The use of bitcoin in e-commerce is declining. This is evidenced by the results of a study conducted by the blockchain start-up Chainalysis Inc., Bloomberg reports.
The report says that after the peak of activity in September ($ 411 million), the turnover of the largest processing-oriented processing services went down. By May 2018 this figure was already $ 60 million.
Amount of BTC Received
In June of this year, this indicator slightly increased - up to $ 69 million, but this figure is several times less than for the same period last year ($ 270 million).
According to Nicholas Weaver, senior researcher at the International Institute of Computer Science, the irreversibility of bitcoin-transactions is a problem, especially when a trading company or consumer faces fraud.
Senior Economist Chainalysis Kim Grauer is confident that the active use of cryptocurrency for everyday calculations is hampered by still fairly high transaction fees. According to him, they make inexpedient the purchase of inexpensive goods.
The decline in activity in the use of bitcoin for purchases coincided with the peak of speculative demand for bitcoin, when in December last year its price almost reached $ 20,000. After a deep drop to below $ 6,000, in July this year the price of BTC began to show a fairly sharp recovery. However, this did not serve as a catalyst for demand for bitcoins for everyday purchases.
Grauer is sure that the wide distribution of bitcoin as a means of exchange is hampered by its still high volatility, even if the price of BTC goes up.