BITCOIN FACT: How Much Can You Purchase Online Using Digital Currency? Not Much.

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BITCOIN FACT: How Much Can You Purchase Online Using Digital Currency? Not Much.

Few technologies have the capability to trigger a heated exchange of words on the internet and confuse a large group of people as bitcoin.

The electronic money has been a lingering source of confusion and interest since it came into existence more than 5 years ago.

And here’s one very interesting fact: Bitcoin is only accepted by 3 out of the leading 500 online stores, compared to 5 in 2016.

If you happen to get your hands on a stack of virtual cash and want buy stuff on the internet, the not so pleasant news is you probably will not be able to purchase lots of things.

Dwindling numbers

Only 3 out of 500 internet-based commercial establishments accept bitcoin this year, Bloomber disclosed.

The figure is down from five from in 2016, which makes the use of digital money to purchase stuff online very difficult.

The decreasing number of online stores is now becoming quite confusing, considering the profits they get from electronic money during the past few years – a single bitcoin is valued more than an ounce of gold — and may be a big indication that virtual currency is better off as a safe haven investment compared to mainstream money.

Accordinfg to the Bloomberg report, transaction fees could be a major concern why bitcoin is not widely accepted today.

 

Rising fees

With transaction fees soaring, smaller transactions are not worth it compared to using other mode of payment.

But interest in digital currency is not losing its mass appeal just yet. In fact, what’s happening now could just be temporary hiccup.

Fact is, bitcoin’s market value has more than doubled so far this year, hitting all-time peaks and turning some people who hoarded large quantities early on into millionaires.

 

About Chris Miranda

Chris writes mostly about the latest in the stock market, finance, tech and business.
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