Chainalysis Report Reveals Bitcoin Cash As Payment Method Is Not Popular
Bitcoin Cash [BCH] was derived from the original Bitcoin as a fork. It was more or less created for individuals who believed in BTC, but felt changes were required to make it more efficient. According to Ethereum World News, one of the supports who has remained faithful since BCH’s existence is none other than Roger Ver, also referred to as ‘Bitcoin Jesus’. However, it seems like that is not the case with retailers.
Amid the several opinions that BCH is superior than BTC when it comes to serving as a payment method, blockchain research and analysis firm, Chainalysis’ findings show that it is not truly the case. In assessing nearly 18 crypto-accepting retailers, some of which include BitPay, Coinify and GoCoin, the integration of BCH has allegedly plummeted.
As per Chainalysis’ line graph named, “Payments Received by Top Crypto Merchant Processes,” which compares the acceptance of BTC to that of BCH, it is evident that the latter never picked up to the extent of BTC. In addition, in May 2018, only $3.7 million BCH payments were accepted. While this might seem like a significant amount on its own, when compared to its all-time high of $10.5 million in March, that’s a 183 per cent drop!
Chainalysis’ Senior Economist, Kim Grauer further analyzed the results obtained and was quoted saying, “There are fewer users of Bitcoin Cash, fewer holders.” Based on the claims made, Grauer also mentioned some reasons to such a decline as being the existence of only a small number of wallets, and the presence of whales making up most of the BCH holders.
Although it may appear as if BCH is in trouble, Chainalysis’ report also revealed that this has become the case for several established cryptocurrencies including the likes of BTC, Ethereum [ETH] and Litecoin [LTC]. This definitely doesn’t come of surprise, as the current market stance typically ranges anywhere between a continuous “decline” and “maintenance phase”.
What is your take on retailers’ adoption of BCH? Is it really not as prominent as accepting BTC? Comment below.