Bitcoin takes a hit as a popular payments token among consumers - Aliens: AI Crypto News & Markets Updates
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Bitcoin takes a hit as a popular payments token among consumers

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AMB Crypto

Mon, Jan 17, 2022

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Aliens TLDR

Crypto-payments processor BitPay Inc. is in the news today after it told Bloomberg that payments using digital tokens have become a popular method of purchase.

Interestingly, however, Bitcoin has noted a falling dominance, compared to altcoins, when it comes to payments.

Here's how to buy it with #crypto : https://t.co/fctI8V7KzW — BitPay (@BitPay) January 6, 2022 Looking at last year’s data, the report cited Bitcoin’s falling preference by merchants.

Despite that, the company did see overall payment volumes rise in 2021 by 57% year over year.

Especially in the luxury goods segment as buyers used crypto for items like jewellery and cars, along with gold, according to BitPay. Gold is a surprise, especially since many potentially see Bitcoin becoming the 21st century’s gold.

It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments.” With names like PayPal, Starbucks, Etsy, and Overstock accepting Bitcoin, another competitor Bitpace commented that crypto could be beneficial for SMEs. Apart from lower transaction fees and ease of doing cross-border payments, the payment gateway believes that it is a way to penetrate a market of young buyers considering crypto is a popular method among the younger generation.

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