In this, the sales volumes of BTC on the platform in the first half of 2022 dropped from 87% to 52% compared to the previous reporting period

Bitcoin retains its leading position on BitPay as a means of payment

21.09.2022 - 12:00

126

2 min

What’s new? Despite the ongoing crypto winter and strong volatility, bitcoin remains a major payment tool on BitPay, a crypto payment processor. The company’s vice president of marketing Merrick Theobald told Cointelegraph that the number of monthly transactions with BTC rose from about 58 000 in 2021 to 67 000 in 2022. In this, the sales volumes of bitcoin on BitPay fell from 87% to 52% in Q1 2022 compared to the previous period, but still retain the lead.

Cointelegraph’s material

What else did BitPay claim? Theobald also suggested that some users may have preferred to pay with bitcoins in the bear market because selling bitcoins at an exchange and using the funds later to buy items online may not be profitable.

“People still use BTC on BitPay more than other cryptocurrencies because it is the oldest and most well-known crypto, it has the largest market cap, and it has proven over the years to be a great digital payment tool,” Theobald added.

On the other hand, BitPay users have been increasingly paying in other cryptocurrencies, such as Litecoin (LTC). For example, transactions with this digital asset increased from 14% in March to 22% in July.

As of September 21, 12:30 UTC, BTC is trading at $19 154,73, having gained 0,34% in 24 hours, according to Binance. The value of 1 LTC was $53,21, having gained 3,36%.

What is known about BitPay? It is one of the world’s largest crypto payment processors, allowing individuals and legal entities to buy goods and services with digital assets or accept cryptocurrency as a means of payment. BitPay provides its services to several companies in the US, including Newegg, Verifone, and Shop.com.

In January, Bloomberg reported that BitPay’s use of bitcoins as a means of payment dropped from 92% in 2020 to 65% in 2021. The agency’s analysts noted that the platform’s users increasingly started using altcoins.

Author:

Vasiliy Smirnov Vasiliy Smirnov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy