My 21 year old new wants to quit his job coz he has 100 bit coins. If he he puts it on rent or buys food without selling a portion of it forhow long will he survive? Yes, you can use Bitcoin to buy gift cards for food, but you’re still depleting your Bitcoin, and over time, you’ll end up with nothing.
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Bitcoin’s value is like a roller coaster - it can go up and down fast. Using it for rent or food is risky, especially with transaction fees. It’s better to keep his job for steady income, hold Bitcoin for the long term, and explore using a stablecoin for everyday purchases. Think of Bitcoin as a cool investment, not everyday spending money. We can find resources to help him manage it safely!
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Relying solely on Bitcoin without selling any could be risky. Sure, you can use it to buy stuff like gift cards for food, but eventually, your stash could dwindle away. It’s like dipping into your savings without replenishing them.
I’d suggest having a chat with your son about finding a balance. Maybe sell a portion of those bitcoins periodically to cover living expenses, while still keeping some for the future
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First, we need to establish the current value of Bitcoin. As of now, let’s assume the price of one Bitcoin (BTC) is approximately $27,000. This can fluctuate, so it’s essential to check the latest exchange rates for precise calculations.
Currently, you’re looking at $6 million or more. Enough money for him to fend for himself
where did you get this value? A simple search would tell you that as of now 1 BTC = $69,000