Hello my awesome hustlers. I want to take this opportunity to expand on my last post talking about living full time on crypto. If you didn't get the change to read that, you can check it out here. When you are living this lifestyle, you are going to have to cash out of crypto to buy things in the real world, pay bills, etc.
I talked in the last post about using different crypto debit cards like the Coinbase card and Bitpay. The problem with those is that it can still easily be tied back to your real world identity. They actually make you do the whole KYC thing. Bitpay is the best bet being a prepaid debit card type of thing.
But there are different ways you can turn your crypto into cash, or at least into other items that you can then turn to cash...
Bitcoin ATMs
First let's get the obvious one out of the way. Bitcoin ATM's are not a new thing and have been around for just about as long as Bitcoin has. It's a pretty simplistic process. Most ATMs now a days offer buy and sell options for many different assets, not just Bitcoin. You can use these machines to sell your crypto for cash directly. Most have a limit that you can cash in without providing an ID. In my experience, for most, that is a $200 limit.
The downside to using these ATM machines are the fees... WOW the fees can get astronomical with these things. You really need to watch the exchange rates they offer, many are way more or less than the regular exchanges. Plus there is usually a transaction fee or percentage, or both. If you find a machine from a good reputable company, then stick with it.
Selling Your Gift Cards
In the last post we talked about purchasing gift cards using your crypto and using them for different establishments to get what you need. Well, you can also sell those gift cards for cash! Using sites like raise.com and usell.com, you can sell your gift cards for cash, or at least to your Paypal account. But at least there are no capital gains to get involved.
You may lose some value in service fees or transfers, but it can be a way to get your crypto to cash without using KYC services. You can also use sites like Craigslist.org to sell direct to someone as well. Even sites like, I dare to say Facebook marketplace can be a good way to sell gift cards person to person as well if you are wanting to keep the actual transaction offline.
Buy Items Online With Crypto Then Resell For Cash
You can use your crypto to purchase items online from many different retailers such as Newegg, Overstock, Hivelist Store, and many others and then resell those items for cash! This may be hard to make profit because of high retail values and shipping, etc, but yeah, it's certainly something you can do to turn crypto into cash.
Buy Gold and Silver Online With Crypto
This is another way you can purchase from online retailers with crypto and turn into cash. Sites like APMEX and JM Bullion are sites that you can buy gold and silver or other metals using Bitcoin, Litecoin, and others including stablecoins. This is a way to turn digital money into physically hard money. In a pinch you can then go and sell your gold and silver.
The one downside is that most of these sites charge a heavy premium on their metals these days, but you generally get a discount for using crypto vs using a credit/debit card and Paypal. So when you go to sell the metals, you could be at a bit of a loss, but it's a viable way to get your crypto into some cash. You could actually sell it as a vendor yourself and charge a bit of a premium to try and break even.
Person to Person
Going old school, peer to peer, person to person cash for crypto deals are by far and away the best way to get your crypto into cash. We all know someone that wants to get into crypto or at least find an easy way without dealing with the hassles of an exchange. Well this can be a great way to also help teach your friends and family about crypto as well. Give them an easy way to get into the game without all the hassle.
This can be the safest way to avoid getting all tied up with the authorities. It's the same premise as selling well anything person to person, you are just selling digital assets vs physical assets.
In Conclusion
As you can see, there are quite a few ways to live on crypto and get your money into usable forms. It may take some effort, and you may end up losing some value in the transfers, but it's the cost of doing business in the crypto world. Especially if you want to avoid dealing with the ever increasing surveillance efforts by the powers that be. Bitcoin and crypto were meant to free us from that system, so we need to get creative sometimes to keep our privacy. Remember that if you use your regular wallet for transactions with an online company, this could tie your name to that address, so use what I like to call a 'burner' address to send the funds to these online retailers. This will help you keep some privacy as well. I could keep going, but I think by now, you get the idea...
Keep calm and Hustle on!
Main info site: https://hivehustlers.com
Hive Blockchain community: https://hivehustlers.io
HiveHustlers Community on Peakd: https://peakd.com/c/hive-183630/created
Check out our multi-token DEFI ecomomy: https://hivehustlers.com/token-economy
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.