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Bitcoin’s Dominance of Crypto Payments Is Starting to Erode

  • BitPay data show rising use of stablecoins, Ether, Doge
  • Transaction volumes related to luxury goods surged 31% in 2021
Cryptocurrency Kiosks Amid Bitcoin, Ether Record Rally
Photographer: Moe Zoyari/Bloomberg

Consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases, according to BitPay Inc., one of the biggest crypto payments processors in the world.

Last year, Bitcoin’s use at merchants that use BitPay dropped to about 65% of processed payments, down from 92% in 2020, the company told Bloomberg. Ether purchases accounted for 15% of the total, stablecoins were 13% and new coins added to BitPay in 2021 -- Dogecoin, Shiba Inu and Litecoin -- accounted for 3%.