Only every third payment in bitcoin is associated with a purchase


Bitcoin Fees and Unconfirmed Transactions – Complete Beginner’s Guide

Only every third payment in bitcoin is associated with a purchase

According to analytical company Elementus Inc., two-thirds of all transactions on the bitcoin network are attributed to the distribution of pool rewards, speculation and fraud..

The growing interest of investors in cryptocurrency is gradually turning it into a speculative instrument rarely used as a means of payment. Elementus statistics claim that now only 33% of transactions on the bitcoin network are associated with the purchase of goods, works, services. Coins are not actually used as currency, so the question arises about their real relevance and value..

Only every third payment in bitcoin is associated with a purchase

The main indicator is the network value to transactions (NVT) ratio, but it does not provide an objective assessment without additional analysis. For example, the average transaction volume on the Cardano network is much higher than that of bitcoin, but an in-depth study by Elementus found that only 2% of them have economic value. Digital gold has this indicator much better, but it is also far from the level of the means of payment..

The use of cryptocurrencies for settlements has increased significantly in recent years, and the systems offered by Coinbase Merchant and Square are contributing to this. The management of Overstock.com, one of the first online stores to start working with virtual currency, says that people pay $ 68 for goods in a week in cryptocurrency.–120 thousand.

The turnover of bitcoin and altcoins is directly related to their assessed value. Satoshi Nakamoto spoke about this back in 2010. Therefore, further growth of this indicator will contribute to an increase in the exchange rate and internal value.

Recently, the crypto market is gradually starting to recover its lost positions. Elina Sidorenko revealed the reasons for the summer growth of cryptocurrencies.

text: Ivan Malichenko, photo: Kaprik / Shutterstock 

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