So... Who Actually Takes Bitcoin? (VIDEO)

Jacob Harper |

For all of bitcoin proponent's talk about "cryptocurrency," relatively very very few placers actually treat bitcoin as a currency. Overwhelmingly, countries treat bitcoin as a commodity, more like corn or gold than something to be traded on the everyday marketplace for goods and services. That is, it might be fine for speculation or socking away value, but is far from ideal for paying the gas bill.



To be sure, BTC evangelists have inspired an increasing number of businesses in the US to accept BTC as a payment method. Yelp Inc. (YELP) recently added a search function allowing people to search for businesses that accept BTC as payment. However, a reality where BTC can be used in every day transactions on a consistent level is still far, far away, and a person today trying to live on (virtual) currency will encounter more than a few (real) problems.

Mashable decided to illustrate this conundrum with their latest satirical video, in which a bitcoin aficianado (Nick Mandernach) attempts to spend bitcoins on everyday things. He finds that in many cases, trying to use BTC as an actual currency works about as well as trying buy a morning paper with a bushel of corn or a gold doubloon.

That is, if those people even know what a bitcoin is in the first place.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
YELP Yelp Inc. Class A 41.25 0.00 0.00 62 Trade
PMSO Primal Solutions Inc 0.02 0.00 0.00 0

Comments

Emerging Growth

Immunovaccine Inc.

Immunovaccine Inc is clinical stage biopharmaceutical company. The Company develops products based on its proprietary vaccine enhancement platform in T cell activating therapies for cancer.

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…