Bitcoin (BTC) has settled $712 billion in 2020, while stablecoins have already seen their biggest year ever.
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.
#Bitcoin, #Ether and stablecoins hit $1.3 trillion in settlements https://t.co/kMUZnX0xO1 — Cointelegraph Markets (@CointelegraphMT) July 22, 2020
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.
Bitcoin and Ethereum are on pace to settle a combined $1.3 trillion – their most ever. Many people think public blockchains have failed as payment systems. This is just wrong. 1/ pic.twitter.com/udhl7jzbns — Ryan Watkins (@RyanWatkins_) July 21, 2020
Thus, Bitcoin is designed to make it impossible for a third party to control network activity.