Bitcoin has become a household name over the past few years. The original “Bitcoin” cryptocurrency gained prominence when it was introduced in 2009 as an online payment method for online drug sellers and other Internet flippers.
In 2014, Bitcoin experienced a surge in value and users came to view the digital currency as a haven against fiat currency collapse. In January this year, the price of a single Bitcoin reached an all-time high of $1,200 (equivalent to about £800 at the time). Many people now see paying with bitcoins as easier, safer, and more convenient than using conventional payment methods such as credit cards or bank accounts.
It seems like everyone is getting on board with Bitcoin these days: airlines are accepting payments in bitcoins; retail giants like PayPal and Starbucks have started enabling users to buy coffee with bitcoins, and even Hollywood is getting in on the act – several major movie studios have accepted Bitcoin payments for advertising services. So what do you say, folks? Have we convinced you yet? Here are some hilarious complaints about Bitcoins that you’ll find impossible to resist laughing at:
You can’t use your credit card with Bitcoins!
Don’t worry – you can still use your credit card to pay for things with bitcoins, just be sure to use a virtual card that won’t show up on your bank statement.
You can’t withdraw your bitcoins from an exchange!
This one is a doozy. Many people are familiar with the idea of “withdrawing money” from a bank account, but they don’t realize that you can’t withdraw your bitcoins from an exchange! This is because exchanges – like all other financial institutions – are required by law to accept and process payments in U.S. dollars.
However, because exchanges like Bitcoin Smarter are registered with the government, they can still process Bitcoin payments in the name of legal tender. So even if you have a balance of bitcoins in your exchange account, you won’t be able to cash them out – you’ll have to store them somewhere until the next Bitcoin rally!
You can’t buy real estate with your bitcoins!
One of the most common complaints about bitcoins is that you can’t buy real estate with them. This is because there is currently no legal way to do so. However, this isn’t the only problem with bitcoins – they can also be used to purchase a lot of other things such as drugs and pornography! One Reddit user was recently successful in purchasing an iPhone from a seller who advertised using bitcoins. So if you’re looking for a way to add some extra cash to your bank account, Bitcoins may not be the best option for you.
You must verify your identity before using the Internet with Bitcoins!
Some people are worried about the security of bitcoins. They worry that someone might steal your bitcoins and use them to purchase something else than what you intended. However, this is a false worry. Bitcoins are secure because they’re stored in a digital code known as a blockchain. Anybody who tries to steal your bitcoins (or even access them) will be prevented from doing so.
You’re always overcharged for your purchases!
Another common complaint about bitcoins is that they’re always overpriced. When you buy something with Bitcoin, you’re essentially paying more than you would if you were buying the product in physical currency. For example, let’s say you buy a pair of shoes with Bitcoin. You might be thinking, “Wow, I’m spending $30 on these shoes instead of the regular $20 I’d be spending in-store.” But this isn’t always the case. Sometimes, when you buy something with Bitcoin, the store may charge an additional fee for adding the Bitcoin to your account. This can add up quickly – especially if you’re buying a lot of items!
Bitcoin Doesn’t Work In The U.S.
Saying that Bitcoin doesn’t work in the United States is a lie! This is because the U.S. Dollar is the only global currency that’s legal tender in the United States. All other currencies are considered to be “virtual” currencies, and therefore cannot be used to purchase real goods and services in the United States.
If you’re still not sure about Bitcoin, or you’re just curious about the currency and its history, we suggest checking out this video on how bitcoins work. After watching this video, you’ll be able to see why bitcoins are so popular and why they could be a valuable addition to your business.