How to buy food with Bitcoin?
Ironically, buying food with cryptocurrency was once considered a far-fetched idea; but today, it’s becoming increasingly popular. Whether it’s with a crypto gift card, a merchant that accepts payment in crypto, or a crypto debit card, you can buy food with Bitcoin.
In this article, we’ll explore the advantages and disadvantages of buying food with cryptocurrency. So, let’s get started!
Buy food with crypto gift card
There are several services that make it easy to purchase food with bitcoin. Coingate, Bitrefill, Cryptorefills, and BitPay are some examples.
All you need to do is select the food you want, and the service will handle the rest.
With Coingate, you can easily purchase food online with cryptocurrency. It’s a secure payment gateway that supports a wide range of digital assets, from Bitcoin to Ethereum.
You can use your crypto funds to buy food from online retailers, grocery stores, and restaurants. Plus, you can shop with gift cards from major food delivery services like Uber Eats, GrubHub, and DoorDash.
Coingate also allows you to buy gift cards for popular supermarkets like Walmart and Rewe. All payments are processed instantly and securely, so you can get your food delivered quickly.
Plus, you can purchase McDonald’s gift cards with crypto and enjoy your favorite meal. With Coingate, you can pay for food with crypto anytime, anywhere.
Regardless of your favorite taste or if you would like to try something new, Coingate has got you covered with more than 180 restaurants available.
You can also use Bitrefill to buy food from popular fast-food restaurants and online food delivery services. All you need to do is select the restaurant or delivery service you want to use, enter your order details, and pay with Bitcoin. You’ll receive a confirmation from Bitrefill that your order has been placed. Your food delivery or pick-up will be with you in no time.
Bitrefill has a wide range of supported restaurants with more than 1,000 options, and the process is fast and secure. You don’t need to worry about the safety of your Bitcoin transactions either, as Bitrefill uses the latest encryption technology. Plus, you don’t need to worry about exchange rates, as the Bitcoin you pay is directly converted to the local currency.
From the most popular ones like Uber Eats, Chipotle, and Subway to Whole Foods, Olive Garden, and Red Lobster, just to name a few of your favorite places to eat.
Cryptorefills offer an alternative to traditional credit and debit cards, as well as cash payments. If you want to eat somewhere nice or just stay at home, the gift cards can be used at a physical store or online.
To buy a gift card with Bitcoin: – Go to the Cryptorefills website – Select the country, food category, and brand – Choose the amount and currency – Provide an email address and make the payment. It is that simple!
To redeem your gift card, just get the QR code or barcode scanned. While you do it online, make sure to check your spam folder for the delivered code if you don’t get it swiftly.
The most popular players in food delivery, like Uber Eats and DoorDash, are available. Also, you can grab a bite from Burger King and Five Guys or fall in love with meat at Outback Steakhouse. All you have to do is be hungry and go to Cryptorefills to get your meal sorted.
BitPay makes it quick and easy for you to cash out your crypto and use it to buy prepaid gift cards for DoorDash and Uber Eats.
All you’ve to do is download the BitPay App, tap the Shop with Crypto tab, select your preferred food delivery service, enter the amount you’d like to load onto the card, and select the wallet and cryptocurrency you want to use.
Then just confirm your transaction, and you’re done – you’ll receive your gift card instantly and can use it right away.
Plus, you can add it to Apple Pay or Google Pay for even more convenience.
Best of all, BitPay’s Merchant Directory offers plenty of other restaurants that accept crypto, so you can always find something to suit your tastes.
Buy food from merchants that accept crypto payments
Merchants such as Starbucks, Subway, Burger King, Menufy, and Takeaway all accept crypto payments.
You can easily purchase your favorite meals with the click of a button.
Through a partnership with the digital wallet provider Bakkt, you can pay for drinks and food items at Starbucks with crypto, particularly Bitcoin, through the Bakkt App. This cooperation allows clients to use their Bitcoin balance to pay for an assortment of products on the Starbucks menu.
You can benefit from the convenience of managing all forms of digital assets, the accessibility for customers who are not that familiar with cryptocurrency, and the advanced security features the Bakkt App offers, like multi-factor authentication and biometric verification.
If you are using the Starbucks App, you can also pay through iPayYou’s Bitcoin wallet to purchase items from the menu.
Starbucks also offers the option for customers to convert their digital balance on PayPal to a fiat currency before refreshing their Starbucks Apps.
In 2022 Subway began accepting Bitcoin payments through the Lightning Network layer-2 solution, offering customers discounts of up to 50%. With its testing in Berlin, Germany, the Subway franchise is the largest in the world to accept Bitcoin payments.
The franchise owner has recorded over 120 Bitcoin transactions only after a few months since the testing began. By partnering with Lipa, a Swiss-based Bitcoin company, customers enjoy an easy-to-use point-of-sale system with low transaction fees compared to Visa or Mastercard. The Lightning Network enables faster settlement times and lower fees than traditional payment methods, and Subway’s 10% discount further incentivizes customers to use Bitcoin.
The hashtag #usingBitcoin has also gained popularity on German-speaking social media, indicating a steady increase in demand for Bitcoin payments. With the Lightning Network and retail examples like Subway, Bitcoin is becoming an increasingly viable payment option.
In March 2023, Burger King made an announcement that they begin accepting crypto payments for all of its restaurants in Paris. Through a partnership with Instpower, Binance, and Alchemy will offer payment services by power bank machines at all 20 locations.
Instpower is a leading force in the bank charging industry, and coopering with Binance and Alchemy has allowed them to place power bank devices at more than 13,000 locations worldwide.
