• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
BitPay

BitPay Study: Bitcoin is Now an Every-Day Currency

Jp Buntinx by Jp Buntinx
8 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Technology, News, Trending
0

Digital currency enthusiasts around the world are doing their best to convince people that Bitcoin has shifted from being a speculative investment to an everyday currency. A recent study conducted by Bitpay, the world’s leading Bitcoin payment processor, confirms that statement.

Also read: Bitcoin Investment Recap 2014: Bitcoin Economy Growth

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.

Which Industry Benefits Most from Bitcoin?

2014 was a big year for Bitcoin in terms of merchant adoption, with several major names accepting the currency. Even so, the one industry that benefits most from all of this attention is Bitcoin mining industry itself. In 2014, $76.8 million USD has been invested in mining hardware, software, and solutions.

It may be surprising that, although Bitcoin is now used more as a currency, e-commerce isn’t getting the highest transaction volume. Instead, people are inclined to use their Bitcoin to obtain other investment vehicles, particularly precious metals.

Furthermore, contrary to popular belief, gold is no longer the major precious metals investment. The ratio between purchases for gold and silver at Amagi Metals shows that 7 out of 10 people buy silver, and only 3 out of 10 purchase gold. However, nearly 12% of all customers buy both silver and gold in the same order.

The travel industry is seeing some small success ever since major players like Expedia and Destinia started accepting Bitcoin. Granted, this happened late last year, so the numbers for 2015 could tell an entirely different story. With US$1.1 million in transactions there seems to be an interest in paying for flights and hotels with digital currency. The length of stay when traveling appears to heavily depend on which payment method is used. Credit cards are losing out to Bitcoin in this area, as people paying in BTC usually book a stay that lasts twice as long as those paid for with credit cards.

Bitcoin Job Industry Is Booming

Bitcoinsit JobsWith all of these numbers going in a positive direction, it follows that more job opportunities are arising in the Bitcoin space. However, that does not necessarily mean that most of these jobs work directly with Bitcoin. Many use Bitcoin as the protocol to develop their own services and applications.

Ripple, for example, filled 45 jobs through Coinality in 2014. Coinbase and Bitpay  also did well in 2014, expanding their staffs by 39 and 29 people, respectively.

Between September of 2013 and March of 2015, over 3,000 Bitcoin-related jobs have been posted on the Coinality job board. To give you an idea of how many people are willing to work in the Bitcoin space full-time, over 3,500 job hunters have submitted their resumé to Coinality in the hopes of finding employment.

What do you think about this study? Let us know in the comments below!

Source: IBTimes

All images courtesy of Bitpay

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

TikTok

TikTok Faces Challenge As Elon Musk Crypto Scams Multiply

2 days ago
Bitcoin

Bitcoin Dominance Returns Above 50% As Altcoins Encounter Resistance

2 days ago
Binance.US

Binance.US Hit Hard: Trading Activity Tanks 98% Amid SEC Squabble

2 days ago
Bitcoin

Get Ready For Bitcoin’s Next Surge: Analyst Believes ‘This Is The Beginning’

3 days ago
Bitcoin

Bitcoin Miners Lead In Clean Energy Adoption, Surpassing 50%

6 days ago
Bitcoin

Bitcoin Critique: ‘Black Swan’ Author Courts Controversy With Provocative Take

6 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Mark Cuban’s $870K Crypto Nightmare: Could This...

    42 mins ago
  • Chainlink (LINK) and Monero (XMR) Start Their Comeback, and...

    42 mins ago
  • VeChain (VET), Avalanche (AVAX), Polkadot (DOT) Enter...

    5 hours ago
  • Litecoin (LTC), Bitcoin (BTC), and Chainlink (LINK)...

    5 hours ago
  • Is Bitcoin still a good choice for investing? – New...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.