Bitcoin (BTC) has continued to slowly recover from its brutal 56% drop from the all time high in December. The cryptocurrencies market cap now stands at US$195 billion, with over US$3.5 billion traded over the past 24 hours. A key feature of BTC is the predictable deflationary monetary supply, which is supported by a dedicated user base which will hold their assets for an extended period of time.

This controlled supply suggests that as demand increases, price will respond accordingly. As we enter 2018, BTC and other cryptocurrencies are gaining a foothold in the world’s lexicon, while the importance of the innovative utility becomes more widely understood.

The bitcoin block reward, currently 12.5 BTC per block, is set to halve in June 2020. Several components of commerce have begun to experiment with the benefits of using BTC as a currency, although Steam and Stripe have now dropped bitcoin payment citing fees and volatility.

Both companies accepted bitcoin for high volume, low value transactions, and will continue to asses bitcoin as a payment option. These payments will likely be relegated to the Lightning Network (LN) in the future, a time-locked, bidirectional payment channel allowing for nearly free transactions. WooCommerce has already shown a working LN channel, although LN solutions remain in alpha during further development and testing.  Larger transactions, however, such as real estate sales in Miami and New York, student tuition, and even lawyers fees continue to be paid in BTC.

A montessori school in New York has even positioned BTC and Ethereum with other cash or debit transactions, and does not accept credit cards. These transactions bring additional demand pressures, with use cases beyond that of speculation. Read more from…

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