RATE Group | Bitcoin Merchants See Payments Decline in 2018, Despite Record Low Fees
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Bitcoin Merchants See Payments Decline in 2018, Despite Record Low Fees

04 Aug Bitcoin Merchants See Payments Decline in 2018, Despite Record Low Fees

Posted at 23:44h in Bitcoin News by

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Crypto merchant-processing services are receiving less bitcoin than before. Volatility, transaction fees, and an inability to reverse transactions have been cited as the reasons why.

Leading crypto merchant-processing services are receiving less bitcoin. In September 2017, companies including BitPay, Coinify, and GoCoin received $411 million. After a low of $60 million in May 2018, the figure now sits at $69 million.

The numbers suggest that people are choosing not to spend bitcoin for goods or services. This decline coincided with the spike in speculative investing. Consumers appear reluctant to transact with BTC despite the price of Bitcoin 00 steadying somewhat in the time since.

Is Bitcoin in Trouble?

The way Bitcoin is being used is changing. Researchers are casting speculation on Bitcoin’s usefulness due to three factors. Volatility, transaction fees, and the inability to reverse transactions.

“It’s not actually usable,” said Nicholas Weaver of the International…

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