Now you can buy pizza with Bitcoin, want to know how? Indian cryptocurrency exchange Unocoin said that it is now allowing users to buy consumer items like pizza, ice cream, coffee with Bitcoin.
“Bitcoin as a barter asset is being accepted and traded by millions of users worldwide through this initiative we would like to educate the Indian audience about the multi-dimensional use of the cryptocurrency,” Sathvik Vishwanath, Co-Founder & CEO Unocoin said in a statement.
So how does this work?
It is not as simple as buying stuff with money, however, the exchange has introduced a new way. Unocoin informed that this will work through a mediary.
A Bitcoin holder can buy vouchers from various chains like Domino's, Baskin Robin, Cafe Coffee Day using Bitcoin and then use this voucher to get the consumer products.
Users can buy vouchers as minimum as ₹100 to as much as ₹5000 using Bitcoin and then that can be exchanged for the items.
The app will add a ‘Shop’ button where vouchers will be available whose prices will be given in rupee terms. Then the corresponding value will be deducted from the available Bitcoins as per the day's value of the crypto.
The customer will then get a voucher number which can be redeemed at the respective store.
However, for this to work, customers will need to complete the know-your-customer (KYC) verification process first.
The exchange is providing a wide range of options in the vouchers with multiple brands from fashion, lifestyle, travel, food, among others.
Launched in 2013, Unocoin is the country’s oldest cryptocurrency exchange and wallet.
How bitcoin came into existence or who the creator of bitcoin is, is still a mystery. The buzz started around 2008 and in January 2009, bitcoin became available to the public. The cryptocurrency has a very volatile history. The first such instance was seen in 2011 when Bitcoin's price jumped from $1 in April to a peak of $32 in June and then again fell to $2 in November. There have been many such bubbles and crashes for virtual currency. However, it has still managed to become exceedingly popular among investors. El Salvado has recently become the first nation to adopt bitcoin as legal tender.