Hello publish0x'ers!! here again with my late at night article to enter the contest. I know, I know, being busy with other things, in order to make things up, here is a little animation of a cat:
Now, as you might have noticed if you subscribed to my blog, I like to communicate content in a fairly straightforward manner, so let's go.
But first, why this Tutorial? this is MURICA!!
I am assuming the vast majority of readers of an English site dedicated to crypto are located in the US, or in Canada, the UK, Australia, Europe in general, or more to the point not-Mexico. However, just picture the following scenario. You have 300k Tron and after the partnership with steem and the token swap, now each tron is valued at 3 dollars, you want to cash out, but noticed that taxes will cut your win by a lot. You are not going to take it, and thus scape to Mexico. Now, what do you do?
So, obviously, this isn't tax advice, legal advice, immigration advice, or anything advice. I disavow stealing, cheating and lying.
Let's say that after some weeks thinking it over you decide to bite the tax bullet but want to go forward in the future with new gains with less taxes after renouncing your citizenship legally, after all, the weather is great and people don't mind if you stay. So, what's next?, how do you withdraw fiat money from crypto within Mexico?
Alrighty, let's get to it.
Step 1, get a good ERC-20 token compatible wallet
After using several wallets (some of those, with bad experiences) I recommend that you get the Atomic Wallet, if you feel generous, here is my referral code: 15XK98
Step 2, get publish0x to send your coins to the Atomic Wallet
Donations in Ethereum are appreciated! :) 0x4b391BBE68cA0a3acF450e3CA25DcDddD6dbA86D
We get paid in Dai, Basic Attention Token and Hydro, all of which are supported by Atomic Wallet, so just copy-paste your Ethereum address in your settings and you're ready to go.
Step 3, sign up for Bitso
Bitso is like the Mexican Coinbase, there are similar exchanges but personally I haven't used them, so I cannot say anything good or bad about them. As far as Bitso goes, it is pretty reliable and it functions in an acceptable manner.
Just a heads up, same KYC protocol applies, ID, selfies, etc.
Step 4, exchange your HYDRO and Dai for BAT
Since Bitso only supports BAT, (it has other coins, but regarding what is of our interest at the moment) you need to sell your Hydro and Dai for BAT, you can sell DAI within the atomic wallet, but for hydro you will need to sell it on the Liquid exchange. Since I haven't accumulated enough hydro in order to want to sell, I have no experience of the whole sequence.
Step 5, send your BAT to your Bitso wallet
Simple, just a crypto transaction, copy and paste your BAT address and send it to your BAT address within Bitso.
Step 6, sell BAT for Mexican pesos
If you have used Coinbase, this is basically the same but the UI is in Spanish. let's move on.
Step 7, withdraw your Mexican pesos to your Mexican bank account via CLABE
CLABE is like the ip address of your bank account, is unique to your bank and your specific name, and it is necessary in order to transfer funds within different Mexican banks, you might be new to this system but you will get pretty used to it. Just ask the bank representative for your CLABE and your good to go.
Step 8, smile all the way to the bank
Congratulations! you can now buy tacos with crypto. (sort of) 2020 I'm I right?
Thank you for reading this article! this blog is still growing and I am very grateful for every reader around here. Make sure to check out my LBRY account, I am uploading videos there (that I might advertise or not around here) If you join via my invitation link you get from 20 to 40 LBC for free. :)
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