Hi r/bitcoin, tomorrow is the start of my experiment. The backstory is my wife and I are terrible savers and we want to achieve our personal savings goals. What better way then saving with bitcoin.
I've broken down our personal expenses to about €250 a week. We're not at a point where we can cover all our costs, but we want defer our monthly expenditures and save our paychecks.
Here's how we did it. We freelance on popular websites that generate enough income to meet our weekly quota allowance of expenses. I setup a PayPal that has grown and own a PayPal card. I typically purchase on Coinbase as I turn around fiat for bits. The process has been to turn freelance income to bits and have enough in cold storage to start living off coin today. I have been doing this since about $200 a coin after the great collapse.
The PayPal card is nice since I can almost instantly turn fiat into coin. There's a lot of hidden fees along the way which seem to be as high as 7.5% just to live on my allowance per week. I did a lot of research on bits to fiat cards and CoinsBank was ok with a white named card. I don't have to pay any monthly fees so that's a plus. I do like Xapo and would consider living in a bunker just for the sake of paranoia alone.
The kicker is tomorrow is the first time I'm withdrawing bitcoin for fiat and the fee should be around €3.95 euros, I think. I'm a little hazy on the details, but I'm jumping in head first. The whole experiment is to save more fiat to be financially secure, because hodling doesn't pay the bills. I'll let you know how the fees are.
Anyone else have a tested system that works?
tl;dr some naive idiot is trying to live off bitcoins without accounting for the hidden fees.
Edit: I can't spell on weekends.