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Are You a Bitcoin Believer?

The Pylands are bitcoin believers. The Utah family of six has been living off of the much discussed digital currency for the last two years. How do they live off of bitcoins?

Utilities

To pay for rent, electricity and gas the Pylands convert bitcoin into dollars by logging on to Coinbase.com which acts as currency exchange and charges only 1 percent, which is less than most bank fees or credit card processing payments.

Everyday Shopping

If they want to go shopping to a store, they just buy a gift card with bitcoins on a website called www.gyft.com which give them access to store like Target, Sears, and the Gap. The website also offers them gift cards to popular chains like Burger King and Starbucks.

Eating Out

The Pylands make it a point to eat at restaurants which accept bitcoins near their home. This map shows you where you can find businesses accepting bitcoin.

Income Generator

They get paid in bitcoin. The way the bitcoins network has been built is that those who keep track of every bitcoin transaction through complicated math applications get paid in bitcoins to keep the system going.

They Invest It

The Pylands also trade bitcoins on exchanges just like one would trade gold on the New York Mercantile Exchange to make a profit.