The concept of buying a cup of coffee with crypto is somewhat of a trope at this point but please bear with me and help answer this question. My understanding is that with bitcoin it take 10-15 minutes to verify a transaction, and that transaction fees can be around $1 or more or less depending on network demand. So if a coffee shop started accepting bitcoin and I went and bought a cup of coffee, how would it work? Would I buy a $3 coffee and then have to pay $1 transaction fee plus wait for 10-15 minutes so the coffee shop could verify the transaction? If that is the case then can we conclude that bitcoin will never be appropriate for small scale transactions of this type? Or am I missing something?
Submitted December 31, 2020 at 09:40PM
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