Buying food or groceries with Bitcoin

[bitcoinisbest]

Bitcoin's popularity has been increasing ever since the bull market of 2017 took place. Even with the pandemic, prices have recovered to their original levels (near $10k) in just a matter of months. More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.

Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts?

Nowadays that covid virus keep on spreading anywhere,it will be a good idea if malls and grocery store will accept bitcoin as payment in exchange of physical money because we all know that money is so dirty and very accessibe to viruses.

This is the best time where the digital payment must be encouraged as avoiding the fiat currency is also important. But the government should be encouraging the merchants or the businesses owners with some clear directions as still in some country’s government are undecided related to btc. If done so this will boost the bitcoin as a payment option and will also be useful in making payment.

[uneng]

Most food stores (supermarkets) make small profit, but in quantity from its customers. Any adoption they make on their systems need to be worthful when they analyze how much percent of that public is going to be benefited by the adoption.
Then for now it's not interesting for supermarkets owners as this adoption will benefit probably less than 1% of their customers, and if compared to the profit they already make with fiat it's even less interesting. Bitcoin adoption must increase first among individuals before supermarkets and food stores in general start adopting this.

[MFahad]

Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

[Rana590]

Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

For this stage, it can be happened on online store. It may be take 10-20 min but it is not a major problem for a customer as they don't need the product as soon as possible. Moreover, hopefully new technology will arrive to solve transaction time.

[KnightElite]

Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

Transaction is a factor because there is delay sometimes but it is not the major reason why many merchants are still not preferred to accept bitcoin as mode of payment. In groceries, customers want faster payment system and I think it is the reason why they now prefer to use digital currencies. The volatility of the bitcoin is the main factor why store owners are still doesn't want to accept bitcoin in their system because they understand the risk and how will price affect their business.

[angrybirdy]

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Transaction is a factor because there is delay sometimes but it is not the major reason why many merchants are still not preferred to accept bitcoin as mode of payment. In groceries, customers want faster payment system and I think it is the reason why they now prefer to use digital currencies. The volatility of the bitcoin is the main factor why store owners are still doesn't want to accept bitcoin in their system because they understand the risk and how will price affect their business.

Yes, setting aside the slow transactions, because even if it does not send instantly, the positive thing about having bitcoin as payment is it is irreversible. I agree with you that the volatility might be the main factor why businesses do not want to accept bitcoin because even the slightest change in price will make them lose some of their money.

[GideonGono]

With the pandemic all over the world I hope that there would really be a food or groceries application and even delivery service provider that would accept Bitcoin or even use Bitcoin as their payment method for their service.
I think it would be a huge help for everyone right now imagine buying all the things that you need at home and you wouldn't need to cash out or convert your crypto into Fiat so it would save you time and provably avoid being infected because you wouldn't need to go out to do all of it.

[ufaiz50]

Bitcoin's popularity has been increasing ever since the bull market of 2017 took place. Even with the pandemic, prices have recovered to their original levels (near $10k) in just a matter of months. More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.

Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts?

This is very possible, with advances and technological innovations developing rapidly. At present there are several ways that can be traversed to buy goods, food or services using cryptocurrency but with the help of third parties it takes a little time but it can be done. If a third party conducts business relations with several companies related to goods and services, what the OP said could have happened, of course, with the choice of technology and crypticurrency that is suitable for conducting such transactions.

[spike420211]

With the pandemic all over the world I hope that there would really be a food or groceries application and even delivery service provider that would accept Bitcoin or even use Bitcoin as their payment method for their service.
I think it would be a huge help for everyone right now imagine buying all the things that you need at home and you wouldn't need to cash out or convert your crypto into Fiat so it would save you time and provably avoid being infected because you wouldn't need to go out to do all of it.

Similar services already exist. On one of these services, I paid for mobile services, everything went well, I didn't use it anymore, there was no need. I will not give a link, because I am not sure of the complete safety of the service, but it is not difficult to find it by search queries. I am sure this is not the only service that provides services of this kind.

[Lykslyks]

I think yes specially now that most of the  people are into cashless payments because of the corona virus.
People are getting used to transactions that uses technology and find it easy using virtual payments, it can also save our time from converting the bitcoins to our own currency.

[btc78]

I think yes specially now that most of the  people are into cashless payments because of the corona virus.
People are getting used to transactions that uses technology and find it easy using virtual payments, it can also save our time from converting the bitcoins to our own currency.

Most of Us agreed on this,but the problem is Do we really afford to use Bitcoins?when we have believe that this currency is better to be investment than payment currency?
Hope many will of us will trust that we need to circulate this Bitcoin for us to have a future and all will benefits.

There are exchanges here that let you accept bitcoin but receive it in fiat. People could just use their Php wallet so even if their customers pay them with Bitcoin and other crypto currencies accepted in their exchange, the merchants or the stores will accept it as a fiat. Is this still part of this matter?

i think its not,because the topic talks about Bitcoin directly being the payment method and not converting something into fiat.

[Golftech]

Buying food or groceries with cryptocurrencies weren't preferred by most of the people. Due to the pandemic prevailing around the globe there is increase in the use of cashless transaction. This has somehow encouraged the usage of bitcoin and few top listed altcoins on purchase of groceries, and now the acceptance level on groceries and store products were very limited. Maybe the future will get to see more stores accepting bitcoin.

One of the reason of slow adaption of bitcoins at the groceries store is the slow transaction time of the bitcoins. Sometime bitcoin tx takes more than 20-20 mins for a single confirmation and consider that you went to a grocery store, send the payment through bitcoins and standing in the counter for the tx to confirm. This is not a practical approach.

