29 Sep '17, 12pm

Paying $15 to Send $25 Has Bitcoin Users Rethinking Practicality

Ryan Charles recently switched his business, the social platform Yours Inc., from using bitcoin -- simply because he couldn’t afford it. Fees for sending money over the distributed-ledger network have risen nearly 19-fold , from 13 cents per average transaction in the second quarter of 2016 to $2.40 in the same quarter of this year, according to researcher CoinDesk. While they’ve moderated somewhat since, the fees still undermine the San Francisco-based company’s business model, which is built around writers receiving small payments from readers of their posts. "Bitcoin is now in a situation where the fees are very high and are likely to continue to increase, so it’s not even competitive with PayPal or Western Union in most cases," Charles said in a phone interview. When bitcoin debuted in 2009 it was hailed as a technology that would revolutionize the world of finance by ...

Full article: https://www.bloomberg.com/news/articles/2017-09-29/paying...

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