transitioning from fiat/legacy banking to DeFi. need advice!

Hi everyone! I’m pulling out!

I just applied for a Crypto.com VISA and am shutting down my standard bank accounts.

Was thinking of keeping my wealth in stable coins.

What stable coins would you recommend?

What issues will I have to deal with as far as transactions? (Getting paid on payroll, paying loans etc)

Thank-you!

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12 thoughts on “transitioning from fiat/legacy banking to DeFi. need advice!”

  1. Moving your wealth into stablecoins (presumably staked on CDC?) ***and*** leaning into the CDC visa….

    You’re going to be living in a cardboard box if you’re not careful.

    Reply
  2. This is a terrible idea.

    Look up Celsius and every other CEX that went under. Using [Crypto.com](https://Crypto.com) is literally worse than a bank because they aren’t too big to fail and they spend money recklessly on advertising.

    Learn how to use only decentralized assets without centralized parties through your own decentralized wallets.

    Metamask, Ethereum. If you really want stables use USDC or DAI and don’t dabble into algo stables without extensive research and TRUE understanding

    Reply
  3. There are a bunch of stables out there, and many people have strong opinions. From what you are describing I imagine you look for security and convenience. Stables with a good capital backing are the likes of Dai and USDC. These two have very good liquidity and accessibility for off-ramp payment providers.
    Before you close down your bank accounts, bear in mind that standard bank accounts will usually have some sort of protection mechanism that secures your assets in case of your bank going bust. Crypto accounts may not have that (depending on your jurisdiction)

    Reply
  4. While I think you might eventually need your bank account for something, I don’t know how things go in your country, so I’ll let that be.

    Cryptocom VISA card is cool. My colleague uses Hold visa card. I myself I’m currently testing out Binance pay. I’m trying to find which offer the best cashback and security.

    USDT and USDC are the most widely accepted stables, I’ll probably stick to those.

    Reply
  5. Crypto card with a neobank like PayPal or chime works best if you don’t want to deal with banks. The crypto card is only a prepaid card so lacks some stuff.

    You can use the CDC card with PayPal to pay bills.

    For stablecoins USDC/USDT have the most adoption/usecases afaik.

    Reply
  6. Man, be very careful, do your research properly. I use brew money for ease & other protocols directly to be active in the space

    Reply
  7. I am also switching to United Crypto Cards that is coming out soon
    While waiting for the physical availability of United Crypto Cards.. let me explain the perks of having this card. $UTED or United is the base cryptocurrency of this card, you can trade $UTED in EliteX exchange. You can deposit any cryptocurrency you want in this card like BTC, ETH, etc. You can use this card to make online payments for your shopping at home. You can also use this card in million of merchants across the world and make fast borderless payments

    Reply
  8. Crypto com isnt defi. And to that end, good luck using a defi service or even just a wallet to pay for goods and services.

    The word youre looking for here is cefi.

    Reply
  9. I think it’s high time we start getting use to decentralization, I recently left some leverage CEX to DEX with Takepile because of privacy issues, I think both DeFi and other transactions has to be private without 3rd party awareness.

    Reply

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