Bitrefill 認識到其比特幣最大化方式的錯誤

Bitrefill 是購買加密貨幣禮品卡的首選地點。現在它分析用戶在過去幾年中的支付方式。

Bitrefill gift card sales show that users increasingly prefer Ethereum (ETH) and stablecoins over Bitcoin (BTC) for their cryptocurrency payments.

Bitrefill 禮品卡銷售表明，用戶越來越喜歡使用以太坊 (ETH) 和穩定幣而不是比特幣 (BTC) 來進行加密貨幣支付。

The gift card platform, which now accepts payments in 11 different cryptocurrencies, has analyzed how users' payment habits have changed over the past four and a half years. The results, shared in a Twitter (now X) thread by Bitrefill market researcher Matt Ahlborg, show that while BTC usage has largely stagnated, ETH has seen massive adoption.

該禮品卡平台目前接受 11 種不同的加密貨幣付款，該平台分析了用戶的支付習慣在過去四年半中發生的變化。 Bitrefill 市場研究員 Matt Ahlborg 在 Twitter（現為 X）貼文中分享的結果顯示，雖然 BTC 的使用基本上停滯不前，但 ETH 卻得到了大規模採用。

Ahlborg first presents the absolute volume of all payment methods, which has increased tenfold since January 2020. Notably, BTC volume has stagnated since early 2021, and even Lightning usage has increased only slightly. The growth in volume comes exclusively from other coins.

Ahlborg 首先展示了所有支付方式的絕對交易量，自2020 年1 月以來增長了十倍。有增加。交易量的成長完全來自其他代幣。

The biggest winner among these is ETH. In January 2020, it accounted for only a fraction of the volume, but today it represents the highest of all payment methods — a surprising fact given that ETH is not typically known for being a sought-after payment method.

其中最大的贏家是ETH。在2020 年1 月，它只佔交易量的一小部分，但如今它代表了所有支付方式中最高的——考慮到ETH 通常並不以作為一種受歡迎的支付方式而聞名，這是一個令人驚訝的事實。

Stablecoins USDC and USDT are also performing well. Bitrefill accepts them on-chain on Ethereum, the Polygon side chain, and Tron. Combined, they likely generate even more volume than ETH.

穩定幣USDC和USDT也表現良好。 Bitrefill 在以太坊、Polygon 側鍊和 Tron 的鏈上接受它們。加起來，它們產生的交易量可能比 ETH 還要多。

Legacy coins like Dash, Dogecoin (DOGE), and Litecoin (LTC) also play a role. They remain active but have not grown significantly. Similarly, Binance Pay, a dollar-denominated service from Binance, shows modest activity.

達世幣、狗狗幣 (DOGE) 和萊特幣 (LTC) 等傳統貨幣也發揮了作用。他們仍然活躍，但沒有顯著成長。同樣，幣安提供的以美元計價的服務 Binance Pay 也表現出溫和的活動。

The chart looks somewhat different when considering the number of monthly active users. Here, BTC not only stagnates but declines, while Lightning already has more users than BTC.

考慮到每月活躍用戶數量，該圖表看起來有些不同。在這裡，BTC不僅停滯不前，而且還在下降，而閃電網路的用戶數量已經超過了BTC。

The differences between the two charts are easily explained: The average volumes between payment methods differ. They are highest for ETH and lowest for Lightning and Binance Pay.

兩個圖表之間的差異很容易解釋：支付方式之間的平均交易量不同。 ETH 最高，Lightning 和 Binance Pay 最低。

However, the significant rise in Lightning users has a reason that may disappoint many: It is primarily due to Bitrefill's cooperation with the Argentine app Belo. Users hold pesos and buy dollar-denominated gift cards directly in the app. The payment is processed in the background through Lightning.

然而，閃電網路用戶的大幅成長有一個可能令許多人失望的原因：這主要是由於 Bitrefill 與阿根廷應用程式 Belo 的合作。用戶持有比索並直接在應用程式中購買美元計價的禮品卡。付款透過閃電網路在背景處理。

Ahlborg explains that 90% of Lightning growth stems from the Belo integration. The users themselves are not directly involved with Lightning. The number of other users grows much more slowly; Ahlborg estimates that „less than half come from wallets where users control their keys.“

Ahlborg 解釋說，閃電網路成長的 90% 源自於 Belo 整合。使用者本身並不會直接參與閃電網路。其他用戶數量的增長速度要慢得多； Ahlborg 估計“不到一半來自用戶控制密鑰的錢包。”

Ahlborg attributes this loss primarily to two reasons: First, the hype around Ordinals, BRC-20, and Runes, combined with the sharp price increase, temporarily caused fees to explode. Second, by the end of 2023, Bitrefill had to stop accepting unconfirmed transactions because „miners changed their behavior.“ Both factors made BTC payments significantly less attractive.

