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%. The alternative coins’ use surged partly as more businesses have begun using stablecoins for cross-border payments. Consumers also tend to move to stablecoins — whose value is supposed to stay steady — when crypto prices drop, and they’ve been falling since early November. Coins like Doge also made a splash last year, thanks to fans like Tesla Inc. Chief Executive Elon Musk, who on Friday said the token can be used to buy the company’s merchandise.
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View Details »With Bitcoin’s price rising 60% last year, despite the fourth-quarter volatility, many investors may also have chosen to hold onto the world’s biggest cryptocurrency instead of spending it. Many remember Bitcoin’s first commercial transaction, in which a programmer spent Bitcoins now worth billions on two pizza pies. When they did spend their crypto, many bought luxury good like jewelry and watches, cars, boats — and even (cover your ears) gold, which Bitcoin — touted as digital gold — is supposed to replace, according to BitPay. The Atlanta-based private company’s transaction volumes related to luxury goods surged 31% last year from 9% in 2020, said Chief Executive Officer Stephen
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