How to buy food with Bitcoin?

bitcoin (BTC) is a dynamic monetary asset with the potential to be both a commodity and a currency. For example, the Securities and Exchange Commission (SEC) classified BTC as a commodity, while El Salvador made Bitcoin a legal tender in 2021.

So does this make BTC a store of value or a exchange medium? You can do both: on the one hand, BTC can be added to treasuries as inflation hedge. On the other hand, it could also serve the retail purpose of paying for routine expenses.

Almost over a decade ago, the first person to use Bitcoin for a commercial transaction was Laszlo Hanyecz, who spent 10,000 BTC on two pizzas, or as the crypto community refers to it, the Bitcoin pizza. However, that is not the amount of BTC someone needs to buy food in the real world right now. Why? Because customers have realized that they pay only the amount the product is worth, neither more nor less.

This article will discuss the different ways one can buy food using Bitcoin. From crypto debit cards and gift cards to crypto food delivery portals, this article will lay out all possible options for efficiently using cryptocurrency to grab a meal.

Various ways to buy food using cryptocurrency

There are a few ways to buy food with Bitcoin, depending on the needs and interests of the user. Here are the three most common ways to use cryptocurrency for everyday expenses like food:

crypto cards

Crypto cards are just like regular debit or credit cards, but crypto cards allow the customer to use their crypto to make payments. Basically, they deduct crypto from the user's wallet and transfer fiat money to the merchant's end.

Helps users pay their routine bills via crypto without the complexities of finding accepting outlets crypto payments. Also, today, numerous crypto card companies offer mobile apps that make it easy for the customer to spend Bitcoin on the go.

Crypto Gift Cards

Customers can purchase gift cards for various food and delivery services using cryptocurrency. They can then redeem said gift cards to pay for their meals in digital currencies. Crypto gift cards make it easy to sell and buy of items from participating merchants to customers using cryptocurrency. There are a number of companies that offer gift cards, so it's easy to find one that suits a user's needs.

Crypto Food Delivery Portals

Crypto food delivery sites are connected to many food and drink outlets in various regions. It's like a website or app to order food from nearby restaurants and pay the platform via crypto instead of paying the food vendor.

How to buy food using a crypto card?

Crypto cards allow Bitcoin transactions on various items in the physical world. However, in order to spend BTC via a crypto card for daily necessities like food, consumers need to follow certain steps:

• The first step is to set up a digital wallet, along with a merchant account. Since there are various crypto cards available in the market. Therefore, it is ideal to research the options and choose one that meets the needs and budget of the respective user.
• Sign up by downloading the app and completing the Know Your Customer (KYC) Requirements. Signing up for the card and creating an account with the provider will allow the user to efficiently access their funds and make purchases online or in-store.
• Users can set a spending limit along with scheduling regular deposits into their accounts.

Almost all crypto cards allow customers to instantly convert crypto to fiat currency. However, how to choose a crypto card that suits the goals of an individual? While some customers may prefer cash back rewards, others may lean towards service delivery.

Many cards are suitable for regular shoppers as they function as shopping reward cards that allow users to earn money back on purchases. After this, some cards also allow users to earn interest on the cryptocurrency held in the account.

Also, when accessing a crypto card utility, be sure to check for multi-currency support. Ideally, the crypto card should support various cryptocurrencies, such as BTC, Ether (ETH) and Litecoin (LTC), among others.

Companies that offer crypto credit cards include BlockFi and Gemini. However, more companies offer crypto debit cards, such as Coinbase, Crypto.com, BlockCard, Binance Visa Card, and BitPay.

How to buy food using a crypto gift card?

Crypto gift cards are loaded with digital funds that can be used at any participating restaurant or retail store. They are easy to use and provide a way for customers to spend their cryptocurrency conveniently. Here are some steps on how to get started:

Brands like Amazon and Walmart do not accept Bitcoin directly, but they do accept crypto gift card services. After this, to directly pay for food in BTC using a crypto gift card, users can use Bitrefill. It is a website that offers gift cards, prepaid mobile recharges and Bitcoin Lightning Network services for more than 1,600 products in 170 countries.

How to use crypto food delivery portals?

Crypto food delivery portals are not drastically different from using crypto gift cards. Both connect the user with merchants that are accommodating in the use of crypto services for payments. After this, the steps are pretty similar as well: choose a platform, sign up, and load the wallet with funds.

Also, customers have different options to use a crypto delivery portal to buy groceries. From simply buying groceries with cryptocurrency to buying groceries on credit and then paying for those purchases with cryptocurrency, both make cryptocurrency delivery gateways convenient for making cryptocurrency payments.

Platforms that allow users to order food directly from restaurants and then pay for it in cryptocurrency, like Hungry? in the UK, Sprigz in the US, BiteMyCoin in Australia and Eats24/7 in Canada, can be an alternative way to order food using cryptocurrency.

Should you buy food with cryptocurrency?

There is no clear answer as to whether or not users should choose crypto payments to buy groceries. However, there are advantages and disadvantages to using cryptocurrency for food purchases.

On the plus side, cryptocurrency transactions are generally quick and easy. After this, since cryptocurrency transactions are recorded on the blockchain, it makes the transaction history tracking process efficient. Additionally, crypto payments directly connect the customer to the merchant, eliminating the need for intermediaries like banks.

On the other hand, crypto payments pose a threat of monetary loss through hacks. Additionally, the digital asset class is also highly volatile, which can make it difficult to make day-to-day transactions. Therefore, users should do their research before using cryptocurrencies as a medium of exchange for everyday expenses.