RATE Group | Use of Bitcoin in Commerce Hit Low in May After Peaking at $411 Mln Last Year
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Use of Bitcoin in Commerce Hit Low in May After Peaking at $411 Mln Last Year

02 Aug Use of Bitcoin in Commerce Hit Low in May After Peaking at $411 Mln Last Year

Posted at 01:36h in Bitcoin News by

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The volume of Bitcoin (BTC) used in commerce has declined significantly over the course of the last year, Bloomberg reports Aug. 1.

Citing market research firm Chainalysis, Bloomberg reported that the volume of Bitcoin received by the largest 17 crypto merchant-processing services hit a low of $60 million in May 2018, after reaching a peak of $411 million in September 2017.

The use of Bitcoin for payments has declined in tandem with its price, which peaked at almost $20,000 in December 2017 before its subsequent drop of over 50 percent.

While the amount received by services such as BitPay, Coinify, and GoCoin saw a slight rebound to $69 million in June, it bears a stark contrast to the $270 million received exactly a year before.

Nicholas Weaver, a senior researcher at the International Computer Science Institute, told Bloomberg that cryptocurrency is “not actually usable” as a form of payment. Weaver argued that the net cost of Bitcoin transaction fees is “far more than a…

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