Surprisingly, Monero (XMR) has overtaken Bitcoin (BTC) as the most used cryptocurrency at the “Largest Bitcoin Store in Europe.” Shop BitAccording to a monthly report from Bitcoin Bitcoin Exchange, three out of four users made payments in XMR in June.
Notably, the e-commerce site shared this data in a July 12 post on X, highlighting that 74.54% of all payments were made in Monero and 23.64% in Bitcoin. 1.73% of payments used Bitcoin’s Lightning Network, and 0.08% used fiat currencies.
In this context: Shop Bit We plan to start the challenge and place more emphasis on XMR if this trend continues.
“If Monero trading volume surpasses Bitcoin trading volume in the next two months, we will update our profile from 'Europe's largest Bitcoin store' to 'Europe's largest Bitcoin and Monero store.'”
Shop Bit
Monero gradually surpasses Bitcoin in payments
This trend is Shop Bitand other services have recently shared similar experiences. Notably, Finbold reported that Monero has risen to the top of payment preferences. Coin Card In June.
Aside from clearnet markets such as Europe's largest bitcoin store and gift card provider, similar patterns were observed in darknet markets. In August 2021, Dr. Rolf van Wegberg wrote: Monero TalkWe address this phenomenon in the dark market.
Over time, multiple reports have revealed that several popular darknet markets have stopped supporting Bitcoin payments while encouraging the use of Monero due to its superior privacy features.
Monero Price Analysis and the Impact of Increased Demand
Interestingly, Bitcoin's popularity soared when it began to be used in dark markets such as Ross Ulbricht's Silk Road. This use validated the demand for BTC as a peer-to-peer electronic cash system as envisioned in the whitepaper.
Therefore, as trends change, Monero could benefit from a similar network effect and grow in presence as demand increases. Increased demand outweighing oversupply due to tail emissions could have a positive impact on the long-term price performance of XMR.
At the time of writing, Monero is trading at $160.90, remaining relatively stable against the dollar over the past 12 months. XMR has risen 52% from its lows after Binance was delisted in February, demonstrating strong resilience and momentum.
Interestingly, leading cryptocurrencies that are private by default often trade at a premium on decentralized exchanges, creating arbitrage opportunities. Investors, traders, and users are now tracking further developments and economic data to see where this payments trend will take Monero next.
Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when investing.
