Bitrefill 认识到其比特币最大化方式的错误

Bitrefill 是购买加密货币礼品卡的首选地点。它现在分析用户在过去几年中的支付方式。

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

Bitrefill 礼品卡销售表明，用户越来越喜欢使用以太坊 (ETH) 和稳定币而不是比特币 (BTC) 来进行加密货币支付。

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.

该礼品卡平台目前接受 11 种不同的加密货币付款，该平台分析了用户的支付习惯在过去四年半中发生的变化。 Bitrefill 市场研究员 Matt Ahlborg 在 Twitter（现为 X）帖子中分享的结果显示，虽然 BTC 的使用基本上停滞不前，但 ETH 却得到了大规模采用。

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绝对交易量，自 2020 年 1 月以来增长了十倍。值得注意的是，自 2021 年初以来，BTC 交易量一直停滞不前，甚至闪电网络的使用量也仅略有增加。交易量的增长完全来自其他代币。

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.

其中最大的赢家是ETH。在 2020 年 1 月，它只占交易量的一小部分，但如今它代表了所有支付方式中最高的——考虑到 ETH 通常并不以作为一种受欢迎的支付方式而闻名，这是一个令人惊讶的事实。

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.

稳定币USDC和USDT也表现良好。 Bitrefill 在以太坊、Polygon 侧链和 Tron 的链上接受它们。加起来，它们产生的交易量可能比 ETH 还要多。

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.

达世币、狗狗币 (DOGE) 和莱特币 (LTC) 等传统货币也发挥了作用。他们仍然活跃，但没有显着增长。同样，币安提供的以美元计价的服务 Binance Pay 也表现出温和的活动。

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.

考虑到每月活跃用户数量，该图表看起来有些不同。在这里，BTC不仅停滞不前，而且还在下降，而闪电网络的用户数量已经超过了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.

两个图表之间的差异很容易解释：支付方式之间的平均交易量不同。 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，闪电网络用户的大幅增长有一个可能令很多人失望的原因：这主要是由于 Bitrefill 与阿根廷应用程序 Belo 的合作。用户持有比索并直接在应用程序中购买美元计价的礼品卡。付款通过闪电网络在后台处理。

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 解释说，闪电网络增长的 90% 源于 Belo 集成。用户本身并不直接参与闪电网络。其他用户数量的增长速度要慢得多； Ahlborg 估计“不到一半来自用户控制密钥的钱包。”

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 将这种损失主要归因于两个原因：首先，围绕 Ordinals、BRC-20 和 Runes 的炒作，加上价格的急剧上涨，导致费用暂时爆炸。其次，到 2023 年底，Bitrefill 必须停止接受未经确认的交易，因为“矿工改变了行为”。这两个因素都使 BTC 支付的吸引力显着降低。

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。已经有 28% 的支付使用 ETH，而且平均交易量最高。 Ahlborg 解释道，ETH 生态系统中通过代币、初始代币发行、不可替代代币、去中心化金融赚了很多钱，然后用户使用基础代币 ETH 来花掉这些钱。

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.“

“传统币”LTC、DOGE 和 Dash 也值得注意。这些是已经在市场上存在很长时间的旧硬币，“随着时间的推移积累了巨大的网络效应”，并且可以在大多数交易所和钱包上使用。它们是“替代其他方法的绝佳支付方式，例如，当比特币费用变得过于昂贵时。”

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，无论是绝对数量还是比例数量，都呈现出持续上升的趋势，并且从未像今天这样被使用过。然而，在过去几年中，另外两个趋势更为重要。

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

支付选项中最引人注目的发展是稳定币和 Layer 2，对于 Bitrefill 来说，这意味着 Polygon 侧链。

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 于 2022 年推出稳定币 Tether (USDT) 和 USDC (USD Coin) 以来，其交易量大幅增加。它们可能是客户最常用的付款方式。 USDT 比 USDC 更受欢迎，尤其是在 Tron 区块链上。

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 年初以来，Tron 的费用大幅上涨，从约 35 美分升至 1.5 美元，导致 Tron-USDT 失去了一些份额。 Polygon 侧链增长最快，直到 2023 年春季才集成，但已经处理了比 ETH 主链更多的稳定币交易。

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 年也是使用稳定币的 Bitrefill 用户总体比例停滞的第一年。 Ahlborg 将其归因于“成长的烦恼”，即用户适应不断变化的费用、协议的普及和监管环境。

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

对于 Ahlborg 来说，最令人兴奋但通常很少受到关注的见解是 ETH、BTC 和 Tron 的运行已达到极限。阿尔伯格指出，费用始终超过一美元。这导致了支付方式的碎片化，并使其变得至关重要