Supermarket crypto payment method.

[Aazzah]

How long do you think it will be until supermarkets (In the UK) or anywhere in the world will add crypto as a payment method to buy your groceries or any items?

I am not 100% sure on this so if I'm wrong then correct me... But I don't think there is any where in the world that has this method of payment. 

But honestly how cool would it be to just win 20$ in BTC on stake  and then withdraw it then to go to your local supermarket and buy some groceries or something XD

It amazes me to to think where will BTC and other cryptos be in the future, how useful they might be to us.

 

[Etude]

I think perhaps sooner than we would expect for this to happen actually. Currently cryptocurrencies are well being promoted and even used by famous celebrities already so this really creates awareness of Bitcoins and other cryptocurrencies to the masses. 

[barbaris]

In order to pay for purchases in the supermarket using Bitcoin, you need at least so that transactions are instant. And if you sit for hours and wait for confirmations, then this is no good.

[Furlicious]

Not sure if you guys heard about Bitcoin debit card. It acts like a prepaid credit card which allows you to make purchases at some supermarkets and retail stores. Enabling you to top up your debit card with Bitcoin.  Anyway, it will be cool if we can just pay from our bitcoin wallet itself by scanning the payment barcode. I believe bitcoin payment mode will be futuristic since we already have grabpay and wechat services out in the market making payments easier with just a scan away.

[Burgerwcheese]

One of the biggest criticisms of cryptocurrencies is that they’re trying to be something they’re not. None of them, after all, is as readily usable for day-to-day purchases as a currency. Many cryptocurrency experts and developers argue that we don’t yet see the currencies readily used in say, the supermarket, because the technology is still in its early stages. To be sure, there are reasons why spending cryptocurrencies on everyday transactions might not be wise at the moment. For one, each time you buy, sell or use the currencies, that’s a taxable event, since the IRS considers them an asset, not a currency. If you convert your bitcoin into cash to buy a cappuccino, you’ll need to pay taxes at your capital gains rate. Then there’s the issue of transaction costs. At one point in December, a bitcoin transaction fee was more than $50. It was less than $3 at time of this story publication, however. Taken together, those fees and taxes would significantly boost the price of a small-ticket purchase. In addition, many of the cryptocurrencies are so volatile that making any regular payments with them is incredibly risky. For example, say your rent is $2,000 a month. If you paid it in bitcoin on Dec. 1, you would have shelled out 0.20286403 bitcoins. But if you’d held on to those coins, they would have been worth $2,800 on New Year’s Day. Still, many people are dedicated to making cryptocurrencies a real payment method.  According to calculations by Chainalysis, which tracks cryptocurrency data, consumers used bitcoin on merchant services for a monthly average of $190.2 million in 2017, compared with just $9.8 million a month in 2013. Bitwala, a financial technology company, is opening a cryptocurrency bank in a few months to provide a digital currency debit card to account holders. Users can pay for a restaurant meal with their card, and the bank will automatically convert their bitcoin into currency. Consumers looking to spend their bitcoin have other options. There are cryptocurrency ATMs from providers such as Coinsource, and you can even filter your Yelp search for places that accept bitcoins. On Purse.io, you can shop online with cryptocurrencies, and even buy products from Amazon. GoCoin helps merchants become bitcoin-friendly.  Payment, for goods and services, is something that has been going on since the dawn of humanity. The only change has been how it has been enacted. From bartering to cryptocurrencies, methods of payment have changed dramatically throughout human history, and we are in the midst of another wave of change. Many will feel that cryptocurrencies are the catalyst for the newest payment revolution, but those predictors are probably getting ahead of themselves. Although crypto certainly works for new and different payment methods, it is embryonic compared to the real latest trend. Payment apps and portals are where the future of money and payment are heading. Not only is it the convenience, but it is also the added uses that can come from an app that is driving this new wave of adoption. Even in today’s world, one can notice a change that has been making its final moves. Cash is slowing being phased out for more virtual forms of currency. Money can now be stored on a plastic card with its digital links to the bank and payments made with relative ease at brick and mortar vendors, as well as online. The virtual payment portals set up through banks, and backed up with credit and debit cards, allows for much more ease of payment, and efficiency; it is something that has developed due to an increasing digital demand.

