Why can’t you buy bread and milk with Bitcoin?

Why can’t you buy bread and milk with Bitcoin?

By Sir Loin | The Crypto Shenanigans | 12 Mar 2021


One of the popular misconceptions about bitcoin is the alleged fact that nothing can be bought with bitcoin.
For example, bread or milk.

Photo by Alesia Kozik

Well, firstly, bitcoin is digital gold, and milk and bread are also not bought for gold coins. Secondly, in terms of status, bitcoin is more suitable for paying for large purchases. Tesla, for example, will soon start selling its EVs for Bitcoin.

But the coolest thing is that It is now possible to pay for purchases of real estate in the United States. America's largest insurance group, American Residential Warranty (ARW), and its property management subsidiary Boca Raton, following in Tesla's footsteps, said they would accept cryptocurrency payments for their services. In addition, the company also plans to acquire and hold bitcoin as part of its strategy "to expand its investment portfolio and increase its cash return."

In a statement, Josh Browser, the company's chief revenue officer, said that by accepting crypto payments, ARW is demonstrating that it is "a technology company that is rapidly adapting to emerging technologies."

“As businesses around the world enter this new era of global currency, American Residential Warranty is proud to continue to be an innovator in home warranties and plans to accept Bitcoin payments from its most tech-savvy customers,” Browser added.

Regarding Boca Raton's plan to add Bitcoin (BTC) to its balance sheet, the statement said ARW, which offers services in all 50 US states, will work with the Gemini crypto exchange. The exchange will handle custodian services for the US residential guarantee.

In addition, the statement hints that BTC, which has risen more than 300% in the past 12 months, is an asset that matches the profile of the securities ARW wants to invest in.

It should be noted that AIG Warranty is a division of American International Group, Inc., a leading global insurance conglomerate serving commercial, institutional and retail customers in over 80 countries for over 30 years.

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