Despite the current severe market downturn, the number of businesses eager to accept cryptocurrency payments continues to expand, as does the amount of crypto transactions made online in the eCommerce sector.
According to the report, CoinGate merchants received 927,294 crypto payments in 2022, which is almost 2.7 times the yearly average and marks a 63% rise from 2021. CoinGate processes one paid crypto order every 34 seconds based on this number.
In 2022, Bitcoin (BTC) was responsible for 48 percent of all transactions, according to the conclusions of the study. Notably, it is 7.6% lower than it was in 2021, indicating that altcoin payments have somewhat damaged Bitcoin’s payment supremacy despite the rise in transaction volume.
In 2022, 14.8% of all purchases were made using USDT, making it the second-most popular purchasing cryptocurrency. Following Bitcoin came Ethereum (10.9%), Litecoin (9.6%), and TRON (5.8%).
Despite the overall market decline, the number of newly registered merchants on CoinGate increased by 48% between 2021 and 2022. This adds industry titans such as NordVPN to the list of companies that accept bitcoin payments.
The most common justification provided by businesses each year for accepting cryptocurrency payments is that it helps those without bank accounts or who are wary of sharing their financial information with third parties get access to essential services, which in turn boosts revenue.
Due to the fact that current payment processors mitigate the problem of crypto price volatility by allowing swift settlements to fiat currencies, there are a few reasons why merchants seeking innovative ways to revive their businesses should not consider incorporating crypto payments.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.