Bitcoin’s use as digital means of payment dropped in 2021

The current trend shows that people store bitcoin more than they spend it

17.01.2022 - 11:00

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What’s new? The Bloomberg news agency conducted an analysis of Bitpay, one of the world's largest crypto payment processors. As a result, the experts found out that the use of altcoins in purchases is on the rise among consumers and businesses. At the same time, the cryptocurrency company noted, the bitcoin payments from merchants using Bitpay decreased from 92% in 2020 to 65% in 2021.

Information on the Bloomberg website

What was the last year’s trend? . Except for the fourth quarter, the BTC prices increased by 60% in 2021. According to Bitpay, the majority of the cryptocurrency transactions last year were for luxury goods.

Purchases using coins such as Ether accounted for 15%, stablecoins for 13%, and Dogecoin, Shiba Inu, and Litecoin for 3%.

What had happened before? In 2021, BitPay began partnering with VeriFone to accept digital coins at its terminals in various stores. BitPay appointed Jim Lester as the company’s first-ever chief operating officer to expand the business. Lester previously headed the ThingTech startup, strategy and marketing at the electronic billing and payments division of Fiserv, Inc.

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