Photo: Bitcoin can be used to purchase beer — but beware the 66 per cent surcharge. Bitcoin and Kim Kardashian have one bitcoin boss found dead in common — they’re famous for “being famous”.
More people are buying bitcoin because of FOMO — fear of missing out,” said Jason Williams, the founder of digital currency processing business BitPOS. They’ve noticed its price has surged rapidly in a very short amount of time, so they naturally want to buy more bitcoin and speculate on its future gains. Essentially, Mr Williams said the market was a “bubble” — driven by speculative investors, rather than people who want to spend bitcoin like “real money”. Can’t tell a bitcoin from a blockchain?
Read our explainer to see how the cryptocurrency works. 40 if he had paid in cash. Instead, he chose to pay using one-fifth of a bitcoin. 60,” said Will, a finance executive who didn’t want to be identified for this story. It kept escalating, and so did the joke!
If only Will had held onto the partial-bitcoin, its value would have surged by 2,800 per cent. Bitcoin and Kim Kardashian may have a lot in common. Photo: James Zaki purchased a beer with bitcoin, but he ended up getting more than he bargained for. James wanted to “have some fun” and experiment with the bitcoin technology.
Both men pulled out their smartphones — the bartender generated a QR code on his phone, which James then used his own phone to scan. 61 — which is a 66 per cent surcharge. Does he regret buying that beer? I have no regrets as I just wanted to try it in the real world for the first time,” he said. I think I’ll sit tight for a little while longer before trying this again. Mr Williams explained the surcharge is a “mining fee”, which is “dynamic” and “extremely variable”.
61, sometimes it can be as low as just a few cents. Basically, as bitcoin’s popularity increased over the past few years, so did the time and delay in processing its digital transactions. Bitcoin has a “block size” of 1 megabyte, which was adequate years ago when fewer people were using it. Visa can process thousands per second. This problem led to a Bitcoin ‘civil war’ and the creation of a spin-off currency in August, bitcoin cash — which was an attempt to solve the transaction speed and surcharge issue. So what if one wants to buy their friends or favourite colleagues a beer? If you have to spend bitcoin, it’s better to use it on more expensive, big-ticket items like laptops,” Mr Williams said.
61 surcharge would just be 0. James has some advice for consumers: “Bitcoin is just not good for small purchases at the moment. Will those who’ve made cryptocurrency profits pay their tax? Analysis: Big bang splits Telstra in two. If you have inside knowledge of a topic in the news, contact the ABC.