With the advance in technology many people have decided to become location independent; this movement is known as digital nomadism. In 2020 a research study found that close to 11 million American workers described themselves as digital nomads, an increase of 49% from 2019.[1]
Thanks to technology, digital nomads can perform their job anywhere in the world and are not tied down to a geographical location. This movement has experienced significant growth due to the global lockdowns seen during the pandemic, and more companies are now open to the prospect of hiring people to work remotely full time. Another boon to the digital nomads has been the growth of the gig economy, commonly referred to as freelancing. More and more people are taking a few items with them and going to see the world.
Those who pursue this path understand it is not always going to be easy, but the most rewarding paths are often the most difficult to walk. It involves a great amount of sacrifice, and it can be complicated. But those who are brave enough to undertake this feat are bountifully rewarded. The modern world has a strict doctrine and those who go against it are usually punished, but we live in an epoch where these strict social conventions are eroding. Digital nomads report far higher job satisfaction than traditional workers and it is unsurprising. Imagine the commute to work through the grey slab of concrete which constitutes a modern city, versus a gentle stroll down the sand where the ocean breaks gently against the beach.
The increasing cost of living is also awakening in people a desire to travel. If you are paid in dollars, why suffer extreme rent costs, when you could live like a king in another corner of the globe. Digital nomads embrace change, and thus benefit the most from the current changing landscape. They are bold and likely to adopt new technology, and many have already been involved in the revolution of decentralised finance.
The digital nomad philosophy has significant overlap with our core philosophy of FIRE; both centre on the principle of freedom.
But being a digital nomad can be difficult, specifically financially, traditional finance has not caught up to offer what the digital nomad requires, and that is why we at DeFIRE have stepped up to offer our services to digital nomads.
It is time to unbank yourself.
Investing as a Digital Nomad
There are often difficulties using traditional investment vehicles in foreign countries, and tax regulations can become complex. Our main philosophy revolves around financial independence and through the BLAZE protocol we offer complex investment strategies neatly tailored into a single UI for the user.
This is a time saving mechanism for the investor. Assets are not just sat idle waiting for price appreciation; they are being optimally deployed. The central focus is to give the participant more time to pursue the activities they love, whilst still reaping financial benefits from their assets. For those who have travelled away from home, we offer a managed investment fund which is globally accessible and gives you more time to do you.
The BLAZE protocol allows the user to see all their assets in one location and they will be provided updates and expected progress from the container’s financial insights. It offers the ability to deploy an optimised investment strategy in the DeFi sphere as you travel the world. Wherever you stay, regardless of borders, rest assured that your assets are working for you.
Bank Accounts
You may not be able to keep your bank account if you are no longer a resident of you ‘home’ country. There are none of the geographical limits present within traditional finance found within our protocol. It can be accessed and interacted with from anywhere in the globe provided there is an internet connection.
Yields can be taken from the container found in the BLAZE protocol, and transferred to an exchange such as Crypto.com where the funds are accessible immediately. The ability to unbank yourself has arrived, now all that awaits is your decision to do so.
Money Transfers
One of the worst elements of digital nomadism is the transfer from one bank account to another in a foreign country. To transfer is often financially costly and can take up to a week. We are DeFIRE believe this is unacceptable. That is why we operate on multiple chains ensuring the participant can use the chain most convenient for them and have access to their funds at any moment.
Welcome to the age of decentralised finance. Where any sum of money can be transferred nearly instantly with negligible fees to anywhere in the world.
Emergencies
Emergencies happen wherever we go. But they are a normal part of life for the digital nomad. However, it can be very difficult to get a quick loan if something happens. From family or friends, the transfer fees from international banks are unnecessarily expensive and time consuming. From a traditional bank, if and only if it is willing to lend you money at the drop of a hat the interest rates are unjustly high. From a local business, again outrageous interest rates and you may be forced to leave something precious as collateral such as your passport.
All of these scenarios are unacceptable to us at DeFIRE thus we shall be there to support you with the IGNITE protocol. Soon to be released. All deposits within the BLAZE protocol asset containers participants will receive BLAZE receipts which are going to be a leverageable asset. These can be deposited as collateral in the IGNITE vaults for up to 50% of the value of the asset.
In short, the user can take a loan out against their investment portfolio whenever the need arises. These loans will come without the traps of high interest rates, in fact due to our belief that we must improve on the services that have preceded us these loans will be self-repaying. They will be automatically repaid with the yields derived from the BLAZE protocol container.
Conclusion
Being a digital nomad entails a great amount of risk, but every decision in this life entails risk. If you stay in your comfort zone you are taking the risk of making no progress and laying the foundation for the misery of regret in later life. If you travel outside of your comfort zone, of course there are risks to be encountered at every stage of the journey. But we believe those risks and the ability to take them is what makes life worth living.
That is why at DeFIRE we offer you a broad decentralised financial service to aid you in your journey towards FIRE and across the globe. The BLAZE protocol gives you the returns you want without exchanging the time usually required. The IGNITE protocol gives you security knowing you have an easy loan ready at hand. We walk with you in your journey towards financial independence and personal freedom wherever you are.
Sources
[1] https://s29814.pcdn.co/wp-content/uploads/2020/10/MBO-Digital-Nomad-Report-2020-Revised.pdf