Still this concerned really preventing businesses to take the adoption, doubts and worries with that long waits for confirmation.
Most of the time customers are in such hurries and they can't take that long time to wait, online transaction though are already
workable as there are businesses who caters bitcoin as part of their online payment process.

[Josefjix]

Sure, in time Bitcoin can be used anywhere. The reason why Bitcoin is not yet used as a medium of payment is that it is still viewed as a store of value. Even in our country, there might be only a few merchants or stalls who accept crypto since mass adaptation or cryptocurrency knowledge or awareness is small.

It would be a waste for some business to accept cryptocurrency with only a few users on it in an area.

The whole thing is summed up on lack of awareness and inadequate knowledge of P2P nature of Bitcoin and other altcoins. That's why it is best for everyone to expand the teaching and using it for payments it'd save you stress of failed fiat transactions and carrying physical cash all about, which is almost becoming irrelevant during this era of pandemic. I make purchase of data bundle and some other important bills through cryptocurrencies and the adoption is gradually coming to reality.

[Abiky]

Why don’t you just be making use of it in places where it’s being accepted? Maybe if you want to buy some furniture and stuffs like that for your home, you have overstock and they are accepting Bitcoin. If you want to buy computer gadgets and some things like that, we also have other websites and there is Purse where you can get lots of things through Amazon.

So don’t worry about restaurants that are not accepting Bitcoin, it has not reached to that level, when it does you will also be able to pay at restaurants with it. As time goes on some restaurants might open up websites so that you can pay for your meal upfront using Bitcoin before you arrive their restaurant.

Thanks for the advice. Since there are not many options available in the mainstream world for using Bitcoin to buy essential goods (food and groceries), it's best to focus on other important things. With crypto debit cards around, one could simply sell crypto "on-the-fly" to cash in order to buy almost anything with them (since most merchants and businesses accept Mastercard/VISA). Using crypto directly would've been better in order to avoid the middleman. But at least, this is a workaround for those willing to spend their crypto on life necessities.

It would be surprising to see major supermarkets and fast food chains accepting Bitcoin sometime in the future. If they decide to go this route, I believe they'll use the Lightning Network as it's more economically feasible than the main Blockchain. The only issue merchants and businesses would have to deal with is volatility. Stablecoins are a better option, but they're limited to the capacity of their underlying blockchain networks. Since most stablecoins live on the ETH blockchain, they'll eventually become expensive to use (high fees) and slow to process on the network. Which is why, I believe that the Lightning Network has a greater chance of being accepted in world commerce. Until widespread adoption for the LN becomes a reality, buying food and groceries with Bitcoin is will only be a dream. Just my opinion

[Nellayar]

On the recent days, bitcoin was worth 9189 dollars and today, it is already at 9545 dollars.

Therefore, if we missed to buy carrots or potatoes in the market. We might see it on the other day, it is already a high price. Yes, it must be necessary for bitcoin to become stable first. But I think it is impossible to happen. Due to the scarce supply and great demand of bitcoin, there is always fluctuation to the market. Maybe, we can buy foods or we can groceries in the future. If fiat currency value will be removed.

[nasipadang]

More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.

The problem is there, those who dare to take risks by accepting payments using bitcoin or other cryptocurrency are those who have large-scale businesses / organizations. Very large and fast fluctuations in value can be very detrimental and risky so this calculation and revenue management cannot cover the worst losses when accepting bitcoin payments. The absence of a third gate that facilitates this also becomes an obstacle because they cannot take too much risk and choose a local currency or FIAT to further reduce risk in doing business.

[radjie]

only certain countries can accept payments using Bitcoin for the purpose of buying food or groceries in the future. all of that goes back to the legality of each country to be able to formalize Bitcoin as a legitimate alternative payment, I think there will be many pros and cons if Bitcoin can be legalized worldwide because it can have an impact on traditional currencies

[sayulita]

Yes, it will be possible since some of store here, accepts bitcoin.
Others are recognizing Bitcoin. It is a matter of time and acceptance then people will adapt soon.

How do you pay with bitcoins in these stores that accepts bitcoins around you?? Is there a third party payment processor that they are using or are they just having that bitcoin wallet installed straight up in their devices. If they are straight up accepting bitcoin as a payment option without any third party payment processor then it is pretty good for bitcoin adaption as it will teach those shop owners also about bitcoins, but when a third party processor gets involved then they tend to hide the technical aspects of bitcoin and just tell the owners enough to safely transact and their percentage cut per transaction.

[BITCOIN4X]

Yes, it will be possible since some of store here, accepts bitcoin.
Others are recognizing Bitcoin. It is a matter of time and acceptance then people will adapt soon.

Bitcoin is still very likely to be adopted more in the future as a legal payment tool in physical store, especially in countries that do not prohibit it. Although I cant use bitcoin as a legal payment tool when buying something in my country, I can still use it individually between user who agree to the payment system via bitcoin. Strict regulation for bitcoin in many countries will make it difficult to adopt bitcoin, but I am sure there will be many thing that will change in the future.

[shamimal93]

I sincerely believe that Bitcoin is the number one cryptocurrency in the world. But food and grocers will never accept it as a medium of exchange. Because its price is never stable. And no trader wants his business to lose. So they do not want to accept Bitcoin easily. But it is also true that at some point the price of bitcoin will stabilize and then all kinds of food shopkeepers will accept it.