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Bitcoin has long been regarded as a powerful store of value, but its potential goes far beyond that. As the world moves towards greater decentralization, Bitcoin is increasingly challenging traditional payment systems that rely on third-party authorization. The primary goal of Bitcoin is to bypass banks and financial institutions, enabling direct payments that are censorship-resistant and seizure-proof.
The creator of Bitcoin, Satoshi Nakamoto, designed a peer-to-peer electronic cash system aimed at freeing people from reliance on financial intermediaries. Therefore, you might as well start using this cryptocurrency according to its original vision.
This article will show you how to use Bitcoin to pay for food expenses. You will learn about the different ways to use Bitcoin for payments at supermarkets, restaurants, and food retailers, whether in physical stores or online.
Did you know? The first transaction using Bitcoin to purchase food was completed by Laszlo Hanyecz on May 22, 2010. This day later became known as the famous "Bitcoin Pizza Day." At that time, he bought two pizzas for 10,000 Bitcoins, which were worth $40 at the time.
The first real-world Bitcoin transaction. Source: bitcointalk.org
In short: Of course! Depending on your country, there will be different options available to you.
The benefit of directly using Bitcoin to pay for food is that it avoids intermediaries and high transaction costs while achieving the pure Bitcoin transactions envisioned by Nakamoto.
Although most merchants currently do not accept Bitcoin as a payment method, Bitcoin payment cards, gift cards, and food delivery platforms that accept Bitcoin indirectly are almost everywhere.
You simply need to load some cryptocurrency onto a payment card, and the payment processor will directly convert Bitcoin into local currency.
While the number of merchants accepting Bitcoin globally is increasing, there are still few that fully accept Bitcoin as a payment method. When merchants accept Bitcoin, they typically use a Lightning Wallet for payments, which is not only fast but also has very low fees.
You can visit https://btcmap.org/ to find food companies around the world that support Bitcoin payments. Just select a nearby area to see merchants that accept this digital currency.
The BTC map used to find food companies around the world that support Bitcoin payments. Source: btcmap.org
Depending on different jurisdictions, fast-food companies that accept Bitcoin payments include Burger King and Subway. McDonald's fully accepts Bitcoin as a direct payment method in El Salvador and operates as a pilot project in Lugano, Switzerland.
You can also use Bitcoin to pay at certain restaurants, such as Mastro’s in some locations in the U.S. and Tahini’s, a Canadian-Middle Eastern chain (which also has some locations in the U.S.). Notably, this cryptocurrency-supporting restaurant even holds Bitcoin as a reserve asset.
For online orders, there are fewer cases of direct acceptance of Bitcoin payments unless the merchant partners with a cryptocurrency-supporting delivery service. For example, Manufy in the U.S. directly accepts Bitcoin payments, allowing you to pay for food delivery with Bitcoin.
In many grocery stores that support Bitcoin, you can also directly purchase food with cryptocurrency. For instance, Whole Foods accepts Bitcoin payments at specific locations in the UK, U.S., and Canada through the Spedn app on the Flexa network. One of South Africa's largest grocery retailers, Pick n Pay, has also launched Bitcoin payment services in many stores after successfully completing a pilot.
El Salvador is hailed as the "Bitcoin country," where, in most cases, restaurants, grocery stores, and online retailers allow customers to pay directly with Bitcoin.
Many small towns are also accepting Bitcoin as a widely used currency. Besides El Salvador, many merchants (mainly small retailers) in places like Lugano, Switzerland, and Mossel Bay, South Africa, also accept Bitcoin as a legal payment method.
Did you know? Subway was the first major food chain to accept Bitcoin. In 2013, a Subway store in Moscow, Russia, completed the first Bitcoin payment transaction.
Many services offer Bitcoin-based debit cards that convert Bitcoin into fiat currency at the point of sale. BitPay, Wirex, and Binance are some well-known companies that support Bitcoin and cryptocurrency payments at grocery stores like Walmart. At the same time, these cards can also convert cryptocurrency into various fiat currencies.
The benefit of Bitcoin cards is that the conversion to fiat currency is instantaneous, and merchants do not need to accept Bitcoin payments directly. Providers of these cryptocurrency cards partner with companies like Visa and Mastercard to ensure your card can be accepted by the vast majority of merchants and retailers.
How to use Bitcoin gift cards to buy food
Bitcoin gift cards are Bitcoin vouchers that can be used to purchase food on popular food delivery platforms like Uber Eats, DoorDash, or Grubhub. Through services like BitPay, CoinGate, and Bitrefill, you can order food online using Bitcoin.
Bitcoin gift cards are also widely used for shopping at grocery stores like Walmart, Whole Foods, Safeway, and Lidl. Gift cards can be used for in-store shopping, online services, and pickup or delivery services.
How to pay with Bitcoin gift cards
Using Bitcoin gift cards is currently one of the most widely available payment methods, especially for restaurants or merchants that do not yet accept cryptocurrency payments directly.
While Bitcoin offers a convenient and decentralized payment method, to ensure the security and smoothness of transactions, you need to pay attention to the following points:
Wallet security: Whether custodial or non-custodial, choose a trustworthy and secure Bitcoin wallet to store your cryptocurrency. Ensure the private keys of the wallet are kept safe to avoid unauthorized access.
Transaction fees: Although Bitcoin payments are designed to be cheaper than traditional payment methods, transaction fees may still exist, especially when using the Lightning Network for quick payments. Be aware of the fees that may be involved with each payment method.
Merchant reliability: Ensure that the merchant or restaurant you are purchasing from is legitimate and accepts Bitcoin payments through trusted payment processors. Avoid using random or unverified third-party services.
Bitcoin price volatility: The price of Bitcoin can fluctuate rapidly, so be prepared to deal with potential price changes that may occur from the time you make a payment to when the merchant processes it. This is particularly important when converting Bitcoin to local fiat currency.
Regulations and acceptance: Depending on your location, different regions may have varying regulations regarding Bitcoin payments. Make sure you understand the local cryptocurrency laws and whether merchants in your area are allowed to legally accept Bitcoin payments.
Remember, the security of your funds is just as important as how you use them. Taking precautions in advance can ensure the safety of your assets while enjoying the convenience of Bitcoin payments.
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