Bitpay statistics show that the use of Bitcoin decreases for payments-

The use of Bitcoin as a digital currency for payments has decreased significantly, according to the numbers from Bitpay, one of the leading processors for cryptocurrency payments. While most purchases were made with Bitcoin in 2020, this dominance has disappeared and opened the room for other tokens and currencies such as Ethereum and StableCoins to enter the crypto payment arena.

Bitcoin use for payments in 2021, Bitpay States

The use of Bitcoin as a digital payment currency has decreased since 2020. This was the conclusion of Bitpay, one of the leaders based on cryptocurrencies, when he checked the figures that the market had left them last year. BitPay tells Bloomberg Purchases on its platform from 93 % in 2020 to 65 % in 2021. This loss of almost a third of its dominance has to deal with the entry of other currencies.

The rise of stablecoins and the popularity that some meme coins enjoyed last year also achieved payment transactions, albeit to a small extent. Bitpay explained that users of the platform paid 15 % of purchases with ether, while stable coins made 13 % of payments last year. Other newcomers like shiba inu , Dogcoin

While the use of Bitcoin ( bitcoin ) for payments, the use of cryptopia was certainly back in the course of 2021 In general, payments increase. The total volume of the payments that BitPay carried out in 2021 rose by 51 %compared to the previous year. This is due to the popularization of cryptocurrencies and also to the price increase that the market experienced last year. Stephen Pair, CEO of Bitpay:

Our business is ebbing and flows to a certain extent with the price when the price drops, people tend to spend less. We did not experience such a strong decline in volume in this recent withdrawal.

Bitpay, one of the best-known crypto payment companies that manage large sales volumes, is still put in the shade by traditional payment companies such as Visa and PayPal. But for pair the field is young and the company is very well positioned for the future. He defined:

We like it very much where we are strategic. This room is still very young. A lot has to do with what we think about timing. In the next few years we will probably see very considerable growth.

Other traditional companies have also entered the area of ​​crypto payments. PayPal it would be announced in March with the processing of crypto-draft Payments begin.

What do you think about the dwindling use of Bitcoin for payments? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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