Only 1.3% of Bitcoin Transactions Are Payments

Only 1.3% of Bitcoin Transactions Are Payments

According to a new report, the majority of bitcoins trading remains exclusively on trading platforms.

The report from blockchain analysis company, ChainAnalysis, revealed that 98.7% of all bitcoin transactions remain for trading alone. As such, that leaves just 1.3% that are actually used for purchasing goods and service. Thus, very few people are using the world’s leading cryptocurrency to buy things.

However, these findings must be taken with a pinch of salt as they only include the first four months of 2019, a time when bitcoins value was fluctuating massively. This said, it still doesn’t account for such a tiny amount of people using it and is a sign that day-to-day usage, even by investors, is still in the distant future. With a senior economist at Chainalysis, stating that this shows that bitcoin’s main use remains “speculative”.

All this considered, with the current speculation surrounding bitcoins potential for a bull rush, it will be hard for this to change as people remain wary of moving funds.

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