Bitcoin payments decline as other cryptocurrencies grow - page 2.

LUCKMCFLY

legendary

Activity: 2590

Merit: 1882

Leading Crypto Sports Betting & Casino Platform

Quote from: kawetsriyanto on January 21, 2022, 06:06:05 AM

You cannot generalize it based on Bitpay data only. The decrease of Bitcoin payment usage in Bitpay probably won't happen on the other payment services. I think it makes sense if Bitpay experienced a decline since there are already many sites with the same functions as Bitpay nowadays. So, people use other platforms that offer simple requirements, fast processes, or lower fees. Sure, the decline won't affect bitcoin adoption in general. The problem only happens in Bitpay, not to all providers of bitcoin payment services.

I agree with that statement, because not all payments are through Bitpay, there are many payments that are made for goods and services that we do not even realize what has been purchased and what has not, if we start to analyze it is dif' ciil to keep track of where a BTC or many BTC is going or what its destination is, or what purpose it has, the enemies of BTC say and affirm that a lot of the BTC goes to criminals, but I think that criminals like it better fiat money than the same BTC or cryptocurrencies, because they like to see the value without lowering the price, so they are very subjective things.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: jaberwock on January 21, 2022, 05:31:46 AM

I feel people are not too comfortable using their BTC for such transactions. Using myself as a case study, I would feel more comfortable transacting with altcoins and not BTC. I would suggest that Bitpay should use other reputed altcoins like Lite Coin, Dash and other altcoins. Such that if any thing should happen individuals will not loss their precious coins.

This will not have negative impact on bitcoin in my opinion. I guess already many people might have started valuing the saving of bitcoin for future and might have stopped spending bitcoin for day to day life. valuing bitcoin for the sake of long term holding must be a highly benefiting idea in my view.

Most merchants are simply avoiding Bitpay because of KYC. They switched to non-custodial (decentralized) alternatives that allows them to accept Bitcoin directly without third parties. Just because transaction activity has declined on Bitpay, doesn't mean people are jumping off ship. You'd have to consider network activity itself in order to determine such conclusion. As I've said before, Bitcoin is far more active than most altcoins being traded on the market today. Some merchants and customers are switching to altcoins because of the low fees and fast settlement times. But Bitcoin's fees are declining, so it should only be a matter of time before altcoins lose traction in the mainstream world. With the Lightning Network in the works, Bitcoin is on a road towards mass adoption by people worldwide. Who knows if increased adoption, leads us to a higher price per coin in the not-so-distant future? Just my opinion

kawetsriyanto

legendary

Activity: 2422

Merit: 1140

duelbits.com

Quote from: _act_ on January 17, 2022, 06:11:11 AM

According to the news, it is said that bitcoin payment of users that use BitPay has declined from 92% in 2020 to 65% in 2021.
Hope this will not affect bitcoin adoption if people that are using it for payment is decreasing?

You cannot generalize it based on Bitpay data only. The decrease of Bitcoin payment usage in Bitpay probably won't happen on the other payment services. I think it makes sense if Bitpay experienced a decline since there are already many sites with the same functions as Bitpay nowadays. So, people use other platforms that offer simple requirements, fast processes, or lower fees. Sure, the decline won't affect bitcoin adoption in general. The problem only happens in Bitpay, not to all providers of bitcoin payment services.

jaberwock

legendary

Activity: 2660

Merit: 1074

Quote from: _act_ on January 17, 2022, 06:11:11 AM

On the other side, I am thinking bitcoin is not just a coin that can be used for payment, it can be used for asset too.

And now that bitcoin fee is that high, what I noticed is that bitcoin exchange fee is higher than actual bitcoin fee, this make people to think it is high. Even less than $1 I used to make the last bitcoin transaction recently but if exchanges are charging 0.0005 bitcoin to a high amount over 0.0012 bitcoin which is $20 and above. They are misleading people to pay high fee when it is not.

People that are using bitcoin now are using exchanges and centralized wallets that charge high fee in a way it will also discourage some people to move the coin to a private key wallet.

I feel people are not too comfortable using their BTC for such transactions. Using myself as a case study, I would feel more comfortable transacting with altcoins and not BTC. I would suggest that Bitpay should use other reputed altcoins like Lite Coin, Dash and other altcoins. Such that if any thing should happen individuals will not loss their precious coins.

