Bitcoin, the largest cryptocurrency in the world, recently hit a purple patch with respect to wider publicity following the launch of the Lightning Torch campaign and the possibility of SEC approving a Bitcoin ETF.
However, according to recent reports from coinmetrics.io, Bitcoin is processing a lesser number of payments every month than it was recording back in 2016. Bitcoin payments experienced a major growth when the crypto market saw a major bull run in December 2017.
As per the graph, Bitcoin payments recorded on February 25, 2019, was 383.2781K with an average BTC fee of $0.427. It is a significant decrease from the high recorded on December 25, 2017, when the number count was 583.457K and BTC average fee was $48.176.
The transactions recorded on the Bitcoin blockchain were on the high side of the graph, as seen in the chart below. The BTC transaction count on February 25 was 327.8274K.
According to OXT, the transactions per month decreased exponentially as it reached 9.2 million in January 2019 from 5.3 million in February 2018. However, the data needs to be identified on a bigger scale to find more comprehensive data.
As per the chart above, there was a significant decline from 19.1 million payments in December 2017 to February 2019 which accounted for only about 8.3 million in payments. Based on data from coinmetrics, the reports on the blockchain analysis indicate that Bitcoin “payments” are related to price speculation on exchanges.
There were major venture capitalists promoting the use of Bitcoin for payments methods rigorously in the earlier days of the network. However, the data recorded had clearly identified that the store of value for the largest cryptocurrency was the major factor behind the digital asset gaining high consumer adoption.