• Payment processor Coingate reported that e-commerce shops have received 2.5 million crypto payments between 2014 and 2022.
• 2022 saw a record-breaking 927,294 payments with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), and Binance Coin (BNB).
• Despite a bear market, the trend of crypto payments is poised to extend in the coming years.
The use of cryptocurrency as a payment method is on the rise, regardless of the current market conditions. According to a report from payment processor Coingate, online merchants have seen a surge in crypto payments, with the number of payments more than tripling since 2014.
The report gathered data from 2014 and determined that e-commerce shops have received 2.5 million crypto payments during this period. On average, these online shops see around 312,500 crypto payments per year. However, in 2022, the number of crypto transactions increased by 63%, with 927,294 payments recorded with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), and Binance Coin (BNB).
The growing acceptance of cryptocurrency as a payment method is especially impressive considering the current bear market. Despite the market conditions, crypto payments are still growing, proving that digital assets are becoming a viable payment method for everyday purchases.
The report also noted that Cardano (ADA) and Binance Coin (BNB) were two of the top ten most spent cryptocurrencies, indicating that these two coins are gaining traction as payment methods. This growing acceptance of cryptocurrency as a payment method is expected to continue in the coming years, as more merchants and consumers become comfortable with using digital assets as a currency.
As cryptocurrency becomes more widely accepted, it’s likely that more people will start to use it as a payment option. This could lead to more businesses and consumers adopting crypto as a payment method, and more crypto payments being recorded. With the current trend of crypto payments on the rise, it’s clear that digital assets are becoming an increasingly popular way to pay for goods and services online.