A few years ago, surviving on Bitcoin and cryptocurrency only would be very difficult. However, at present time, surviving only on crypto is very easy. With the growth of cryptocurrency, a lot of institutions adopted cryptocurrency as a mode of payment. However, crypto is still not mainstream. You still have to convert crypto to fiat when you need to spend your coins. In this guide, we will teach you how to survive entirely on cryptocurrency. Here’s how you do it:
1) Crypto Debit Card
There are so many crypto debit cards out there. Each has its own perks. How a crypto debit card work is quite simple. First, you load the card with cryptocurrency. Then you spend the card just like a regular debit card. When you spend, crypto will be automatically converted to fiat according to the market value of the coin and deducted from your crypto balance. Almost any store accepts debit cards these days. There’s only a handful of stores that only take cash. With this method, you can survive any number of days with cryptocurrency alone. If you can’t decide which crypto debit card to choose, always choose the most popular one. They are popular because they are usually the best. Here are some of the popular crypto debit cards:
Beware that there are some risks associated with this method. The biggest risk is the fluctuating price of cryptocurrency. If crypto prices plummet, you would lose a big amount of money in a short period of time. That is why some crypto debit cards support Stabelcoins like Tether. Again, if crypto prices skyrocket, you would lose in opportunity cost. The main problem with using a crypto debit card is that not all countries support crypto debit cards. If that is the case, please do not lose hope. There are still ways to survive only on cryptocurrency.
2) Sell Crypto for Fiat
If no crypto debit card is available for your country, you can still survive only on cryptocurrency by selling crypto for fiat. There are many services that allow you to exchange crypto for fiat. What you have to do is join one of these services and add your bank account to receive sold crypto directly to your bank. Then you can spend your bank card. This method is less convenient than having a crypto debit card because you have to sell crypto every time you want to put money in the bank. However, this method can be implemented by anyone in any part of the world. Here are some popular services that allow you to sell crypto:
3) Cryptocurrency ATM
You can also sell your cryptocurrency for cash at an ATM. These are special ATMs that deal only with cryptocurrency. You sell crypto at an ATM and receive cash immediately. Again, this method can only be used by a limited number of people. That is because there is only a limited number of Crypto ATMs available. You can check the map of all crypto ATMs here. However, these ATMs are being installed everywhere rapidly. It is very likely that one day you will see one of these ATMs nearby.
It is important to note that these ATMs also take a cut when you use them. The fee can be high as 20% of the transaction sometimes. As of now, this method of converting crypto to fiat is the most expensive one on this list. However, this method is the fastest way to sell your crypto if you were to survive only on crypto.
4) Buying Gift Cards with Cryptocurrency
Almost all major stores and supermarkets have their own gift cards. If you own one of these gift cards, you can redeem them at their store. If you can find a way to buy these gift cards with cryptocurrency, you find a way to survive only on crypto. That is exactly what you are going to do in this method. Here are some services that allow you to buy gift cards with cryptocurrency.
Please note that some services only accept customers from a limited number of countries.
Interestingly, services like eGifter allow you to buy prepaid Visa cards with cryptocurrency. You can spend this card online, just like you spend your debit/credit card to buy something online. You are not limited to a specific store as with the gift card option. You can check out our guide here.
4) Pay Your Bills with Cryptocurrency
If you want to survive only on cryptocurrency, you will have to find a way to pay for services that don’t accept cryptocurrency with cryptocurrency. For example, your rent or your mobile bill. The majority of these services do not accept cryptocurrency as payment, as of now. Sometimes these services do not even accept cash. So, your only option, if you were to survive only with cryptocurrency is to use a crypto debit card. If you own one of these cards, you can easily pay for these services with this card. This method is for those who do not have a crypto debit card.
There are some services that allow you to pay bills with cryptocurrency. The way it works is simple. You enter the details of the receipt of the payment. Then you send crypto to the address given by the service. After the transaction is completed, the service makes the payment to the recipient on your behalf. Here are some of these services:
5) Visit Stores that Accept Crypto as Payment
At the time of writing, there is only a limited number of stores that accept cryptocurrency as payment. However, they do exist. If all methods mentioned above aren’t practical, the only option left is to seek restaurants, stores, bars, supermarkets, shops, etc. that accept cryptocurrency. You can check out the full list of all physical companies that accept cryptocurrency here.
If you can pay with crypto directly, then pay with crypto directly. All other methods mentioned in this list is a way to convert crypto to fiat to make payments. Which makes this method the most convenient of all. This method is also the most reliable way to survive only on crypto. If all other methods fail, and survival is important, this is the only method that is guaranteed to work. You would have to cleverly locate yourself in a location that is not too far if you were to visit these physical companies.
6) Book Hotels and Homes With Cryptocurrency
There are services that allow you to book your favorite vacation home with cryptocurrency. You can check out our guide here.
Crypto is our future. With time, every restaurant, pub, salon, supermarket, shop, etc. will adopt cryptocurrency. In the future, you wouldn’t even think about asking the question “how to survive only on cryptocurrency?”. But for the time being, we have to find ways to convert crypto to fiat.