After peaking at USD411m in September 2017, the amount of money that the largest 17 crypto merchant-processing services received in bitcoin has been on a steady decline, to a recent low of USD60m in May 2018, according to analysis by Chainalysis Inc.
Reasons for the fall-off in use as a means of payment include transaction expenses, and volatility in the price of bitcoin; certain early adopters, such as Stripe, have also stopped supporting bitcoin payments altogether.
However, some companies are reporting increased payments in crypto, such as Overstock.com, where crypto payments are up two-fold in H1 2018 vs. H1 2017.
The report reconciles to my own view that crypto would struggle to replace mass-market retail payments systems such as Visa and Paypal due to issues with usability, fees, scalability, volatility etc.
Source: BloomBerg
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Would it not be more fair to compare BTC spending instead of USD? Since the falling price has such a big influence...
It would definitely be a better metric to look at. But also people spending btc buy items in USD therefore I think it is still appropriate.
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