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Then, is Bitcoin a store of value or a medium of exchange? Both. BTC can be added to government bonds as an inflation hedge. Alternatively, it could also be used to pay for ordinary expenses.
Laszlo Hanyecz was the first to use Bitcoin for a commercial transaction nearly a decade ago when he spent 10,000 BTC for two pizzas, or, as the crypto community refers to it, the Bitcoin pizza. However, that quantity of Bitcoin is no longer required to purchase meals in the real world. Why? Because consumers have learned to pay exactly what a thing is worth, neither more nor less.
Depending on the user’s preferences, there are many methods for purchasing food using Bitcoin, from crypto debit cards and gift cards to crypto food delivery platforms.
Crypto debit cards
Crypto cards are similar to debit and credit cards, but they allow customers to pay with cryptocurrency. They deduct cryptocurrency from the user’s wallet and transfer fiat currency to the merchant.
It enables consumers to pay normal bills using cryptocurrency without the hassle of locating merchants who accept crypto payments. Moreover, numerous crypto card firms now offer mobile applications that make it simple for customers to spend Bitcoin anywhere.
Bitcoin gift cards
Customers can use crypto to purchase gift cards for multiple foods and delivery firms. They may then redeem these gift cards for digital currencies to pay for their meals. Crypto gift cards enable users to purchase goods from participating retailers using cryptocurrency. Numerous companies offer gift cards, making it simple for users to find one that meets their requirements.
Crypto food delivery platforms
Various regions have linked numerous food and beverage firms to crypto meal delivery services. It is like a website or mobile application for ordering meals from nearby eateries and paying the platform with cryptocurrency rather than the food vendor.
How do you purchase food with a crypto card?
Crypto cards enable Bitcoin transactions on a variety of physical goods. To spend BTC via a crypto card on necessities such as food, however, consumers must take the following steps:
The initial step is to establish a digital wallet and a merchant account. Given that numerous crypto cards are on the market, you can research and select one that suits your needs and budget.
Download the app and complete the Know Your Customer (KYC) requirements to register. By registering for the card and creating an account with the provider, the user will easily access funds and make in-store or online transactions.
Users can set a spending limit and schedule recurring deposits into their accounts. In addition, ensure that the card supports several coins. The crypto card should preferably support many cryptocurrencies, including Bitcoin and Ethereum.
Almost all crypto cards offer quick conversion of cryptocurrency to fiat currency. Many cards are appropriate for frequent shoppers because they function as reward cards for users to earn cash back on purchases. In addition, some permit users to earn interest on cryptocurrency held in the account.
How to purchase food with a crypto gift card?
Crypto gift cards are loaded with digital currency that you can spend at any restaurant or retail establishment that accepts them. They’re straightforward to use and provide a convenient way for customers to pay their cryptocurrencies. Here are some guidelines for getting started:
Amazon and Walmart do not directly accept Bitcoin, but they do accept crypto-based gift card services. Users can use Bitrefill to now pay for food with BTC using a crypto gift card. It is a website offering gift cards, prepaid cellphone refills, and Bitcoin Lightning Network services for more than 1,600 products in 170 countries.
How to use cryptocurrency meal delivery portals
Crypto meal delivery portals are similar to the use of crypto gift cards. Both connect the user to merchants who accept crypto payment systems. The steps are relatively similar: selecting a platform, registering, and funding the wallet.
In addition, users have other alternatives for purchasing food via a crypto-delivery platform. Both options make it easy to make crypto payments through delivery platforms, from merely purchasing food with cryptocurrency to buying food on credit and then paying off those purchases with cryptocurrency.
Platforms, such as Hungry?, that let users order meals directly from restaurants and pay for them with cryptocurrencies are gaining popularity. Sprigz in the United Kingdom, BiteMyCoin in the United States, Eats24/7 in Canada, and Sprigz in the United States are alternatives for ordering meals with cryptocurrencies.
Should you purchase food using cryptocurrency?
There is no black-and-white solution to whether people should use cryptocurrencies to purchase groceries. However, there are advantages and disadvantages to buying food using cryptocurrency.
Positive aspects of cryptocurrency transactions include their speed and simplicity. Since crypto transactions are recorded on the blockchain, tracing the history of transactions is subsequently streamlined. Furthermore, crypto payments eliminate the need for intermediaries such as banks by connecting the client directly to the merchant.
On the other hand, crypto payments pose a risk of financial loss due to hacking. In addition, the digital asset class is highly volatile, which may make daily transactions challenging. Therefore, consumers must research before using cryptocurrencies as a means of payment for everyday expenses.