Litecoin accounts for over 15.4% of all BitPay transactions, second only to Bitcoin – CryptoMode

It’s always interesting 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 accounts for nearly 15.5% of all payments at the start of 2022.

BitPay still notes healthy volumes

There were times when any company working with BitPay made headlines. Cryptocurrencies have been shunned by the general public for several years, although things have moved in a more favorable direction. Today, very few people watch when Bitpay onboards new merchants, even though these developments remain crucial. Getting more eyeballs on crypto as a payment method is an essential step towards mainstream adoption.

It should be noted that BitPay remains process more than 70,000 transactions per month. This number represents all supported currencies combined, indicating that the overall volume is still quite low. This is not the fault of the payment processor, as many people consider crypto assets to be too volatile and valuable to use for payments. Buying $150 today means spending crypto that could be worth $200 or more a few weeks from today. It’s a very tricky ordeal to get people to use crypto for payments unless it’s a stablecoin.

Interestingly, BitPay reported just under 61,000 transactions in February 2022. It looks like momentum has picked up, although no one can determine the cause. All crypto assets have been volatile throughout 2022 and offer very little price appreciation. This ongoing trend could make people more eager to spend crypto before prices drop even further. March again saw over 76,000 transactions, while April hit 70,884.

It should also be noted that most people want to buy gift cards or prepaid cards with cryptocurrency. This segment represents the most active vertical for BitPay transactions, ahead of “Internet”, VPN and hosting, and computer games. An interesting development, even if we can hope that other verticals will take on more importance shortly.

Bitcoin dominates but Litecoin gains momentum

No one will be surprised to learn that 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, these never competed with BTC. Even today, this situation remains unchanged as more than 56.5% of transactions are done via Bitcoin.

One would expect Ethereum to be the second most popular currency. If it represents 10.86% of payments today, it is not in second position. Neither Dogecoin – 6.88% – nor Bitcoin Cash at 6.41%. Instead, it’s Litecoin, which – surprisingly – accounts for over 15.4% of all transactions. Litecoin has always been a “cheaper alternative to Bitcoin” and it seems like the currency is fulfilling that role well in the payments industry.

There seems to be little external excitement regarding Litecoin’s role in the cryptocurrency space today. Unless its prices are skyrocketing, it has always been a bit of a weirdo among traders, but it has beaten Ethereum, BCH, and Dogecoin in the payment space by quite a margin. This alone gives the “original altcoin” more legitimacy as a currency, even though people may feel different towards this project.

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