Bitcoin’s Dominance in Crypto Payments Is Starting To Erode

 BitPay Inc. is one of the world’s largest crypto payment processors., Consumers and businesses have increasingly adapted to using digital tokens other than bitcoin to make purchases.Many people bought expensive products with their cryptocurrencies, such as jewellery and watches, vehicles, yachts, and even gold, which Bitcoin, dubbed “digital gold,” is supposed to exchange online through BitPay. Over the past 12 months, bitcoin usage at retailers using BitPay has fallen to about 65% of the total funds processed, compared to 92% of the total market share in 2020, Bloomberg reported

Ether purchases accounted for 15% of the total; stablecoins 13%, and some new coins added to BitPay in 2021 — Dogecoin, Shiba, and Litecoin — accounted for the rest of the  3%. 


Bitpay’s Significance

 Bitpay accounts for transactions worth 1 billion and assists organisations ranging from Microsoft Corp. to AT&T Inc. in accepting bitcoin payments With the value of bitcoin up 60% in the past 12 months, regardless of Q4 volatility, many traders may have opted to continue using the world’s largest cryptocurrency rather than spending it.


Last year, BitPay partnered with VeriFone to accept digital coins at terminals in its various stores. Its worth remembering Bitcoin’s first commercial transaction, during which programmers spent billions worth of bitcoins in today’s markets on just a couple   pizza pies. Bitcoin has since also been criticized for its use in illicit transactions, large amounts of electricity used for mining, price volatility and trade theft. The use of alternative currencies has also increased, in part because many businesses have started using stablecoins for cross-border payments.

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