I buy stuff online and cashout them as fiat through localbitcoins and use the fiat money to buy whatever i want in real life.
Hmm.. I've never thought about doing this but it might be nice (even profitable) to exchange bitcoins on LocalBitcoins and receive that premium.
Well its even simpler than that. It's called arbitrage and you only need 2 exchanges.
Use CEX.io or Bitfinex to buy bitcoins at market price, and then sell that bitcoin back on Localbitcoin to some desperate guy for +15% of the price.
And profit, and repeat. There is always a 60$ difference between market price and localbitcoin price.