Cryptocurrency emerges victorious over BTC in Europe’s largest Bitcoin retailer
In an unexpected turn of events, Monero (XMR) has overtaken Bitcoin (BTC) as the most utilized cryptocurrency at ShopinBit, Europe’s largest Bitcoin store. According to ShopinBit’s recent monthly report, a staggering 75% of users opted to pay with XMR in June.
The e-commerce platform made this revelation in a recent post on July 12, highlighting that Monero accounted for 74.54% of all payments, while Bitcoin trailed behind at 23.64%. A small percentage of payments (1.73%) utilized Bitcoin’s Lightning Network, and a minuscule fraction (0.08%) were conducted using fiat currencies.
In response to this trend, ShopinBit has issued a challenge, announcing that if Monero transactions continue to surpass Bitcoin transactions in volume for the next two months, the company will update its bio from being known as “Europe’s biggest Bitcoin Store” to “Europe’s biggest Bitcoin and Monero Store.”
This development is particularly intriguing as Monero, known for its strong privacy features, often commands a premium price on decentralized exchanges, creating potential arbitrage opportunities. As a result, investors, traders, and users alike are closely monitoring further developments and economic data, anticipating where this payment trend will lead Monero next.
Disclaimer: The content mentioned above should not be considered financial advice. Investment decisions are speculative and involve risk to your capital.