The use of Bitcoin for commercial payments has largely declined in 2018, according to a study by Chainalysis as cited by Reuters.
To conduct this
she studies, Chainalysis allegedly provided 17 Bitcoin payment processors (BTC). The total amount of BTC managed by significant payment processors presumably decreased by about 80% from 2018, in September.
The diagnosis of all payment processor figures reveals a downward trajectory. At the Canadian company Coinpayments, the value of the BTC transactions decreased by almost 3/4 between January and October of this year, according to Reuters reports, referring to the data from OXT, a blockchain technology analysis site.
The global director of the fintech strategy at Autonomous Next, Lex Sokolin, revealed that "the processing of BTC payments is facing a slow but stable fall".
Increasing stability of Bitcoin
Comprehensive data on peak encryption applied to payments are apparently inconsistent, since exchanges with the rest of the criptos are usually included along with its application largely for commercial payments.
Although Chainalysis notes an increasing stability of BTC, the value of BTC payments presumably decreased from $ 427 million last year in December to $ 96 million in September this year.
Experts believe that the comparative stability of Bitcoin in 2018 will lead to its conventional diffusion as a payment method by both commercial organizations and people, but other financial companies and digital money entrepreneurs believe that stability alone is not enough.
Users to redeem the lower amounts of BTC
A strategist from UBS's London-based finance company, Joni Teves, revealed that BTC must be faster and cheaper and that creating decent rules on a resource would help provide customers with a sense of legitimacy.
Some bullish companies that have recently accepted Bitcoin have moved away from cryptography as a means of payment. In January 2018, Microsoft
proclaimed that after about 36 months it would stop accepting Bitcoin. However, he maintained this position after considering his procedure to ensure that fewer BTCs were redeemable by users.
Steam, even the gaming platform has ceased
accepting Payments with Bitcoin last year in December, about a year after it started accepting BTC when cryptography was changing hands to nearly $ 450. Because of the major concerns about fluctuations and high regulatory uncertainty, The industry also cites the challenge of increasing transaction fees and slow or moderate transactions as obstacles to a broad adoption.