Bitcoin Is Digital Gold. But Will You Buy a Sandwich With It?
For digital-marketing agency Cooperatize.com, taking bitcoin for payment was easy enough, all co-founder Roger Wu had to do was obtain a digital wallet. To promote the move in 2014, he even penned a blog post for Forbes explaining the decision.
The number of transactions the New York-based firm has made since? Zero.
“The biggest thing is are people willing to pay in bitcoin?” Wu said. “The reality is that most of our customers are other businesses and other businesses don’t use bitcoin.”
Even as the euphoria over bitcoin reached a fever pitch last week as the price surged to almost $3,000, slow transaction times and inertia are helping to prevent it from achieving widespread usage. Adoption has slowed, according to Morgan Stanley, after a slew of companies from Microsoft Corp. to Expedia Inc. initially trumpeted its use, and hurdles remain when it comes to longer-term viability.