BitPay, one of the world’s leading crypto payment processors, told Bloomberg, the leading cryptocurrency in crypto payments. bitcoinHe said the use of .
Stating that the use of crypto money other than Bitcoin has increased among consumers and businesses in purchases, BitPay pointed out that the use of Bitcoin, which was 92% in 2020, decreased to 65% in 2021.
BitPay stated that the decrease in the usage rate of Bitcoin in payments is due to the fact that investors prefer to store Bitcoin instead of spending it.
According to the company, most investors who spent their crypto last year buying luxury goods such as jewellery, watches, cars, boats and gold are choosing to keep their Bitcoin and cryptocurrencies this year rather than spend them.
Interest in Fixed Coins Increases!
BitPay told Bloomberg that Ethereum usage in crypto payments has risen to 15%, while stablecoin usage is 13%.
Usage of Dogecoin, Shiba Inu and Litecoin in payments remained at 3%.
Pointing out that businesses are starting to use more stablecoins for their payments, according to BitPay, businesses tend to use stablecoins as their values remain stable and involve less risk.
BitPay Chief Executive Officer Stephen Pair pointed out that more businesses are accepting crypto payments, saying:
“Our business goes up and down to some extent with the BTC price, when the price drops people tend to spend less.
However, we did not experience much decrease in trading volume with this recent pullback. Presumably, this is due to the fact that there are more companies that need to use cryptocurrencies to pay.”
Stating that they are happy to be in the crypto industry, Pair stated that the crypto space is still very new and we are likely to see very significant growth in the next few years.
BitPay, which has been in operation since 2011, processes an average of 66 thousand crypto payment transactions per month.
*Not investment advice.