BitPay Study: Bitcoin is Now an Every-Day Currency

[Coinbuddy]

BitPay Number Crunching
Bitcoinist_bitcoin-merchants-mainstream-bitpay-cryptocurrency

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Because of Bitcoin’s disruptive nature, the digital currency is in a prime position to set a lot of new and unexpected trends. Granted, Bitcoin is still speculative, and its price volatility is still present, but more people now value Bitcoin as a currency.

For BitPay, having processed over US$158 million in Bitcoin transactions during 2014, things are looking positive all across the board. Just the amount of USD in Bitcoin transactions processed itself is up by 47% compared to 2013, a year which saw Bitcoin transitioning into a currency rather than a commodity.

In order to explain the growing USD volume of Bitcoin transactions, you have to look at the actual number of transactions processed by BitPay. The number of transactions in 2014 has more than doubled compared to 2013.

But what about the actual average order value? As the number of yearly transactions goes up, what what will happen to the average payment amount? As you would expect from something that is transforming into a currency rather than a commodity, the average value per order went down. Don’t be mistaken, though, as this is exactly the effect Bitcoin enthusiasts are looking for, which indicates people value the amount of Bitcoin they own.


To put this into perspective, if these same numbers were reported by a credit card company, there would be roughly $7,991,250 in fees associated with all the transactions. In the case of BitPay? 0% fees for everyone.


READ FULL STORY: http://insidebitcoins.com/news/bitpay-study-bitcoin-is-now-an-every-day-currency/31774

[BrejnevINC]

BitPay Number Crunching
Bitcoinist_bitcoin-merchants-mainstream-bitpay-cryptocurrency

Open image in a new tab for a larger view

 

Because of Bitcoin’s disruptive nature, the digital currency is in a prime position to set a lot of new and unexpected trends. Granted, Bitcoin is still speculative, and its price volatility is still present, but more people now value Bitcoin as a currency.

For BitPay, having processed over US$158 million in Bitcoin transactions during 2014, things are looking positive all across the board. Just the amount of USD in Bitcoin transactions processed itself is up by 47% compared to 2013, a year which saw Bitcoin transitioning into a currency rather than a commodity.

In order to explain the growing USD volume of Bitcoin transactions, you have to look at the actual number of transactions processed by BitPay. The number of transactions in 2014 has more than doubled compared to 2013.

But what about the actual average order value? As the number of yearly transactions goes up, what what will happen to the average payment amount? As you would expect from something that is transforming into a currency rather than a commodity, the average value per order went down. Don’t be mistaken, though, as this is exactly the effect Bitcoin enthusiasts are looking for, which indicates people value the amount of Bitcoin they own.


To put this into perspective, if these same numbers were reported by a credit card company, there would be roughly $7,991,250 in fees associated with all the transactions. In the case of BitPay? 0% fees for everyone.


READ FULL STORY: http://insidebitcoins.com/news/bitpay-study-bitcoin-is-now-an-every-day-currency/31774

Give it 5-6 more years, it will consolidate and if not bitcoin some other bitcoin-related technology will take over!

But it all depends on the people, if certain individuals assemble and protest against the current system that is 100% sure to defaul sooner or later!

And if it takes on the masesse the same way as in the times of the great depression, then we will see results

[Chef Ramsay]

Seeing great results month over month and year over year is what makes the entire ecosystem stronger. However, this entire article basically describes part of the selling pressure over the past year as that's pretty much all BitPay does around here.

[Wilikon]

BitPay Number Crunching
Bitcoinist_bitcoin-merchants-mainstream-bitpay-cryptocurrency

Open image in a new tab for a larger view

 

Because of Bitcoin’s disruptive nature, the digital currency is in a prime position to set a lot of new and unexpected trends. Granted, Bitcoin is still speculative, and its price volatility is still present, but more people now value Bitcoin as a currency.

For BitPay, having processed over US$158 million in Bitcoin transactions during 2014, things are looking positive all across the board. Just the amount of USD in Bitcoin transactions processed itself is up by 47% compared to 2013, a year which saw Bitcoin transitioning into a currency rather than a commodity.

In order to explain the growing USD volume of Bitcoin transactions, you have to look at the actual number of transactions processed by BitPay. The number of transactions in 2014 has more than doubled compared to 2013.

But what about the actual average order value? As the number of yearly transactions goes up, what what will happen to the average payment amount? As you would expect from something that is transforming into a currency rather than a commodity, the average value per order went down. Don’t be mistaken, though, as this is exactly the effect Bitcoin enthusiasts are looking for, which indicates people value the amount of Bitcoin they own.


To put this into perspective, if these same numbers were reported by a credit card company, there would be roughly $7,991,250 in fees associated with all the transactions. In the case of BitPay? 0% fees for everyone.


READ FULL STORY: http://insidebitcoins.com/news/bitpay-study-bitcoin-is-now-an-every-day-currency/31774

Give it 5-6 more years, it will consolidate and if not bitcoin some other bitcoin-related technology will take over!

But it all depends on the people, if certain individuals assemble and protest against the current system that is 100% sure to defaul sooner or later!

And if it takes on the masesse the same way as in the times of the great depression, then we will see results

Make the use of bitcoin easy enough for someone who hates technology, hates computers, who can't read... Then it'll be beyond the Moon...

[NUFCrichard]

Seeing great results month over month and year over year is what makes the entire ecosystem stronger. However, this entire article basically describes part of the selling pressure over the past year as that's pretty much all BitPay does around here.

It might be all BitPay does around here, but without bitpay almost no where would be accepting bitcoin!
Maybe the price would be higher, but the future of BTC would be bleaker.  I don't want bitcoin to be an e-gold, I want it to be a spendable currency.

If that means in the short term that people accept bitcoin through BitPay and sell for fiat, lowering the price, I can live with that.

[hua_hui]

Seeing great results month over month and year over year is what makes the entire ecosystem stronger. However, this entire article basically describes part of the selling pressure over the past year as that's pretty much all BitPay does around here.

It might be all BitPay does around here, but without bitpay almost no where would be accepting bitcoin!
Maybe the price would be higher, but the future of BTC would be bleaker.  I don't want bitcoin to be an e-gold, I want it to be a spendable currency.

If that means in the short term that people accept bitcoin through BitPay and sell for fiat, lowering the price, I can live with that.

I don't see it as optimistic situation. BitPay is bitcoin payment processor. I think most of bitcoin accepting merchants are casing out to fiat money at the time of receiving bitcoin payment through BitPay, which cause the further decline of the bitcoin price. For the long term, as an individual consumer, they are not willing to keep the volatile bitcoin for the daily life purchase, rather than keeping fiat money and paying with it. It is not good for the overall bitcoin ecosystem.

[TECSHARE]

Perhaps we can find a way to incentivize Bitpay into selling more of that Bitcoin to projects that will hold it for longer periods of time? There have to be business models that have difficulty obtaining btc on a regular basis. They might even be able to get a premium for a guarantee of delivery with a small overhead risk. I would assume this would be in their best interest to see Bitcoin appreciate in value as well.