Can I survive on bitcoin for a day?

Can I survive on bitcoin for a day?

– No banks, no fees, no inflation, these are the potential perks
of this thing called Bitcoin. – [Molly] Bitcoin has
been heralded in some circles as the future of money. It’s currency without banks, without paper, and without limits. All this made me wonder,
is Bitcoin the future? To find out I decided to try using only Bitcoin as currency for a whole day. But first, I need to learn
more about what it really is. Hey Christo. – Hi Molly. – So I was hoping you
explain what Bitcoin is. – So Bitcoin is an
entirely online currency. It’s based around this distributed ledger called the blockchain, but it’s not centralized
at bank or any government. – So given that, do you
think that I can survive just using Bitcoin as
currency for the day. – (breaths deeply) I don’t think so. Right off the bat you have to get a wallet to hold your Bitcoin. If you manage to find
a place that’s willing to accept the currency,
transaction fees are very high. And they can also take a lot of time. Best case scenario you’re
looking at 10 minutes. Typically, you’re looking
at more like hours though. – Sounds really discouraging. Do you have any tips,
on maybe where to start? – Maybe there are some places in Cambridge that might accept it. So yeah, I wish you the best of luck ’cause, you’re gonna need it – So that was not especially encouraging. But I still wanna give this a shot. First, I have to get my
hands on some Bitcoin, and to do that I have to download a digital wallet on my phone, then find a bitcoin
ATM where I can convert my cold hard cash into crypto currency. Are you just, do you need to Bitcoin ATM? – Nope.
– Okay. Awe this is really wild, oh my gosh. Wow there’s so many steps. Okay, we’re in. So we just put in $40 cash, we’re about to take out some Bitcoin. So $40 cash is equivalent
to .00348 Bitcoin. Well, I mean, I don’t
understand why we lost $10, there must be some kind
of transaction fee. Not exactly a fortune, but
we’ll see where it takes me, and according to Christo, it needs to take me to Cambridge, somehow. Time to test out public transportation. What about the T you ask? Nope. Uber, Lift? Not today. A bike? The bus? Un-uh. It looks like I’m walking. Alright I’m starving, let’s
find some place to eat. This place looks pretty good. Do you take Bitcoin as payment? – Yeah, Bitcoin. It’s like a crypto currency. – It’s a crypto currency. – Struck out. This place does Uber Eats,
that seems pretty progressive. Do you guys accept Bitcoin? – No, awe, Struck out again. Still hungry. Hi.
– Hi. – Do you guys accept Bitcoin? So now I’m super hungry, and have $29 worth of Bitcoin that
I can’t spend anywhere. Looks like I got a hit, its a vintage store outside Allston. So it’s not food or water,
but its at least somewhere I can spend this Bitcoin
that’s just weighing me down. I’m desperate for a win here. I’m hungry and tired from walking all day, but determined to not let
this day end in failure. – [Justin] How’s it
going? Welcome to Vivant. – Do you guys accept Bitcoin? – We only accept it when I’m
here, ’cause I’m the owner, but you came on a Tuesday, and
I’m usually here on Tuesdays. – Yes! They take Bitcoin here, I’m pumped, this is the first time
I get to spend this $30, I’ve been hanging on to all day. It feels like dead weight, (laughing) so for now, (blows)
I mean, I don’t even know. There’s so much to look at. I’d love a t-shirt. This ones, $29 to spend. – Okay, we can work
with you on that budget. There’s are 1950’s school maps. – [Molly] Oh yeah. – [Justin] From different
areas of civilization. – Yeah. – This is the Barbarian invasion. – [Molly] Okay. – And I can do 25 for you on that. – [Molly] I’m into it. Let’s do it.
– Perfect. – Success. But what you’re not seeing is the one hour and 37 minutes it took for the transaction to process. Because my digital wallet had big problems communicating with Justin, the owners. To be fair, Christo
did warn me about this. Bitcoin purchase! Alright, what’d we learn today? Started the day with the question, can you survive a day just on Bitcoin? And the short answer is yes. As long as you don’t need to eat, or
drink, or get anywhere. Would I do this again? No, but I got this cool map. Call it a win.


12 thoughts on “Can I survive on bitcoin for a day?”

  • mattiedashark says:

    Bitcoin isn't really designed to buy yourself lunch, it's ideal purpose is international transfers and transfers of large sums of money. Not to buy a $5 sandwich… And if you really wanted to use it for that then get a BitPay card that loads to a standard Visa debit card you can use anywhere Visa is accepted.

    A good example for everyday people would be selling a used vehicle – No messing around with bank checks or straight cash transactions, you can literally send 10's of thousands in an instant between cellphones with no fear the check is fake or getting a chargeback if it bounces. Once received if you want turn it back into USD or whatever your local currency is or keep as a store of value like gold for future growth.

  • Some places only accept cash. No debit or credit cards…..And when you gotta pull cash out, you're most likely paying a fee. Give it some time and we'll see how silly this video is.

  • Midnight Cinema says:

    This is filmed in Boston, yes? Let me google that for you in under 5 sec. 🙂

  • Roeks Griessel says:

    I see stupid people, I know people that live on bitcoin for the past 2 years and they live easier and better than me.

  • schumispecial1 says:

    yes, this so biased. Like a true field test: She didn't just initially check the internet for shops that accept bitcoin (I didn't see), just rambled in what she saw nearby. If she would have checked that the result would have been different or this video was unnecessary in the first place. Bitcoin-accepting shops do also usually advertise that at the front door (why would they hide it?), so she went and pick a few shops that obviously didn't? She also thinks it was complicated too with "so many phases" at the ATM and that her bitcoins weigh in her wallet. Obviously this kind of nonsense is just to scare away any seller from accepting bitcoin, and you might think who benefits from that.

  • This was really amusing, and fascinating. I think some (below) may be taking it a tad too seriously… Thank you!

  • This is just really cringy, I can't believe a university let this get published.
    everybody that's into BTC knows that ATMs have fees (>10%).
    If you'd try this at the bitcoin city (Arnhem, The Netherlands) you can do everything.
    Rent a place to stay for the night in a proper environment, they have bars and even a supermarket that accepts it.
    Even burger king accepts it in Arnhem.
    You can tell by the "accepts bitcoin" stickers on the front of the stores.
    tl;dr : results may vary based on geography.
    and google 'Bitcoin city arnhem'

Leave a Reply

Your email address will not be published. Required fields are marked *