A week ago, I deposited funds into my lawyer’s account for services rendered.
Lo and behold, the next day my account was blocked. By the bank. Who finally “freed” MY money after I explained who I sent money to – and WHY!
That is the power a bank has over you and your funds.
If you let them…
However, if like me, you think banks are bad to the bone, there are various alternatives to explore – each with its own pros and cons, for example:
- Third-Party Payment Services Like PayPal
Most digital nomads, internet entrepreneurs, or online business owners have experience of third-party payment services like PayPal or TransferWise.
Many of them also have horror stories to share about “that time when PayPal had a bad hair day and decided to screw with my funds”.
FinTech and blockchain are the latest buzzwords when it comes to banking-for-business alternatives. You can read more about The Cross-Border Real-time Payment Conundrum and what you can do about it in our upcoming October issue of The LIBpreneur.
2. Banking On Bitcoin
A location-independent lifestyle demands a universal currency, and it is digital money that develops the most friction-free payments. Bitcoin isn’t just a unit of trade. It spells “freedom” to business owners who need to escape local exchange rates as they travel. There are no capital gains to tax when you’re holding your profits in a digital wallet and selling to global citizens.
- Crypto has become America’s seventh most popular long-term investment among those chasing offshore banking tax avoidance.
- Twenty percent of the new generation holds some form of cryptocurrency.
- Many economists believe that digital money will replace fiat currency wholesale—a prediction the growing regulatory landscape is making all the more likely.
- Fifty-four global brand giants now accept Bitcoin payments, and
- Cryptocurrency ATMs are already rolling out.
Watch today’s video to see why digital money might not have the powers it needs to take over the global banking sector yet, but it’s certainly building them.
Bitcoin is already replacing fiat currency in countries in economic crisis, where it acts as a dollar surrogate to dodge fiat crashes. The question is thus not, “Will cryptocurrency take over?” but, “When?” The answer? It’s already happening.
3. Becoming Your Own Banker
For U.S. and Canadian citizens, there is an interesting third option – becoming your own banker! I will soon do a video explaining how this works and how you can benefit from it; in the meanwhile, visit https://libpreneur.com/slpg-dk-be-your-own-banker for more information!
One of the problems of discovering the freedom that comes with a Palm Tree Lifestyle, is that you simply don’t know the things you don’t know. We are dedicated to help you get started with loads of free information, specialist advice, self-learning courses and a network of likeminded unconventional thinkers. Visit PalmTreeResearch.com today to join our community.