Discover and read the best of Twitter Threads about #getonzero
Most recents (5)
I've been living on #crypto since 2015. I've learned a lot, and made a lot of mistakes.😬 These are my 5 biggest ones and what I learned from them.
If you want to #GetOnZero fiat, read this thread, ESPECIALLY #5. Let my errors save you from doing them too!
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If you want to #GetOnZero fiat, read this thread, ESPECIALLY #5. Let my errors save you from doing them too!
1/7
#1: FIGURE OUT ONE MAJOR EXPENSE
I just stopped earning fiat and then was scrambling to figure out how to spend my crypto. I should have figured out how I was going to pay my bills.
Before going fiat-free,practice paying at least one major expense (like rent) with crypto.
2/7
I just stopped earning fiat and then was scrambling to figure out how to spend my crypto. I should have figured out how I was going to pay my bills.
Before going fiat-free,practice paying at least one major expense (like rent) with crypto.
2/7
#2: PLAN YOUR ACCOUNTING
I just started downloading and using crypto wallets at random, causing an accounting nightmare.
Streamline the main wallets you'll use so your accounting is much simpler (especially for freelancers or multiple income sources).
3/7
I just started downloading and using crypto wallets at random, causing an accounting nightmare.
Streamline the main wallets you'll use so your accounting is much simpler (especially for freelancers or multiple income sources).
3/7
1-10
Today I’ll show you how we can pay for Rent and Living Expenses with our #Bitcoin without selling them.
Using #ZERO from @SovrynBTC , a #DEFI platform running on @RSKsmart , a sidechain that uses #BTC as its native currency as it is merged mined by the BTC miners
Today I’ll show you how we can pay for Rent and Living Expenses with our #Bitcoin without selling them.
Using #ZERO from @SovrynBTC , a #DEFI platform running on @RSKsmart , a sidechain that uses #BTC as its native currency as it is merged mined by the BTC miners
2-10
All we need to get started is some #Bitcoin and an @RSKsmart enabled wallet, I personally use @Liquality_io , but @MetaMask or @defiantApp work as well.
We exchange our #BTC for #RBTC using the #FastBTC bridge from @SovrynBTC at live.sovryn.app/fast-btc/depos…
All we need to get started is some #Bitcoin and an @RSKsmart enabled wallet, I personally use @Liquality_io , but @MetaMask or @defiantApp work as well.
We exchange our #BTC for #RBTC using the #FastBTC bridge from @SovrynBTC at live.sovryn.app/fast-btc/depos…
3-10
The #RBTC is always backed 1 to 1 with #BTC and can be traded back and forth
This maintains their value, and once in the @RSKsmart blockchain we can take advantage of #SmartContracts and #DEFI platforms like @SovrynBTC , @moneyonchainok and @tropykus secured by #BTC
The #RBTC is always backed 1 to 1 with #BTC and can be traded back and forth
This maintains their value, and once in the @RSKsmart blockchain we can take advantage of #SmartContracts and #DEFI platforms like @SovrynBTC , @moneyonchainok and @tropykus secured by #BTC
Short mini-tutorial for those starting out with @SovrynBTC e.g. #DeFi on #bitcoin. Use your coins without KYC, lending pools, liquidity pools, spot, margin and limit trading, ... and of course #GetOnZero!
A short thread on my @RSKsmart onboarding experience. It may help you!🧵
A short thread on my @RSKsmart onboarding experience. It may help you!🧵
First things first. You need a wallet that supports RSK!
Beyond @MetaMask, ..., I prefer a hardware wallet and happened to have a @Ledger.
It supports RSK /w the RSK app, which is not supported in Ledger Live. So you can connect to Sovryn and RSK, but won't see TXs. What to do?
Beyond @MetaMask, ..., I prefer a hardware wallet and happened to have a @Ledger.
It supports RSK /w the RSK app, which is not supported in Ledger Live. So you can connect to Sovryn and RSK, but won't see TXs. What to do?
Pro tip: you can connect your Ledger on app.mycrypto.com and use it to transact on the RSK main chain! You will need this later on. For now, it can already help you to identify which addresses you have on RSK. If you connect to Soryn with your HWW, the address is the same.
Quick Summary of my journey to #GetOnZero HT to @JWWeatherman_ @LaserHodl and @heavilyarmedc they were a big part of this journey. I'm hoping others can provide feedback to improve my workflow.
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1/8
I have been doing cash flow management with credit cards and unsecured LoC. Using velocity banking with my paycheck going into the LoC, then paying CC and other expenses from there.
2/8
2/8
Since I had adjusted to the cash flow style of personal finance it made sense to me to have #Bitcoin as the store of value instead of fiat debt. I ended up reworking the above method in the following way.
3/8
3/8
Thread
A popular objection to #GetOnZero is the idea that you should keep a "small" (whatever that means) fiat balance to manage unexpected events so you don't have to dig into your #Bitcoin savings.
If you need to pay for something that exceeds your available fiat, you have
A popular objection to #GetOnZero is the idea that you should keep a "small" (whatever that means) fiat balance to manage unexpected events so you don't have to dig into your #Bitcoin savings.
If you need to pay for something that exceeds your available fiat, you have
two main options: use credit or liquidate other assets into fiat. If you use credit, you have to pay interest on what you borrow. To liquidate, you might have to pay capital gains taxes and perhaps a fee to liquidate.
Everyone always thinks about those costs (for good reason).
Everyone always thinks about those costs (for good reason).
If you have lines of credit and/or assets, while you might not have a large holding, if any, of fiat but you do have good access to fiat. You'll be able to service these larger, unexpected expenses as needed even if it does come with the previously identified costs.
