Web: Use of Bitcoin for Payments Declines Despite Its Bigger Stability

August 2018 by: From The Web

The use of Bitcoin as a means of payments is declining, according to a report by Chainalysis which found that the coin is not suitable for micropayments but is still used by entities to pay vendors, especially freelancers.


The use of Bitcoin as a means of payment by the 17 largest crypto merchant-processing operators dropped from its peak of $411 million in September 2017 to a low of $60 million in May 2018, according to a report by Chainalysis. The report was commissioned by Bloomberg and is aimed to analyze the trends related to the use of Bitcoin for buying goods and services.


In June, these merchant services, which include Coinify and BitPay, received $69 million, down 74% compared to the same period of the previous year.


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