Chainalysis: Bitcoin merchant payments down almost 80% this year
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According to a Chainalysis study cited by Reuters, the value of bitcoins handled by bitcoin payment processors has dropped nearly 80% from $427M in December 2017 to $96M in September 2018. Chainalysis surveyed 17 payment processors, including BitPay.
While merchant payments may be down, Bitcoin's scalability solutions are showing positive signs. The Lightning Network, a second layer solution designed to address Bitcoin's scalability problem, reached a new record this week. The network has onboarded over 4,100 nodes with a capacity of nearly $1.9M, according to data from 1ML. (Source: Reuters)
AUTHOR
Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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