That said.... it is still a big problem... because we all know Bitcoin mining can only succeed in the future, if BTC transactions generate miners fees for the Miners as an incentive to mine.
Topic: [2022-01-20] Bitcoin losing its dominance on other cryptocurrencies in payments (Read 131 times)
January 20, 2022, 06:34:22 AM
That might be the statistics for legacy BTC transactions within Bitpay, but do they consider the Bitcoin Lightning Network payments that are done globally? There has been a shift away from legacy BTC payments, because people are shifting to a much faster Lightning Network payment option.
That said.... it is still a big problem... because we all know Bitcoin mining can only succeed in the future, if BTC transactions generate miners fees for the Miners as an incentive to mine.
That said.... it is still a big problem... because we all know Bitcoin mining can only succeed in the future, if BTC transactions generate miners fees for the Miners as an incentive to mine.
January 20, 2022, 01:37:44 AM
It may worth mentioning that this topic has been already discussed in Bitcoin Discussion a few days ago: Bitcoin payments decline as other cryptocurrencies grow
January 20, 2022, 12:25:45 AM
Processing payments by Bitpay of 13% in stablecoins might not be a big percentage, however, the reduction of bitcoin from 92% to 65% in only 1 year is big. This is not what it was supposed to be to be considered growing adoption.
In any case, my argument is for stablecoins and how they are hyperdollarizing the whole cryptospace ecosystem. Bitcoin might not be the medium of exchange we are looking for. If it is certain that stablecoins will be the most used, I hope projects similar to Terra and other decentralized, algorithmic stablecoins will be the most adopted. It should never be Tether.
Bitcoin's dominance in making cryptocurrency payments appears to be fading.
Both people and businesses are using other crypto coins to make cross-border payments, bitcoin payment service provider BitPay recently told Bloomberg.
Transactions made in bitcoin towards merchants that use BitPay tumbled to about 65% of payments in 2021, a sharp drop from 92% in 2020, the company said. Ether made up 15% and stablecoins were 13%.
This shift away from bitcoin happened partly due to a preference for stablecoins, while other cryptocurrencies were dropping, Atlanta-based BitPay said. Another factor might be users not wanting to spend bitcoin if they think its price could increase 10-fold within a year.
Read in full https://markets.businessinsider.com/news/currencies/bitcoin-crypto-payments-merchants-dominance-losing-bitpay-ether-stablecoins-transactions-2022-1
In any case, my argument is for stablecoins and how they are hyperdollarizing the whole cryptospace ecosystem. Bitcoin might not be the medium of exchange we are looking for. If it is certain that stablecoins will be the most used, I hope projects similar to Terra and other decentralized, algorithmic stablecoins will be the most adopted. It should never be Tether.
Bitcoin's dominance in making cryptocurrency payments appears to be fading.
Both people and businesses are using other crypto coins to make cross-border payments, bitcoin payment service provider BitPay recently told Bloomberg.
Transactions made in bitcoin towards merchants that use BitPay tumbled to about 65% of payments in 2021, a sharp drop from 92% in 2020, the company said. Ether made up 15% and stablecoins were 13%.
This shift away from bitcoin happened partly due to a preference for stablecoins, while other cryptocurrencies were dropping, Atlanta-based BitPay said. Another factor might be users not wanting to spend bitcoin if they think its price could increase 10-fold within a year.
Read in full https://markets.businessinsider.com/news/currencies/bitcoin-crypto-payments-merchants-dominance-losing-bitpay-ether-stablecoins-transactions-2022-1
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