{"id":865,"date":"2018-11-22T12:40:57","date_gmt":"2018-11-22T12:40:57","guid":{"rendered":"https:\/\/icoholder.com\/blog\/?p=865"},"modified":"2025-06-12T16:37:36","modified_gmt":"2025-06-12T16:37:36","slug":"bitcoin-payment-method-decline-hits-commercial-use","status":"publish","type":"post","link":"https:\/\/icoholder.com\/blog\/bitcoin-payment-method-decline-hits-commercial-use\/","title":{"rendered":"Bitcoin Payment Method Decline Hits Commercial Use"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/icoholder.com\/blog\/bitcoin-payment-method-decline-hits-commercial-use\/#Bitcoin_struggles_as_payment_method\" >Bitcoin struggles as payment method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/icoholder.com\/blog\/bitcoin-payment-method-decline-hits-commercial-use\/#Decline_in_Bitcoin_commercial_use\" >Decline in Bitcoin commercial use<\/a><\/li><\/ul><\/nav><\/div>\n\r\n<p class=\"wp-block-paragraph\" data-pm-slice=\"1 1 []\">It appears that Bitcoin is not being used for its intended purpose, highlighting a clear Bitcoin payment method decline. Reports from Reuters shows that the <a href=\"https:\/\/icoholder.com\/blog\/places-accept-bitcoin\/\">places that accept Bitcoin<\/a> for the purpose of commercial payments have drastically dropped this year. This report is coming at a time when the original cryptocurrency is beginning to achieve stability, a basic feature of any currency used in payment.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\" data-pm-slice=\"1 1 []\">Data from Chainalysis, a blockchain research firm, shows that the value of Bitcoins handled by major payment processors dropped nearly 80 percent in the year ending in September. This suggests Bitcoin is struggling to move from being a speculative asset to a serious alternative to state-issued money.<\/p>\r\n<h3 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"Bitcoin_struggles_as_payment_method\"><\/span>Bitcoin struggles as payment method<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\" data-pm-slice=\"1 1 []\">Several months of relative calm in the volatile cryptocurrency market raised hopes. Many believed Bitcoin would become widely accepted as a payment method. But this did not happen. The collapse of Bitcoin as a mode of payment has pushed big finance and crypto insiders to look for better technology. They want infrastructure that can help Bitcoin take off as a way to pay.<\/p>\r\n<p>UBS strategist Joni Teves said, \u201cThere would have to be a stability requirement if it is to become another form of money.\u201d She added, \u201cOne key factor is scalability. Bitcoin must handle the value and volume of transactions that money usually processes.\u201d<\/p>\r\n<p>Current blockchain technology records and validates all Bitcoin activity. However, it can only process a fraction of the transactions per second that major credit card companies handle. This limits Bitcoin\u2019s mass adoption.<\/p>\r\n<p>Bitcoin\u2019s recent 30 percent price plunge shows it is still not stable. But this month\u2019s price stability contrasts with last month, when Bitcoin was more stable than US stocks.<\/p>\r\n<h3 data-pm-slice=\"1 1 []\"><span class=\"ez-toc-section\" id=\"Decline_in_Bitcoin_commercial_use\"><\/span>Decline in Bitcoin commercial use<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">But in spite of the increased stability, data from Chainalysis revealed that \u201cthe value of Bitcoin payments collapsed to $96 million in September from a December high of $427 million.\u201d<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">As part of its research, Chainalysis surveyed 17 Bitcoin payments processors including one of the biggest \u2013 BitPay.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\" data-pm-slice=\"1 1 []\">In conclusion, the dream of Satoshi Nakamoto that foresees <a href=\"https:\/\/icoholder.com\/en\/bitcoinhyper-1099425\">Bitcoin<\/a> as a serious alternative to fiat currency is fast eroding. This Bitcoin payment method decline is evident, as research by Chainalysis revealed that the usage of Bitcoin for commercial payments has seriously dwindled this year.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">To keep up with the latest developments in the crypto industry, subscribe to the ICOholder\u2019s newsletter.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>It appears that Bitcoin is not being used for its intended purpose, highlighting a clear Bitcoin payment method decline. Reports from Reuters shows that the &hellip; <\/p>\n","protected":false},"author":4,"featured_media":7878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Payment Method Decline Hits Commercial Use<\/title>\n<meta name=\"description\" content=\"Bitcoin payment method decline shows reduced commercial adoption as usage drops sharply despite growing market stability - IcoHolder.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/icoholder.com\/blog\/bitcoin-payment-method-decline-hits-commercial-use\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Payment Method Decline Hits Commercial Use\" \/>\n<meta property=\"og:description\" content=\"Bitcoin payment method decline shows reduced commercial adoption as usage drops sharply despite growing market stability - 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