Bitcoin as means of payment: how are things really?

Bitcoin as means of payment: how are things really?

One of the key factors in the adoption of cryptocurrencies is their use as a means of payment. Not surprisingly, the bitcoin cryptocurrency the number one is used for the calculations much more frequently than other cryptocurrencies. But what is the actual volume of transactions where bitcoin are used as payment? And what are the trends?

According to a study conducted by analytical company Chainalysis, the amount of bitcoin used for trade transactions decreased considerably over the last year.

According to Chainalysis, the amount of bitcoins involved in trading operations in may 2018 reached $ 60 million, while its peak this figure topped out in September 2017. Then the amount of bitcoins involved in the trading operations amounted to 411 million.

Drop the use of bitcoin for payments is correlated with a fall in the price of the cryptocurrency the number one.

In June, the number of bitcoins that passed through the main processing companies in the cryptocurrency area (BitPay, and GoCoin Coinify and others) compared to may increased to $ 69 million. However, it is still much lower than in the previous year, which is equal to 270 million dollars.

Nicholas weaver, senior researcher, International Institute for computer Sciences, said in an interview for Bloomberg that cryptocurrency is the number one “not actually used” as a means of payment. Weaver argues that the payment in bitcoins will cost significantly more “than the same transaction made with a credit card”. Transactions made in bitcoins is also impossible to cancel, in case of detection of fraudulent transactions.

Last year, the fee for a single transaction in bitcoin has reached a record high of $ 37. This year, price per transaction fell to a dollar and most of the time was on this level, although sometimes up to 5 dollars.

According to the New York Post, the average Bank customer spends $ 150 billion a year or almost $ 13 per month for services using Bank cards.

Recall that in July the Bank of Canada found that 58 per cent of Canadians use bitcoin for investment purposes, and only 6 percent use it to pay for. 12% of respondents said they owned a bitcoin, because “my friend invested in bitcoin”.

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