As a study published by Chainalysis at the beginning of this week, the use of Bitcoin (BTC) in connection with the facilitation of commercial payments is "significantly reduced this year".
To prepare the aforementioned study, the Chainalysis research team examined 17 Bitcoin payment processors and the amount of BTC-related transactions that they had handled in the course of 2018.
In this regard, the researchers found that the daily trading volume of BTC managed by most of the payment processors (in question) was "reportedly" reduced by almost 80% from the start of this year. ;year.
A detailed look at the subject
According to the study, when considering the TX speed of various individual payment processors, a definitive decrease in the amount of BTC-based transactions can be seen. For example, Coinpayments, an encryption company based in Canada, said its BTC trading volume has fallen more than 50% since January.
Speaking about the problem, Lex Sokolin, director of the fintech strategy at Autonomous Next, said:
"Bitcoin payment processing is seeing a slow but substantial decline."
With this, the report recognizes that the overall stability of Bitcoin has grown steadily over the course of this year (even if the total value of payments with Bitcoin decreased from $ 427 million last December to $ 96 million in September 2018 ).
With BTC seeing a fair amount of stability throughout 2018, many financial companies and cryptographers continue to hold the belief that "stability alone is not enough for Bitcoin to achieve mass adoption".
In this regard, Joni Teves, a strategist at UBS's financial firm, told an influential media that, in order for BTC to gain a more traditional appeal, the digital asset must become faster and cheaper.
Finally, it is worth noting that, in the recent past, major companies such as Microsoft and Steam have stopped accepting BTC payments as they believe the currency is too volatile to manage efficiently.