Monero Overtakes Bitcoin in Payments: The Rising Trend in Cryptocurrency Transactions 📈
In an unexpected turn of events, Monero (XMR) has surpassed Bitcoin (BTC) as the most utilized cryptocurrency at “Europe’s biggest Bitcoin store.” ShopinBit’s monthly report revealed that three out of every four users opted to pay with XMR in June.
- ShopinBit shared the data in a post on July 12, indicating that 74.54% of all payments were made with Monero, while Bitcoin accounted for 23.64%.
- A mere 1.73% of the payments were processed through Bitcoin’s Lightning Network, with only 0.08% using fiat currencies.
Given this shift, ShopinBit has issued a challenge and committed to focusing more on XMR should this trend persist.
“If Monero transactions surpass Bitcoin transactions in volume for the next 2 months, we’ll update our bio from ‘Europe’s biggest Bitcoin Store’ to ‘Europe’s biggest Bitcoin and Monero Store.’” – ShopinBit
Monero’s Ascendance Over Bitcoin in Transaction Volumes 📊
This trend isn’t exclusive to ShopinBit, as other platforms have also witnessed a similar scenario. Finbold reported that Monero significantly outpaced Bitcoin in transaction preferences on CoinCards in June.
Not limited to clearnet markets like Europe’s biggest Bitcoin store and gift card providers, this shift has also been evident in darknet markets. In an interview with MoneroTalk, Dr. Rolf van Wegberg discussed this trend in dark web markets.
- Recent reports have noted several darknet markets discontinuing support for Bitcoin payments in favor of Monero due to its enhanced privacy features.
Analysis of Monero’s Price Surge and the Influence of Increasing Demand 📈
Bitcoin gained popularity as it became more prevalent in dark markets such as Ross Ulbricht’s Silk Road, validating its role as a peer-to-peer electronic cash system envisioned in the whitepaper.
With the evolving trend, Monero stands to benefit from a growing network effect as demand rises. The increasing demand, coupled with a controlled supply through tail emission, could have a positive impact on XMR’s long-term price performance.
- Currently trading at $160.90, Monero has remained relatively stable against the dollar over the past year.
- Following Binance’s delisting in February, XMR has surged by 52%, showcasing resilience and momentum.
Monero frequently commands a premium on decentralized exchanges, creating arbitrage opportunities and attracting interest from investors, traders, and users keen on monitoring the payment trend’s future implications for the cryptocurrency.
🔥 Hot Take: The Future of Monero in Cryptocurrency Transactions
As Monero continues to outperform Bitcoin in transaction volumes and gains traction in various markets, it’s clear that the cryptocurrency is carving its path in the evolving crypto landscape. The growing demand for Monero, driven by its privacy features and adoption across different sectors, positions it favorably for sustained growth and market relevance. Keep an eye on how this trend unfolds, as Monero’s journey in the realm of crypto transactions unfolds.
By
By