Bitcoin Usage Among Merchants Is Up, According to Data From Coinbase and BitPay
Bitcoin usage among merchants is increasing. Bitpay and Coinbase Commerce processed $1 billion and $135 million worth of cryptocurrency payments in 2019, according to spokesmen from BitPay and Coinbase respectively. The majority of these payments were done using Bitcoin.
Why it matters:
- A common and fair criticism of cryptocurrencies is that they are not great for payments because they are slow and volatile. Data pointing towards increased payments adoption counters this narrative.
- Despite the rise of stablecoins in 2019, they still make up a very small portion of cryptocurrency payments. It will be interesting to see if this trend persists throughout 2020 as they much better fit the use case.
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