The virtual currency Bitcoins can now be used to buy a pizza, thanks to a new service that acts as a middleman for conversion of Bitcoins into US dollars.
The service, Pizza for Coins, allows users to spend their virtual cash on pizzas from Dominos. For those who prefer Pizza Hut or Papa John's, orders for them will be coming soon.
There are some drawbacks to ordering in this way, however. The cost of a pizza will go up, with all orders tacking on an additional conversion fee of 0.09 bitcoins ($2.35), making each order more expensive compared to ordering directly from the fast food outlets. The creators of the service hope to eventually decrease the fee and even make it cheaper to buy pizzas with Bitcoins.
Another drawback is that the conversion process makes it take longer before an order is delivered, with some taking as much as 80 minutes. Fast food it is not, it seems.
Bitcoins were invented in 2009 as an experimental “crypto-currency,” employing cryptography and a peer-to-peer network for a very unorthodox approach to money. There is no central authority, and there is a hard limit to how many bitcoins are allowed in circulation.
The currency is seen as an attractive alternative to traditional banking, especially by those who might want to avoid connections between their real life and what they are purchasing. However, it can also leave a public trail, and the digital nature means it is liable to cyber attacks, with millions of dollars worth stolen in various incidents.
Bitcoins are considered the most widely used virtual currency in the world. Each coin is worth roughly $26, and there is an estimated $200 million worth of the digital dosh in circulation.
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