I always appreciate Charlie Munger’s bluntness in his interviews. It’s quite the contrast to Warren.
So it’s been a while since I last purchased something using Bitcoin and I wanted to see if the process had become any less painful today. I decided that I was going to purchase a $10 item at a shop that accepted Bitcoin.
I head on over to my Coinbase account and purchase $10 of Bitcoin. Due to fees the amount I actually got was only worth $8. Okay, I buy some more to make it $10, then I try to send the money to the address I was given by the shop. Turns out that Coinbase doesn’t actually let you send Bitcoin to non-Coinbase users anymore unless you wait 12 days after you purchase it. Even if I could send the money, the estimated fee was over $3 (30% of the transaction).
I ended up paying with PayPal and have asked Coinbase for a refund on my Bitcoin purchases.