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The life of a digital crypto nomad has been an exciting pursuit and has become popular in the past few years. But what exactly does it mean? Let us start by defining “nomad.”
What is a nomad?
A nomad is a person with no fixed residence. They always move from one place or another and are always open to explore other territories within a well-defined territory. It’s a lifestyle unlike the majority of the population, whose main goal is to settle in a place where they want to work and settle down for good with their family.
What is a digital nomad?
A digital nomad is an individual whose workplace is not tied down to one location. They work remotely and only need a device, an internet connection, and a bank account to make a living. These people are essentially living their life on their own terms, usually working anywhere they want and sometimes even anytime they want.
One of the biggest challenges with this lifestyle is that traditional money (aka fiat money) can be difficult to exchange in different locations. Often, banking institutions have strict account opening requirements, and government regulations can impose restrictions on earning money if you are a non-native resident. Cryptocurrencies can solve these financial limitations for such people, which is why the number of crypto digital nomads is on the rise.
What is a crypto digital nomad?
A crypto digital nomad is someone who lives a nomadic lifestyle, works from anywhere, and relies on crypto over fiat money. This setup allows them to transact with anyone, anywhere, and anytime without being tied to any third-party entity such as the government or banks.
Most crypto nomads nowadays are Gen Zers and Millennials because they love to travel. These generations detest a slow-paced life and being tied to one place because traveling gives them excitement and joy. They live a fast-paced life where everything is instant.
Gen Zers and Millennials also seem to prefer digital assets over physical investments. No wonder why according to Fortune, they are as likely to own crypto as real estate. Doesn’t that sound similar to living a nomadic lifestyle but in the modern times?
Crypto as a Medium of Exchange
Cryptocurrencies can be exchanged online, thanks to digital wallets and crypto exchanges. Many businesses, such as hotels, clothing stores, and food establishments, now accept digital money as a mode of payment.
Additionally, it is more convenient to transact in crypto instead of wiring money through a bank and losing a significant amount to transaction charges. The mainstream adoption of crypto is crucial for crypto digital nomads to sustain their way of living.
The Rise of Crypto Digital Nomads Post COVID-19 Pandemic
As of today, cryptocurrency is not yet considered legal tender in most countries. However, El Salvador is an exception, as Bitcoin is already an official currency there. Despite this, crypto is still popular as digital money because it is accepted in many countries as a medium of exchange.
The COVID-19 pandemic altered the world, revealing that many jobs can be done remotely. Gen Zers and Millennials are adopting a crypto digital nomad lifestyle because it allows them to have the freedom they want and essentially take control of their lives.
