Almost 800,000 payments with BTC were registered in a single day, breaking the record of the last rally in 2017.
The use of Bitcoin (BTC) as a payment method by users established an important historical record in the market in 2021, shortly after registering a growth of approximately 56% in the last twelve months.
According to a publication by Sergej Kotliar on Twitter, the CEO of the Bitrefill platform, on January 11, 2021 there was a peak in Bitcoin payments that approached 800,000 transactions in a single day.
Thus, the crypto currency established a record that even surpassed the number of payments registered in the last „bull race“, which took place at the end of 2017.
Payments with Bitcoin grew in 2021
In addition to having broken consecutive market price records over the past two months, Bitcoin has registered a new milestone by being used in almost 800,000 payments with the crypto currency.
In total, BTC was used for 789,390 payments on January 11, the day the market record was set, according to the Transationfee website.
Bitcoin’s Thermocap Metric shows that BTC’s upward cycle is just beginning
Considering the annual growth in the use of Bitcoin as a form of payment, crypto-currency went from 509,168 in early 2020 to almost 790,000 records recently.
The use of BTC as a form of payment grew in 2021 (Play/TransactionFee)
Broke the record of the bullish race
According to Sergej Kotliar, the use of Bitcoin as a form of payment broke the record for transactions that were recorded just after the end of 2017, when a „bull run“ marked the market, with the price of BTC reaching nearly $20,000 for the first time.
The price of Bitcoin could fall to $27,000 in a possible bearish scenario
In fact, the peak of payment transactions with Bitcoin occurred shortly after the record price of cryptomoney on January 10, 2018. On that day, BTC was used in 753,390 such transactions.
„Daily Bitcoin payments have reached an all-time high in recent weeks, higher than the ‚peak‘ of the previous bullish run.
At the same time that the use of Bitcoin as a means of payment grew by more than 56% in the market, there was also an increase in the commissions charged for cryptomone-related transactions.
Bitcoin is more of an exchange mechanism than a currency
However, exchanges seek solutions to solve this problem without creating taxes for users. In some cases, like on the Coinbase platform, for example, 100 payment transactions are grouped together before the transaction is confirmed in the Bitcoin Blockchain, as the Bitrefill CEO reminds us.
A funny aspect of this is that Coinbase is now the probably fastest and cheapest way to send a bitcoin payment. They batch 100 at a time, so even though they pay top-dollar fees for next block confirmation you only pay 1/100th of that.
– Sergej Kotliar (@ziggamon) January 17, 2021
„Coinbase is now probably the fastest and cheapest way to send a payment in Bitcoin. They bundle 100 (payments) at a time, so even though they pay the highest fees for the confirmation of the next block, you only pay 1/100 of that amount“.