Want to exchange your crypto for a steak? (Sorry, vegans...) You can do this in this restaurant here. Of course, Meating is not the only restaurant in the world where this is possible, but in Zug it is one of the first. Many businesses in Zug now accept crypto.
How exactly do you exchange cryptocurrencies, such as bitcoin, for a steak? You need a wallet app on your smartphone that can send and receive bitcoin. The restaurant then provides a QR code that contains the wallet address of the restaurant and the amount to be paid. The conversion of Swiss francs into crypto then happens at the current exchange rate. Because cryptocurrencies are volatile, the exchange rate can fluctuate significantly from minute to minute.
Whether bitcoin is the best means of payment for a steak is questionable. Most investors speculate on long-term appreciation and hold their crypto for as long as possible. With its wild price fluctuations, it could well be that the bitcoins you shelled out for a steak a few months ago are now worth thousands of francs. This happens to a programmer from Sweden on May 22 in 2010, when he pays 10,000 bitcoins for two delivery pizzas – worth today $500 million (January 2024). This mishap is celebrated as Bitcoin Pizza Day.
