Bitcoin exchange rate: Companies massively refuse cryptocurrency

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After the epic fall of the end of last – beginning of this week, the cryptocurrency market is locked in the reached minimum levels.
Market capitalization is $149 billion, the share of bitcoin is 53% or $79 billion On the second line of XRP, the Ripple token with the figure of $17 billion. Closes the three leaders of Ethereum, with a market capitalization of $13 billion.
The market decline was so severe and unexpected that for many, the question of the future of cryptocurrency has again become the key.
It is worth Recalling that the success of the technology and the price of the asset – related concepts, but low price does not always mean lack of utility, and not always the high price guarantees quality. Because cryptocurrencies to exclude from the category of financial assets before. Moreover, given the border state of regulation of the industry, we cannot say that this market is ever seriously were they included.
Growth, development, and recognition of the cryptocurrency market is possible, and likely, sooner or later it will take place, but only after the industry is seriously clean, and it already started to happen. I think that what we get at the end, to be little to recall initially utopian idea of freedom from regulators, and lack of control. It is amazing but true – cryptocurrency could eventually provide the authorities much more rigid and uncompromising ways of controlling the money supply than seen hitherto.
In the meantime, the use of bitcoin for payments is minimized, this is evidenced by data research firm Chainalysis referenced by Reuters. During the preparation of the study were interviewed 17 service providers of bitcoin payments. According to the survey it became known that the amount of BTC processed by major payment processors, decreased from the beginning of the year by 80%, and it is only in September 2018, that is real picture of today is likely to be much worse.
In this figure the BTC payments to providers are heterogeneous, because often data on other crypto-currencies are included in the statistics of bitcoin. For example, a canadian company Coinpayments the number of BTC transactions during this period declined by more than half.
Previously bitcoin was accused of excessive volatility that led to difficulties in making payments. For example, the amount sent for payment of certain services, during the transaction process could change its value (and in the era of peak processing time sometimes took more than 4 hours). In other words, what in the morning was worth 1 BTC, lunch was already estimated at 1.2 BTC or 0.8 BTC, looking where I was going market.
But as shown by the long period of calm and static prices, the stability of BTC was not enough to cryptocurrency began to be regarded as an alternative Vietnam money in payments. The experience show, companies that payments in BTC is slow, expensive and impractical. As a result, companies like Steam, Microsoft, Stripe refused to use BTC.
Olga Prokhorova,
“International Financial Center”