Gyft, an online gift card and loyalty program management company has been accepting bitcoin payments for a while now. People can use bitcoin to buy gift cards for various online as well as brick and mortar shops like Amazon, Target, Best Buy, Starbucks etc. which do not accept bitcoin payments. These gift cards offers an alternative way for users to purchase in these shops with bitcoin.
Since the introduction of bitcoin payments in 2013, Gyft has for the first time reported a huge decline in bitcoin usage on the platform. During the initial days, Gyft received bitcoin payments for over 90 percent of the orders while other conventional payment methods like credit cards and PayPal made up for the rest 10 percent. However, the scenario seems to have changed drastically now. Compared to those days, total bitcoin payments have reduced by over 80 percent, accounting for only 10 percent of sales on Gyft platform.
The main reasons for the fall in bitcoin payments on the platform can be attributed to various factors. The number of online and offline stores accepting bitcoin payments have increased since Gyft started accepting bitcoin payments. Also, there are many other players in the