Bitcoin And Altcoin Payments Are On The Rise, According To BitPay

The Atlanta-based cryptocurrency pay service provider BitPay is in the latest Bitcoin news with a new report, in which it claims that Bitcoin and altcoin payments are on the rise and have grown by 4.6% in June alone on its platform.

According to data published by the firm, even 107,000 crypto pay transactions were completed on BitPay in June, which is a new record for the year. Data also shows that with the exception of March (when the most recent crypto crash occurred and BTC plunged below $4,000), transaction volumes have continued to climb and there are over 100,000 per month since April, after ending the year with less than 90,000 transactions per month.

Founded in May 2011, the company also operates the Copay corporate crypto pay platform. As we can see, Bitcoin and altcoin payments are growing in the cryptonews and unsurprisingly, most of the BitPay customers have been using BTC for payments despite the token’s dominance waning very slightly in the past few months.

Per some analysis, the token’s dominance went from 92% at the start of this year to over 89% in June, which speaks for the strength of the altcoins and tells a great story in the altcoin news. Bitcoin Cash (BCH), on the other hand, was the leader of the altcoins in January which title now belongs to Ethereum (ETH), with a rise of 4% this month.

BitPay also claims that it is ahead of its closest rival which is Blockchain.com. The latter has almost 22% of the market share, while BitPay has shy of 38%. When diving into the details and seeing what are people using their Bitcoin and altcoin payments for, we can see that the lion’s share is taken up by financial and internet services which account for just under half of the total payments when taken in combination.

In that manner, more than 12% of customers spend their tokens on prepaid cards, a minority of them are paying VPN fees in crypto, and a few (only 4%) are even paying their mortgages and bank fees in BTC and altcoins.

BitPay also hit the headlines with the recent video interview of the CEO, Stephen Pair, who claimed that American’s “car dealerships” were also on its client list along with Virgin Galactic, which is Sir Richard Branson’s commercial space flight project.