On a “Semi” Bitcoin Standard
https://ift.tt/PaKTSu1
Wanted to share this as I migrate from a fiat mindset to a Bitcoin mindset. For the record I am not sponsored by any of these services, just sharing my experience as a Canadian as our Bitcoin ecosystem is not as developed as the US or Europe (yet).
The [Crypto.com](https://Crypto.com) pre-paid Visa card recently allowed for the staking of your own Bitcoin to act as a form of collateral to serve as a personal line of credit. Taking some of my BTC, I locked into a 3 month term on their platform for a 4.5% APY. That locked up BTC is then applied at a 30% LTV revalued daily serving as a LOC for me to use my [Crypto.com](https://Crypto.com) card. For example I stake $1000 of BTC and receive a $300 balance in kind to work with. I use this card as I would any other for daily purchases, ie groceries, coffee, general stuff, etc. Then each week in order to avoid any interest penalties on what I’ve spent (kicks in after 7 days) I pay the balance off in Bitcoin I’ve earmarked for spending accepting all the tax consequences that come with it.
While I’m still paying in fiat, I’m ultimately settling the ending balance in BTC. That shift alone has made me more conscious of purchases as I now ask myself how much BTC I have to give up for what I buy.
It’s not much, but it’s a start and wanted to share the experience for anyone curious on exploring an offramp from the fiat system, even if gradual.
Cryptocurrency
