A look at the data behind Bitcoin’s declining use in payments

Quick Take

  • In 2018, nearly $2.4 billion of bitcoin was processed by payment processors, a 24% decline from 2017
  • In December 2018, the amount of bitcoin that was processed for payments was the lowest since December 2016
  • The share of payments out of the total economic transactions reached a 5-year low in February 2018

One of the strongest early narratives was that Bitcoin would become a cheap payment network that would rival companies such as Visa or Mastercard. But as the blocks filled up in late 2017 and most of the payment proponents forked off to Bitcoin Cash, the use of Bitcoin in commerce is declining.