The last few months have seen crypto debit card providers withdraw their services from various regions. This, unfortunately, has always included Canada. This means that for those who want to spend crypto and live off of it, the options are fewer. One question you will be asked by everyone who you speak to about cryptocurrency, is 'how do I cash out?' The answer to this questions changes depending on where you live and what exchanges you use.
Bitcoin ATM: This allows you buy bitcoins for fiat and in some cases you can trade your BTC for you local currency. how these ATM operates differ from region to regions. This is a good option to quick get BTC or CASH the fees my be significantly marked up. Some Bitcoin ATM require identification be scanned before transactions. I avoid these ATM, I rather not have my personal data on an ATM.**
Bitcoin debit cards - if available in your region TenX, WireX, SpectroCoin, etc
Bank Wire Transfer: Kraken and a few exchanges would allow you transfer proceeds from your crypto currency trades to your Bank Account. This may take a few days to arrive at your bank. Banks have been know to close accounts linked to cryptocurrency transactions. So use this options only after doing your due diligence with your bank.**
LocalBitcoins - Peer to peer Bitcoin platform for trading
Wall of Coins - similar to LocalBitcoins but for DASH**
My new favourite - Coincard I just found this site that pretty much converts crypto to gift cards! What's the big deal you say? The big deal is that this is right here in Canada. Most of the fantastic crypto schemes tend to exclude Canada, like the CoinBase Shift card.
Buying Gold - As someone who invested in gold before, I noticed most gold dealers accepted #BTC, #LTC and #DASH as a form of payment. Here in Canada I am able to trade bullion gold or silver for cash easily, and for large amount. To use the option all I do is order bullion bars or coin and sell them for cash when it gets to me. I find the stable price of gold works to my advantage here. This option may be elaborate but it works for large sums. My tried and tested source for bullion is Apmex they ship to lots of Countries.
There are a few places that accept crypto that you may not always require:
- https://btctrip.com/ this site accepts LTC and BTC for flight payments. I have used this once to buy a ticket to LA will use them again for my summer holiday.
- Expedia.com - Accepts Bitcoins for holiday bookings. I recommend you pay in full it you want to pay in crypto as the service provider may not accept crypto.
- SmartCard- This is a physical card that allows holders spend their smartcash directly. More and more projects are seeing the need to create this solution.
As it stands today you may in most cases need to convert your Altcoins to Bitcoin to use these methods. I am optimistic that more solutions and ways to pay with Altcoins would come up in the next few years.
- Nitego
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Aye, we need more on/off ramps, specifically for altcoins. I am very excited for the smart card:)
I just found some great options in Canada - A service bylls that allows you pay your bills in crypto (Bitcoin and Litecoin). All the while I have been using the gold option. Use crypto to buy gold sell gold for cash!
Most people don't realize the lack of liquidity in crypto, I am going to send this to all my friends that are new or looking to get, just so they can be prepared for when they are ready to sell :)
Thanks for reading. It is so true turning crypt to cash can be a daunting task. I once read a posting on Twitter that said It is not profit if its still on the exchange.
Hey @nitego, great to see you explaining some of this.
Overall, there is such a lack in financial astuteness that many people have no idea how to manage their finances in a way that allows them to remove the constant noose being wrapped around their neck by agreeing to only be manipulated by fiat currency mongers.
There is so much liquidity in the financial markets. FOREX is around 5 trillion daily and now crypto is involved after just a short time and being heavily pursued.
The issue these days is absolutely with the utility being offered for the mobility of the current.
Here in Colorado, we are having discussions regarding the creation of utility between providers who will be willing to transact with crypto (right now they're mostly talking bitcoin and steem), but it would allow for the exchange of services/goods for crypto eventually. For now, it's about figuring out proper fiat gateways that are legally prepared to help complete that process for those who are also working with fiat cash.
These are exciting times!
@intuitivejakob sorry I did not get back to you sooner. I was in Mexico and my internet in the Hotel was not very good so you will notice a gap in my posting to Steemit. During the conference Smartcash presented the smartcard. The smartcard is really a cold wallet that allows the user pays for items using smartcash. The smartcard works with a corresponding merchant application currently on android so it can be quickly and easily deployed by user (users would setup their cards online and print it themselves) and merchants. This may be a solution to consider. Smartcash is relatively stable and has a good circulating supply to work as a currency. With this solution there is no is really no barrier to adoption. It you want more details visit our discord and DM me I should be able to you in touch with the people who can make this happen.
All good, @nitego! I am happy to know it's working out for you and to hear more about SmartCard. I am a fan of SmartCash and am someone who purchased some of it early into the launch, although I haven't been as active in the community as you have been.
Then it great to have you as part of the Steemit Team. I'll be looking forward to your content.