BTC and Altcoin Pay is Growing Fast, Says Crypto Payment Firm BitPay
Atlanta-based crypto pay service provider BitPay says that bitcoin (BTC) and altcoin payments are on the rise – with the number of transactions on its platform growing by 4.6% in June.
Per data released by the firm, 107,000 crypto pay transactions were completed on BitPay in June, a new record high for the year.
Data shows that with the exception of March – the most recent crypto crash, where BTC prices temporarily dropped below USD 4,000 – transaction volumes have continued to climb, with over 100,000 per month since April, after ending 2019 with less than 90,000 transactions per month.
The company was founded in May 2011 and also operates the Copay corporate crypto pay platform.
Unsurprisingly, most of BitPay’s customers have been using BTC for payments, although the token’s dominance has waned very slightly in the past few months, dipping from over 92% at the start of the year to just over 89% in June. And while bitcoin cash (BCH) was the pick of the altcoins in January, that title now belongs to ethereum (ETH), with almost 4%.
The firm also claims that it is ahead of its closest rival, Blockchain. The latter has almost 22% of the market share, with BitPay claiming just shy of 38%.
So what do the company’s customers spend their bitcoin and altcoins on? The company’s data shows that the lion’s share is taken up by financial and internet services, which, combined, account for just under half of the total payments.
Over 12% of customers spend their tokens on prepaid cards, with a significant minority paying VPN fees in crypto – and a few even paying their (4%) mortgages and bank fees in BTC and altcoins.
BitPay recently hit the headlines in its native United States when it partnered with American congressman Tom Emmer – allowing the politician to accept crypto donations via its platform.
In a recent video interview, BitPay CEO Stephen Pair claimed that American “car dealerships” were also on its client list – as well as Virgin Galactic, Sir Richard Branson’s commercial space flight project.