Starting To Unbank Yourself Slowly

Hey Jessovereign individuals

As the inflation situation starts to get worse in my neck of the woods and gold doesn't seem to be the best thing to hold physically in a country with home invasions and crime like mine. Bitcoin and cryptocurrency appear to be the only way of protecting the wealth I've accumulated over the years.

As a South African, we're used to crime from both the petty crime, financial crime and government corruption, while it happens in other countries we're just more open about it. One of the most significant criminal enterprises in most countries is the banks, and governments, the far-reaching impact of their self-serving ways destroys more opportunities than it creates, in my opinion.

As I become more disillusioned and not wanting to be part of all this or at least only have some part on it, I've been trying to unbank myself, and it's starting to get a little easier.

Do you want to hold cash

Ask yourself this question, I asked myself, and it made it very easy for me to understand what I had to do next. Do I see myself holding the cash I have for ten years? Probably not at the current inflation rates, I'd lose more than I could gain as those losses compound year over year.

So if I'm not happy with cash, and if I'm not satisfied with assets denominated in my local currency, what can I do? Buy things that aren't like Bitcoin, and that's why I've continued to accumulate a position in the asset class.

Start building your bank

I got myself two ledgers, split my coins across two hardware wallets, have some in warm storage, have some in DE-FI, have some in CE-FI and try to use some of my Bitcoin to generate an income.

The rest I am not willing to risk, I put into cold storage, I create an X-pub to protect my privacy and keep stacking BTC safely and anonymously.

Now that I have a safe space for various Bitcoin holdings and a place I can safely add more to it whenever I need it. I then am looking for ways to hop out if required. Since I still have cash flow, I am happy to spend my "bad money" on things I need and hope not to have to use my BTC, but if I had to, I'd like to do it at a point of sale level.

Do you want to sell your BTC?

When I hear someone ask me that, what I hear is do I want to buy fiat, and the answer is no, so I'd only buy enough fiat to buy the product or service I want. I'd convert it at point fo sale and try to keep it low, so there is no tax burden to speak of when looking at measuring returns.

I've been staking CRO for a while hoping to get my crypto.com card making that my crypto to fiat offramp and perhaps one of many as different companies getting into this space my offer me various benefits and rates, so let's see.

Having control over your own money

It's a strange trip having full control of your money, having to figure out how to store it, use it to generate an income and then to spend it when needed. It's starting to give me much more confidence in handling my money and being responsible and prudent with my savings.

The more unbanked I can become the better, it's perfect for anyone who may feel the political and geopolitical situations aren't favourable or would like to be more nomadic like myself.

But that doesn't mean everyone shouldn't have a little bit of their wealth in the unbankable territory. I feel its almost irresponsible not to have a portion of your net worth as unbankable.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

Let's connect

If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase

Browse & Earn Crypto	Stack Sats For Free	Earn Interest On Crypto

---