With Binance Pay, customers will be able to purchase their meals at Burger King using more than 70 different cryptocurrencies, including the most popular ones like Bitcoin, Ethereum, Dogecoin, and more.
If you’re looking for a way to pay for takeout or delivery with cryptocurrency, Menufy is the perfect option.
Visit the website, enter your address to find restaurant options near you, select the items you want to order, and choose ‘BitPay’ as your payment method at checkout.
With BitPay checkout, you can pay with Bitcoin, Ethereum, Litecoin and more from over 100 different wallets. Just connect your wallet, select your coin, scan the QR code or enter the transaction details, and you’re good to go.
You can even track your purchases in your wallet.
Menufy makes it easy to pay with cryptocurrency – no need to worry about cash or credit cards.
Takeway.com began accepting cryptocurrencies for some of the platforms they own across Europe. One of them is Germany’s biggest food delivery portal Lieferando, which works with more than 11,000 restaurants, added Bitcoin to the payment options in 2017. Using Bitpay to process the crypto transactions allows the users of their website to pay with Bitcoin Cash too.
Bitcoin payments are also available in the Netherlands, Belgium, Poland, France, Austria and Switzerland.
Its Polish subsidiary, Pyszne.pl, partnering with over 5000 local restaurants, works in the same way.
Buy food with a Crypto card
Using a crypto debit card, you can easily buy food with Bitcoin.
First, sign up for a wallet and merchant account.
Then, choose a card that meets your needs. Set a spending limit and schedule deposits. Consider cash-back rewards or yielding services. Make sure your card supports multiple coins.
Companies like BlockFi and Gemini offer credit cards, while Coinbase, Crypto.com, and Binance offer debit cards which you can use as a standard debit card.
You can also use the BitPay Card to get food anywhere in the world while your card is funded by your crypto wallet.
Advantages of buying food with crypto
- Security: Crypto transactions are encrypted and stored on the blockchain, making them nearly impossible to hack. Crypto wallets are also highly secure and require multiple levels of authentication to access
- Transaction speed: Crypto transactions are faster than traditional credit and debit card transactions and can take only a few seconds to be completed which is significantly faster.
- Exchange rates: You can also make purchases from merchants all around the world without having to worry about exchange rates.
- Anonymity: Crypto transactions are anonymous, so you don’t need to worry about your personal information being shared with merchants. Privacy is valued way more today than any time before.
- Reward programs available: There are a lot of merchants that offer cash-back rewards when you use crypto to buy food. This means that you can get a discount on your purchase each time you use crypto to buy food.
- Seamless cross-border payments: imagine that you are abroad and your local bank that has issued your card has some restrictions to operate in the country you are currently in or has high transaction fees. Well, with cryptocurrency payments, these concerns are history!
Disadvantages of buying food with cryptocurrency
When it comes to buying food with cryptocurrency, there are some potential drawbacks to consider:
- Security: Cryptocurrency is vulnerable to cyber theft, so it’s important to keep your wallet secure.
- Price volatility: The volatile nature of Cryptocurrencies is quite infamous, and it can be quite difficult to predict the value of your assets. If you spend $500 worth of Ethereum on food today, it could be worth relatively more or less tomorrow.
- Crypto transactions are irreversible: If you make a mistake with a purchase or send your cryptocurrency to the wrong address, you may not be able to get a refund.
- Regulations: Cryptocurrency isn’t regulated by any government, so it can be difficult to know if your transactions are secure. Some countries have banned the use of cryptocurrency for buying food, so make sure to check the laws in your country.
Frequently Asked Questions
What Is the Best Way to Store My Cryptocurrency When Buying Food?
The best way to store your cryptocurrency is to use a secure wallet. Look for a wallet that’s backed by a reliable provider and offers multiple layers of security. Make sure it has features like two-factor authentication and encryption to keep your coins safe.
Are There Any Taxes Associated With Buying Food With Cryptocurrency?
Yes, there are taxes associated with buying food with cryptocurrency. The IRS treats cryptocurrency as property, which means when you buy, sell, or exchange it, it counts as a taxable event.
You may be subject to capital gains taxes or ordinary income taxes, depending on how long you held the crypto and the amount of gain you realized.
However, you can buy gift cards for restaurants, food delivery, or groceries with crypto, which is not a taxable event in most of the countries.
Are There Any Risks Associated With Using Cryptocurrency to Buy Food?
Yes, there are risks associated with using cryptocurrency to buy food. Security, volatility, and fraud are all potential issues to consider when using crypto for purchases. Be sure to research and take precautions to protect your assets.
Are There Any Limits to How Much Food I Can Buy With Cryptocurrency?
Apart from the amount of cryptocurrency you own and the availability of merchants accepting crypto, as not all vendors do so, there are no limits.
What Types of Food Can I Buy With Cryptocurrency?
You can buy a variety of food items with cryptocurrency, including groceries, restaurant meals, fast food, and more. Some merchants even accept crypto payments for delivery services.
What else can I buy with crypto?
You can buy almost everything with cryptocurrency. Even though not that many merchants directly accept crypto, you can buy a gift card with Bitcoin or different altcoins and then shop at your favorite brands.
Buying food with cryptocurrency is a great way to take advantage of the digital revolution. It’s easy to do, offers some benefits over traditional payment methods and is generally quick and reliable.
Plus, you can enjoy the added bonus of vivid imagery and feel like a tech-savvy innovator with every purchase.
So, if you’re looking for a new way to buy food, why not give crypto a try?
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information