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High fees and pricey cowboy boots: Why crypto spending isn't about to go mainstream

April 4, 2021. Summarized by summa-bot.

Compression ratio: 17.9%. 1 min read.

KATWIJK, NETHERLANDS - DECEMBER 17: In this photo illustration, visual representations of digital cryptocurrencies Ethereum and Bitcoin are arranged on December 17, 2020 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images)

Last month, I set out to buy my father, an avid Before the Bell reader, a non-fungible token, or NFT.

London (CNN Business)Last month, I set out to buy my father, an avid Before the Bell reader, a non-fungible token, or NFT.

Fees to buy the cryptocurrency ether, to transfer it to my crypto wallet, and to execute a purchase, which included an eye-popping mining charge due to congestion on the network.

But even after addressing added costs, the massive run-up in the prices of popular cryptocurrencies like bitcoin and ether may make people hesitate to part ways with them.

Bill Zielke, the chief marketing officer at BitPay, which executes crypto transactions between businesses and consumers, agrees that fees remain a barrier.

But as bitcoin, ether and even dogecoin gain steam, Zielke said there's been growing interest in translating gains into luxury purchases, from boats and watches to homes and planes.

Clashes over human rights complicate business in China

Companies that want to do business in China have long made compromises in the pursuit of success.

"We are working together with our colleagues in China to do everything we can to manage the current challenges and find a way forward," H&M said in a statement Wednesday.

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