Statistics from Bitpay reveal that the use of Bitcoin as payment is decreasing significantly. Leading crypto payments processor has revealed that in 2020 most of the purchases were made with flagship currency. This dominance of the BTC has dwindled.
Flagship currency has seen many ups and downs from the start of its journey in 2009. It was referred to as a scam, a currency for criminal activities, and what not. But, the currency continued its journey with the aim to change the face of the conventional financial system. Crypto payments are increasing in general. But, the statistics from one of the leading crypto payments processors are telling a different story about the use of Bitcoin as payment.
The use of Bitcoin as payment is decreasing significantly:
Bloomberg has reported that statistics from Bitpay show that the use of Bitcoin as payment has been decreasing since 2020. Bitpay has revealed that the dominance of BTC for purchases in its firm went down from 93% during 2020 to 65% in 2021. The firm further elaborated that this loss of dominance has to do with the entrance of other crypto coins like Ethereum in the payments space.
The second-largest cryptocurrency, Ethereum, has been used most as payment after Bitcoin. Bitpay revealed that users of the platform paid with ether 15% of the purchase. Many stablecoin and meme tokens are also in the arena of payments after enjoying the popularity rise from the previous year. 13% of purchases were done with stablecoins in the last year. Other newcomers like Shiba inu, dogecoin, and litecoin accounted for 3% of the payments.
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