📉 According to Bloomberg, the volume of BTC used in commerce has decreased over the past year. Indeed, the 17 largest services that accept cryptocurrency as a means of payment reached a low of $60 million in May 2018, after peaking at $411 million in September 2017. The use of BTC for payments declined along with its price, which peaked at almost $20,000 in December 2017 before falling by more than 70%.
👉 Nicholas Weaver, a senior researcher at the International Computer Science Institute, has stated that cryptocurrency is actually "not usable" as a form of payment. Weaver argued that Bitcoin's net transaction cost is "much more than a credit card transaction". Bitcoin transactions cannot be cancelled in the event of fraud. Chainalysis economist Kim Grauer called small crypto purchases "impractical" because of high transaction costs.
👉 In July, the Bank of Canada found that 58% of Canadians use Bitcoin for investment purposes, while only 6% as a means of payment.