[Kate]

I guess until that bitcoin supply is huge and is accepted by the givernment and that transactions are confirmed within a few second until then no supermarkets will accept them 

[williamshennie9]

My local supermarket decided to accept crypto for 1 month as a test to see if it was viable. That was back in 2018, and they haven't introduced it back since. I guess they are either researching it, or it didn't turn out well.

[wngo123]

Quote

But honestly how cool would it be to just win 20$ in BTC on stake  and then withdraw it then to go to your local supermarket and buy some groceries or something XD

In Poland we have food delivery platform called pyszne.pl (it means yummy) and they have thousands of restaurants and fast food places around the country where you can order food online and pay via credit card/debit card, paypal or bitcoin. I usually pay via paypal which is very convenient for me. I remember one time I ordered pizza and bottle of coke and paid with bitcoin. So maybe it's not the groceries but buying bottle of coke was as close as to paying for shopping with bitcoin lol.  

[nattekut]

I am already paying with crypto for years in supermarkets, grocery stores, holidays...... actually for everything. I have multiple crypto supported debet cards which I can upload with several crypto currencies and just spend with my debet card in € or $. I even can top up my cards and go to the nearest ATM and collect in €

[yololife222]

Hey, this would be so good if ewery where its added, but i think in Latvia it wont be added.Many people all ower the world think btc shouldnt be added cuse they think if they cant hold the btc its not real. Personaly i would 1000% love it just imagen you depo 20$ make it to 50$ and you can go to buy some cigs or food or beer and that would be like for free cuse you didnt loos any thing.

[ceastem]

2 hours ago, williamshennie9 said:

My local supermarket decided to accept crypto for 1 month as a test to see if it was viable. That was back in 2018, and they haven't introduced it back since. I guess they are either researching it, or it didn't turn out well.

probably didn't turn out well. Haha

maybe the transaction speed was way too slow for them? or maybe not too many people were attracted to the idea?

 

[CntryBoy]

There are some places around where I live that are accepting crytpo currently, and more popping up all the time it seems.  BTC is tricky though, because as mentioned, the confirmations times vary so widely based on traffic.  I also use a crypto debit card, as someone mentioned above, so I can send money to that card in the form of crytpo and use it everywhere Visa is accepted, just like any other debit card.

[htetaungxx]

if we can use anyting same as cash really good for us, as my country not even supermarket eg. i can't buy any crypto currency 24/7 and no one sell or buy offcially and didnt know who is he/she. if i sell i sent first and if i buy sent money first. like that. if they scam go cry :D. and too hard to trade with cash in my country. i wish i want to see offcial exchange for crypto currency, oneday.. !

[williamshennie9]

On 6/30/2019 at 3:58 PM, ceastem said:

probably didn't turn out well. Haha

maybe the transaction speed was way too slow for them? or maybe not too many people were attracted to the idea?

 

It could be a combination of both. Or it was a huge success, and the supermarket is talking about rolling it out across the country. Nobody really knows, as they haven't mentioned it since that time.

[Kippo]

I think that can’t be possible in my country ( I don’t know about other country) . In my country, people just use credit card last 2 years ago. For crypto payment, it can’t be possible for 10 years 

[cukup2]

 

if it were not in all crypto countries that had become a legitimate payment tool, it might make it easier for us as bitcoin users to shop for food or other necessities.

[Paecga129]

I think it is a few years out yet.   At least where I am from.   It is a very complicated method of payment and I think would take a decent amount of work to make it work.   Although I was super shocked when I found out there are bitcoin atm where I am from.   They are like six hours away from where I live but still was surprised.  

[DanielRandomDud]

actually its alredy a thing somewhere and also you can easily get crypto debit card. its bet for fees tho