EASY, and you must truly pay attention to the details, and be focused on what you are doing. Because if you transfer currency to a wallet that is not compatible, you will (usually) lose that currency. It is like putting your money in your pocket but your pants don’t actually have a pocket, so the money falls to the ground wherever you happen to be…

The fact is there are growing numbers of ways to make cryptocurrency on the internet, from connecting your blog to a browser that allows “tipping” in the form a the BAT cryptocurrency (Brave which also allows you to keep those intrusive popups and video autoplays that eat up your bandwidth) to sites that allow you to earn cryptocurrency with your original content (Narrative, Publish0x, Steemit) and the variety of mining sites (CryptoTab – a chrome compatible browser that mines Bitcoins while you browse) and faucets (sites that let you “collect” bitcoins during time intervals in the hopes that you will spend time playing games or looking at their advertisements). I am certain, as people become more comfortable with cryptocurrencies, we will see even more ingenious ways to make money with them.

And of course, there is the old fashioned approach, as well – which is investing in cryptocurrencies. A site like Coinbase,  allows you to invest and also keep your currency in the coinbase wallets. It doesn’t handle all currencies, but it does have some of the major players – plus while it lasts – they have instructional videos to teach about the various currencies, and once you have registered an account with them, you can go through the videos and earn some of the currency they are teaching you about.

If you are already making a living, or at least a side hustle that pays in cryptocurrency – please share you experiences!

If you have questions, ask them, and I’ll try to get you the answer.

Cryptocurrency is the next evolution in “money” – here’s hoping you have good experiences with it.

 

 

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