Ripple CTO David Schwartz Explains Why Bitcoin Lost Its Transactional Edge

• Bitcoin was once widely accepted for payments but is now rarely used for transactions.
• Ripple CTO David Schwartz shares insight on Bitcoin’s declining use for everyday transactions.
• Experts argue Bitcoin’s primary role has evolved from a payment method to a store of value.

Ripple CTO David Schwartz recently joined a conversation sparked by longtime Bitcoin advocate Bruce Fenton about why Bitcoin isn’t really used for day-to-day transactions anymore. 

Fenton, CEO of Chainstone Lab, pointed out that about ten years ago, you could actually use BTC for regular purchases. He mentioned that back in 2015, over 130 restaurants in Portsmouth, NH, were accepting Bitcoin. Even at the Satoshi Roundtable, a major crypto conference, more than 70% of ticket sales were paid in Bitcoin back then. But now, those numbers are close to zero.

Fenton sees this decline as a failure. He argues that money must be used for transactions, not just held as an investment. “Using Bitcoin for purchases is a great way to grow the network,” he said.

Why Are Fewer People Spending Bitcoin? Ripple CTO Explains

Many believe Bitcoin’s high fees and slow transaction speeds have made i…

The post Ripple CTO David Schwartz Explains Why Bitcoin Lost Its Transactional Edge appeared first on Coin Edition.