Bitcoin moves from Commodity to Payment Currency 

BitcoinGetty

Bitcoin is becoming an actual currency for everyday use among consumers more than a traded commodity, according to recently released BitPayresearch. The data indicated the total number of bitcoin transactions more than doubled last year.

The value of the average bitcoin order fell by almost half, the research found. This finding reflects increasing bitcoin use as a method of payment among merchants and consumers.

Technology acceptance drives consumer use

Wouter Vonk, BitPay’s European marketing manager, said BitPay expects more consumers to use bitcoin for currency as the technology becomes more established. He said investors are usually the first people to “hop on new technology, but as bitcoin circulates more, and as the amount of transactions increases, we should see bitcoin being used by more and more average consumers.”

The number of retailers accepting bitcoin payment has surpassed 100,000. Companies and organizations accepting bitcoin payment include Microsoft, Dell, Wikipedia, Twitch, Greenpeace, Expedia and PayPal, the report noted.

Among these 100,000 firms and organizations, 53 percent use BitPay’s payments platform, which represented $150 million in 2014.

Source: CryptoCoinsNews – Bitcoin moves from Commodity to Payment Currency

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