According to data from the main cryptocurrency payments processors, Bitcoin payments have decreased by about 80% from the beginning of this year until September. This, according to some, means that the cryptocurrency is struggling to mature from a speculative resource.
According to Reuters, the data on the decline in bitcoins as a payment method comes from Chainanalysis analysis chain analysis company, which found that the value of BTC payments fell from a December high of $ 427 million to $ 96 million in September .
The company reported having interviewed 17 cryptocurrency payment processors such as BitPay based in Atlanta and Coinpayments based in Vancouver. He noted, however, that the bitcoin data used for payments are "irregular", as some of his exchanges with other currencies are often included.
While several payment processors reported different data, Reuters specified that Coinpayments saw its incoming and outgoing transactions fall by more than half between January and October of this year. Speaking of data, Lex Sokolin, global director of the fintech strategy at Autonomous Next, said:
Bitcoin payments processing is witnessing a slow but steady decline.
In particular, this year the bitcoin saw a period of relative calm in which its price was traded in an extremely narrow range, so as to be less volatile than the stock market, given that its volatility index at 30 days it has fallen to low levels it had not seen since December 2016. For some, this type of stability is a requirement for it to become an alternative currency.
Solutions for scalability problems have also seen various developments, since Lightning Network (LN), a two-tier scaling solution that could help users make thousands of almost zero BTC transactions, has recently surpassed 14,000 payment channels and a capacity of $ 1 million.
Speaking to Reuters Joni Teves, a UBS strategist in London, said:
There should be a requirement for stability if it wants to become another form of money. But one thing that would bring the bitcoin into the mainstream is scalability: is it able to process the value or volume of transactions that money tends to do?
The stability of the peak cryptocurrency, however, did not last. As covered by CryptoGlobe, bitcoin recently fell below $ 5,000 for the first time since October 2017. At press time, it is trading at around $ 4,500 after a 4% increase in the last 24 hours .
His fall hit several companies in the technology sector, including chip maker Nvidia, who saw his shares collapse after he had accused the disappointing results on the accumulated chips after the disappearance of the demand from the miners of encryption.