Coinbase and BitPay Data: There is Increase in Merchants Transacting in Bitcoin

February 6, 2020 – Data suggest that Bitcoin adoption maybe a bit slow but looking at data from 2 large payment processors, it seems that Bitcoin transactions are up amongst merchants.

Reported via Coindesk, there is sustained traction amongst merchants using Bitcoin via data from Coinbase and BitPay. BitPay Chief Marketing Officer Bill Zielke said they have facilitated $1 billion worth of crypto transactions in 2019. Majority of these transactions are via Bitcoin. Coinbase also said they have processed $135 million worth of crypto transactions, a hefty 600 percent according to Coinbase since 2018.

In a separate report, blockchain analytics company Chainalysis said $4 billion in bitcoin was sent through payment processors in 2019. Ether and the other cryptos only make up a small percentage of the transactions.

Coindesk noted that credit card transactions dwarf crypto. In 2018 alone, credit card transactions were worth $3.7 trillion. The news website interviewed a merchant in Paris, however, who said that while Bitcoin transactions are up, people are still not ready to pay with crypto. “People prefer to keep crypto than spend it,” said boutique owner Jean-Michel Daumas.

Source: Coindesk