21 Things I Learned About Bitcoin From Living On It For A Week
1. It is possible to live on Bitcoin in San Francisco for a week. It cost me about 4.85 Bitcoins. I sometimes had to live on the fringes to get by.
2. It is only recently possible to live on Bitcoin for a week. Three of the four merchants I relied on for my most basic need – food – only started accepting Bitcoin in the last month.
3. It would have been much easier to do my experiment in Berlin. I could have just hung out all week in Kreuzberg, a neighborhood with the highest concentration of merchants accepting Bitcoin, including, importantly, a bar.
4. It’s disconcerting to live on Bitcoin with the currency volatility. The buying power of my little 5 Bitcoin bank has fluctuated wildly since I created it, from a BTC valuation high of $140 USD to a low of $90 USD. I bought 28 mini-cupcakes at the low point for .5896 BTC. They were $56 at the time (which is already crazy). Reevaluating at BTC’s high point, I spent $86 on cupcakes. My expense report is going to be a nightmare. Bitcoin will not be able to stabilize as a currency until there are more places that list their prices in Bitcoin.
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