Buying Groceries with Bitcoin: A Practical Guide - #206
TL;DR - Get your daily necessities with Bitcoin - use virtual debit cards, gift cards, crypto debit cards, or pay with friends and family.
Dear reader,
Bitcoin remains a mystery to many individuals.
The vast majority of what is written online is mostly theory and speculation. Despite numerous individuals speaking about the potential of Bitcoin, few of them actually use it in their daily lives. They talk the talk, but don’t walk the walk as the saying goes. Nevertheless, Bitcoin can be used as money - it can be earned, saved, and spent. It can be used in any way that a person sees fit.
This newsletter aims to show how Bitcoin can be used to live life on a daily basis. Instead of focusing on small purchases like buying coffee, this newsletter is dedicated to showcasing how Bitcoin can be used to acquire the necessities of life, starting with food. By utilizing Bitcoin for everyday purchases, individuals can experience the potential benefits of the Bitcoin first-hand.
How to use Bitcoin to Buy Groceries
There's more than one way to buy groceries. Here's the top 5, listed from most to least ideal.
Pay in Bitcoin. Seek out small stores accepting the digital currency, and aid them in joining the Bitcoin community if necessary.
Virtual debit cards. Use PaywithMoon and The Bitcoin Company's virtual fiat debit cards, which can be loaded onto your mobile wallet like Apple or Google Pay.
Gift cards. Bitrefill offers grocery store gift cards to buy what you need.
Crypto debit cards. Consider a physical debit card from exchanges such as Coinbase, Crypto.com, BitPay, or Binance, loaded with crypto funds. Keep in mind this method isn't private, but one way around this is by swapping Bitcoin for stablecoins using SwapSpace or ThorChain, using the debit card, then swapping back.
Paying friends and family. A last resort, ask a friend or family member to purchase groceries for you in exchange for Bitcoin. Bear in mind this can strain relationships, especially during bear markets.
The benefits of using Bitcoin for grocery shopping
The benefits of using Bitcoin for grocery shopping are numerous. Firstly, transaction fees are significantly lower compared to traditional methods of payment. This means that more money stays in the shopper's pocket, rather than going to financial institutions.
Another advantage of using Bitcoin for grocery shopping is increased security. Unlike traditional methods of payment, Bitcoin transactions are recorded on a public ledger, making them secure and resistant to fraud.
In addition to security, using Bitcoin for grocery shopping is also more convenient and faster. Transactions can be processed almost instantly, without the need for intermediaries such as banks. This eliminates the wait time associated with traditional payment methods and makes grocery shopping a smoother experience.
Finally, the anonymity of transactions is another benefit of using Bitcoin for grocery shopping. Unlike traditional payment methods, which require personal information to be shared, Bitcoin transactions can be completed anonymously. This enhances privacy and protects personal information from potential security breaches. Though not entirely the case when using crypto debit cards.
How I buy groceries
Onboarding my local grocer to accept Bitcoin has not been an effortless task. In the meantime, this is how I've been purchasing my groceries.
Make a budget
I start by creating a budget. I use the grocery store's website to plan my expenses before heading out.
Purchase fiat via PaywithMoon
I set the budget, then head to PayWithMoon to buy the fiat I need for my grocery run, with a bit extra (10%) in case.
I load the virtual debit card I bought from PayWithMoon onto my phone's wallet, then head to the grocery store, sticking to the budget I set.
Tap to pay
After acquiring the goods, it's time to check out. Tap to pay the bill—shopping with Bitcoin is straightforward. With PaywithMoon, the remaining balance can stay as fiat or be refunded in Bitcoin, which I usually choose.
OpSec
As individuals begin to adopt Bitcoin as a means of payment, it's important to keep operational security (OpSec) in mind. As the value of Bitcoin increases, so does the need for personal safety.
Wearing Bitcoin-related memorabilia or talking about it openly in public can make you a moving target. This is why using a virtual debit card for purchases is a safer option, as no one knows that you are using Bitcoin.
When it comes to onboarding merchants, it's best to keep the conversation for when it's appropriate and safe to do so.
It's crucial to practice good security measures to ensure the safety of your Bitcoin and personal information.
Conclusion
Using Bitcoin for grocery shopping has its numerous benefits. With lower transaction fees, increased security, convenience, and anonymity, it’s worth considering for your daily purchases.
While onboarding local grocers can be a challenge, there are alternative options such as virtual debit cards, gift cards, crypto debit cards, and paying friends and family members. I personally use PaywithMoon for my grocery shopping needs, as it offers a convenient solution for purchasing fiat, loading it onto my phone’s wallet, and making the transaction.
Try it out for yourself and experience the potential benefits of using Bitcoin as money.
Until next time!