BitPay
BitPay streamlines the process of cashing out your cryptocurrency and purchasing prepaid gift cards for popular services like DoorDash and Uber Eats.
Simply download the BitPay App, navigate to the “Shop with Crypto” tab, choose your favorite food delivery platform, specify the amount you wish to load onto the card, and select your wallet and the cryptocurrency you intend to use.
After confirming your transaction, your gift card will arrive instantly, ready for immediate use.
For added convenience, you can integrate it with Apple Pay or Google Pay.
Additionally, BitPay’s Merchant Directory includes a variety of restaurants that welcome cryptocurrency payments, ensuring you can always discover something that fits your palate.
Order Food from Crypto-Accepting Merchants
Many merchants, including Starbucks, Subway, Burger King, Menufy, and Takeaway, now accept cryptocurrency as payment.
Purchasing your favorite meals is now just a button click away.
Starbucks
Thanks to a collaboration with Bakkt, you can conveniently pay for food and beverages at Starbucks using cryptocurrency, primarily Bitcoin, via the Bakkt App. This partnership provides customers the ability to utilize their Bitcoin balance for a range of menu items.
The Bakkt App features top-notch security protocols like multi-factor authentication and biometric verification, making it user-friendly even for those less familiar with cryptocurrency.
If you prefer, you can also use the iPayYou Bitcoin wallet through the Starbucks App.
Furthermore, customers have the option to convert their digital balances on PayPal into fiat currency prior to updating their Starbucks Apps.
Subway
Subway started accepting Bitcoin payments in 2022 through the Lightning Network and is offering discounts of up to 50%. With its pilot program in Berlin, this franchise has become the largest globally to embrace Bitcoin payments.
Just months into testing, the franchise owner reported over 120 Bitcoin transactions. Partnering with Lipa, a Swiss Bitcoin company, allows customers to enjoy a user-friendly point-of-sale with reduced transaction fees compared to traditional payment methods. The Lightning Network offers swift settlement and low fees, while Subway’s 10% discount encourages more customers to utilize Bitcoin.
The hashtag #usingBitcoin has begun trending on German-speaking social media, indicating rising interest in Bitcoin payments. Examples like Subway highlight Bitcoin’s growing acceptance as a payment method.
Burger King
In March 2023, Burger King announced that all their Paris locations would accept cryptocurrency payments. Collaborating with Instpower, Binance, and Alchemy, payment services are facilitated through power bank machines across all 20 establishments.
Instpower, a leader in the battery charging industry, has teamed up with Binance and Alchemy to position power bank devices at over 13,000 locations globally.
With Binance Pay, customers can enjoy the flexibility of using over 70 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Dogecoin.
Menufy
For those wanting to pay for takeout or delivery using cryptocurrency, Menufy provides an excellent solution.
Simply visit the website, input your address for nearby restaurant options, select what you want to order, and choose ‘BitPay’ as your payment method during checkout.
With BitPay checkout, you can utilize Bitcoin, Ethereum, Litecoin, and many more from over 100 wallets. Just connect your wallet, pick your coin, scan the QR code, or enter the transaction details to finalize your order.
Tracking your purchases within your wallet is a breeze.
Menufy simplifies the experience of paying with cryptocurrency, eliminating concerns regarding cash or credit cards.
Takeaway
Takeaway.com has started accepting cryptocurrencies across several platforms in Europe. Germany’s largest food delivery service, Lieferando—which collaborates with over 11,000 restaurants—added Bitcoin as a payment option in 2017. Utilizing BitPay enables users to transact using Bitcoin Cash as well.
Cryptocurrency payments are also available in the Netherlands, Belgium, Poland, France, Austria, and Switzerland.
The Polish subsidiary, Pyszne.pl, partners with more than 5,000 local restaurants, operating in a similar fashion.
Making Purchases with a Crypto Card
A crypto debit card allows you to conveniently buy food with Bitcoin.
Start by registering for a wallet and merchant account.
Next, select a card that suits your needs, set your spending limits, and configure regular deposits. Consider cash-back rewards or interest-earning options, and ensure the card supports multiple cryptocurrencies.
BlockFi and Gemini offer credit cards, while Coinbase, Crypto.com, and Binance provide debit cards for everyday use.
You can also use the BitPay Card for food purchases anywhere globally, funded directly by your crypto wallet.
Benefits of Buying Food with Cryptocurrency
- Security: Crypto transactions are encrypted and stored on the blockchain, providing strong protection against hacking. Crypto wallets employ significant security measures that often require multiple authentication levels.
- Transaction Speed: Crypto transactions can be completed in just seconds, significantly faster than traditional credit and debit card methods.
- Exchange Rates: Enjoy the advantage of making purchases from merchants worldwide without the stress of fluctuating exchange rates.
- Anonymity: Crypto transactions offer a level of anonymity, alleviating concerns about personal information being exposed to merchants. Privacy is increasingly valued today.
- Reward Programs: Many merchants offer cash-back incentives when using crypto for food purchases, allowing savings with each transaction.
- Seamless Cross-Border Payments: If you’re traveling and your bank imposes restrictions or high transaction fees, cryptocurrency eliminates these hassles.
Drawbacks of Buying Food with Cryptocurrency
However, there are potential disadvantages to consider:
- Security Risks: Cryptocurrency is susceptible to cyber theft, highlighting the importance of securing your wallet.
- Price Volatility: The infamous unpredictability of cryptocurrencies can make it challenging to assess the value of your assets over time. For instance, spending $500 worth of Ethereum on food today could yield a different value tomorrow.
- Irreversibility: Cryptocurrency transactions are permanent; mistakes in purchases or sending crypto to the wrong address may not allow for refunds.
- Regulatory Concerns: As cryptocurrencies are not regulated by governments, ensuring transaction security can be complex. Some countries prohibit cryptocurrency for food purchases, so it’s wise to check local laws.
Common Questions
How Should I Store My Cryptocurrency When Purchasing Food?
Your best bet for storing cryptocurrency is a secure wallet. Choose a wallet from a reliable provider that has robust security features like two-factor authentication and encryption.
Are There Tax Implications When Buying Food with Cryptocurrency?
Yes, purchasing food with cryptocurrency carries tax implications. The IRS categorizes cryptocurrency as property, making any purchase or trade a taxable event.
You may face capital gains taxes or ordinary income taxes based on how long you held the cryptocurrency and the realized gains.
Buying gift cards for food services typically doesn’t count as a taxable event in many countries.
What Risks Are Associated with Using Cryptocurrency for Food Purchases?
Yes, security, volatility, and fraud are valid concerns when using cryptocurrency for purchases. Research thoroughly and take precautionary measures to safeguard your assets.
Are There Limits to Food Purchases Using Cryptocurrency?
Aside from your cryptocurrency balance and the availability of accepting merchants, no strict limits exist.
What Food Items Can I Buy Using Cryptocurrency?
You can purchase a broad range of food items with cryptocurrency, including groceries, restaurant meals, fast food, and more. Some merchants even accept crypto payments for deliveries.
What Else Can Be Purchased Using Crypto?
Essentially anything is purchasable with cryptocurrency. While direct acceptance may be limited, buying gift cards with Bitcoin or other altcoins allows you to shop at various brands.
Final Thoughts
Utilizing cryptocurrency for food purchases is an exciting way to embrace digital advancements. It simplifies transactions, offers benefits over traditional payment methods, and is generally fast and reliable.
Enjoy the exhilarating experience of feeling like a modern innovator with each purchase.
Consider trying cryptocurrency the next time you order food!
