The Digital Nomad & Crypto Lifestyle Is On the Rise

Digital Nomad Crypto Lifestyle

Traveling around the world was a hassle a few years ago. Most likely, people would only travel to new places on a holiday, once or twice a year with their given three to four weeks of vacation days available. But since Covid hit in 2019, everything has changed.

Major companies have shifted their employee policy allowing people to work from home, and now people have the freedom to work from anywhere in the world. It’s a new found freedom, and this trend is only going to grow more as people push the limits of traveling and living in exotic places around the world.

The internet has opened the door for new work opportunities as well — you can be a copywriter, videographer or digital marketer while far away from home. This means you can run your business online regardless of your location. These people are called digital nomads — and the digital nomad lifestyle appears to be in parallel with the use of cryptocurrency, as both lifestyles offer the same ease of use and freedom.

As the internet continues evolving, more people will continue depending on it as an income source. In fact, according to a report by a Deutsche Welle (DW), a German Public International Broadcaster, the estimate of digital marketers by 2035 will have hit the billion mark.

What are the characteristics of Digital Nomads?

Digital nomads all around the world share some similar aspects. Some of the aspects include:

· Lack of a physical workplace or an office.

· Possessing fewer materials. Besides clothes, materials include a laptop and a phone.

· They frequently move from one place to another.

· They have no defined permanent home. Often you’ll find digital nomads residing in co-working spaces, Airbnb and hotels.

What are the motivations for becoming a digital nomad?

Why would you want to be a digital manager? Here are some fascinating reasons why you might want to become a digital marketer.

A non-constrained lifestyle

Freedom is something that many digital nomads yearn for. However, this is if you can first meet your basic needs.

Digital nomads despise 9-5 jobs. They despise the sense of constraint that comes with these jobs. They dislike the feeling of constraint and being answerable to a boss.

As a result, digital nomads are free-spirited individuals.

Tax regimes

The amount of tax paid varies by country. Some countries have a higher tax than others.

Digital nomads frequently choose to travel and live in countries with lower taxes. This is because they will only be in the country for a few months.

Some countries even issue digital nomad visas and charge no income tax. Bermuda, the Cayman Islands, and the Bahamas are among these countries.

The remote work opportunities

Working online is surprisingly simple. This market is relatively easy to enter because of the minor impediments here and there.

Another reason is that the market has no boundaries. You can gain experience in local and international markets with online remote jobs.

Furthermore, there are numerous online marketplaces available for digital nomads. You can sell or buy services on these marketplaces.

Upwork, Peopleperhour, and Fiverr are some of these marketplaces.

Cost advantages

Living as a digital nomad is significantly less expensive than living in a city. For example, living in a town can cost you $1200 or more on average. Meanwhile, you can live on a beach in Bermuda for $500 or less per month.

More importantly, you can continue producing high-quality work in these locations. Additionally, most of these marketplaces pay you at the rate of first-world countries. Following that, you will spend this amount in third-world currency.

How can digital nomads benefit from crypto?

We all know someone who invested in cryptocurrency in its early days, and these people are probably doing well now. On the other hand, you may have read about cryptocurrency and are eager to get started.

However, getting started with cryptocurrency is not as simple as it sounds. This procedure may be more difficult than you think.

To begin, if you’re interested in a trading platform, you can easily sign up for your preferred trading platform. You can buy some cryptocurrency and keep it in your wallet.

Does that sound smooth and easy? The truth is that it is not. As a digital nomad, you travel frequently, and trading platforms may restrict your access to the platform at some point.

Furthermore, these platforms have rigid and strict rules that may waste your time when attempting to solve the problem.

Other than trading platforms, there are other ways to earn Bitcoins or Ethereum. And while investing in cryptocurrency may have some risks, it may also have some benefits.

As a digital nomad, here are the pros and cons of cryptocurrency.

Pros Of Crypto To Digital Nomads

Lower fees

You don’t have to worry about transaction fees or currency exchange when using cryptocurrency.

Regardless of your employer’s or your location, you can receive and use your cryptocurrency for a very low fee.

To receive payments, all you need is a digital wallet.

For example, a Club Swan digital wallet allows you to receive and transact with cryptocurrency at a lower fee. However, you’ll have to pay multiple fees with bank account transactions, which can be confusing.

Not border limits

Opening a bank account if you are not a resident in a country is difficult. Furthermore, because you are a traveler, the bank account will be useless as long as you are not residing in the country.

Furthermore, unlike crypto card issuers such as Club Swan, banks require extensive documentation to open an account.

Furthermore, unlike a bank, crypto has no middlemen or borders.

Privacy

Unlike bank accounts, transactions with cryptocurrency will reveal very little about you. The main reason is that crypto platforms and crypto card issuers require very little info about you, unlike bank accounts.

For example, most crypto card issuers will only ask for your name, email and national ID.

Effortless investing

We are all aware of cryptocurrency’s high volatility. On the one hand, this may pose a significant risk if the value of your preferred cryptocurrency falls.

However, if the crypto market value rises, it could be a big win. For example, after the bitcoin price skyrocketed to more than $60,000 in 2021, most crypto investors made millions.

Crypto is the future.

Although there are many unknowns about digital currencies, one thing is certain: they are the future.

Some governments and banks are working to provide their citizens with centralized digital currencies.

This will lead to an increase in the number of cryptocurrency users in the future. It will also improve transparency between parties when conducting business.

Cons of Crypto to Digital Nomads

High volatility

The value of cryptocurrencies fluctuates constantly. For example, the value of Bitcoin in 2020 was around $ 20,000, but in just a few months, prices plummeted to $14,000.

If you are an investor, you can easily see your money disappear when prices fall. However, if you are a trader, you can use your skills to profit from any crypto event.

You can also select a bank or cryptocurrency account that allows immediate withdrawal. This may protect you if the value decides to fall further.

Crypto Scams

There has recently been an increase in the number of crypto scams worldwide. According to CNBC, an American business news provider, the total value of crypto scams in 2021 will be more than $14 billion.

As a result, your cryptocurrency is at a high risk of being hacked if you are a crypto investor. This applies regardless of your situation. For example, Apple co-founder Steve Wozniak goy robbed of seven Bitcoins last year, in 2021.

Legal restrictions

Despite the large number of crypto users worldwide, crypto is still illegal in many countries. Indonesia, China, Bolivia, and many other countries are among them.

Because of this event, digital nomads who use cryptocurrency as their primary currency avoid visiting such countries. Furthermore, some countries regard cryptocurrency as a capital asset. As a result, you must pay taxes on any crypto gains you make with your cryptocurrency.

Conclusion

As the number of digital nomads grows, they will require crypto to avoid the complications associated with fiat. At the same time, they will benefit from some of the remarkable advantages of using cryptocurrency as their primary currency.

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