Bitcoin's Popularity in E-Commerce to Decrease

According to the expert, the irreversibility of bitcoin-transactions is a problem, especially when a trading company or consumer faces fraud
02 August 2018   930

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
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.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   141

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.