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Using your Bitcoin in everyday purchases and withdrawing it straight to cash



A lot of Bitcoin users love the currency, but if you need to use some of it in the real world, there are generally speaking a ton of hoops, as well as long wait times.

  • For instance, a normal workflow would be:
  • Transfer Bitcoin to exchange
  • Exchange Bitcoin to local currency (USD, CAD, etc)
  • Wire the currency to a third party service
  • Transfer to bank
So there is a lot of room for improvement here.

Bitcoin Debit Card

You've likely heard of these, especially if you've been in cryptocurrency for a while but they are actually pretty great to have.

I use WageCan and haven't had one bad experience so far. I want to outline the positives and negatives of these kinds of services (but specifically WageCan).

Pros

  • Use your bitcoin for everyday purchases.
  • Withdraw money from ATMs.
  • Bitcoin you leave in your wallet earns 0.009% interest every day.
  • Cheap debit card

Cons

  • Transaction fees
  • Depending on the card you may need to wait a short period of time from loading to using

To summarize, as with any service you will end up having some kind of fee table to deal with but from my experience, these fees are VERY reasonable and well worth it. I've used WageCan for a couple years now and I've probably used 1.5-2 BTC through their debit card service without a hiccup.

If you're looking to bridge the gap between buying online and having bitcoin ready to spend right in your pocket, this Bitcoin Debit card is an excellent solution.


Do you have experience with WageCan? Or do you have experience with other Bitcoin Debit cards? Let me know in the comments!
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Location: Toronto, ON, Canada

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