Cashing Out

  • 1) Directly in your bank account To proceed with this method, you first have to sell all your crypto currencies for regular fiat currencies (Canadian Dollars) on a crypto currency exchange (QuadrigaCX being an example). You can then initiate a wire withdrawal process which will result with Canadian Dollars arriving in your bank account via wire.

  • 2) Bitcoin ATM’s around the city There currently are 321 Cryptocurrency ATM’s in Canada, with 127 of them in Toronto (https://coinatmradar.com/country/38/bitcoin-atm-canada). This number is growing daily. At these ATMs, you can convert bitcoin (and sometimes other crypto currencies) to cash and vice versa. Note this method has the highest fees, and does not support a vast majory of the crypto currencies at this time, but will most likely support more and more as time passes. You can always convert everything to bitcoin before using an ATM to ensure that you cash in all your digital currencies.

  • 3) Spend your digital currencies. You can also simply spend your digital currencies at many places. Here is a list of just a few:

Additionally, You can also get debit card like products from crypto banks. There are multiple companies offering this, with the two of the best ones being TenX and Monaco. I suggest you use the affiliate link for Monaco and put yourself on a waiting list for the card, you get $10 on your card just by signing up (https://get.mona.co/IVWT/kju08v153I) These companies have partnerships with many payment processors and financial players such as Visa, Mastercard, Interac, etc., and with their cards you can pay in cryptocurrencies at virtually any merchant where you can pay with a regular card, without the merchant even knowing you used cryptocurrency for payment.

Copyright © 2018 Raslabon