Coinfeeds Daily → Monero Surpassed Bitcoin in Payment Volume on CoinCards

Monero Surpassed Bitcoin in Payment Volume on CoinCards

Published: Jul 08, 2024 | Last Updated: Jul 08, 2024
Howard Kane
Image: Monero

Monero's privacy features drive its popularity, capturing 34.4% of payments compared to Bitcoin's 25.96%.

Monero Surpasses Bitcoin in Payment Volume

In a significant development for the cryptocurrency market, Monero (XMR) has surpassed Bitcoin (BTC) in payment volume on the CoinCards gift card payment platform for the first time. This milestone was achieved in June, with Monero capturing a 34.4% share of the payment volume compared to Bitcoin's 25.96%.

Understanding the Shift in User Preference

This shift in user preference towards Monero can be attributed to its robust privacy features. Unlike Bitcoin, which offers a transparent ledger of transactions, Monero provides enhanced privacy and anonymity, making it a preferred choice for users who value these attributes. This trend is not just limited to CoinCards but is also observed in both darknet and Clearnet markets.

Transaction Volume vs. Market Value

Despite Bitcoin validating more transactions overall, Monero processes more transactions relative to its market value. This indicates a growing popularity for Monero as a means of payment. Users are increasingly opting for Monero for transactions, which could be a sign of its rising acceptance and utility in everyday payments.

Impact on Monero's Price

The increased demand for Monero could potentially impact its price. Since its delisting from Binance, Monero's price has seen a significant recovery. The growing transaction volume and user preference for Monero could further boost its market value, making it an interesting cryptocurrency to watch in the coming months.

Practical Takeaways

For users and investors, this development highlights the importance of privacy features in cryptocurrency adoption. Monero's rise in payment volume suggests that there is a market demand for privacy-centric cryptocurrencies. For those looking to diversify their crypto portfolio, Monero might be worth considering due to its increasing utility and potential for price appreciation.

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