Bitcoin’s dominance of crypto payments is starting to erode - Aliens: AI Crypto News & Markets Updates
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Bitcoin’s dominance of crypto payments is starting to erode

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Mint

Sun, Jan 16, 2022

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Last year, Bitcoin’s use at merchants that use BitPay dropped to about 65% of processed payments, down from 92% in 2020.

Ether purchases accounted for 15% of the total, stablecoins were 13% and new coins added to BitPay in 2021 — Dogecoin, Shiba Inu and Litecoin — accounted for 3% Listen to this article Consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases, according to BitPay Inc., one of the biggest crypto payments processors in the world.

Last year, Bitcoin’s use at merchants that use BitPay dropped to about 65% of processed payments, down from 92% in 2020, the company told Bloomberg.

Coins like Doge also made a splash last year, thanks to fans like Tesla Inc. Chief Executive Elon Musk, who on Friday said the token can be used to buy the company’s merchandise.

When they did spend their crypto, many bought luxury good like jewelry and watches, cars, boats -- and even (cover your ears) gold, which Bitcoin -- touted as digital gold -- is supposed to replace, according to BitPay. The Atlanta-based private company’s transaction volumes related to luxury goods surged 31% last year from 9% in 2020, said Chief Executive Officer Stephen Pair.

The company’s overall 2021 payment volumes rose 57% year over year.

BitPay was founded in 2011, when few companies accepted digital coins.

It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments." More merchants are accepting crypto payments now.

Last year BitPay began working with VeriFone to accept digital coins at its terminals at various stores.

“PayPal getting into this space has been great for our business, because it causes companies to start asking the question of should they accept crypto payments," Pair said.

BitPay had close to 50% revenue growth last year, he said.

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