Ahlborg 將這種損失主要歸因於兩個原因：首先，圍繞 Ordinals、BRC-20 和 Runes 的炒作，加上價格的急劇上漲，導致費用暫時爆炸。其次，到 2023 年底，Bitrefill 必須停止接受未經確認的交易，因為「礦工改變了行為」。

On the other hand, ETH is more successful. Already 28% of all payments use ETH, and they average the highest volume. Ahlborg explains this by the fact that a lot of money is made in the ETH ecosystem through tokens, initial coin offerings, nonfungible tokens, decentralized finance, and users then spend this money using the base token, ETH.

另一方面，ETH 更成功。已經有 28% 的支付使用 ETH，而且平均交易量最高。 Ahlborg 解釋道，ETH 生態系統中透過代幣、初始代幣發行、不可替代代幣、去中心化金融賺了很多錢，然後用戶使用基礎代幣 ETH 來花掉這些錢。

The „legacy coins“ LTC, DOGE, and Dash are also noteworthy. These are old coins that have been in the market for a long time, have „gathered substantial network effects over time,“ and are available on most exchanges and wallets. They serve as „great payment methods that replace other methods, for example, when Bitcoin fees become too expensive.“

「傳統幣」LTC、DOGE 和 Dash 也值得注意。這些是已經在市場上存在很長時間的舊硬幣，“隨著時間的推移積累了巨大的網絡效應”，並且可以在大多數交易所和錢包上使用。它們是“替代其他方法的絕佳支付方式，例如，當比特幣費用變得太昂貴時。”

LTC, in particular, shows a continuous upward trend and has never been used as much as it is today, both in absolute and proportional numbers. However, two other trends are more crucial in the last few years.

尤其是LTC，無論是絕對數量還是比例數量，都顯示出持續上升的趨勢，並且從未像今天這樣被使用過。然而，在過去幾年中，另外兩個趨勢更為重要。

The most striking developments among payment options are stablecoins and Layer 2, which for Bitrefill, means the Polygon side chain.

支付選項中最引人注目的發展是穩定幣和 Layer 2，對於 Bitrefill 來說，這意味著 Polygon 側鏈。

Since Bitrefill introduced the stablecoins Tether (USDT) and USDC (USD Coin) in 2022, their volume has increased significantly. They are likely the most used payment method by customers. USDT is more popular than USDC, especially on the Tron blockchain.

自 Bitrefill 於 2022 年推出穩定幣 Tether (USDT) 和 USDC (USD Coin) 以來，其交易量大幅增加。它們可能是客戶最常使用的付款方式。 USDT 比 USDC 更受歡迎，尤其是在 Tron 區塊鏈上。

However, fees on Tron have massively increased since early 2023, from about 35 cents to $1.50, causing Tron-USDT to lose some shares. The Polygon side chain is growing the fastest, integrated only in spring 2023 but already processing more stablecoin transactions than the ETH main chain.

然而，自 2023 年初以來，Tron 的費用大幅上漲，從約 35 美分升至 1.5 美元，導致 Tron-USDT 失去了一些份額。 Polygon 側鏈成長最快，直到 2023 年春季才集成，但已經處理了比​​ ETH 主鏈更多的穩定幣交易。

2024 is also the first year that the overall share of Bitrefill users who use stablecoins has stagnated. Ahlborg attributes this to „growing pains,“ where users adapt to changing fees, the popularity of protocols, and regulatory environments.

2024 年也是使用穩定幣的 Bitrefill 用戶整體比例停滯的第一年。 Ahlborg 將其歸因於“成長的煩惱”，即用戶適應不斷變化的費用、協議的普及和監管環境。

For Ahlborg, the most exciting insight that generally receives too little attention is that ETH, BTC, and Tron operate at their limits. Ahlborg notes that fees consistently exceed a dollar. This leads to fragmentation of payment methods and makes it crucial to

對於 Ahlborg 來說，最令人興奮但通常很少受到關注的見解是 ETH、BTC 和 Tron 的運行已達到極限。阿爾伯格指出，費用始終超過一美元。這導致了支付方式的碎片化，並使其變得至關重要