Chainalysis study: market speculation remains the main user case for Bitcoin

During the first four months of 2019, only 1.3% of online transactions in the Bitcoin network were implemented on the merchant side. Thus, the recent growth and increased volatility in general push enterprises away from using the first cryptocurrency in the calculations, reports Bloomberg , citing analytical firm Chainalysis.

The company stressed that the HODL strategy, which involves keeping digital assets for a long period of time in the hope of increasing their value, completely eliminates the possibility of replacing fiat money with cryptocurrency.

“The main activity in the Bitcoin network is provided by the exchange platforms, thus speculation remains the key use case, and the use of Bitcoin as a unit of account has not become a reality ,” believe Chainalysis.

The peak of activity of merchants in the Bitcoin network was recorded at the end of 2017 – then they were responsible for 1.5% of all onchain transactions. During the bear market in 2018, this figure dropped to 0.9%. Nevertheless, the revival of the market this year again led to a slight increase in the indicator.

Earlier Chainalysis discovered that a third of all Ethereum coins are under the control of only 376 addresses, among which there are no stock wallets.

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