This will not have negative impact on bitcoin in my opinion. I guess already many people might have started valuing the saving of bitcoin for future and might have stopped spending bitcoin for day to day life. valuing bitcoin for the sake of long term holding must be a highly benefiting idea in my view.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: Abiky on January 19, 2022, 08:24:08 PM

Transaction activity is far superior than those in alternative blockchains like Bitcoin Cash, Bitcoin SV, Dogecoin, and Litecoin.

Interesting thing is that the transaction count on some of these shitcoin blockchains are very small and hasn't increased compared to before, like bcash for example. Meanwhile Bitpay is reporting an increased number of payments through these shitcoins.
The only possible explanation is that they are reporting fake stats trying to pump shitcoins they have some stake in. Since they have been pushing shitcoins like bcash, it is a strong possibility too.

Abiky

legendary

Activity: 3220

Merit: 1363

www.Crypto.Games: Multiple coins, multiple games

Quote from: hatshepsut93 on January 17, 2022, 02:02:30 PM

Bitcoin's share of transactions on BitPay decreasing doesn't mean that Bitcoin payments have declined. They didn't release the absolute number, maybe Bitcoin payments were actually up, but altcoin payments on BitPay grew faster.

In any case, the data from one centralized service is not enough to judge the whole ecosystem, even if this service is one of the biggest players. And Bitcoin payments are gradually shifting towards Lightning Network, while many altcoins don't have similar technology and rely on stupid big block scaling.

Exactly. No one said Bitcoin users conduct their transactions through BitPay only. There are other payment gateways (eg: Coinpayments) merchants use to accept Bitcoin as payment method. The fact that Bitcoin's share of transactions is declining on BitPay, tells us that most merchants don't want to go through the hurdles of KYC. Crypto is all about decentralization and financial inclusion, so one would guess non-custodial alternatives to BitPay like Request.Network and BTCPayServer will take off soon. The Lightning Network is experiencing some steady growth lately, so there's that. Like it or not, Bitcoin is more active than most altcoins on the market. Transaction activity is far superior than those in alternative blockchains like Bitcoin Cash, Bitcoin SV, Dogecoin, and Litecoin. As Bitcoin continues to reach new All-time-highs, more people will join the game. Just sit back, relax, and watch mainstream adoption grow like never before. Just my opinion

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

Quote from: Ararbermas on January 18, 2022, 05:50:54 AM

It's not a big deal mate bitpay is more favorable in other crypto than bitcoin so don't be surprised and surely it cannot affect the adoption since it's not the only option we have in the space wherein there's a bunch of platforms and sites to be honest in order to spread bitcoin and very popular than bitpay. So no need to worry about that..

I think BitPay is a big player in the Bitcoin payment processing industry. So it somehow matters that the payments using Bitcoin in the platform is declining. I guess it is only Coinbase payment processing service that is larger than BitPay.

But the adoption that Bitcoin supporters are really looking forward is not the one that's being done by BitPay. Bitcoin-to-Bitcoin payment is what everybody dreams of. So whether Bitcoin payment through BitPay will eventually become unpopular doesn't necessarily mean the adoption is not growing.

Ararbermas

sr. member

Activity: 2016

Merit: 283

It's not a big deal mate bitpay is more favorable in other crypto than bitcoin so don't be surprised and surely it cannot affect the adoption since it's not the only option we have in the space wherein there's a bunch of platforms and sites to be honest in order to spread bitcoin and very popular than bitpay. So no need to worry about that..

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: ?? on ??

Btc and eth are not good for everyday transactions because you will only end up paying more on transaction fees, am not too surprised with the report, people use stablecoins from networks with less fees like bsc, Tron to pay transactions,
Even though the third party also collects fees these networks are not designed to be cheap, it will be hard for small-income people to use these coins so definitely there will be a shift.

I second your statement here! Bitcoin and ETH are costly to use as a regular currency unless we are using LN or WETH. In the market, we have much better currency for regular transactions. So I am not surprised to see the number of transactions are declining in the bitcoin network.

