Almost certainly just low volume. Most merchants offering sale by bitcoin had little to no use. And it makes sense, most bitcoin owners bought to speculate. Sp

Almost certainly just low volume. Most merchants offering sale by bitcoin had little to no use. And it makes sense, most bitcoin owners bought to speculate. Spending bitcoin isn't that different to just selling the bitcoin and spending with actual money, so if they weren't going to sell their bitcoin, why spend their bitcoin? It's not like middlemen payment processors were avoided, most companies accepting bitcoin actually just accepted through a third party who would liquidate it back to money directly.