Reportedly, the cryptocurrency bear market has impacted on how people make cryptocurrency-based payments, but Bitcoin is expected to remain as a payment tool despite volatility, according to BitPay’s data, as per Cointelegraph.
Insights from Cointelegraph stated that the share of Bitcoin payments in total BitPay transactions has been falling with regard to the cryptocurrency winter, but it’s considered to be a popular cryptocurrency for payments on the platform. Sales volumes of Bitcoin-oriented payments on BitPay accounted for 87% last year, and fell down to 52% in the first quarter of 2022, as said by Merrick Theobald, vice-president of marketing, BitPay. With regard to transactions, Bitcoin sales volume on BitPay are related with the total volume of Bitcoin-oriented cryptocurrency payments. Theobald highlighted that BitPay saw a sales volume impact with regard to non-stablecoin purchases as stablecoin sales continued to happen irrespective of cryptocurrency price fluctuations, with emphasising that overall BitPay transactions remained stable despite the market decline.
On the basis of information by Cointelegraph, volume of Bitcoin payment transactions saw a fall this year. BitPay’s data stated that Bitcoin transaction share fell from 57% in March to 48% in July. Furthermore, BitPay users have used cryptocurrency payments for currencies such as Litecoin (LTC), as LTC transactions increased from 14% in March to 22% in July. With regard to bear market implications, BTC still is placed as a favoured cryptocurrency payment in BitPay and reportedly makes up for over 50% of sales on the platform.
Moreover, Cointelegraph noted that BitPay is considered one of the largest cryptocurrency payment companies on a global basis, allowing individuals and businesses to purchase products and services using cryptocurrency. In United States, BitPay gives cryptocurrency services in companies such as Newegg, Verifone and Shop.com. Also, BitPay platform has also supported administrative payments and donation campaigns in the country.
(With insights from Cointelegraph)