Bitcoin (BTC) fell out of favor as a payment tool on BitRefill
Release: 2024/08/28 18:09 Reading: 796
Bitcoin Transition and Rise of Stablecoins in Cryptocurrency Payments
Bitcoin (BTC) is experiencing a shift in its role within the fintech landscape, transitioning from electronic cash to a store of value. This is evidenced by the declining usage of BTC on BitRefill, a platform for cryptocurrency-based payments.
High transaction fees, unpredictable confirmation times, and non-intuitive units have prompted users to embrace alternative assets, particularly stablecoins. This trend has affected both on-chain BTC payments and those via the Lightning Network in the past year.
Meanwhile, BitRefill has observed a growing interest in the Ethereum (ETH) ecosystem, where stablecoins like USDC are gaining popularity.
Removal of Zero-Confirmation Payments
One significant factor contributing to BTC's diminishing payment role is the removal of zero-confirmation transactions. Previously, BTC payments on BitRefill were processed instantly. However, with the implementation of block confirmation, transactions now take up to 10 minutes to complete.
USDC Dominates BitRefill Payments
An analysis of BitRefill payments reveals a dominance of stablecoins from the Ethereum network and Layer 2 solutions like Polygon. Legacy assets such as Litecoin (LTC), Dogecoin (DOGE), and Dash (DASH) still hold some market share, primarily for smaller payments, but their usage is declining.
USDC stands out as the preferred stablecoin on BitRefill, with an average payment value of $312, significantly higher than BTC's $147 average.
BitPay Users Favor Stablecoins
BitPay, another major cryptocurrency payment service, also reports a shift towards stablecoins. USDC has become the third most widely used asset on the platform, behind only BTC and ETH.
Despite the preference for BTC and ETH in voting, LTC remains the most popular choice for payments on BitPay, with the highest transaction count.
Concerns Over Stablecoin Money Laundering
The increased use of stablecoins has raised concerns about their potential for money laundering. The arrest of Telegram founder Pavel Durov highlighted the risks associated with these assets, as they facilitate transactions that may evade sanctions.
Data shows that large USDT transactions on TRON, in particular, may be a potential avenue for illicit activity. This has prompted further scrutiny of TRON-based stablecoins, which account for a significant portion of the overall USDT supply.
Conclusion
The cryptocurrency payment landscape is evolving rapidly, with Bitcoin losing its dominance to stablecoins. High transaction fees, confirmation delays, and volatility have made these assets less viable for daily payments. As a result, payment services like BitRefill and BitPay are adapting to this trend, offering a wider range of stablecoin options to meet the needs of their users. However, concerns over money laundering remain, highlighting the need for continued regulation and oversight in this emerging market.
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