But does it affect the reputation of bitcoin? I don't think so! Bitcoin is still the most preferred investment choice amongst the crypto community. That's what bitcoin is great for!

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

I agree. Most of the time, the reason for the high fees is that the exchanges and other custodial wallets are charging more than what is necessary. They don't provide their clients the option to choose their own fee. But it is also true that there are times when the network is really clogged that the fees will experience a spike. But this has been acknowledged and given a solution.

The rising fee is certainly one of the reasons why Bitcoin is now being used less and less as a payment. But it is now addressed with the Lightning Network. As soon as the Lightning Network adoption will spread widely enough, there will definitely be a change in the numbers.

But with the price of Bitcoin rising big time in the past years, who would want to spend their Bitcoin? Many are holding theirs tightly and even adding more.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: _act_ on January 17, 2022, 06:11:11 AM

Hope this will not affect bitcoin adoption if people that are using it for payment is decreasing?

Technically those who use centralized third parties aren't even using bitcoin in first place. So it doesn't affect bitcoin adoption at all.

Quote from: _act_ on January 17, 2022, 08:38:55 AM

I wrote about it because of the news and because it can slightly indicate how people are using altcoins with low fee

Interesting statement because most altcoins that had a small increase in their usage had a much bigger fee spike than bitcoin. Specially these days that they are facing huge fees due to the altcoin bloodbath. For example ETH fee that you mentioned earlier has reached more than $80 on average!

Quote

when exchanges and custodial wallets are confusing people that bitcoin fee is high but not high like they said.

I don't think they are.
Despite what it may look like, majority of people don't use exchanges or custodial wallets.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Bitcoin's share of transactions on BitPay decreasing doesn't mean that Bitcoin payments have declined. They didn't release the absolute number, maybe Bitcoin payments were actually up, but altcoin payments on BitPay grew faster.

In any case, the data from one centralized service is not enough to judge the whole ecosystem, even if this service is one of the biggest players. And Bitcoin payments are gradually shifting towards Lightning Network, while many altcoins don't have similar technology and rely on stupid big block scaling.

fiulpro

hero member

Activity: 1890

Merit: 831

First if all the cryptocurrencies have various charge for the payments, we also have to consider the fact that some Altcoins generally have very less fee which makes them better to send/receive. I do think that people are not so sure when they use the Lightning network Because it's most suitable for the micropayments..plus it's only one provider we are talking about. It might have been getting better at other platforms ad well. I do think that we can actually use other options like : SegWit and then at the same time inform other people regarding the options they might have. I don't think that any other cryptocurrency would have more growth as compared to bitcoins.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: _act_ on January 17, 2022, 08:38:55 AM

Quote from: NeuroticFish on January 17, 2022, 06:25:45 AM

And there's always LN for faster and cheaper payments.

I do not need it for now because the onchain fee is low, I can just remain some little amount on it if I see people that are interested to use it for payment, but I will need it more during when the fee is high, but bitcoin fee is still low for now.

I like to be prepared: if fees rise a lot, I'm too late to open LN channels. Funding LN is just like consolidating small inputs: do it when fees are low.

JohnBitCo

sr. member

Activity: 2030

Merit: 356

Quote from: _act_ on January 17, 2022, 08:38:55 AM

Quote from: NeuroticFish on January 17, 2022, 06:25:45 AM

Bitcoiners avoid BitPay because of unreasonable requirements for KYC.

I wrote about it because of the news and because it can slightly indicate how people are using altcoins with low fee and stable coins for making transaction when exchanges and custodial wallets are confusing people that bitcoin fee is high but not high like they said.

I use electrum, I have used it to buy, sell, shop online. What else do I need? I know payment processors can help stores like online stores and many like that, that is why they use it, but as for me for now, I am good with electrum.

Many people avoid bitcoin to conduct transactions if they have the option to transact with other cryptocurrencies. I would rather prefer to make payments with litecoins and avoid bitcoin/ethereum because of their high fee. But that does not mean that i would not accumulate them.
People will keep on accumulating bitcoins but they spent other crypto's. Hope this makes you understand how valuable is bitcoin

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Quote from: _act_ on January 17, 2022, 06:11:11 AM

On the other side, I am thinking bitcoin is not just a coin that can be used for payment, it can be used for asset too.

