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More consumers are beginning to purchase digital goods using cryptocurrencies other than Bitcoin
Stablecoins are rapidly gaining popularity as a method of cross-border payment.
Bitcoin is by far the most well-known cryptocurrency in the world, owing to its existence since 2009 and its role in establishing thousands of popular altcoins such as Ethereum, Litecoin, Dogecoin, and Shiba Inu.
According to BitPay Inc., one of the largest cryptocurrency payment processors in the world, online consumers and businesses are rapidly beginning to make purchases using digital tokens other than Bitcoin.
Bitcoin usage at BitPay-enabled merchants fell to roughly 65 percent of processed payments last year, down from 92 percent in 2020, the company told Bloomberg.
In 2021, new coins added to BitPay, including as Dogecoin, Shiba Inu, and Litecoin, accounted for 3% of purchases.
The adoption of alternative coins has increased in part because more firms have begun to use stablecoins for cross-border payments.
Additionally, consumers gravitate for stablecoins, whose value is meant to remain constant as cryptocurrency values decline - as they have been doing since early November.
Doge coins also gained popularity last year, owing to fans such as Tesla CEO Elon Musk, who recently announced that the digital token can be used to purchase the company's items.
With Bitcoin's price increasing by 60% last year, amid market instability near the end of 2021, many investors may have also chosen to save the world's largest cryptocurrency rather than spend it.
When they did spend their cryptocurrency, many purchased luxury items like as jewellery and watches, as well as automobiles and yachts.
BitPay was created in 2011 when just a few businesses accepted digital currencies and today conducts approximately 66,000 transactions each month on average.
That is a drop in the financial transaction ocean when compared to worldwide giant Visa, which handled 206 billion transactions in the fiscal year ended June 30, 2021.
Now, an increasing number of merchants accept cryptocurrency payments.
A rising number of companies, like PayPal, Twitter, and WhatsApp, are entering the crypto payments space as well, demonstrating the market's potential for expansion.
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By Crypto PiratesStablecoins are rapidly gaining popularity as a method of cross-border payment.
Bitcoin is by far the most well-known cryptocurrency in the world, owing to its existence since 2009 and its role in establishing thousands of popular altcoins such as Ethereum, Litecoin, Dogecoin, and Shiba Inu.
According to BitPay Inc., one of the largest cryptocurrency payment processors in the world, online consumers and businesses are rapidly beginning to make purchases using digital tokens other than Bitcoin.
Bitcoin usage at BitPay-enabled merchants fell to roughly 65 percent of processed payments last year, down from 92 percent in 2020, the company told Bloomberg.
In 2021, new coins added to BitPay, including as Dogecoin, Shiba Inu, and Litecoin, accounted for 3% of purchases.
The adoption of alternative coins has increased in part because more firms have begun to use stablecoins for cross-border payments.
Additionally, consumers gravitate for stablecoins, whose value is meant to remain constant as cryptocurrency values decline - as they have been doing since early November.
Doge coins also gained popularity last year, owing to fans such as Tesla CEO Elon Musk, who recently announced that the digital token can be used to purchase the company's items.
With Bitcoin's price increasing by 60% last year, amid market instability near the end of 2021, many investors may have also chosen to save the world's largest cryptocurrency rather than spend it.
When they did spend their cryptocurrency, many purchased luxury items like as jewellery and watches, as well as automobiles and yachts.
BitPay was created in 2011 when just a few businesses accepted digital currencies and today conducts approximately 66,000 transactions each month on average.
That is a drop in the financial transaction ocean when compared to worldwide giant Visa, which handled 206 billion transactions in the fiscal year ended June 30, 2021.
Now, an increasing number of merchants accept cryptocurrency payments.
A rising number of companies, like PayPal, Twitter, and WhatsApp, are entering the crypto payments space as well, demonstrating the market's potential for expansion.
Support us!