Various merchants have jumped on board the Bitcoin bandwagon in the past few years, which at first, led to great success in terms of sales. However, it seems like Bitcoin purchases are becoming less and less frequent in numerous cases. Even gift card platform Gyft has seen a decline in Bitcoin revenue and a surprising uptrend in credit card transaction volume.
Bitcoin Outpaces Other Payment Methods By Quite A Margin
Gyft seemed to be the ideal platform to unify the power of digital gift cards and Bitcoin payments. Frictionless payments at low transaction fees are beneficial to both consumer and merchant, which has led to a Bitcoin cash back on every transaction for quite some time now. In fact, Gyft is one of the few merchants offering a cashback or discount to Bitcoin customers so far.
Back when Bitcoin acceptance was still relatively new for Gyft, virtual currency payments were used in nearly 9 out of every 10 transactions. Traditional payment methods, such as credit cards and Paypal, were outpaced by quite a margin in rapid succession. 2013 and most of 2014, has been quite successful for Gyft in terms of