Using cryptocurrency as a digital nomad
When it comes to connecting the world transnationally, the internet is today’s undisputed hero. And in a post-pandemic reality, an increasing number of people are harnessing the power of information technology and embracing a nomadic way of working and living.
Since 2019 there’s been a 112% rise in American professionals who currently work and live remotely and describe themselves as digital nomads, according to MBO Partners.
We spoke with one digital nomad Andy Stofferis about the benefits of using cryptocurrency as a low-fee borderless solution for life on the road.
What exactly is a digital nomad, and how do you support this lifestyle?
Digital nomads often consider themselves citizens of the world as we can theoretically live and work from wherever.
I run several businesses including my digital marketing agency Sendabee and I also invest a consequent part of my income in the stock market and cryptocurrencies, which brings me passive income throughout the year.
How have you used cryptocurrency as a digital nomad?
I’ve used cryptocurrency both privately and professionally, through investments and merchant payments.
More and more merchants and freelancers offer the possibility to get paid in Bitcoin. This is a pretty easy process, especially when you’re dealing with a foreign contractor based in another part of the world.
A few examples of private purchases I’ve made using crypto include:
- Mobile data with Bitcoin in Georgia
- A hotel in Madrid where it was possible to book a room with Bitcoin
- A coffee in Prague in a café where they only accept Bitcoin
What do you think are some of the benefits of using cryptocurrency over fiat currency (USD / GBP etc.) when traveling?
I never stay more than a few months in each destination so it’s not feasible to open multiple local bank accounts that often as they require lots of paperwork and evidence of long-term residency.
Using cryptocurrency is a way to skip the bank altogether. As cryptocurrency is borderless with lower fees, it’s often faster to make a transaction in Bitcoin than using fiat currency when dealing with suppliers and customers from different continents.
On top of this, I also consider my cryptocurrency investments as an effortless means to make extra money if the currencies increase in value.
What do you think the benefits are to the wider digital nomad community who are considering using cryptocurrency when traveling?
I see the use of cryptocurrencies as part of the future of travel — it’s making our lifestyle easier and freer. The clear advantages of using crypto when traveling are to get rid of intermediary fees and trade freely without input from third parties, states, and banks.
“Cryptocurrencies and digital nomads share the same value: a need for borderless freedom.”
Flexibility and freedom are two underpinnings principles that align not only with this ‘location-independent and technology-enabled’ lifestyle but also the core values of cryptocurrency. You can find out more about Andy Stofferis and his life on the road in his blog.
Whether you are a fellow digital nomad or not, visit blockchain.com today and sign up for a wallet to start your journey to financial freedom.
Here at Blockchain.com, we see the true value in the nomadic lifestyle, and that’s why we’re remote first. Visit blockchain.com/careers to find out more