Reasonably safe Crypto funds when traveling.

[barcoMeCasa]

Originally Posted by s/v Jedi

You’re not supposed to exchange it back to fiat currency… just think of it as cash, I mean how difficult is it to understand?

No smilie so hard to say if that was serious or sarcastic, but it's wrong. Pretty safe to say most business & retail see it as a store of wealth which only increases in value against fiat long term. Or has done so far & there's nothing to suggest that will change, if anything the opposite as mass adoption into society continues to increase exponentially.

Early days in the world and for crypto but for some long distance cruisers it can appeal as it is global, uncontrolled & uncontrollable. And extremely secure, just don't give anyone promising huge profits the private key to your blockchain wallets. Individual countries can try to ban it within their borders but can't be many that do. No bank can shut it down, no business to go bust unlike shares or banks. Make transactions 24/7/365. And of course massively manipulated just like shares & currency markets. Current BTC market cap just over $1,000,000,000,000, more than Visa & Mastercard combined. And just getting out of a bear market.

Originally Posted by skipperpete

Cruisers need cash, Indonesian supermarkets,Australian farmers markets and Singapore market stalls don’t accept dodgy propositions like Bitcoin…

Use cash then. If UK based it takes about 2 minutes transfer some BTC from the blockchain to the likes of Swissborg, sell for fiat & transfer to a bank. Atlas wallet testers reported 30 seconds to sell BTC for dollars & transfer to a bank in the US.
Mastercard are setting up partnerships with the soon to be released Atlas wallet & others so you pay or use a local ATM with your card & the money comes from BTC on the blockchain at the price there & then.

It's here & nothing to suggest that it's not here to stay. A bit similar to the WWW in the very early days atm. Pretty wild west & riddled with scammers just like any other financial sector so far but slowly finding it's feet. A few guys jumping up and down on a web forum just results in sore feet & worn out shoes.

[requiem]

Originally Posted by barcoMeCasa

Mastercard are setting up partnerships with the soon to be released Atlas wallet & others so you pay or use a local ATM with your card & the money comes from BTC on the blockchain at the price there & then.

I think this touches on the cruising-relevant bits. I'm used to plastic. I'm just as likely to have old Roman denarii in my pocket as I am modern coins, but that changes in different parts of the world.

How many market stalls in the middle of nowhere are likely to have a card ready, or a nearby ATM? Sure, it might be more likely than finding a Tesla charging station, but...

[barcoMeCasa]

Originally Posted by requiem

I think this touches on the cruising-relevant bits. I'm used to plastic. I'm just as likely to have old Roman denarii in my pocket as I am modern coins, but that changes in different parts of the world.

How many market stalls in the middle of nowhere are likely to have a card ready, or a nearby ATM? Sure, it might be more likely than finding a Tesla charging station, but...

Lost me there. Just checked, this summer it will be 19 years since getting rid of that boring house which did nothing and living on the boat. Off the beaten track in Africa or South America it was never a problem, get the stash of basic food topped up & the little hidden stash of cash topped up when atm's / shops were available. Worked fine - how do you do it?
Do you seriously cruise without a debit card?

[Wotname]

Originally Posted by Pete7

Folks,

The title of the thread is Crypto funds when travelling. Cruisers Forum is really about cruising, be it a day trip out to a sandy bay for a picnic or a world trip.

Discussing the use of Crypto as a useful asset when cruising particularly abroad is on topic, discussions about Crypto futures belongs somewhere else on the internet.

Lets keep the thread on topic please.

Peter

Six off topic posts have had to be deleted since this message. If this work load keeps up, we will take the easier option and close the thread.

[barcoMeCasa]

Originally Posted by barcoMeCasa

No smilie so hard to say if that was serious or sarcastic, :

Sorry, reading that post back it was a bit in yer face, apologies

[GordMay]

“How to avoid the top scam of 2023"
➥ https://www.cnbc.com/2024/02/15/impo...-yourself.html

Consumers lost a record $10 billion to fraud in 2023, and imposter scams were the most prevalent swindle, according to the Federal Trade Commission...

... Nascent and improving technology, such as artificial intelligence and voice cloning, has made these frauds more convincing, experts said...

... Cryptocurrency accounted for the largest fraud losses relative to other payment methods, while bank transfers and payments were No. 2, according to FTC data. Fraud victims lost $1.9 billion [crypto'] and $1.4 billion [bank] via these payment channels, respectively, in 2023...

[GordMay]

Sam Bankman-Fried, FTX founder, has been sentenced to 25 years in prison, in crypto fraud case.
Sam Bankman-Fried has been sentenced to 25 years in prison, for his role in the 2022 collapse of FTX, which once was one of the world's most popular platforms for trading digital currency.
In November, Bankman-Fried, 32, was convicted on 7 charges, related to fraud and conspiracy. A jury found that Bankman-Fried illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, private planes, significant U.S. political campaign contributions, and alleged bribes to Chinese officials.
Prosecutors said Bankman-Fried had cost customers, investors and lenders over $10 billion US by misappropriating billions of dollars to fuel his quest for influence and dominance in the new industry.

See also: ‘Front Burner’ Podcast: “The Naked Emperor: The Trial of Sam Bankman-Fried”
➥ https://www.cbc.ca/radio/frontburner...ried-1.6981564

[Mapoz]

It's kind of amusing looking back at a 2022 post from 2024 at a post with an oxymoron title like 'safe crypto fund'. Bitcoin is admittedly up in value, but its 5 year chart looks anything but like a reasonably safe parking spot for money.

[skipperpete]

Originally Posted by Mapoz

It's kind of amusing looking back at a 2022 post from 2024 at a post with an oxymoron title like 'safe crypto fund'. Bitcoin is admittedly up in value, but its 5 year chart looks anything but like a reasonably safe parking spot for money.

Well spotted with the 5 year chart, how could Blackrock miss noticing this, I hope their due diligence includes browsing cruisers forum. Since this thread started in 2022 , Bitcoin went from $US 48,000 to today at $US 70,500 an hour ago, …….they might want to review their exposure and find another reasonably safe parking spot for the fund’s US dollar reserves.
Edit…..And $US67,000 this morning, very sobering if one climbed board yesterday as a new buyer…( a bigger fool)… but perfectly ok for the long term holders.