Can You Live 100% Off Cryptocurrency in NZ?
Here at EC, we believe it’s only a matter of time until cryptocurrencies like Bitcoin become a standard financial instrument for the average kiwi in.
Here at EC, we believe it’s only a matter of time until cryptocurrencies like Bitcoin become a standard financial instrument for the average kiwi in the world of tomorrow.
Every day, there are tens of thousands of blockchain and cryptocurrency developers actively working to make it easier for cryptocurrency to be used as everyday money.
In the spirit of Easy Crypto – we wanted to find out just how easy it is to live off cryptocurrency in 2020, and share our guide on how you can live off crypto too.
How To Live Off Cryptocurrency
Over the past six months, three of us here at Easy Crypto (Alan, Harry, & James) have been running a cryptocurrency experiment – piloting if it’s possible to survive and thrive in 2020 whilst only using Bitcoin, Ethereum and other cryptocurrencies as money.
Long story short, it’s definitely doable – and it’s much easier to live off crypto than you’d think!
Follow our guide below to learn how you can use cryptocurrency to become your own bank, and use it day-to-day without having to rely on some big corporate to manage your money.
Getting Started – Stacking Up Your Cryptocurrency Bags
Before you kick off with living on crypto – you first want to make sure that you have a reliable source of cryptocurrency coming into your wallet for you to spend. ♻️
During our experiment the majority of our crypto came from our employment, however there are many solid ways of acquiring cryptocurrency on a regular basis in NZ:
- You can use Easy Crypto’s Auto-Buy feature to automatically buy cryptocurrency.
- You can mine cryptocurrency directly from your computer or from your mining farm.
- You can stake or loan your crypto, earning you more crypto!
- You can get paid in cryptocurrency by your employer, or do online work for BTC.
To make this even easier, did you know that in August 2019 New Zealand became the first country in the world to give guidelines for making salary payments in cryptocurrency?
Sweet, You’ve Got a Decent Stack – Now How To Spend It?
Now that you’ve got a safe, sustainable and accessible cryptocurrency stash – your next point of action is to acquire a cryptocurrency card, so you can pay for things with Bitcoin or other cryptos, just like you would with your standard NZ bank card.
Cryptocurrency cards like Wirex, TenX and Crypto.com allow their users to easily store, spend and exchange crypto between local government issued currencies with ease, creating the bridge between the traditional financial system and the new.
Over our livin’ in crypto experiment we personally found the Wirex crypto card the most reliable to use – but you have many solid options which you can learn about in our guide on the best cryptocurrency cards in 2020.
And if you don’t want to use a cryptocurrency card, there are over 50+ businesses and counting in New Zealand that already accept Bitcoin as a direct payment method!
Your Cryptocurrency Card Arrived! – Now What?
Now that you’re decked out in crypto cards, your final step is to go wild and use it! My first purchase with my Wirex card was a box of Wakachangi beers – and it feels pretty damn awesome knowing I was probably the first person in New Zealand to do this.
Because of how early cryptocurrency adoption is in New Zealand, there’s a pretty decent chance that when you buy something uncommon, you’d be the first person in NZ to do it with cryptocurrency!
If you reckon you’re #1 in NZ history with your crypto purchases, don’t hesitate to snap a pic of it and send it through to our Instagram – or post it yourself under the hashtag #UseCryptoNZ. 😀
Also, don’t forget to subscribe to our monthly newsletter to have the latest crypto insights, news, and updates delivered to our inbox.
Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated October 18, 2022