Yes, You Can Buy a Sandwich with Crypto
You may have read that title and thought to yourself, "what in the world?" Whether or not you were thrown off by the sheer randomness of that thought, let me explain where this comes from. I was listening to the radio yesterday, as I do most days. Being a fairly active follower of business news and financial markets, I tune into my local Bloomberg station.
Anyway, I switched on mid-interview. I have no idea who was speaking, but it was clear they were not a believer in cryptocurrencies. This person was going on about how cryptocurrencies are "hidden money;" husbands who are in the middle of divorces are using it to conceal funds from their wives, the wealthy are using it to evade taxes, criminals are using it to launder money, etc. He was clearly very much opposed and implied that crypto is only used for nefarious activities.
I won't even get into KYC standards that most exchanges require which are put in place to prevent money laundering, as that's the first thing that entered my mind. Or that the blockchain is a public ledger for everyone to see, not so hidden. (Side note -- Alameda wallets active days after SBF bail) The quote that stuck with me from this interview was as follows: "you can't even buy a sandwich with crypto." This guy was speaking as if Bitcoin was not money, not a means of exchange for goods and services. While the scalability problems exists, let me go ahead and explain step-by-step how you can buy a sandwich with crypto.
Step One - Visit menufy.com - each restaurant listed here can accept crypto via BitPay
Step Two - Choose your favorite restaurant: carryout or delivery?
Step Three - Add sandwich. How about a BLT?
Step Four - Select 'cryptocurrency' on checkout screen
Step Five - Connect your wallet & pay
Step Six - Receive your delivery/pick up your order. Enjoy sandwich.
Am I being funny? Kind of. But also trying to prove a point. There aren't any restaurants actually open right now as I write this, so I can't punch an order through. But I will do that for a follow-up post. Obviously, "you can't buy a sandwich with crypto" was not one of the main points this guys was trying to make. However, I am obviously in firm disagreement with him on that point, and mostly everything else he had to say. He was wrong about the sandwich, and he is wrong in thinking that Bitcoin isn't a viable currency. It already is; for more than just sandwiches you know!
I disagree with the guy in your commentary of course. But I also agree with him on his sandwich theory.
For now. lol.
Look, I know there are countries where BCH and other crypto is being more widely adopted. But I live in the United States, and while I am sure there are places that DO accept crypto, I am not aware of any personally.
Granted, I have not really looked that hard. Why? Because right now I only aim to accumulate crypto. Not spend it—even though I know that's the point. But at the same time I have no reason to. My fiat works fine enough. EVERYONE accepts it. Especially considering I am using the U.S. Dollar, I don't even have to exchange it when I leave the country.
Well, in less developed places. I'd have trouble in Canada, Germany, the UK, and places like that. But many people would be glad to take my American money.
I think crypto will definitely have a stronger place somewhere down the line, and spending it anywhere and being aware of it certainly helps.
But if I want to buy a sandwich with it today? I might as well bring along Monopoly money or something with a purple chicken on it as president—because the laughter I get would be much more entertaining as I get walked out the door.