According to BitPay and Coinbase officials, the use of Bitcoin in commerce has increased. This despite the low yields it presents in the crypto market.
When the price of cryptocurrencies falls, there is a group of users who usually panic, thinking that the end of digital currencies may approach or that they may lose many of their funds. It is this group that thinks that every time the price falls, the entire crypto ecosystem is in check.
However, it is important to remember that, although the price is important, it is not everything for the industry. Proof of this is that there is a growing adoption of currencies such as Bitcoin for commercial transactions, regardless of market performance.
Proof of this are comments like that of BitPay’s marketing director, Bill Zielke. This official said that the payment processor facilitated transactions with cryptocurrencies for 1 billion dollars in 2019. Of these operations, Bitcoin was at the top among the list of digital currencies used.
Another example is Coinbase, when one of the spokespersons for Coinbase Commerce, processed cryptocurrency payments worth 135 million dollars in 2019. This represented a 600% increase in the number of transactions registered on the platform in 2018.
Due to the success, Coinbase is focused on improving the commercial experience of its customers. Since, in this way, you could get more out of an area that is paying off. This is what Sahil Amoli, leader of Coinbase Commerce:
“In 2020, we are hyper-focused on providing a complete business experience with business features and knowledge, better serving other geographies with internationalization, adding more currencies and building perfect integrations that leverage other Coinbase products.”
There is still a way to go
Although great steps have been taken to promote crypto adoption, it is still not enough. The long-awaited goal of mass adoption is still far from complete.
In fact, despite the fact that trade with Bitcoin increased, not all establishments believe that this has been really significant.
There is the case of Jean-Michel Daumas, owner of a lingerie store and customer of Coinbase Commerce. He said it is still too early to describe payments with Bitcoin as routine or fashionable.
“People are not ready to pay with cryptography. They prefer to keep it instead of spending it. (…) I prefer to receive payments in crypto because they are safer for me. For example, when I receive PayPal payments, some people cheat and say they didn’t receive the products. ”
And, despite the apparent benefits that Bitcoin has, it is still in its initial stage. So adoption remains a complicated issue. However, the steps that the industry has taken to achieve mass adoption cannot be underestimated.
I am a student of International Studies, interested in new technologies and their impact on the world. Faithful believer that tenacity is the basis of success.