According to the data researcher Chainalysisbetween January and July, 65% increased the amount of digital money sent to 16 service providers, such as BitPay. Its price Bitcoin, which represented 89% of all these transactions, more than doubled to about 10.000 dollars. Usually, when there are rapid developments in the value of the cryptocurrency (cryptocurrency's price), this pushes people to spend less.
And the revival of this event was last year, when Chainalysis found that trade in Bitcoin, Tether, Litecoin and Bitcoin Cash was in decline, cryptocurrencies used to fund everything from on-line gambling to shopping in cafes.
Intercontinental Exchange Inc. In one of the largest efforts to massively use cryptocurrencies, Intercontinental Exchange Inc. plans, in the first half of 2020, to create an app for consumers so they can use it even in Starbucks Inc.
The total amount of cryptocurrency used commercially remains low: it was on average $ 5,5 million in July, down from just $ 3 million in January.
Consumer suffering has, of course, been a major obstacle. Transaction confirmation on the Bitcoin network can take up to an hour, making it extremely difficult to wait so long to buy a coffee. Many businesses still do not accept cryptobodies. And many consumers still feel bad about spending it anyway because of the volatility of most cryptocurrencies.
Finally, the reason for its increased use Tether is that its price does not usually fluctuate and that is also the pretext for increasing the use of cryptocurrencies.