Research: Bitcoin Cash Declining in Adoption and Merchant Use Cases
Blockchain analysis and forensics firm Chainalysis recently produced a report on payments received by the world’s top 17 cryptocurrency merchants, concluding the role of Bitcoin Cash (BCH) has steadily decreased in most day-to-day transactions. As reported by Bloomberg, a group of researchers from Chainalysis observed a stark decline in BCH transactions in 2018. While payments soared at $10.5 million in March 2018, the number dropped to a mere $3.7 million two months later. BCH data was collated from merchants including BitPay, Coinify and GoCoin, three of the largest crypto-payment providers. In comparison, Bitcoin recorded figures of $60 million in the same month but was similarly down from a $412 million high in 2017. Regarding price action, BCH declined by over 75 percent from its all-time high, while BTC fared comparatively better with a 55 percent plunge. Additionally, BCH remains the world’s fourth-largest cryptocurrency by market cap; however, it forms only
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