Bitcoin Confirmed The Most Used Crypto Amid Bear Market

I doubt there was much question to this as Bitcoin is THE king of crypto but if there was, BitPay has settled that and put any questions to rest.

Bitcoin Payment Constitutes Over 50% Of Bitpay’s Total Transactions
According to BitPay, its total transaction has reduced, but Bitcoin remains the most used cryptocurrency for payments on the platform. Merrick Theobald, BitPay’s vice president for marketing, made an outstanding remark about BTC.

He stated that BTC-based payments accounted for 87% of 2021 sales volume but fell to 52% in 2022. Although the sales volumes dropped, more percentage of the crypto payments were in BTC.

Theobald further commented on stablecoins sales impact. He explained that stablecoins purchases were not affected by the crypto volatility and contributed significantly to their sales volume. In addition, Theobald stated that net BitPay transactions maintain fair stability irrespective of market downtime.

Although BTC payments remain the most popular, net transactions dropped in 2022. For example, the data released by Bitpay shows that its BTC transactions slumped from 57% in March to 48% in July.

On the other hand, other cryptocurrencies’ payments increased significantly. For example, Litecoin (LTC) rose from 14% in March to 22% in July on BitPay.

BTC accounts for over 50% of total sales on BitPay. Theobald referred to this as evidence of BTC’s utility case relevance as described by Nakamoto Satoshi, the creator of BTC. He further explained BTC’s increased use is because it’s the oldest crypto and has gained more popularity than others.

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