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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Research: Bitcoin Usage Shrinks 80% Across Payment Processors as Interest Wanes

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Bitcoin

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As investor confidence in the long-term validity of Bitcoin being adopted by the mainstream as a means of payment and exchange fades, so has its real-world usage as such.

Bitcoin’s Real-World Usage as Means of Payment in Decline

Bitcoin was created by the mysterious person or group known as Satoshi Nakamoto 10 years ago in the wake of the global financial crisis, as a “peer-to-peer electronic cash system.”

Such a system has the potential to disrupt the current fiat-based economy, become a widely used means of exchange and form of payment, be used as a store of value, and more recently, be used as an investment vehicle.

However, as Bitcoin prices continue to tumble to new one-year lows after an 11-month long bear market, and with its $20,000 all-time high now feeling like a distant memory, interest in the groundbreaking new financial asset has also taken a substantial hit.

The overall lack of interest can be reflected in everything from the current pricing of the asset, to how often the cryptocurrency is searched for on the search engine Google.

Another key metric related to Bitcoin – and a fundamentally important one – has taken a nosedive in the face of continued downtrend: Bitcoin’s usage by commercial merchant payment providers.

Bitcoin ultimately becoming the world’s global currency for the internet – as many have pegged it as – requires that Bitcoin be used for paying for goods and services at merchants, which represents a lion’s share of economic activity across the globe.

However, according to data from blockchain research firm Chainalysis, it shows that the total value of Bitcoin usage across merchants and payment providers has dwindled by as much as 80%.

Data shows that the value of Bitcoin payments fell from $427 million in December, to $96 million this past September, when Bitcoin’s price had experienced an extended period of stability. Much of the decline in value can be attributed to Bitcoin falling nearly 80% from its all-time high price in December 2017.

However, given another 10 months of adoption, increased price stability, and scaling solutions like Segwit and the Lightning Network being rolled out, Bitcoin’s real-world usage should have only increased.

Pundits have often pointed to Bitcoin’s lack of stability as the reason why it could never be adopted as a mainstream currency, but even with record-breaking bouts of stability having little effect, that theory can be thrown out the window for now.

Other challenges Bitcoin faces in its uphill battle to become adopted as a means of payment include the HODL effect, where investors refuse to spend the cryptocurrency in hopes it increases in value exponentially, and scaling continues to be an issue.

Related Reading: “Crypto King”: Bear Market Aside, Bitcoin (BTC) Still Has Inherent Value

Bitcoin can only process about seven transactions per second, on average, a far distance away from VISA’s 24,000 transactions per second. Second-layer solutions and protocol upgrades like Segwit and the Lightning Network have been launched, or are in development, which should help Bitcoin’s transactional capacity and speeds to increase.

However, even these scalability upgrades are a way off from being the perfect solution or widely adopted.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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