Bitcoin Settles $712 Billion In 2020, Stablecoins Sees Biggest Year Ever
Bitcoin Settles $712 Billion In 2020, Stablecoins Sees Biggest Year Ever
July 22, 2020
Bitcoin Settles $712 Billion In 2020, Stablecoins Sees Biggest Year Ever
Bitcoin Settles $712 Billion In 2020, Stablecoins Sees Biggest Year Ever
July 22, 2020

Bitcoin (BTC) has settled $712 billion in 2020, while stablecoins have already seen their biggest year ever.

On July 21, it has been reported by analytics firm Messari that as Bitcoin has settled $712 billion so far this year, Ether (ETH) is on $147 billion.

However, the Ethereum network, which supports stablecoins including market cap leader Tether (USDT), has added another $423 billion to the total, as growth in combined stablecoin transaction value is conspicuous, with the first seven months of 2020 topping last year’s total of $337 billion and 2018’s $146 billion.

According to Messari, the overall record for settlement is a firm rejection of the concept that cryptocurrencies cannot compete with legacy systems as a means of payment.

The firm summarized:

“Many people think blockchains have failed as payment systems. The typical argument goes something like, ‘you can’t buy a cup of coffee with Bitcoin, therefore it has failed as a payment system. Along this line of argument cryptocurrencies like Bitcoin and Ether also suffer from extreme volatility making them unable to serve as payments mediums. Both premises aren’t entirely inaccurate, but the conclusion definitely is. In fact it is about $1.3 trillion wrong.”

Likewise, Ryan Watkins, the researcher, argued that it was unsuitable comparing blockchains to payment networks such as Visa.

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Thus, Bitcoin is designed to make it impossible for a third party to control network activity.

Source: Cointelegraph | Image: Daniels Trading


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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