I have been following the rise of cryptocurrencies such as bitcoin. I even purchased about 0.2 BTC and stored it on my phone. The problem is that I find that I rarely use it. There is not much on the internet that can be purchased with bitcoin and finding something in real life that can be purchased with bitcoin is even more of a hassle. It is so much easier to pay for something with cash, and paying with MasterCard PayPass is incredibly simple that I use it all the time now when I use a credit card.
As far as sending money to friends or family is concerned, I could use bitcoin and encourage others to use bitcoin, but I found myself having to pay my father back some money and I offered to pay him in bitcoin. He was perplexed by the idea and instead gave me his bank account details. I simply transferred the money from my bank account to his. It happened instantly and it didn't cost anything. A bitcoin transaction, however, has a 1% fee to provide an incentive for miners to process the transaction.
So then why would anyone use bitcoin if there is a 1% fee and bank transfers achieve the same thing but is free? I don't fully understand.
No comments:
Post a Comment