Bitcoin payments decline as other cryptocurrencies grow

[Vaskiy]

as presented by the OP, the decline of payment is via bitpay. so it doesn't include other payment channels. maybe, the reason why bitpay's usage is declining because of their high fees and now, users are finding cheaper alternatives.
also, as said above, a lot are also holding their coins for the hope that this will be good investment that can give them good profits. there are many factors to consider here. but the adoption is growing as well as number of crypto users.

Right now the market seems to be in fluctuation within specific limits. This is sign for a bullish move, and that makes people keep hold than spending. This can be a reason why there is not much of spending compared to other cryptocurrencies through bitpay.

As said the service cost through bitpay seems high. Though it is a popular service provider, more applications have existed to perform the service on the regional way. Here in my country Krypto a new one have got developed and has slowly growing providing similar service.

[Hamphser]

as presented by the OP, the decline of payment is via bitpay. so it doesn't include other payment channels. maybe, the reason why bitpay's usage is declining because of their high fees and now, users are finding cheaper alternatives.
also, as said above, a lot are also holding their coins for the hope that this will be good investment that can give them good profits. there are many factors to consider here. but the adoption is growing as well as number of crypto users.

Right now the market seems to be in fluctuation within specific limits. This is sign for a bullish move, and that makes people keep hold than spending. This can be a reason why there is not much of spending compared to other cryptocurrencies through bitpay.

As said the service cost through bitpay seems high. Though it is a popular service provider, more applications have existed to perform the service on the regional way. Here in my country Krypto a new one have got developed and has slowly growing providing similar service.

Even though it would be available or adoption growth becomes better then i dont still believe that circulation would really be still there in terms of volume because people would really be thinking about for having its

store or value rather than on spending it on things which you could still done it via using fiat so its up to your choice though because not all would really be having the same mindset

Some would be spending and wont be minding about investment and some would really tend to hold and wouldnt waste off their coins.

[Abiky]

Right now the market seems to be in fluctuation within specific limits. This is sign for a bullish move, and that makes people keep hold than spending. This can be a reason why there is not much of spending compared to other cryptocurrencies through bitpay.

As said the service cost through bitpay seems high. Though it is a popular service provider, more applications have existed to perform the service on the regional way. Here in my country Krypto a new one have got developed and has slowly growing providing similar service.

With how bearish the market has been lately, it's probable people are holding more Bitcoin than what they're spending. I think the main reason why Bitcoin transactions are declining on Bitpay it's because of its processing fees. Merchants are considering other options in order to get more bang for their buck. With KYC requirements, you can bet most merchants and customers will be looking elsewhere. What really tells us if Bitcoin's payments are declining, is the network activity. So far, the blockchain is quite active compared to other cryptocurrencies on the market.

Slowly but surely, adoption is growing for Bitcoin's Lightning Network. It shouldn't be long before the whole world adopts Bitcoin for true financial revolution. As long as the main blockchain network remains decentralized, nothing else matters. Just my opinion

[dezoel]

Seriously I wouldn’t blame businesses for not making use of Bitcoin at this time. When you are running a business, you have to be careful and avoid losses, because when there is loss, it will affect your business. And nobody will like their business to go down, because that’s their major source of income. And any business that is making use of Bitcoin is running a risk of losing value, because you can sell a product, and then you lose the money just because of the price dropped.

Imagine that you sold a product of $200, and after you have gotten your money in Bitcoin, and then the price of Bitcoin dropped and you are losing $100 of the $200 that you just got from the sold product, Wouldn’t that be a loss for your business? So for now, most businesses would be considering stable coins than a coin that is volatile.

[jaberwock]

Right now the market seems to be in fluctuation within specific limits. This is sign for a bullish move, and that makes people keep hold than spending. This can be a reason why there is not much of spending compared to other cryptocurrencies through bitpay.

As said the service cost through bitpay seems high. Though it is a popular service provider, more applications have existed to perform the service on the regional way. Here in my country Krypto a new one have got developed and has slowly growing providing similar service.

I think people are willing to spend their bitcoins more if the bitcoin price is high because this can make the value of the item less or they are only going to pay less btc compare to when the price of btc is down, I hope you know what I mean and I do not think its a valid excuse to increase your service fee just because your popular but it should have lessen because the income that they will get thru fees are still high. They should change this policy now because there are now platforms that offers the same service as them and soon bitpay users are going to migrate on those platforms because the rates are much better. I bet bitpay do not want that to happen

[Prosector]

Just because the payments through bitcoin have decreased is not a reason enough to claim that bitcoin is falling. It could be that some people are more interested in holding it for long. So, they are not using it for payments.

[Obito]

Just because the payments through bitcoin have decreased is not a reason enough to claim that bitcoin is falling. It could be that some people are more interested in holding it for long. So, they are not using it for payments.

That could be the case but that can also be a possibility that this is a sign for bitcoin. I mean bitcoin doesn't improve that much in terms of use case for the past years unlike other cryptocurrencies that are actively trying to create more uses for their crypto. Also, bitcoin is premium that it's not really a good idea to spend it because you're more likely to benefit from it when you are hodling it.