In Canada you can no longer withdraw Bitcoin to dollars on coinbase. Also there is no coinbase credit card like in the US.
I decided to try buying coffee and a bagel using SBD as a starting point.
The process goes like this:
- blocktrades.us
- mobile doge wallet
- coincards.ca
- Tim Hortons app
Coincards.ca accepts BTC, LTC, and DOGE.
I decided to go with DOGE as it seems to have the lowest fees with blockades and for transfers.
I found an app called Coinomi that seems to work pretty well, it seems safe for sending and receiving small amounts.
Once you have the app get your deposit address. Then go to blocktrades and convert SBD to DOGE and send to your wallet's deposit address.
From there go to coincards.ca and select the giftcard.
Once you go to checkout you will put in the email where you want the e-gift and get a DOGE address to send to. The website charges a 5% fee on the gift card amount.
In the end the price it asked was 4962 DOGE for $25 CAD gift card.
After about 10-15 minutes I got an email from coincards, then 5 later one from Tim Hortons. In the email there was a number and pin I could enter on the Tim Hortons app.
Then you just go through the app building your order and select where you want to pick it up.
When I bought on blocktrades I actually did it in 3 transaction which probably increased my fees there. Once to test with 1sbd, main transfer 8.55sbd, then another 1sbd for a total of 10.55sbd.
So in the end I have sent 10.55sbd and in exchange have $25 CAD at Tim Hortons and 238 DOGE.
At current price 10.55 SBD is $23.73 USD which in CAD is $30.63. Then minus $1.23 value DOGE left over is $29.40 CAD spent total.
It seems like a lot of value was lost in the the conversions. Does anyone have experience with spending crypto at real stores?
