Why Bitcoin Is the New Gold-Understanding Its Benefits

This article from Bloomberg will help your understanding of Cryptocurrencies pros and cons. Some things he misses but for the most part, he is on the money (We thought you would be more knowledgeable reading this!)

Invest in it, perhaps. But don’t try to shop with it.

I hate to say I told you so, but … well,I told you so. Bitcoin,1while still a popular financial asset, is looking less and less like a currency. Online payments company Stripeis endingBitcoin support. It cites several reasons for doing so:

[Bitcoin] transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions. … By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the “wrong” amount. … Furthermore, fees have risen a great deal … making Bitcoin transactions about as expensive as bank wires.

A steady trickle of companies is no longeracceptingBitcoin as payment for goods and services. Such transactions never became very widespread in the first place. Even a Bitcoin conference in Miamirefusedto accept Bitcoin for its attendance fees!