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.
Thus, Bitcoin is designed to make it impossible for a third party to control network activity.
Source: Cointelegraph | Image: Daniels Trading
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.