What would you think about buying something online with virtual money? Would you invest in such a thing to begin with? Bitcoins are a form of virtual currency that were quite popular for some time, but have recently took a nosedive. However, one company is hoping to boost the currency by offering customers the ability to purchase food for delivery using Bitcoins. Is this something you would consider or are you happy paying with a credit card?
What Are Bitcoins?
Bitcoins are digital currency that cannot be tracked back to a user’s account. What that means is unlike credit cards, users don’t have to worry about their identity being stolen. However, there is nothing that backs up Bitcoins, no gold, silver or other valuable. The coins are just created out of thin air and once 21 million coins are created, that’s it, no more. Bitcoins can be used wherever they are accepted to purchase a number of different things, including food.
How Can You Use Them to Pay for Food?
One of the biggest and latest innovations is a company called Foodler that allows you to use Bitcoins on their website to purchase food from over 17,000 restaurants throughout the 48 continental United States. Foodler explains that they want to embrace this latest form of currency because, like the company, Bitcoins are innovative. There are other places you can use to order now online, like TastyKhana, but they don’t use bitcoins – yet.
Are Bitcoins Risky?
Yes! At one time, a Bitcoin could be sold for over $200, but the currency has recently taken a nosedive. While Bitcoins may recover, there’s a chance that when you want to use them, they may not be worth much. While a $1 may be a $1, a Bitcoin’s value can change dramatically because no one regulates it.
Why Not Use Traditional Forms of Payment?
Bitcoins have the advantage over credit cards in that you’re not risking your identity with an online purchase. This allows you to order from that yummy sandwich without risk that the sandwich shop, or a hacker, will steal your account number. If you’re going to buy Bitcoins though, you need to be wise about it. Don’t greedily purchase them when they’re $100 a piece and be upset when they fall to $7.50. As with anything else, buy low and sell high.
Virtual currency is a unique concept and one that has been around for many years. However, it remains clouded in mystery and many are afraid of investing in it because it isn’t regulated. It’s like buying a collectible and hoping that the value goes up instead of down. This brings us back to the main question. Now that you know more about Bitcoins, would you use them to purchase food online?