You can't buy much online with bitcoin

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You can't buy much online with bitcoin, says report
The cryptocurrency is only accepted by three out of the top 500 online merchants, compared to five from last year.

If you've stumbled onto a stash of bitcoins and want to do some online shopping, the bad news is you probably won't be buying much.

This year, the cryptocurrency is only accepted by three out of the top 500 online merchants, reports Bloomberg. That's down from five from last year, making using Bitcoin to buy things from merchants a lot tougher.

The lack of merchants is puzzling, given the gains from bitcoins recently -- one bitcoin is worth more than an ounce of gold -- and may be a sign that the cryptocurrency is better off as an asset than currency.

The Bloomberg report also mentioned that transaction fees could be an issue why the crytocurrency is not widely accepted. With fees climbing, smaller transactions aren't worth it compared to using other payment methods.