Crypto is a relatively-new currency type and digital payment method, offering the user enhanced privacy and decentralization over conventional means like swiping a microchipped card, or tapping a mobile device. For a decade, cryptos have been making inroads and gaining acceptance, and I've chronicled their progress with interest. But are they really as private and decentralized as they're cracked up to be?
Personally, I've always greatly valued privacy and decentralization, paying for everything with cash, even as doing so has been made harder and harder, as we push toward a fully cashless society. I made the decision long ago not to use a smart device, and instead have a PC and wired internet connection, as well as a land line phone. Additionally, I've long been a student of monetary theory. So the emergence of crypto in 2011 piqued my interest in a way that nothing else had for some time. And as I detailed in last week's post, I'm looking into putting crypto into regular use in my daily life. But I encountered a problem.
There's currently NO way to convert Bitcoin to cash without identifying oneself.
Now, I don't require payment methods I use to keep me perfectly anonymous, but if a cryptocurrency offers no more (and often, less) privacy than fiat currency, what makes it a crypto? And why would I want to use it?
I set out last week to begin the process of making a living as a content-creator, something I've been doing for free for 15+ years. My plan is to scale up my crypto income, and find a way to - privately - spend it on things I need, starting with lunch.
How can it be done?
I have a Bitcoin wallet, but there's nobody near me selling meals directly for Bitcoin.
The Steem and Hive blockchains allow me to potentially earn cryptos and tokens for posting my original content, and curating that of others. I have the mechanisms in place to transfer and convert into Bitcoin, by far the most used and accepted of the cryptocurrencies.
But that still doesn't get me lunch.
Several shops within walking distance of my house accept debt and credit cards in exchange for groceries and produce, which I can prepare into a delicious lunch. A few of these shops also accept fiat cash. Unfortunately, none accept Bitcoin yet.
I need a way to convert my Bitcoin into fiat cash, spend my balance with a debit card that converts to digital fiat, or use it to buy a prepaid credit card. THEN I can buy the groceries and prepare the lunch.
It seems that at least one of these routes should be possible, but my research - and appeals to the community - have thus far found nothing that respects privacy.
I can easily convert between currencies, and I can buy and sell various precious metals, and as long as I don't go over $3000 at a time, I remain anonymous. But as soon as I want to include cryptocurrency in my life, I have to give up my privacy, and use the centralized entities I'm trying to move away from?
At minimum, crypto MUST be able to function WITHOUT identifying the user, and without involving governments, corporations, or banks.
I'm one of the world's billions of unbanked humans, many of whom also don't have recent government-issued ID. Currently, we use the local fiat cash to get things we need we can't produce ourselves. As governments everywhere move to eliminate cash forever, most of these 2 billion will be forced to accept whatever digital fiat replacement is offered, since they don't have the ID or bank account to use cryptos.
I believe this is one of the main issues preventing mass adoption of cryptocurrency, and I think it needs to be acknowledged and solved ASAP!
Where does that leave Crypto Lunch?
I'm not eating a crypto lunch quite yet, but we're no further behind than we were! We've defined exactly what we need to complete the chain from Bitcoin to sandwich, and getting more eyes on the problem. Maybe somebody with a keen mind who sees this will know of a product or service that will do what we need, or open up options. Maybe something is being worked on right now, or just being launched?
Until then, we'll continue to gather cryptos toward the lunch, and seek help from within the community.
Lunch Budget
Last week's Hive post brought in $5.29 ($2.68 for the author). This was paid out as 5.613 HIVE and 1.339 HBD (which was converted into HIVE). The Steem post brought in $0.32 for the author, paid out as 1.442 STEEM and 0.29 SBD, converted into STEEM.
BTC: 0
HIVE: 11.226
STEEM: 2.878
CAD: 0
USD: 0
Thank you to those who pitched in with an upvote!
How to make Crypto Lunch happen
All you need to do is follow along, enjoy the weekly adventure. But hopefully readers and curators will provide some crypto, to make the whole process happen! Here are a few ways to do that:
- upvote this post (on both chains if possible)
- send HIVE or HBD directly to my Hive wallet
- send STEEM or SBD directly to my Steem wallet
- send BTC directly (1NWGEhWfeg4kscoBUFNqzRT1UN7qjLgnVa)
- use a service like TipU
- send any kind of tokens to my Hive-Engine or Steem-Engine accounts
You can also help by offering information/advice!
Some help spreading awareness of the project would be very appreciated, because it will lead to more eyes on the problem, more crypto to buy lunch ingredients with, and more people learning how to make crypto part of everyday life. That's good for us all.
Thank you for reading and participating! There's no such thing as a free lunch, so I hope the crypto community feels I've earned one with this post. :) And hopefully there's plenty more to come!
While we're waiting for lunch, here's an appetizer of fresh salty french-fries...
DIG IN, Everybody! See you next Thursday for week 3.
DRutter
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$5.29 sounds like a beyond burger for lunch. $2.50 for the patty when buying in bulk and $1.75 for ridiculously expensive vgf bun and some cheeze and fixings.
I really think it should be Infused Crypto Lunch. <3
With homegrown lettuce you'd only need condiments after the bun, patty and slice of cheeze. Too bad that didn't include a side of fries, but you could get a basket size fries for about that price instead.
Very much looking forward to you having a crypto lunch as I want to learn how to do it as well👍
It's GOT to be possible.... without a bank account or smart device.
Doesn't it?
You'd really think so.
Upvoted and resteemed for more eyes O.O
Keep your eyes and ears peeled for something that might help connect things. We'll get there, without giving up privacy and decentralization! Just might take a minute.
Have you looked at gift card options? No, never mind. They would need to be mailed out emailed to you.
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Actually, gift cards aren't necessarily a dead end.
Most of the grocery stores within walking distance are small, not big chains that would have gift cards for sale online like Amazon, Walmart, etc. But there's a chance some groceries I need to prepare a meal are available at a local chain store. It's less decentralized, but if nothing better comes along, it could happen.
As for needing physical cards to be mailed, I could rent a local mailbox using cash, at a place that doesn't record ID. Generally it's about $15 a month and then you have a fairly private 2nd address. Drop by with your key and check it once or twice a week.
Email's not a problem. I can get a protonmail account for free, with a fair degree of privacy and decentralization. If you mean somewhere for gift codes to be sent?
No smart device, though, so if the gift "card" has to be done with a specific app that my PC can't run, it won't work for me.
I'd have to check specific companies/sites/services. I'll do some searches this week.
Yum tokens never tasted so good :-)
You might need to break down and get a smartphone. You can pay cash for a burner phone. Then, load up a wallet on the phone. I would recommend exchanging BTC for Monero or another privacy coin that you can find a buyer for. Then, trade the crypto for cash anonymously, in person, with someone local. I did this years ago, back when we thought BTC was anonymous. I met someone at a Starbucks after connecting on Local Bitcoin (which seems to have matured into an actual escrow service now). Here is a quick review of some peer-to-peer exchanges.
You can use a line of credit https://primexbt.com/for-traders/what-is-a-margin-trading-account/ to buy securities with a margin account. The loan is collateralized by the securities in your account. The funds in your margin account are a loan from the broker. However, most margin accounts require you to have a certain amount of money in your account before you can buy stocks on leverage. Margin purchases are not available for all stocks, and you must have at least $2,000 in your account to do so.
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