Mar 30, 2020
Crypto Payments Are Gaining Momentum: Coinbase Commerce Is Used Massively
By Marko Vidrih on The Capital
From a popular method for transactions under the traditional financial system to dark web sites to a playground for traders and speculators, Bitcoin has developed at a rapid pace and has only recently gained access to mainstream finance.
Despite this growth, there is still a lot of debate over whether Bitcoin is a digital store of value, a currency, both, or neither. However, statistics seem to be a strong argument for the status of Bitcoin as a currency, as acceptance and use on a large BTC-oriented payment platform is striking.
Coinbase was one of the most important figures that gave the impetus to the introduction of crypto mainstream and the data on the use of their trading platform indicate that BTC is massively supported as a currency.
BlockWorks Group’s co-founder Jason Yanowitz spoke about the launch in a recent tweet, saying that more and more people are choosing to buy and sell products using Bitcoin rather than fiat currencies every day.
“Coinbase Commerce has now processed more than $200M in Bitcoin transactions. They have 8,000+ retailers in their merchant network. Everyday, more and more people make the decision to transact in Bitcoin instead of their fiat currency.”
This data supports the idea that Bitcoin will primarily be used as a currency in the future, as many people seem to rely on Bitcoin to perform a significant number of transactions.
Bitcoin’s blatant correlation with the global stock market in recent weeks has done considerable harm to the “safe haven” narrative that many investors suspected.
Although BTC could become a safe haven at any time, the data tentatively supports the idea that Bitcoin could be accepted worldwide as a decentralized alternative to fiat currencies.
As more and more people do business with Bitcoin and platforms like Coinbase Commerce make it easier to process transactions with cryptocurrencies, it is very likely that Bitcoin will continue to gain greater acceptance as a currency and may, therefore, gain considerable value.
Author: Marko Vidrih
Featured image credit: 48coins.com
