The Most Expensive Coffee in Your Life — Would You Drink it?
Paying for your morning coffee using Bitcoin… a fantasy or the future? For its holders, Bitcoin is a long-term store of value and proof that a new financial system is emerging. Countries have made it legal tender and businesses in various fields are now accepting it as a payment method, raising questions of whether Bitcoin will become part everyone’s daily life.
Currently, transactions on the Bitcoin blockchain are slower than making purchases using a credit card − but protocols that would overcome this are in development. But would you still want to drink the most expensive coffee in your life if it were offered to you?
Özgür Güneri, CEO of BtcTurk, gives an example: “Let’s say you have both gold and cash on you. The cashier at a cafe tells you that you can pay for your coffee with both gold or fiat money. No one would prefer to pay with gold. In this scenario, gold is akin to Bitcoin, a reliable and consistent asset that is less likely to lose value in the future.”
Charlie Lee, the creator of Litecoin, also gave his thoughts on the subject:
“Bitcoin isn’t about buying a coffee, it’s about making transactions that you can’t make.”
The real value of Bitcoin is that it allows you to transfer money anonymously, to anywhere in the world and at any time. While some coffee shops may accept Bitcoin as a payment method, buying coffee with it still remains a great luxury.