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A study on the chain of analysis cited by Reuters last Tuesday shows that the commercial use of Bitcoin (BTC) has significantly decreased this year.
Reportedly, Chainanalysis conducted a survey of 17 Bitcoin payment processors in preparation for the study. The survey showed that the number of Bitcoin transactions made through the processors had decreased by 80% from January to September of this year.
This staggering drop in numbers has led to individual evaluations of some of the processors. One of these processors was the Canadian group Coinpayments, which had seen the value of Bitcoin transactions decline by more than half from January to October 2018. These staggering numbers were given to a certain extent by the global director of the Fintech strategy at the Autonomous research company Next, Lex Sokolin. Lex stated that "processing payments with Bitcoin is seeing a slow but steady decline".
Reportedly, there is insufficient data on the most widely used cryptocurrency for payments, since trade with other currencies is commonly grouped together with its use for commercial payments.
Despite the decline in Bitcoin payments, Chainanalysis currently recognizes and recognizes the growing stability of the currency. The value of Bitcoin payments plummeted from $ 427 million last December to $ 96 million in September 2018.
While many believe that the relative stability of BTC this year will result in traditional use as a payment method, some individuals, customers and business organizations believe that stability is not sufficient, because it is completely reliable for payments.
A strategist at a London-based finance company, Joni Teves, commented on the argument, saying that Bitcoin needed to become faster and cheaper, noting that the development of clearer rules on the asset would help to give users a sense of legitimacy.
Things looked even harder for BTC payments after Microsoft announced it would stop accepting Bitcoin as a means of payment. Fortunately, Microsoft has backed down on this after taking its steps to ensure that the lower amounts of Bitcoin would be redeemable by customers.
Steam gaming platform, which was known to accept payments with Bitcoin, announced that the end of these volatility problems, low transaction speeds and increasing transaction fees.
If you thought that the status of Bitcoin as a stable and reliable payment option would have been secured by now, then you were wrong. There is still a lot of work to do if the use of Bitcoin in payments will increase.
I am passionate about encryption based in Nairobi, Kenya, which loves investing, writing research, reading, fitness, African food and soccer. In case you're wondering, I like girls too.
