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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