I conductuted a little experiment over the last few weeks to see how easy (or difficult) it would be to live off of crypto. Using nothing more than the assets I have on Hive and whatever I had on hive-engine and leftover on Steemit, I made my first powerdown ever in the three years I've been on the blockchain.
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Starting on Steemit first due to its shorter time frame, allowed me to begin moving crypto to an exchange quickly. Next up was Hive with a much longer process and smaller amounts to move each week. If you're new here, I wish I could say it was a one-step operation, but it isn't there yet.
Sending my tokens to the exchange took from just a few minutes up to about 15 minutes. Trading STEEM and HIVE to Bitcoin was quick, but since I didn't have a bank account linked, off they went to Coinbase. This is where the time begins to stack up and the wait could stretch into a few hours before they became available. Now I could sell my BTC and after one more hop, they were in my bank account.
From crypto to card
There, I am able to spend using my card just as I normally do, with the funds arriving in my account within minutes. Spending crypto by proxy might be clunky, but it can be done. I'm sure it would have been easier if I'd used another method, but my test was more to see if the transfers would go off without a hitch and to find out if my small bank (where they didn't even know what a SWIFT code was in 2017), would have any problems.
That year I had to visit a competing bank where they were able to find the code for my bank for me. They are pretty clueless about the blockchain and tokens in general, so that was my big concern. I'm happy to report that everything went according to plan. If we can get the confirmation times and fees down, I can see a day when everyone will will be living the crypto life!
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