Travel Tip #17: Turning Steem into Cash Around the World!
Getting hundredss of thousands of Lao Kip for my steem is a real trip! This was my first time changing steem into spendable cash. I never used crypto currency until now. Doing so in Luang Prabang Laos has been an eye opening experience and something anyone can do!
The process is very easy for those totally new to crypto currency like myself. I think the experience was very much like moving money through a regular banking system through online transactions. Instead of "accounts" from "banks" with "digital dollars", it's "wallets" from "non-bank entities" with "crypto currencies". To move the money you use "addresses", instead of "account and routing numbers". Other than that it's pretty much the same process with different semantic titles, just side stepping the banking industry. No wonder they see crypto as a threat.
A couple month's ago when I was in the US I got everything set up for this moment. Meaning I opened an account with Bittrex and Bitpay. Bittrex is a Crypto Currency Exchange just like having a trading account with Fidelity or TDameritrade. I sent my steem to this Bittrex account. From here I was able to internally on Bittrex sell my steem for Bitcoin. So in my account "Wallet" it showed I owned a fraction of a bitcoin worth about 85 dollars and the Steem was sold.
From there I was easily able to send the Bitcoin to my Bitpay Visa card. Which is a Visa debit card that holds Bitcoin and can be used around the world like a regular Visa debit/credit card. I logged into my Bitpay account, the first thing they ask is if I want to fill up my card. I click yes. I put in the amount and get the address to send the bitcoin from my Bittrex account. I plugged the info into the Bittrex withdrawal form, click send, and with-in a few minutes I had bitcoin on my Bitpay card.
I then headed over to this bank where they will swipe your Visa or Master card and give you cash charging a 3% commission. I took out $40 USD and 248,760 Lao Kip, which is about $30. I had 70 dollars cash worth of Lao Kip and USD and my card had about .02 Bitcoin deducted from it. The transaction cost me about 2 dollars at the bank which is much less expensive than using an ATM here. I was feeling real good walking out of the bank with money I earned on Steemit. The process was real simple.
For any experienced crypto users, thinking, Ok, what's the big deal?.....I meet people almost everyday who have never even heard of Bitcoin. For me, it's my first time owning it. To watch Steem turn into Lao Kip, and to know it can all be done in about 15 minutes from start to finish is a real big deal. One that puts a smile on my face in a real big way! Steemit is awesome! Keep on Steemin!
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Haha very cool ! Not sure if that would work here in Canada meaning cashing out your card at the bank !? We are quite a ways behind in our country with these things ! Glad you had no issues my friend !! Steem On!👍👍👍💕
Thanks for stopping by Karen. Turns out I could have gotten cash at little money exchange kiosks too. Just like cash back at the supermarket. Looking forward to your next food post!
That's cool ! 👍👍👍💕
Great Info! We are going on around the world trip next year and we are planning to travel for as long as possible. Hopefully our fellow Steemians will help us same way they help you :)
I think they will!
Loads of information. Thanks. Love it. @world-travel-pro Followed
Thank you Jerry!
Cool to see that it actually works to move Steem into money you can spend on the street. I need to figure out how I will accomplish the same, probably getting some kind of Bitcoin debit card just like you.
Yeah. All of this is so "knew", I too am happy to see it work! Thanks for the stopping by :)
I might look into that bitpay card. My current process is to convert to Bitcoin, move onto a local exchange and then sell that for local currency (soft) and then transfer that to my bank account.
Impressive. More ways than I even new to turn steem into whatever you want! I feel like I came out of one of those caves and entered the 21st century! lol Hope you're feeling better my friend!
Hope you can walk out the bank like that every day! and keep travelling, i am still saving for my trip, just opened a coinbase account to get some crypto currency
Nice! Where are you going on your trip? How long do you plan to travel for?
Dont know yet, will give myself a few more months to prepare, ideally i would like to work and live in a onther country again, looking into that now. otherwise i will leave my job start travelling and see where it takes me
Sounds exciting either way. Will be looking forward to learning about what comes your way! Best of luck my friend!