March 20, 2021 6 min read
Do you fancy buying your morning coffee with cryptocurrency, preferably bitcoin? Lately, everyone has been keen on buying coffee with crypto.
Buying coffee is an individual thing. It is said you can tell a lot about a person based on their coffee order. Also, there are lots of people who can’t function until they have had their cup of morning coffee. Are you one of them?
Did you know that over 450 million cups of coffee are consumed each day in the United States? For people, coffee is like a language and a lifestyle. Unfortunately, using bitcoin isn’t.
Garrick Hileman, an economist and a blockchain researcher, says that making a purchase most people identify with can help make complex tech more tangible. If cryptocurrency is made available for making mundane purchases, it can become relatable. So, if coffee for crypto becomes a thing, more and more people will get used to the idea of spending cryptocurrency.
Dominic Frisby, the British author, believes that buying coffee withcryptocurrency can help us get familiar with it and learn how it works. He recommends getting $20 worth of coins. Ask your friends to do the same. Practice sending each other small amounts of money, and buy coffee with cryptocurrency the next time you meet each other. If only you are able to find a place that lets you buy coffee with bitcoin or other cryptocurrencies…
To solve this problem exactly, GothRider has started accepting payments through cryptocurrency, including bitcoin, Ethereum, Litecoin, and Dogecoin. GothRider coffee is an Italian blend originating from coffee farms in Ethiopia. We, the fighters and riders, have been selling badass coffee to brew at home since 2020.
Unfortunately, despite making inroads with investors, cryptocurrency, including bitcoin has been slow to take off as a popular medium of payment. It originated in 2008 as an electronic version of cash. Two people anywhere in the world could exchange it digitally as if they were exchanging cash.
It hadn’t worked that smoothly in practice. The cost of using crypto and its volatility has made normal transactions impractical. Will this change when Tesla starts accepting crypto? Who knows really!
Big coffee retailers haven’t started accepting bitcoin in exchange for a cup of coffee just yet. Even if they are accepting, the payments can’t be made directly. They use third-party services for accepting and processing crypto payments.
Bitcoin has been an unattractive payment option because of the fee. The average transaction fee varies depending on the network traffic. Thenwhat to buy with cryptocurrency? It seems like crypto has found its niche in luxury purchases. If it’s a large item such as a Tesla Model S, then the concerns about the fees are barely an issue.
Even though it isn’t widely accepted like cash and other forms of payments, those who buy bitcoins are very loyal even when it comes to spending.
The main reason why it’s a neglected form of payment to this date is volatility. Despite the surge in the value, it swings widely. It can rise or fall in a matter of seconds without any apparent reason.
Tesla hasn’t revealed details about how payments will be processed but industry watchers suggest that it is likely to use a third-party service for mitigating the risk of price volatility. Unlike cash and wired transactions that take days to process, bitcoin transactions are processed in a matter of minutes.
Another reason why bitcoin transactions are a hurdle is taxes. Bitcoin is a property rather than a currency. The ones selling bitcoins are subject to pay capital gains taxes on the transaction. Unfortunately, bitcoin transactions are mostly among the traders and amount to hundreds and thousands a day.
GothRider has taken the initiative to be among the few retailers to accept cryptocurrency payments for buying coffee. Who knew ordering coffee with bitcoin could have been so easy. Crypto is widely expanding and many people have started trading in it as well. However, not all retailers have been keen on accepting payments via crypto, which has been disappointing for buyers across the world. GothRider’s customers, on the other hand, are highly pleased with buying coffee with crypto. We have started accepting cryptocurrency to play our role in making it a mainstream form of payment by encouraging more and more people to accept the benefits of this digital currency that is highly secure and fast.
The creator of Litecoin said bitcoin isn’t about buying coffee, it’s about making transactions that you cannot make. This is a direct argument, really. The more pervasive this currency becomes, the more it’s used. The more daily opportunities we get to spend it, the closer we get to its mass adoption.
Imagine you are making payment to someone living on the other side of the world with nobody being able to block you. Once you have money stored in the form of crypto, you should be able to spend it everywhere. This is what we are trying to do by accepting crypto payments at GothRider.
If you have been skeptical about making purchases with bitcoin or any other type ofcryptocurrency, these benefits will change your mind. They might as well encourage you to invest and spend cryptocurrency:
The primary reason why bitcoin gained traction was its autonomy. Digital currencies like these allow users to be autonomous over their money compared to fiat currencies. They can control how they spend their money without having to worry about an intermediary such as the government or a bank.
In other words, you are in control of your money and nobody can question you.
Cryptocurrency is highly discreet. The purchases are never associated with the personal identity of the user, unless he publishes his bitcoin. It is like cash-only purchases where the transactions cannot be traced back to the user.
The anonymous address generated changes with each transaction. This doesn’t mean that crypto transactions are highly anonymous and impossible to trace rather, they are much less linked to personal identity.
Cryptocurrency exchanges do charge the maker and the taker fee as well as some withdrawal fee but they are not subject to traditional banking fees. This means you don’t have to worry about minimum balance fees, account maintenance, returned deposit free, overdraft charges, and other annoying plus hefty banking fees.
Thanks to internet access, you can now use cryptocurrency to make payments with your mobile phone. You don’t have to travel to the bank or go to the store to buy the product you need. Everything happens online.
Also, your personal information is not a requirement to complete the transactions. Which explains why there is no personal identity linked with the payments. It is a safe haven for anyone who is interested in keeping their finances private.
Did you know that you can send and receive cryptocurrency with your PC, smartphone, or computer very easily? So if you are wondering what to buy with bitcoin and how to buy with bitcoin, the possibilities are endless. This form of payment is available to the masses without access to credit cards, traditional banking systems, and other payment methods.
This wide accessibility and ease of use make it a better alternative than other forms of payments. It is hoped that people realize the true value of cryptocurrency soon and adopt it already.
Since cryptocurrencies are not subject to interest rates, exchange rates, transaction charges, and other fees imposed by countries, trading in crypto is easier. Using the peer-to-peer mechanism of blockchain tech, international transfers and transactions can be conducted without complications. You don’t even have to worry about exchange rate fluctuations.
Being able to pay for your coffee with bitcoin is not about purchasing coffee rather, it’s about the opportunity of having a global currency free from the control of the government. But to be able to get there, we need to be able to buy more everyday items with cryptocurrency alongside buying coffee.
If the world gets to the point where you could buy coffee with bitcoin from anywhere, it is logical to assume that we would able to buy other things with cryptocurrency.
Buying coffee with crypto has its own set of challenges. Bitcoin was created to become a peer-to-peer value transaction. Taking cryptocurrency offline and spending it at a physical location is going to be contractionary to the original purchase of this form of payment.
Many buyers have been happily buying their coffee at GothRider with cryptocurrency with the hope that soon, they will be able to buy other things as well.
Our days of using cash are numbered. As digital payments become mainstream, we might find ourselves living in cashless societies like the ones in process in South Korea, China, and Sweden. To sum up, buying coffee with crypto is much more than the act itself. It is more about freedom and remaining discreet.
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