Didi Taihuttu, his wife, and their three children sold all they owned in 2017 and invested everything they had in Bitcoin.
Everything was sold, including Mr. Taihuttu’s prosperous computer training business, their 2,500 square foot home, and their shoes and toys. As the Dutch family embarked on a new life, the proceeds were invested in cryptocurrency, with the proceeds being used to document their journey.
That wager was successful. By mid-June 2019, the price had risen past $10,000 once more, reaching around $59,000 in March 2021. Bitcoin has returned to $46,400 today after another drop to the mid-30,000s.
According to their website, the family travels the world with only their bags and no luxury items, teaching their children that they can be happy without them.
They’ve traveled to over 40 countries, don’t own a home or have bank accounts, and describe themselves as “decentralized nomads.”
Buying local sim cards: It helps you stay connected and For those utilizing bitcoin as an investment vehicle, experts recommend getting local SIM cards and paying for data so that you can stay up-to-date on the turbulent markets. Rather than emails, it is advised that you receive the daily crypto updates as SMS messages so one doesn’t have to worry about connectivity in remote areas. It is also advised to buy local SIM cards when one arrives to avoid having to rely on the internet at cafés or hostels.
Save Ahead of Time: As a digital nomad, you’ll be paying for transportation, food, and lodging from the get-go. So they want to make sure to pad your savings ahead of time. This means calculating your up-front costs and planning for emergencies. The exact amount you’ll need to save is primarily determined by your intended destination and current employment circumstances. However, seasoned nomads recommend saving at least six months’ worth of living expenses before you leave. It’s also wise to always keep enough in your account for a last-minute flight home.
Make the switch to a travel-friendly banking system: When you’re on the road full-time, you’ll need a bank account that can keep up with you. After a few months, foreign transaction and ATM withdrawal fees can add up quickly. When you’re traveling between locations, switching to a travel-friendly bank can provide you financial peace of mind.
Make a Financial Plan: No matter how much you pad your savings, a nest egg is useless without adhering to a strict budget. All the exciting experiences and wares your foreign existence will bring may encourage you to squander and deplete your funds. And that could mean an early departure back home.
Be prepared for the unexpected: All the digital nomads have one piece of constant advice: if you want to travel with bitcoin, anticipate the unexpected.
A digital nomad once shared his experience
“I got disconnected from all my financial means in one minute one beautiful day in January,” recalls Gershonok. She was in a resort in Thailand, trying to arrange a flight out or her next day’s lodging, when she discovered she couldn’t access any of her accounts. “This isn’t for someone worried about not having enough money.”
“Being a digital nomad is easier in the crypto world,” adds Gershonok. “It prepares you for the idea of decentralization.” but getting prepared for such expectation is important.
As a digital nomad, it might be difficult to keep track of your finances. Taking the time to properly manage your money, on the other hand, is well worth the effort. It will enable you to maintain your current lifestyle while also allowing you to cross additional countries off your bucket list.
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