Commercial Use of Bitcoin Money Payments has Dropped: Analytics Firm
Cryptocurrency advocate Roger Ver, usually referred to as Bitcoin Jesus is having a tough time with the adoption of Bitcoin Cash (BCH).
In a report published on Bloomberg, blockchain analytics firm Chainalysis says the Bitcoin fork is barely becoming utilized in commerce.
Bitcoin Cash was forked from Bitcoin more than a year ago. At the time, Ver had converted his holdings into Bitcoin Money, telling everyone who cared to listen that he had switched allegiance to BCH. He even overhauled his Bitcoin.com website, to focus on the cryptocurrency.
In a evaluation carried out by the firm on the planet’s 17 biggest crypto merchant processing services such as BitPay and Coinfy, they located a reduction in Bitcoin Money payments from $10.5 million in March 2018 to $3.7 million in May possibly. Bitcoin payments also slumped from a peak of $412 million in September 2017 to $60 million in May possibly 2018.
The decline follows the slump in global digital currency prices this year which has seen Bitcoin losing over 60 percent of its worth, although BCH lost about 75 percent.
&ldquoThere are fewer users of Bitcoin Money, fewer holders,” Kim Grauer, senior economist at Chainalysis told Bloomberg in a phone interview.
Gauer believes the adoption has been low due to the concentration of ownership. Chainalysis records about 56 percent of Bitcoin Cash becoming controlled by 67 wallets not located on crypto exchanges. Of these wallets, two of them hold in between ten,000 and one hundred,000 Bitcoin Cash.
Ver has remained resolute in his quest to drive marketplace adoption of BCH. Last week, in a YouTube video with Bitcoin.com’s lead developer Corbin Fraser, Ver had unveiled the Wormhole Money protocol, a tool that makes it possible for developers problem tokens on the Bitcoin Cash blockchain. Ver and Fraser went additional to recommend the crypto publication could launch an ICO.
” ICOs and CryptoKitties are possibly coming to Bitcoin Money in the near future,” Fraser had commented in the video, to which Ver responded:
&ldquoThey&rsquore possibly coming to Bitcoin.com, also. We&rsquove been thinking about getting our personal ICO for maybe the games element of the platform maybe we&rsquoll concern a token and spend dividends or use portion of the income&hellip to purchase back the tokens on the open market.&rdquo
Featured image from Shutterstock.
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Published at Fri, 24 Aug 2018 14:15:28 +0000