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Only 1.3% Of BTC Transactions Are Actually Payments: 2019 Report

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Only 1.3% Of BTC Transactions
FO6E3842CAC44 - Only 1.3% Of BTC Transactions Are Actually Payments: 2019 Report

Only 1.3% of BTC transactions in 2019 so far come from merchants and payments which means that no one is using bitcoin to buy things. Like the reports, we have in our latest cryptocurrency news suggest, 98.7% of the volume is all on the exchanges.

The research firm Chainalysis made this discovery a few days ago showing that the bitcoin economy is still mostly speculation. The figures are based on the company’s research team for the previous four months of 2019. The senior economist at Chainalysis Kim Grauer told Bloomberg:

“Bitcoin economic activity continues to be dominated by exchange trading. This suggests Bitcoin’s top use case remains speculative, and the mainstream use of Bitcoin for everyday purchases is not yet a reality.”

According to Olga Kharif who is a tech column writer at Bloomberg, the bitcoin price rally hides the ‘’uncomfortable reality’’ by saying:

 “That’s become the main dilemma with cryptocurrency. Bitcoin needs the hype to attract mass appeal to be considered a viable electronic alternative to money but it has developed a culture of ‘hodlers’ who advocate accumulation rather than spending.”

Currently, there are plenty of HODLERS who advocate accumulation and this could be a reason for the low percentage in bitcoin payments. Some analysts even described it as the ‘’invisible hand’’ of Adam Smith who guides the decisions in the economy based on knowledge and self-interest.

The banks in the US monetary system are built to only accept dollars and lose about 3 percent of their value every year since the Federal Reserve expands the money supply steadily. The FED issues the dollars to Federal Reserve Banks and lends it at a profit. When the money starts circulating, they bring the value of the dollar down in your bank account.

On the contrary, no central authority issues Bitcoin and the asset has a fixed supply that will max out once after 21 million BTC are issued. People will likely spend them differently than dollars but for now, it still remains that only 1.3% of BTC transactions are payments. It is expected that in the near future, bitcoin will become a global merchant solution.

As noted in the coming altcoin news, people are still skeptic of the major asset mainly during a bull run. Everyone expects for it to crash meaning that people still don’t have faith in it.

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Bitcoin News

Growth Of BTC Millionaires Now Matches The Early Years: Report

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The number of Bitcoin addresses that contain more than 1,000 BTC - or $8.3 million - is apparently growing at the same pace in 2019 as before 2014, according to a new report featured in the Bitcoin news now. The growth of BTC millionaires was uploaded in the form of a report to social media by the Bitcoin statistician Willy Woo on October 11, who also illustrated a chart with the growth by addresses and the network in general.As we can see from the report, the growth of BTC millionaires is now repeating a trend from its earliest years. Willy woo summarized in the report:
“The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network.”

Source: charts.woobull.com

Woo was expanding on his original data from blockchain analysis resource Glassnode. According to him, the fresh desire for major Bitcoin balances at vastly higher prices than five years ago tells that wealthier individuals coming into the space.If the generating addresses with over 1,000 BTC at the time were doing so out of technical curiosity, the incentives in 2019 are purely financial. Willy Woo talked about this in his growth of BTC millionaires report and summarized:
“IMO we're likely in a new renaissance of Bitcoin, this one is powered by capital influx of high net worth investors, while the early one was from the tech savvy who were bootstrapping the network. Super Bullish.”
Meanwhile, the crypto news show that the trajectory of balances topping 1,000 BTC picked up at the start of 2019 after a period of flat growth which started in late 2013 prior to the implosion of the major exchange Mt. Gox.As many news sites reported last month, the number of addresses containing more than $100,000 has also hit a new all-time high. At press time, around 3,070 addresses hold more than 1,000 BTC each, representing around 0.01% of the total, according to the BitInfoCharts' Bitcoin Rich List.What's also important is that many of the richest addresses - specifically the top four - belong to exchanges such as Binance which are holding Bitcoins belonging to millions of users.Besides the growth of BTC millionaires, the situation on the market remains the same - and the total market cap is nearing $225 billion.
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Libra And Telegram Clampdown Could Negatively Impact Bitcoin

