Will Buying Coffee With Bitcoin Increase Mass Adoption of Cryptocurrency?
One way to help people get a better understanding of Bitcoin and other cryptocurrencies is by using the example of purchasing coffee with Bitcoin. In the USA a report has found that approximately 450 million cups of coffee are drunk every single day. So integrating coffee with Bitcoin or cryptocurrency will allow people to understand crypto as well as they know coffee.
Blockchain researcher and economist, Garrick Hileman explained that when people buy simple things with complicated technology, the technology is then more relatable. Moreover, Dominic Frisby, a British author and co-host of Money Pit explained that purchasing coffee with cryptocurrency is an effort worth making to help people learn more about how cryptocurrency functions and will help everyone become familiar with using crypto.
Frisby said that he got started with cryptocurrency by buying £20 worth of Bitcoin. He also got his friend do the same, they both practiced sending each other small amounts of money to meet up and buy coffee from someone who accepts Bitcoin for coffee.
The point of this is to help people widely adopt crypto. However, the end is not about purchasing coffee. The focus in on using the simple practice of purchasing coffee as a way to make transactions that you otherwise can’t make.
While the use of Bitcoin and Cryptocurrency is thought of as pervasive, there are still a lot of ways it can be used.
For example, the creator of Litecoin, Charlie Lee, said that more daily opportunities to use cryptocurrency would get the world closer to mass adoption.
Lee believes that being able to pay someone on the other side of the world with cryptocurrency that is censorship-resistant is something that holds enormous value. Mass adoption of Bitcoin will be a lot easier when no one can block you from doing it.
Lee thinks that once your money is stored in cryptocurrency, people should be able to use it everywhere.
Cryptocurrency that serves as a genuinely worldwide currency creates many political opportunities. Working free from government control is a real political chance that the use of digital currencies offers.
Of course, it comes with its set of challenges. Bitcoin was developed as a peer-to-peer value transaction based on the web. So purchasing coffee is a move away from its actual purpose, people don’t want to purchase coffee at brick and mortar stores when there is already cash as an anonymous payment method in the real world. But the point is to safeguard the freedom of choice to use cryptocurrency or fiat cash.
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