Bitcoin
BTC$41 899.34

-4.94%

Ethereum
ETH$2 868.68

-7.93%

Cardano
ADA$2.21

-1.36%

Tether
USDT$1.000855

0.04%

Binance Coin
BNB$346.29

-8.40%

XRP
XRP$0.923671

-6.99%

Bitcoin Targets $1T in Settlement in 2020


22 Jul 2020   #Bitcoin

Bitcoin has settled $712 billion already in 2020, while stablecoins have already seen their biggest year ever. Cryptocurrency public blockchains will settle more in 2020 than ever before and have already topped $1.3 trillion, data shows.

Compiled by analytics firm Messari on July 21, the figures reveal that Bitcoin (BTC) has settled $712 billion so far this year, while Ether (ETH) is on $147 billion.

Messari: Blockchains have not “failed” as payment systems

The Ethereum network, which supports stablecoins including market cap leader Tether (USDT), has added another $423 billion to the total. 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.

For 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.

“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,’” it summarized. “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.”

Continuing, researcher Ryan Watkins argued that it was unsuitable comparing blockchains to payment networks such as Visa. A better comparison would be the umbrella settlement systems of the fiat realm, such as Fedwire.

“The purpose of these systems is to fully guarantee payments so that they cannot be repudiated, reversed, or charged back without agreement of the recipient, and they’re meant to settle immediately,” he wrote on Twitter.

Removing fiat ties


Cryptocurrency consumer payments are still firmly within the discovery phase. Many mainstream options represent a “bridge” to fiat, such as cryptocurrency debit cards. These, and anything else which is dependent on the fiat economy, are also subject to disruption due to centralized control of the underlying infrastructure. 

As Cointelegraph reported, the liquidation of Germany’s Wirecard earlier this month temporarily caused European cryptocurrency debit cards to stop working. Decentralized cryptocurrencies, and specifically Bitcoin, are designed to make it impossible for a third party to control network activity.

Source


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 27 $41 899.34 -4.94% -11.36% $788 750 305 790 $40 244 099 648
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 868.68 -7.93% -16.93% $337 514 704 145 $23 836 267 851
3 Cardano (ADA) ADA Cardano predictions 64.8% 78 $2.21 -1.36% -6.44% $70 707 217 846 $5 577 909 016
4 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000855 0.04% 0.07% $68 651 337 758 $88 907 999 368
5 Binance Coin (BNB) BNB Binance Coin predictions 63.2% 78 $346.29 -8.40% -15.35% $58 223 895 709 $1 982 362 470
6 XRP (XRP) XRP XRP predictions 73.2% 48 $0.923671 -6.99% -12.99% $43 151 752 355 $4 555 191 572
7 Solana (SOL) SOL Solana predictions 60.4% 83 $136.79 -7.38% -1.67% $40 664 437 987 $3 870 822 815
8 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000356 0.04% 0.03% $30 321 351 717 $3 755 736 180
9 Polkadot (DOT) DOT Polkadot predictions 66% 74 $30.15 -4.22% -10.16% $29 779 247 306 $3 578 542 275
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 78 $0.206773 -7.12% -14.09% $27 173 987 970 $2 153 623 197
11 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 82 $73.10 -4.94% 10.67% $16 103 697 591 $2 305 680 733
12 Terra (LUNA) LUNA Terra predictions 68% 61 $35.07 -0.28% 0.60% $14 030 135 734 $2 246 791 189
13 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $1.000247 0.03% 0.01% $13 471 537 116 $6 682 279 999
14 UniSwap (UNI) UNI UniSwap predictions 62% 74 $19.30 -10.07% -21.54% $11 806 392 734 $434 612 988
15 Algorand (ALGO) ALGO Algorand predictions 55.6% 89 $1.80 -8.40% -10.75% $10 273 694 698 $980 104 254

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