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Libra and Telegram clampdown from authorities could negatively impact Bitcoin since in the past month alone we saw a couple of very serious actions taken against the projects in the crypto industry. Facebook’s Libra and Telegram saw challenges in the face of the lawmakers and regulators across the world as we reported in the latest crypto news.A lot of the people and especially those who felt like Libra was a threat and a centralized bitcoin and Telegram a scam, embraced the news with a huge dose of positivity. Amid the legislative chaos, it is very important to take some time and think what all this means for Bitcoin being the benchmark cryptocurrency and the one that has so far managed to stand the test of the markets. Facebook’s libra was among the most heavily discussed and anticipated events in the crypto field on the merits that ‘’no private entity can claim monetary power which is inherent to the sovereignty of nations.’’ The head of the Libra project David Marcus stated that Libra is not actually planning to create new money but things went south since PayPal left the Libra Association followed by Stripe, Visa, eBay, and MasterCard.Going forward, the US Securities and ExchangeCommission and the publisher of EOS which managed to raise upwards of $4 billion in its ICO were fined with $24 million for conducting an unregistered public offering. The SEC then stated the token sale of Telegram’s TON cryptocurrency and the reason behind it is that it is unregistered and does not comply with existing regulations. All of this happened in less than a month and the autorities across the globe have been inactive and it seems like the lawmakers are starting to wake up. It also appears that the news above was embraced positively by quite a lot of people. It is important to notice that regarding Bitcoin, the authorities cannot shut down Bitcoin since the network’s distributed nature will make this a challenging activity at best.The Libra and Telegram clampdown is definitely a huge signal that shows Bitcoin could start a massive spike in the downturn. As we mentioned in the previous blockchain news, the US SEC openly stated that there is ‘’no privately entity that can claim monetary power.’’
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Brian Kelly Believes The Market “Needs A Bitcoin ETF” RIght Now

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The prominent founder and CEO of the major crypto investment firm BKCM named Brian Kelly believes that Bitcoin (BTC) exchange traded funds (known as ETFs) are a hard need for the current development of the ecosystem. As the latest crypto news show, Kelly is a big supporter of Bitcoin ETFs.Knowing that the coin is already available on regulated platforms such as Fidelity and TD Ameritrade, Kelly agrees that now is the right time for a Bitcoin ETF. The BKCM CEO made his remarks in an interview with CNBC published on October 11, when he said:
“You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”
Brian Kelly also pointed out to the fact that the United States Commodity Futures Trading Commission (CFTC) decided to define Ethereum as a commodity and how this made a significant impact on the space.
“The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. [...] That opens the door for institutions to come in. [...] Everybody is concerned, what if they ban it? [...] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’”
In May this year, Brian Kelly also said that the upcoming supply cut - which was brought by the next halving of the block reward - is what Bitcoin needs to rise further in the coming months. As we reported on October 9, the US SEC rejected Bitwise Asset Management and its proposal to list a Bitcoin ETF.Meanwhile, the Bitcoin news updates show that BTC is still vulnerable in the $8,000 region and trades at $8,350 today with a downward momentum. Meanwhile, there are altcoins surging such as Binance Coin (BNB) and Bitcoin SV (BSV). The  market is not in a good position and things may change soon, but there must be a coin that will trigger a new bullish run.
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Bitcoin Is No Longer Seen As The Driving Force Of The Current Market

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Bitcoin Is No Longer Seen As The Driving Force Of The Current Market FILEminimizer - Bitcoin Is No Longer Seen As The Driving Force Of The Current Market
After plunging more than 30% since hitting a year-to-date high, the most dominant cryptocurrency is trading in a slow momentum and is held back at the $8,300 mark. The fact that the cryptocurrency retraced a lot is clear, but explaining how it lost momentum in the second half of the year is anything but clear. As it stands, Bitcoin is no longer the face of the new potential bull run or the driving force that may lead to new market-wide heights.JPMorgan Chase & Co. and others have recently pointed to Intercontinental Exchange (ICE) and its new futures contracts as well as an unwinding of long positions as some of the clear indicators for the nosedive. Others think that the latest Bitcoin news have shown a buildup of technical bearish signals as setting off its summer swoon.According to Indexica and their predictive index built on data from August 1 through October 1, Bitcoin's fall has less to do with the currency itself and more to do with the growing cryptocurrency ecosystemindexicaAccording to the CEO of Indexica, Bitcoin's sensitivity to the development of competitors is why people are certain that Bitcoin is no longer a leader of a new bull run. Indexica also found that Bitcoin's strongest predictive measure was "quoteability" which showed that it was the most often talked about in conjunction with more traditional currencies.
“Now that Bitcoin is a big kid, anything can make it move, just like anything can make gold or a G-10 currency move,” said Selbert. “Bitcoin is part of the financial landscape in a very intertwined and mature way.”
As it stands, Bitcoin is trading at $8,346 and the latest crypto news bring a mix of reds and greens on the marketplace. The 24 hour trading volume is stable at $46 billion and the dominance of Bitcoin has fallen to 66.8% - another sign that Bitcoin is no longer dominant in every single way.Among the tokens which are rising today we have Bitcoin SV (BSV) which managed to grow by 4.43% reaching $89.21 - and Binance Coin (BNB) which surged by 2.53% to a price of $17.46. The biggest loser, on the other hand, remains Chainlink (LINK) with its price of $2.54 following a 5.36% decline.
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