The currency status of cryptocurrency continues to be weighed in on by non-enthusiasts and even enthusiasts alike. Meanwhile, the industry is still nascent, facing difficulties as it evolves.
Weiss rating recently rated Bitcoin to have failed as a currency. Also, like the report of Weiss rating on the currency status of Bitcoin, Jerome Powell, the chairman of the Federal Reserve, also argued about the validity of cryptocurrency as a payment tool.
Jerome recent statement on cryptocurrency noted that merchants do not accept cryptos. His recent statement re-echo his earlier statement in July that cryptocurrency does not function as a currency it ought to be – a means of payment as well as a storage of value. Jerome noted that people sell their cryptocurrencies to use the dollar to pay, while the volatility has made crypto use as storage, impossible.
Statistics Of Cryptocurrency Use
Meanwhile, transactional throughput serves as the measuring tool for crypto acceptance in the global space. This shows the need for cryptocurrency to give more evidence of record of higher transaction value and volume than most payment processing services. Evidence that will prove the large-scale acceptance of cryptocurrency all over the world.
Data aggregation services, including Coinmetrics, Statista, and Nacha.org, published a data that compared Bitcoin with the rest of the mainstream payment processing channel. This includes MasterCard, Visa, and PayPal.
The report of Coinmetric and statistic shows that Bitcoin experienced a massive increase in transaction value in 2017 from $128 billion to $1 trillion. In 2018, it reached $1.3 trillion.
The transaction volume of Bitcoin is noted by the statistic to be away from reaching the level of Visa. However, its transaction value has already surpassed PayPal with a huge margin.
Also, Bitcoin’s base layer transaction counts are lower than large-scale payment companies. Making a comparison of Bitcoin and other payment solution such as PayPal, Visa, Discover among others considered not worthy by crypto enthusiasts.
Making Blockchain tech and Cryptocurrency more accessible for users benefits
Despite the surge in transaction volume, scalability of the Bitcoin blockchain makes it unsuitable for throughput transactions at the moment.
Also, as opined by Vitalik Buterin, he stated that the blockchain industry needs to focus on improving the blockchain technology for easy access and use of users. Making this available will further aid the currency status of the cryptocurrency and also the tech for other applications.