In 2013, a cryptocurrency enthusiast drove off the lot of a luxury car dealership in Costa Mesa, CA in a Tesla Model S paid for in bitcoin—just under 92 bitcoins, to be precise, worth over $100,000 at the time. Compare that to the first-ever known purchase of goods for bitcoin, a pizza delivery that cost 10,000 bitcoins, and it’s easy to see an emerging narrative about the value and utility of bitcoin.
Despite skeptics and setbacks, the value of bitcoin continues to rise, and every day more and more people come around to learning about how cryptocurrencies work, recognizing that they aren’t just some shady underworld scrip. However, spending bitcoin continues to be a considerably greater challenge than hoarding it.
The Challenges to Bitcoin Transactions
Some countries are banning the use of bitcoin as payment outright, and even where it’s legal, there are logistical hurdles. While there are tech-savvy companies that have implemented bitcoin payment options for their…