Despite being practically useless to buy things in regular bricks-and-mortar shops, Bitcoin has become a technological and social phenomena over the last ten years. Since its 2008 white paper, Bitcoin has evolved from a theoretical protocol into a widely accepted mechanism of transacting and storing value with market capitalisation of over $17 Billion. Which begs the question, if it’s difficult to spend, why are people using it?
Foreign Remittance: Sending money overseas via commercial banks is slow with high fees. Wire transfers are fast but even more expensive. Bitcoin costs a tiny fraction in comparison and takes about an hour to send.