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Here’s Why People Don’t Buy Things With Bitcoin
Published on August 23, 2017 at 02:45PM
An anonymous reader shares a report: One reason for this, if you live in Toronto like me (or anywhere else for that matter), is that there’s basically nowhere to spend digital coins in the real world. Coinmap, a service that maps bitcoin-accepting locations all over the world, shows a few places that accept bitcoin in Toronto, but it’s clearly out of date — I called several businesses listed on the site and they had no idea what bitcoin even is. A bigger problem is perfectly illustrated in a Reddit post from Wednesday morning complaining that a bitcoin transaction worth just $9 still hasn’t gone through the network after two days of waiting. Two. Days. The likely reason is that the fee attached to the transaction in order to incentivize faster confirmation — 50 cents, which is about as much of a premium as I’d pay for a $9 transaction — simply wasn’t enough. “Should I have paid $3 on a $9 transfer to get it processed?” the person wrote.
Read more of this story at Slashdot.
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