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> not being used for anything That is a common misconception on HN, almost repeated on every Bitcoin thread. There is, in fact, evidence usage for payments is
by mrb 9y ago
> not being used for anything
That is a common misconception on HN, almost repeated on every Bitcoin thread. There is, in fact, evidence usage for payments is sharply increasing:
https://blog.bitpay.com/bitpay-growth-2017/ https://blog.bitpay.com/bitpay-growth-2017/
- bduerst 9y agoTransactions != Payments The increases in transactions are due to HFTs speculating: https://www.bloomberg.com/news/articles/2017-01-16/high-speed-traders-are-taking-over-bitcoin-as-easy-money-beckons https://www.bloomberg.com/news/articles/2017-01-16/high-spee... Also, 70% of bitcoins won't be moved for 6+ months, making it more speculative than currency: https://www.coindesk.com/analysis-around-70-bitcoins-dormant-least-six-months/ https://www.coindesk.com/analysis-around-70-bitcoins-dormant...
- kss238 9y agoDid you read the webpage? BitPay is a payment processor. They mention the increase in total BTC transactions but it focuses on their growth as a payment processor
- bduerst 9y agoThey're converting Bitcoins to USD and back again, which is HFT activity. People are not using it to make payments to people but converting it to/from other currencies, which is speculative and not currency behavior.
- wc- 9y agoBitpay is a payment processor, they receive bitcoin on behalf of a store, and then give the store USD or EURO or whatever. When Bitpay says their activity has gone up, that means more bitcoin is being used to pay for real goods, services, etc. Please go back and read the article, or just look at their homepage...
- bduerst 9y agoNeither of those two articles mention bitpay. Did you reply to the right comment?
- mrb 9y agoYou didn't even read the page. They showed an increase in payments.
- alt2501 9y agoHN seems to be very negative towards crypto currency in general lately. Disappointing really.