Wednesday, February 19, 2020

Bitcoin Transactions Spike Above 500 Million in February

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

Bitcoin, the most popular cryptocurrency today is gaining more adoption. Specifically, the cumulative number of Bitcoin transactions spiked above 500 million in February, according to Glassnode’s tweet on February 5, 2020. Also, this performance sets a new milestone for the virtual asset.

Cumulative Number of Bitcoin Transactions Surge Above 500 Million

Per the tweet, the cumulative number of Bitcoin transactions for the month of February surged above 500 million. As of February 5, 2020, the transaction data stood at 500,005,647. And on January 25, 2020, it was around 496 million. These figures vary from that of January 4, 2020, where the cumulative number of transactions was around 490 million.

On the other hand, the data above shows high-level adoption for the leading cryptocurrency. Many opine that bitcoin is only a tool for speculation. An instance of this is Bloomberg’s report in May 2019, where it was noted that only 1.3% of Bitcoin transactions could be linked to payments made to merchants.

Nonetheless, Coingate, a payment processor questioned the validity of the report. According to the payment gateway, if we assume that the percentage is accurate, to begin with, it would mean the company handles 26.5% of payments to merchants. Similarly, a payment gateway like BitPay processed over a billion transactions in 2018. As such, Bloomberg data does not add up.

“And we are not even mentioning all those stores that accept Bitcoin directly to their wallets, or via open-source software like BTCPay,” Coingate added

Bitcoin Halving Could Have Influenced Surge in Transaction Volume

One of the major factors which have affected bitcoin transactions positively this year is the bitcoin halving. For starters, there is the much-expected Bitcoin halving for May, where many speculate it could spike the asset’s price significantly. As such, bitcoin adoption is growing significantly as many continue to exchange the coin.

In line with that, Bitcoin has often served as a safe haven in times of economic and political crises. There was a lot of interest in the virtual asset in early January when the U.S. and Iran war was at its peak.

Outbreak of Coronavirus Also Impacts on Bitcoin Transactions

Also, the outbreak of coronavirus in China has led many to fall back on digital currencies. A report, for instance, held that the rich in the country, who probably had first-hand knowledge of the epidemic must have amassed Bitcoin, and took their family and loved ones out of the country. Moreover, adopting cryptocurrencies means there’s no limit to one’s spendings locally or internationally.

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