There is now some confirmation that the rate of Bitcoin adoption is increasing even though it might not be doing so at the preferred rate. Information from both BitPay and Coinbase shows that the amount of Bitcoin being processed by these two platforms is on a steady rise.
Bill Zielke, the Chief Marketing Officer at BitPay, has said that the company processed at least $1 billion worth of digital currency transactions throughout last year. Zielke added that of all assets transacted, Bitcoin was by far the largest in percentage volume.
A similar comment was also made by a spokesperson representing Coinbase. According to the person, the Coinbase Commerce platform handled at least $135 million worth of crypto transactions throughout 2019. This, according to the spokesperson, was an impressive 600 percent jump in crypto transaction volume, from 2018.
Generally and on all platforms, the number of Bitcoin transactions easily dwarfs those of other altcoins. Estimates from blockchain analytics firm Chainalysis put Bitcoin transactions in 2019 at $4 billion.
While the number of Bitcoin payments has increased, it is still nothing compared to transactions powered by fiat, especially through credit cards. The United States Bureau of Consumer Financial Protection puts 2018 credit card spending at $3.7 trillion.
The recent spread of the deadly coronavirus seems positive for Bitcoin as it still remains well above $9,000. This might very well push Bitcoin adoption a lot further.
Image Credits: Pixabay
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