Bitcoin's use as digital payments crypto has dwindled since 2020. This was the conclusion that Bitpay, one of the leading crypto-based payment processors explained.
The use of bitcoin as a digital currency for payments has gone down significantly, according to the numbers stemming from Bitpay, one of the leading cryptocurrency payments processors. While most of the purchases were made with bitcoin back in 2020, this dominance has dwindled, opening the space for other tokens and currencies, such as ethereum and stablecoins, to enter the crypto payments arena.Bitcoin’s use as digital payments currency has dwindled since 2020.
This was the conclusion that Bitpay, one of the leading cryptocurrency-based payment processors, had when reviewing the numbers the market left them last year. Bitpay toldthat the dominance of bitcoin for purchases in its platform went down from 93% during 2020, to 65% in 2021. This loss of almost a third of its dominance has to do with the entrance of other currencies into the payment arena.
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