Is this for real?

in LeoFinancelast month

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After three years of being in crypto I consider myself a moderately seasoned veteran. I may not have multiple bull and bear runs under my belt, but I made it through one bear market and I have a feeling it will not be my last.

Despite all of that time and experience, there is still something about crypto that almost doesn't feel real. Like I am playing a game with monopoly money or something.

Here is a great example:

So I've been pretty up front about the fact that I do a lot with NFT's over on the WAX blockchain. I used to have a fair amount of WAX sitting in my account that I purchased with my powered down STEEM when WAX was sitting around $.03 to $.06.

Over the past couple of months, there have been a number of NFT sales and now my liquid WAX is quite a bit lower than it used to be. Along with that, the price of WAX is now sitting at $.23 (but that is kind of beside the point).

What I am getting at, is during one of those sales I started making some purchases and by the time I was done I started taking stock and realized I had spent $360.

I am a pretty frugal guy. If I am making a purchase that is anything over $100, there is usually a spreadsheet (or two) involved and at least a verbal agreement from the wife.

Yet here I was, out $360 and it felt like I had spent $0. My bank account wasn't any lower. My wallet still had the same $14 in it.

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That is the funny thing about crypto. There is an aspect of it that almost doesn't feel real at times. I think of it the same way as eCommerce on the Internet when it first started to catch on. With a credit card you could blow through a ton of money before you knew it. It almost didn't feel real because there wasn't that physical action of exchanging cash for goods.

I had never realized how tactile spending money is. Is there something ingrained in us that makes it feel more real? Of course, eCommerce caught on, and today it is more commonplace and almost an afterthought to spend money that way.

I've gotta believe that one day crypto will be like that. I really look forward to it being so casual that we don't even give it a second thought when we exchange funds for goods that way.

Until then, for me there is still this air of mystery about the whole thing. Not mystery like I don't understand the fundamental concepts, but mystery like it is still just some magical money floating out in the ether that isn't really real.

Does that make sense?

Anyone else feel the same as me?

How long do you think it will take before that mindset shifts?

Thanks for reading!

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This totally makes sense! I kind of feel the same way about stocks want money is in the crypto account or stock account it’s almost like fun money because it’s not in my Fiat bill and expense account. I’ve spent thousands of dollars in crypto and don’t really realize it because it’s not affecting my actual bank account because the money is already been pulled. I’ll talk to my wife about this the fact that I can spend thousands of dollars on a stock and lose $600 in a day and not even blink but then I don’t want to spend money on new clothing lol.

This is how I feel about my Crypto spends too, I have my Fiat savings that I add to each week and then spend very little on other expenses. I also contribute a regular small amount into my crypto account which, as you said is like my fun money or almost like a bit of a gamble. Thankfully I've seen some gains which makes it much more fun but since I'm still learning the ropes I have no plans to exchange it back into Fiat just yet and have been viewing it as something to hold and 'see what happens'. Although, I've recently started looking into businesses that accept crypto as payment in my country so that if and when I do see much larger gains, I'll have a better idea of where it can be spent.

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Yeah, exactly. The disconnect is so real and it is a little crazy to think that one day that disconnect probably won't be there. It will all just be so natural like online shopping and credit cards have become.

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Take some of those profits and convert them to fiat. It will feel real then, I do. !BEER.

I will have to keep that in mind! Sadly, I think I am underwater in that particular investment right now...

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Haha, I know how you feel man. Once the money is out of my bank account, it kinda feels "spent" already you know? The rest is a bit like "zombie" money which comes back from the dead if I should choose to resurrect it in to my bank account via an exchange but unless I really have to then I'll probably just do my best to live within my means and the rest goes in to the black hole of crypto lol!

I've never been in the position of moving money back into my bank account. I haven't had that one big score yet. I haven't even had little scores yet. The money just keeps floating out there somewhere :)

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I've not done that yet either, maybe at the end of this bull run I can give it a go. It's gonna feel weird though!

I am looking forward to it. It will mean I did well!

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I feel exactly the same. I was supposed to dollar cost average some BTC on Sunday but I thought I'd wait for a dip, then I missed it so waited until Monday. Then missed another so put in a higher buy. When that went through the price went down and I found myself putting in a another buy order until I reminded myself I'd spent my budget for this week. 😱

The whole point of DCA of course is to avoid such scenarios but I just can't resist trying to buy it cheaper. 😂

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Yeah, it is totally crazy and it also makes me think about those people over on ETH and how they might not care about the huge fees because it doesn't really feel like it is real!

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Try asking those paying crazy gas fees on ETH of their spending habit is the same.

I honestly think the majority of people on ETH made so much money that they don't even care about the gas fees. It is totally the whales propping that place up. There are so many better options!

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Spending things is definitely easy to do, and making transactions will only get easier over time. That’s when it will get worse with going through it like water I think lol

Yeah, I am guessing you are probably right. When you can simply do it with one click versus two or three it will be even crazier!

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Buen dia interesante tu post lo comparto en mi cuenta, saludos desde Venezuela.

What would the wife say about $360 in NFTs lol.. prolly something like .."I'm going shopping.." 🤣

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Lucky for me she isn't much of a shopper. Actually, I take that back. I was joking with her the other day about something she bought and she threw back at me about the bottle of whiskey I had just purchased...

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Whiskey is a necessity ..

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I figure that until I can spend my crypto at the grocery store, it's all magic money to me. If I convert it to fiat, then it becomes real. Otherwise, it's just digital potential.
Of course, that doesn't mean I want to give it away, it does have potential...

Yeah, I hear you there. I kind of feel the same way. Until it is fiat it isn't real. It is a mind set we will have to change based on the direction it looks like things are heading.

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If the local grocery store had a hive account that it used to accept payments, that would be pretty handy. 😀

That would be pretty sweet! Maybe one day!

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I completely understand what you're saying in regards to spending with crypto not seeming real sometimes. I'm a huge fan of watches (mostly American vintage ones) but during the height of the 2017 bull run I nearly bought a $100k A. Lange & Söhne watch with Bitcoin. It's absolutely crazy when I think back to my mindset back then. I'm so glad I didn't do it.

Apple is very close to releasing their AR glasses and they'll be mainstream on all platforms soon. I think paying for things with digital currency will seem a little more realistic then.


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