Bitwala: ‘Nobody Uses Altcoins,’ Bitcoin Is the Top Crypto

Bitcoin payment processor Bitwala revealed on September 8 that even though it accepts 40 altcoins, the startup will focus most of its interest on the Bitcoin network. The firm states while everyone is excited about these technologies “nobody uses them.”

Also read: Bitcoin is Decades Ahead of Its Altcoin Counterparts

Bitwala Says Altcoin Volumes Are Flat

bitwalaBitwala announced through its blog that while it will still accept altcoins, it won’t be dedicating any resources towards integration or marketing towards them.

The announcement noted that this includes all altcoin token assets listed under Bitcoin on CoinCap. While Bitwala does not wish to drag altcoins through the mud, it must face the fact that no one is using these cryptocurrencies. This solidifies the importance of Bitcoin’s vast network effect and significant infrastructure. Bitwala added:

So here’s our experience with Altcoins: Nobody is using them! We had heard this rumor before, from other Altcoin accepting sites, like BitcoinCommodities. It takes some work to implement the option to accept them, and more work to market them. We weren’t exactly sure if it would be feasible to do so.

The company said when it announced altcoin integration they did see a significant

Read more ... source: TheBitcoinNews