How has Crypto and Blockchain Technology Impacted your Personal Finance?

in LeoFinance7 months ago

Let us start this tale with my beginning in Crypto.

It was early 2017 and I was bored at work and googling around randomly. At some point, I came across some kind of blogpost which seemed to have some value mentioned underneath and that got me intrigued.

I started digging and found out that the post was made on something called Steemit and one could earn Steem which was some kind of magical internet money.
I had heard about bitcoin before but just in the sense that it was also some form of internet money used to buy drugs, prostitutes and hitmen.

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But it seems there was a rabbit hole there and I fell into it headfirst.

The personal impact:

So this Steem thing seemed benign and like a fun thing to do and here we are, over 3 years later, still blogging and earning proof of brain equity.

Along the way, I learned a lot from the people in this community about crypto and started doing a lot of my own research moving from Steem and DPOS to Bitcoin and ETH.

Living here in the crypto valley in Switzerland I even co-founded an educational association called Crypto World Zug (https://cryptoworldzug.io/) where we invited projects to come speak to the people without pitching them for money. They had to come and explain their use case. Sadly we ran out of money as everything was self-funded during a hard bear market but it was a lot of fun while it lasted.

In June of 2019, I got to experience a talk by Andreas Antonopoulos in Zürich. I had seen a lot of his talks on youtube as part of my research into Blockchain, Bitcoin and Ether but seeing him live was really cool.
https://peakd.com/bitcoin/@felander/seeing-andreas-antonopoulos-live
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So, all in all, I would say I know the space and I try to keep up with everything as much as possible.

The Financial impact:

I have taken the approach to use crypto and especially Bitcoin as my retirement account. So for the last 2 years, I have been buying 150 CHF (roughly the same as a USD) worth of Bitcoin every month no matter the price.

Along the way, I have also invested in other coins and tokens so I have built an amazing portfolio if you look at the number of different coins/tokens I have.

During these last years, I have been slowly accumulating things I thought interesting and have been the recipient of some forks or airdrops, the biggest of which were HIVE and UNI.

This total has added up to a few months worth of wage equivalents and that gave me a nice buffer in case something were to happen.

Which it did as I lost my job at the beginning of the year partly due to Corona. I have not have had to use these reserves but it felt comfortable to have them just in case.
In the last month, these months of financial security have turned into a year of buffer and I guess that this is even more reassuring going into what I feel is the next bull run.

If things play out the way they are setting up I could stand to make a few years of income all while working at building up my small business called sparklingbrands helping out SME here in Switzerland with their Online presence.

Conclusion:

this is an amazing space to be in, even as an amateur investor, with lots of things to learn. I got to educate myself not only on crypto but more importantly on the world of finance and how that all works.

That financial education alone is worth so much.

So even if you do not have money, start educating yourself. The money will follow one satoshi at a time.

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I too have been in the space since 2017. I’m still learning every day, and I too believe, The education is the most valuable part

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yea, you can never learn enough, right?

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That financial education alone is worth so much.

I love the how you ended your post

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thanks, I think financial education is crucial and should be thought in school. But then again if they reveal how things really work people would have revolted or opted out a long time ago

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Crypto is slowly putting me into a position where I can live off the income (at least the basic necessities). I'm hopefully that this time in a year or two that I can live comfortably providing value to different communities.

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can I ask where you live... being able to live off the income would be great here in Switzerland as its one of the most expensive countries in the world to live in. I would probably be able to pay my health insurance but that's about it. Its a start though

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Nice write up! Enjoyed reading about it. I actually had a wee bit of trouble signing onto Hive because I had at some point in the distant past had a steemit account. Apparently it transferred to Hive. I wish I had worked just a bit harder to get into back then.

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if you have a steem account it is still there, and it should have generated a hive account automatically with the same keys

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Amazing story. Crypto is the path to freedom.

We are in the early stages but people who are building will find they have an opportunity to really benefit long term. There are a number of people who are turning to crypto for their retirement accounts.

The next decade will see the lives of hundreds millions changed for the better. It is good to see you as one of them.

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I would say you are one of them as well... you do not talk much about your other crypto holdings but I remember you saying you had some BTC and ETH....

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I like how you concluded. We should start educating ourselves even when the money isn't coming in yet.
Though the primary factor is the finance but no knowledge is wasted as I always know.
The knowledge one acquires from the Crypto platform will serve him or her a purpose for the future.
Glad to read about your own story.
All the best in the project you are handling.
Keep blogging.
Keep acquiring knowledge and Keep earning

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the cool thing here is that on hive you can learn and earn at the same time... that is how you start saving as well

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Exactly, that is how it should be in every platform, you earn but not taking out the knowledge you have acquired.

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The education is worth the price of admission, isn't it?

Like you, I've learned a ton about crypto, but also about Fiat. I was always reasonably well educated at economics but money was just sort of PFM. (That's an old Navy term. First word Pure last word Magic,)

Thanks for a great post. I appreciate it.

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well, money is still being created out of thin air so it is indeed pure fracking? magic

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I agree with you that beyond the technology itself, crypto has been a great tool for learning about personal finance in general. Particularly, saving, dollar cost averaging, budgeting, and collateralized loans. Perhaps more. Together, all of these lessons add up to an ever growing store of savings.

