Bitcoin Infographic: Look at All the Big Companies & Organizations Which Wasted Time Trying to Accept a Virtual Money Hardly Anyone Uses as Money

Market research firm 16 Best just sent me this beautiful and handy infographic showing all the major companies and organizations which accept Bitcoin as payment -- over 160 in fact! -- click here for the embiggenated version. With Bitcoin price wildly fluctuating while daily transaction volume stubbornly remains flat, it's really a case study in humility, and the hubris of libertarian thought experiments which run aground against reality: So many reputed firms with so many smart people, convinced despite all evidence to the contrary that Bitcoin was ever going to be used as actual money to buy actual (legal) goods and services. With Bitcoin's daily transaction rate at around 200,000 per day, it remains the case that Linden Dollars are still used more often than Bitcoin has been, or likely every will be.

Comments

[patchouli woollahra]

I think it's definitely a damning indictment if an alleged currency gets used less than spacebux from a MMO or online platform, even a niche platform like SL.

Part of what is killing cryptocurrency is speculation. It doesn't just drive the price up, it drives it haywire. Currency must trade within a narrow band of values for it to be useful as a consistent store of value, and on that note, many cryptocurrencies are failing. The fever is also driving up the cost of using the currency as previously minute and insignificant transactional fees suddenly become significant due to the value of the currency they are marked in.

There are good things to be had in the technology underlying this stuff. but you will forgive me if I want it all to crash and burn as soon as possible so we can get a saner baseline.

[Laura Pevehouse]

You might want to let them know that Dell's pilot with bitcoin ended last year. As I noted in an update to our original announcement, we demand was too low to make it viable in the long run: https://blog.dell.com/en-us/we-re-now-accepting-bitcoin-on-dell-com/ #iwork4dell

[Thomas Plummer]

Transaction volume doesn't reflect use though. A single transaction can have hundreds of outputs to many addresses. This is called 'batching', which is now being adopted by big exchanges as it is a more efficient way to send payments to many addresses (outputs) at once.

An example transaction can be found here: https://blockchain.info/tx/5a6495056fb06686ffe88324ef7c6041771a74cce97c87c8125b85c998382e61

13 outputs, 12 are most likely third party addresses, and 1 is a 'change' address (where the leftover amount is sent back to a wallet, but in a different address)