Can you buy anything in the UK using Bitcoin?

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BTC has been used to buy pizza – hence May’s Bitcoin Pizza Day – but can the ‘dollar of the crypto world’ be used anywhere in the UK?

Can you pay for anything in the UK with bitcoin? (Image: Getty Images)

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Elon Musk’s business success is undeniable, but his unpredictable personality has proved controversial in the business world (Image: Getty Images)

This has led to warnings from senior financial experts like Bank of England Governor Andrew Bailey that people who buy Bitcoin should expect to lose all their money.

But if you have bitcoin and want to use it to buy real products, which companies will accept the contents of your crypto wallet?

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Here’s what you need to know.

How much is bitcoin worth?

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The value of cryptocurrency can change quickly, so it’s worth checking sites like coin base for the exact value of bitcoin.

As of Friday, April 22 at 10:15 a.m., Bitcoin was worth £31,335.

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Bitcoin may be known as the “dollar of cryptography,” but it’s still a risky investment (Image: Getty Images)

Can you make real payments with Bitcoin?

However, since it is not legal tender, it is up to individual companies whether they accept it as a form of payment.

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Bitcoin has been used to buy real products – but it’s largely a US phenomenon (Image: Getty Images)

As is well known, the very first real-world payment using bitcoin was made in May 2022, when Florida resident Laszlo Hanyecz spent 10,000 bitcoins on two pizzas from Papa John’s.

Back then, the purchases were worth $40, but the BTC used in the transaction would now fetch more than £300m.

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This means that May 22nd is now known in the digital currency community as Bitcoin Pizza Day.

In the US, you can now buy real estate, private jets, and tickets to sporting events with BTC.

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Which UK shops accept bitcoin?

NationalWorld couldn’t find any major UK companies that allow you to pay with Bitcoin.

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Several companies have previously accepted the currency.

For example, The Pembury Tavern pub in east London used to allow customers to pay with bitcoin, but told NationalWorld that the previous owners stopped accepting bitcoin in early 2017 due to payment processing taking too long and the crypto market being volatile.

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Since there aren’t many stores that allow payment with bitcoin, you may need to either go to a middleman or redeem the cryptocurrency to make real-world payments.

Now sites like Bitrefill.com Allow users to use their bitcoins to purchase gift cards to be used at places like Tesco, WH Smith or Amazon.

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However, according to the Financial Conduct Authority (FCA), it is “unlikely” that anyone making a bitcoin payment in the UK would have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme.

This means they are unlikely to have access to any compensation or resolution process if something goes wrong with their transaction.

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