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thats the way I see it as well, If you do not know how its to easy to get ripped off and scammed...

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You started off at the same time as me roughly, and have the same approach, it's been great sharing the journey with you!

Although I think you may end up being 10 times richer than me with that killer ETH buy you made a while back.

Still I've got plenty for me, it's nice to be in now, this pump, feels a bit more permanent than 2017.

Not a pump even, more like a sustained permanent increase in value.

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yea, that ETH buy was me just buying the bottom and getting a nice amount to do so.

But I have to agree that this is not like the run for 20k in 2017. That run will come later, now we are in the buildup phase. Our portfolios will double a few more times my friend... Maybe we can do halvsies on a nice Quinta in Portugal in 2022

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If Crypto does it's thing it's a deal!

A huge one - like 10 HA or something crazy!

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It feels much different than 2017. Even Bitcoin doesnt feel as crazy as back then. Ethereum is on a great run yet is barely 1/3 of the way to the ATH.

The development that is present now compared to two years ago is much more advanced.

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A couple of different tokens that 10x could really change things for people.

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@felander, I also joined Steem Blockchain three years back and definitely we all have so much to share about this Real and Rollercoaster Journey. Stay blessed always.

you to, it is nice having to have been on this journey and to have been able to share it with this amazing community

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Thank you.

Doing DCA, not just in the bear market does always pay out. Congrats on being in the crypto space this early. For most people, Bitcoin is still dead since 2018.

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Learning every day is a must and being in crypto-space makes you learn!

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That's true, the amount of info you can absorb is enormous and if utilized properly can make you financially independent. Once the industry goes mainatream, people like you and me will have the skills to sell.

The grind is real though.

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dude what a rollercoaster it has been.

A good approach saving a bit of btc every month regardless of the price. i think thta is how you make a good earn eventually over the years.

I think your journey has a lot of similarities as to mine as that is is considered something for 'later' and the normal stuff has to be paid.

shit you lost your job this year man..corona an travel sucks...hope you are doing well though! (and the dog!)

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That's what I love about crypto! You don't have to be rich to make money! All you need is basic knowledge, curiosity and time!

Great blog my friend and keep buying that BTC!

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Great story @felander. We have crossed paths many times on steem/hive and now on LEO over the last few years. Glad to see you still at it. Switzerland is an awesome place, spent some time there for work a few years back.

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That's an amazing story and I'm glad you could do this. Smart choices can take you far and yours is definitely a great strategy. I wish you best of luck and stay smart my friend :)

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Perhaps you, like many others who have lost their jobs due to this p(l)andemic and who have discovered crypto, will find it to be a blessing in disguise when alt-season arrives full-swing and we can make a living doing wtf we like....it's been a long wait but I do believe we're on the cusp of it becoming a reality now.

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I started at the same time and invested a lot less, but I have something I never had before - a savings.

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Woah so interesting to read, thank you for sharing. It makes me fired up too 💪

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It's just amazing to read stories like this, I'm from Caracas, Venezuela and crypto means a lot for venezuelan people, right now, our national currency (Bolívares - VEF) is being a 36.4% undervalued every week, we have an hyper inflation that makes that any kind of earning in our currency lose value everyday aggresively.

I feel happy for you that you knew about Steemit in 2017, I knew about it in 2018 and I was able to move on from my parents house for a year, until the Steem price just dumped and that was a sad and dark time but I really enjoyed a year and a half by using Steem and SBD.

I'm right now saving money in BTC, ETH and HIVE (soon LEO) to keep having some stability even if the year 2021 turns out to be worse than the year 2020 (I hope not).

Thank you for your story!

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Living here in the crypto valley in Switzerland I even co-founded an educational association called Crypto World Zug (https://cryptoworldzug.io/) where we invited projects to come speak to the people without pitching them for money.

That's pretty awesome, especially that you are doing it without taking any money, simply to spread the word out there

Which it did as I lost my job at the beginning of the year partly due to Corona. I have not have had to use these reserves but it felt comfortable to have them just in case.

Damn man, covid made so many people lose their jobs. On the bright side though i feel the same with my crypto, that i got some spare pocket on the side just in case

That financial education alone is worth so much.

Totally agree, i have learned so much in this journey and the funny thing is that "so much" may mean less than 1% of the total knowledge! just imagine that

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Thanks for your post. You are so smart to saving your money in cripto. It's an excellent idea

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I see many of us are coming from the steem in 2017. It's good to see how you have evolved since then and done things the right way to get very good results!

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Wow you got to meet Andreas, if anyone is going to convince you on the ways of Bitcoin it would be that guy, he speaks so passionately about it you can't help but want to get involved. He was one my first big resources I stumbled upon.

Your dollar cost or frank cost averaging must be doing you pretty well I only started doing for the last 2 years or so and I don't regret it one bit, best way to get into Bitcoin in my opinion

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Yup SteemIt really got me rolling also. I probably wouldnt be as knowledgeable as I am if I didnt start off there.

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good article, the ecosystem of the coins has given us a lot of joy

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