Man Living On Bitcoin Daily - Essay Example

A man from St. Petersburg reported that he uses digital currency bitcoin for almost everything.

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The 24 year old John Dreyzehner from St. Petersburg informed that he uses leading crypto currency bitcoin to pay for almost all of his daily living expenses.

He works as a regional commerce director at bitcoin payment processor Bitpay.

He explained that he gets paid in bitcoins and is lucky that his landlord allows him to pay in bitcoin. He uses the crypto currencies for everything else too.

Dreyzehner informed that he moved to St. Petersburg about 3 months ago to help persuade some of the local businesses to accept the amazing internet currency.

This step was in anticipation of the Bitcoin Bowl, to be held at Tropicaa Field this week. Dreyzehner proudly announced that over 100 businesses in the Bay area accept bitcoin now.

He mentioned he already got some calls from business owners. They say how people come and ask to pay with bitcoin. The local business owners seem very excited about this change.

A team followed Dreyzehner for a day to see how he uses bitcoin for everyday payments. He used his bitcoins to pay for lunch at Lucky Dill Deli.

Then, he got a haircut at The Shave Cave which too accepted the digital currency.

Max Glazer, the president of The Shave Cave said that his business was among the first few businesses in Sundial to accept bitcoin as payment.

He said that bitcoin is very simple to use and explained how they use it directly using an app on the smartphone. He thinks the best part of it is that no processing fees are involved.

Usually, banks charge a processing fee of 2% on all plastic swipes. As bitcoin consumers pay by scanning the transaction code with their smartphones, they do not have to pay this fee.

Dreyzehner thinks, if the Internet is imagined as a country bitcoin is the currency of the internet. According to him, it is just like a foreign currency. One can easily get bitcoin on a currency exchange, exactly how pounds or euros can be obtained.

However, the Federal Reserve does not support bitcoin. Although this makes bitcoin different from normal currency, Glazer said that he does not worry about that.

He reasoned that payment processor Bitpay guarantees he will receive the proper amount. He is confident that the transactions will go through as long as Bitpay is handling them. He knows that money will be in his account at the right time.

Dreyzehner shared that the only places where he cannot use bitcoins for purchases in St. Pete is at the gas stations and the grocery stores.

The regional commerce director added that he believes a huge group of the Bitcoin Bowl fans will only shop at businesses which accept bitcoin.

He gave his example and said if there is a restaurant which accepts bitcoin, he will definitely go to that as it is easier for him.