A look at the data behind Bitcoin's declining use in payments

One of the strongest early narratives was that Bitcoin would become a cheap payment network that would rival companies such as Visa or Mastercard. But as the blocks filled up in late 2017 and most of the payment proponents forked off to Bitcoin Cash, the use of Bitcoin in commerce is declining.

Hasu and Nic Carter charted the narratives that have characterized Bitcoin throughout time. Currently, the most dominant narrative is that Bitcoin is a censorship resistant store of value similar to gold.