Report: Bitcoin Use in Payments Collapsed This Year

Bitcoin (BTC) use for commercial payments has reduced meaningfully this year, as per a study by Chainalysis stated by Reuters Nov. 20.

To prepare the study, C analysis allegedly surveyed 17 Bitcoin payment processors. The amount of BTC handled by major payment processors supposedly dipped by almost 80 percent from the commencing of the year to September.

The analysis of individual payment processors’ figures allegedly portrays a downward trend. At Canadian firm Coin payments, the value of transactions has plummeted by more than half between January and October 2018, Reuters reports, mentioning data from blockchain analysis site OXT. Lex Sokolin, global director of fintech strategy at research firm Autonomous Next, stated that “Bitcoin payments processing is seeing a slow but consistent decline.”

Comprehensive data on the leading digital currency used for payments is apparently not consistent since trades with other currencies are commonly comprised together with its use for commercial payments.

Although Chainalysis distinguishes a growing stability of BTC, the value of Bitcoin payments allegedly slumped from $427 million last December to $96 million in September 2018.

While many hope that BTC’s relative stability this year will result in the mainstream deployment of it as a payment method by both individuals and commercial organizations, some financial organizations and crypto entrepreneurs consider that stability is not enough.

A strategist at London-based financial firm UBS, Joni Teves, told Reuters that BTC requires becoming faster and cheaper, also specifying that the development of clearer rules on an asset would aid give users a sense of legitimacy.

Some major organizations that previously admitted BTC have turned away from the cryptocurrency as a payment method. Microsoft declared in January that after almost three years it would stop admitting BTC. However, it did reserve that position after taking its own steps to: “ensure lower Bitcoin amounts would be redeemable by customers.”

The gaming podium Steam also stopped accepting BTC payments in December 2017, over a year after it began assenting Bitcoin when the currency was dealing around $450. Among concerns over volatility and regulatory uncertainty, industry players also cite the issue of enhancing transaction fees and slow transactions speed as barriers to broader adoption.

Source Link:- https://xnews.io/report-bitcoin-use-in-payments-collapsed-this-year/

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