Basically, no one is using bitcoin to buy things

If you’re one of the many people who have bought bitcoin, it’s quite unlikely that you’ve actually used it to buy things. The digital currency, which many evangelists hoped would become a transnational replacement for fiat currency, is being used less and less often to buy and sell things, according to Bloomberg.

A third-party analysis spearheaded by Bloomberg looked into the number of bitcoin transactions at the largest cryptocurrency processors, and found they peaked in September 2017—with transactions hitting $411 million. Since then, bitcoin transactions have been on a steady decline–they hit a low last May of $60 milllion.

This shouldn’t be a huge shock. The prices of bitcoin and other cryptocurrencies have been volatile for years. Last December, bitcoin hit its peak price of over $19,000, which was then followed up a plunge. Over the last eight months, the price has continued to fall–with a few small growth spurts–and has remained under $10,000 for quite a…