News: Bitcoin Investors Prefer To Speculate, Would it Hurt Merchant Adoption?

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Transcript:

0:00:00 Bitcoin Investors Prefer To Speculate, Would it Hurt Merchant Adoption?

0:00:04 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".

0:00:10 While major retailers have become increasingly receptive towards Bitcoin as a payment method, research from Chainalysis Inc shows that just over 1% of transactions relate to merchants, whereas speculation makes up the dominant use for Bitcoin.

0:00:24 However, the idea behind BTC always related to parties transacting without an intermediary, and never as an investment.

0:00:31 With that in mind, has BTC become a parody of itself?

0:00:35 According to Chainalysis Inc, in the first four months of this year, only 1.3% of BTC transactions related to merchants.

0:00:43 And despite on-going infrastructure development over the past two years, the proportion of merchant related transactions has remained consistently low during this period.

0:00:52 The data shows the most extensive use relates to speculation via exchanges.

0:00:57 And much like merchant transactions, this has also remained at a consistent level over the past two years.

0:01:03 “Bitcoin economic activity continues to be dominated by exchange trading.

0:01:08 And so, as things stand, there is a belief that BTC is too valuable to spend.

0:01:13 Which, if taken to the extreme, creates a paradox within the Bitcoin ecosystem that will lead to its eventual demise.

0:01:20 The issue of investment versus spending is further compounded by the tale of Laszlo Hanyecz, who paid 10,000 Bitcoin for pizza almost a decade ago.

0:01:29 While he draws acclaim as a Bitcoin pioneer, his story is tinged with anguish over what could have been.

0:01:34 And nobody wants to be the next Hanyecz.

0:01:37 But, when Satoshi Nakamoto published his whitepaper for Bitcoin, the cypherpunk philosophy underlying the project was about rebelling against the system.

0:01:46 And using technology to liberate people from the status quo.

0:01:50 Thanks for checking this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.


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