At 300-400K confirmed transactions per day, it's really not accurate to keep pushing this narrative that "no one uses bitcoin for payments." If that were true, Bitcoin's value proposition would be much weaker.
It's nice to see some recognition from the banksters re: "store of value" though. JP Morgan made this comparison in 2017, now the FED. How far we've come...
It's nice to see some recognition from the banksters re: "store of value" though. JP Morgan made this comparison in 2017, now the FED. How far we've come...
And how many of those 300-400k transactions are consumer transactions? To me it's clear as day that overwhelming amount of transaction comes from traders, because there's always a correlation between trading volume/big price movements and amount of transactions in the mempool.
Why all the emphasis on consumer transactions? Consumer payments aren't nearly the most interesting use case for Bitcoin. He said "payments" -- that applies to all P2P and B2B payments, not just retail goods/services. You can't possibly attribute every transaction in and out of exchanges as "traders" either. People need to buy bitcoins in order to even start using the network, and some portion of users will react to large price movements -- including consumers. According to Bitpay, price increases prompt increases in consumer payment volumes too, so it's not just traders.
Even at the deadest times of 2018, we were swinging between 150-250K transactions per day, so I think it's inaccurate to say "overwhelming amount." Either way, traders and exchanges are using bitcoins to transfer value, i.e. payments. Same as buyers and sellers on the darknet markets. Same as everybody else using Bitcoin everyday.
It obvious they blame people for that no can use bitcoin as mode of payment but their have a lot of users made transaction using bitcoin as payment.
I agree long time to wait bitcoin to replace fiat or dollar currency and can compare ut into gold as very expensive store value.
