It is always worthwhile to see how cryptocurrency trends evolve in the payments space. BitPay remains the leading crypto payment processor, making it a reliable provider of crucial industry metrics. Surprisingly, Litecoin represents nearly 15.5% of all payments in early 2022.
BitPay Still Notes Healthy Volumes
There were times when any company working with BitPay would make significant headlines. Cryptocurrencies have been shunned by the mainstream for several years, although things have evolved in a more favorable direction. Today, very few people bat an eye when Bitpay onboards new merchants, even though those developments remain crucial. Getting more eyeballs on crypto as a payment method is an essential step toward mainstream adoption.
It is worth noting that BitPay still processes over 70,000 transactions per month. That number represents all supported currencies combined, indicating the overall volume remains fairly low. That is not the payment processor’s fault, as many people consider crypto assets too volatile and valuable to use for payments. A purchase for $150 today means spending crypto that might be worth $200 or more a few weeks from today. It is a very tricky ordeal to get people to use crypto for payments unless it is a stablecoin.
Interestingly, BitPay reported just under 61,000 transactions in February 2022. It appears the momentum has turned again, although no one can pinpoint the cause. All crypto assets have been volatile throughout 2022 and offer very little price appreciation. That ongoing trend might make people more eager to spend crypto before prices go down even further. March saw well over 76,000 transactions again, whereas April hit 70,884.
It is also worth noting most people want to buy gift cards or prepaid cards with cryptocurrency. That segment represents the most active vertical for BitPay transactions, ahead of “internet”, VPN and Hosting, and Computer games. An interesting evolution, although one can hope other verticals will build more momentum shortly.
Bitcoin Dominates But Litecoin Gains Momentum
No one will be surprised to hear how Bitcoin remains the dominant payment option through BitPay. After all, the company was founded initially to facilitate BTC transactions for goods and services. Although BiPay introduced support for alternative currencies, later on, those have never come close to rivaling BTC. Even today, that situation remains unchanged as over 56.5% of transactions are via Bitcoin.
One would expect Ethereum to be the second-most popular currency. While it represents 10.86% of payments today, it is not in second place. Nor is Dogecoin – 6.88% – or Bitcoin Cash at 6.41%. Instead, it is Litecoin, which – surprisingly – represents over 15.4% of all transactions. Litecoin has always been a “cheaper alternative to Bitcoin” and it seems the currency fulfills that role well in the payments industry.
There seems little external excitement regarding the role of Litecoin in the cryptocurrency space today. Unless its price spikes, it has always been a bit of an oddball among traders, yet it has beaten Ethereum, BCH, and Dogecoin in the payment space by quite a margin. That alone gives the “original altcoin” more legitimacy as a currency, even if people may feel different toward this project.
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