Bitcoin has been used as an asset and even a store of value for a long time. It's not just a speculation but it's the actual, the reality that many are using their bitcoin as their storage of wealth.
Besides, it's not only bitpay that has been the third party service out there that automatically converts bitcoin into fiat. If people are keeping their bitcoin, it only means that they don't want to spend it for purchases because altcoins are easier to spend that way.

bittraffic

hero member

Activity: 3038

Merit: 617

BitPay shouldn't be the one that will release such news and statistic because they are not the only platform to use to pay something thru BTC. There is more activity and adoption of BTC everywhere since cryptocurrency is now on mainstream media.

It may however also make sense o use.stablecoin in paying something if the merchant accepts it. I would prefer to do the same to keep my BTC.

rdbase

legendary

Activity: 2828

Merit: 1497

Join the world-leading crypto sportsbook NOW!

I haven't been offered to pay by bitpay in a very long time. I think I've seen it some time before boxing day last year for one merchant but there are several ways now offered by other means to get purchases done with cryptocurrencies.
Such as credit cards that convert crypto into fiat inorder so to make those payments and coinbase/paypal that now accepts crypto.
There was an article about it, from a source where you would not have imagined to cover it, TIME magazine on how bitcoin's dominance of payments have declined in the past year. Only accounting for 65% of all payments and ethereum 15% while other coins which have been added to bitpay to possibly have more people have a use for it's service in the future.
https://time.com/6139727/bitcoin-crypto-payments

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: _act_ on January 17, 2022, 08:38:55 AM

Quote from: NeuroticFish on January 17, 2022, 06:25:45 AM

Bitcoiners avoid BitPay because of unreasonable requirements for KYC.

I write about it because if the news and because it can slightly indicate how people are using altcoins with low fee and stable coins for making transaction when exchanges and custodial wallets are confusing people that bitcoin fee is high but not high.

I've been criticizing BitPay, not you. Actually, it was not even criticism, it was basically stating the reality.

Quote from: _act_ on January 17, 2022, 08:38:55 AM

I use electrum, I have used it to buy, sell, shop online. What else do I need? I know payment processors can help stores and many like that, that is why they use them, but as for me for now, I am good with electrum.

I also use Electrum. I use it with a HW because I feel that this is the proper way to do it. And if I'd have a shop, then I'd probably use BTCPay.
There are almost always good solutions at hand. And we, those staying more online on this forum, usually know them.
Unfortunately I feel that we're a minority and the rest are going by what the news are telling, which can be in (too) many cases wrong and misleading.

Quote from: _act_ on January 17, 2022, 08:38:55 AM

Quote from: NeuroticFish on January 17, 2022, 06:25:45 AM

And there's always LN for faster and cheaper payments.

I do not need it for now because the fee is low, I can just remain some little amount on it if I see people that are interested to use it for payment, but I will require it more during when the fee is high, but bitcoin fee is still low.

It's not only you and be who will read this. Some can wait even until the week-end to send a transaction, some others find out that even 10 minutes is too slow. People are different, hence it worth mentioning it.

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

Quote from: NeuroticFish on January 17, 2022, 06:25:45 AM

Bitcoiners avoid BitPay because of unreasonable requirements for KYC.

I wrote about it because of the news and because it can slightly indicate how people are using altcoins with low fee and stable coins for making transaction when exchanges and custodial wallets are confusing people that bitcoin fee is high but not high like they said.

I use electrum, I have used it to buy, sell, shop online. What else do I need? I know payment processors can help stores like online stores and many like that, that is why they use it, but as for me for now, I am good with electrum.

Quote from: NeuroticFish on January 17, 2022, 06:25:45 AM

And there's always LN for faster and cheaper payments.

I do not need it for now because the onchain fee is low, I can just remain some little amount on it if I see people that are interested to use it for payment, but I will need it more during when the fee is high, but bitcoin fee is still low for now.

Quote from: LoyceV on January 17, 2022, 07:10:53 AM

Don't write "$0.0005" bitcoin, that doesn't make sense.

It was a mistake, I have corrected it. Thanks.

Topic: Bitcoin payments decline as other cryptocurrencies grow - page 2. (Read 564 times)