According to leading crypto payment processor BitPay, alternative cryptocurrencies are gaining popularity with shoppers.
Sixty-five percent of all payments are made in Bitcoin, the world’s largest cryptocurrency, in 2021, down 27% from a year ago.
Ethereum is the biggest culprit behind the crypto king’s shrinking crypto payments market share. Last year, it was responsible for 13% of all BitPay transactions despite the fact that the network is plagued by high fees.
The coin meme Shiba Inu and Dogecoin are among the most popular altcoins, along with Litecoin.
The Dallas Mavericks, the basketball team owned by billionaire and “Shark Tank” host Mark Cuban, started accepting Dogecoin last March in partnership with BitPay.
E-retailer Newegg allowed its customers to pay with both Dogecoin and Shiba Inu last year.
Movie giant AMC is expected to start accepting two dog coins in early 2022 after initially allowing crypto payments in late 2021 with the help of BitPay.
As reported by U.Today, a recent survey conducted by Visa found that a quarter of merchants plan to start accepting cryptocurrencies by 2022.
BitPay saw a 57% increase in transaction volume last year, benefiting from the growth of the broader crypto market.
However, even with nearly 79,000 transactions processed in a single month, the Atlanta-based company falls short of mainstream giants like Visa, which crypto players are trying to get their hands on. break.
Riding the crypto wave, investors will start pouring money into crypto from 2021, with luxury goods accounting for almost a third of BitPay’s total transaction volume.
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