Cryptocurrency dethrones BTC payments in Europe's biggest Bitcoin store

In a surprising event, Monero ($XMR) dethroned Bitcoin (BTC) as the most used cryptocurrency in Europe’s biggest Bitcoin store. According to ShopinBit‘s monthly report, three in every four users paid with $XMR in June.

Notably, the e-commerce shared this data in an X post on July 12, highlighting 74.54% of all payments made with Monero and 23.64% with Bitcoin. 1.73% of the payments used Bitcoin’s Lightning Network, while 0.08% used fiat currencies.

In this context, ShopinBit launched a challenge and will focus more on $XMR if this trend continues.

“If Monero transactions surpass Bitcoin transactions in volume for the next 2 months, we’ll update our bio from “Europe’s biggest Bitcoin Store” to “Europe’s biggest Bitcoin and Monero Store.”

ShopinBit

Interestingly, the leading privacy-by-default cryptocurrency often trades with a premium in decentralized exchanges, creating arbitrage opportunities. Investors, traders, and users now follow further developments and economic data, looking to where this payment trend will lead Monero next.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.