Contrary to the assumption of people that the use of crypto has declined due to the declined crypto market and bankruptcy of crypto firms, recent data proved otherwise.
However, It doesn’t matter the market condition, people are spending crypto, therefore, join the league of the biggest spenders of crypto by building your portfolio through personal interaction with our experts on Binance, Kucoin, and Bybit exchanges. Our crypto trading experts will share with you crypto signals which can make you a fortune.
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It Doesn’t Matter the Market Condition, People Are Spending Crypto
According to a recent blog post by a crypto payment processor CoinGate, the use of cryptocurrencies in e-commerce has surpassed 60% in volume amidst last year’s crypto crash. Definitely, there have been more retail businesses accepting crypto as means of payment.
CoinGate had since 2014 been processing payments using crypto, according to the processor, merchants have received more than 2.5 million customer payments for their goods and services, an average of 312,500 orders per year.
However, in 2022, the payment processor CoinGate received 927,294 (or 2.7 times more than annual average) payments, a 63% increase from the previous year. This is just like saying CoinGate processed payments for orders every 34 seconds.
CoinGate merchants currently accept over 70 cryptocurrencies and the data was based on these cryptos.
Bitcoin unsurprisingly is the most used cryptocurrency as it accounted for nearly half of the total transactions, thanks to the lightning network, although Bitcoin usage in transactions dropped by 7% compared to the 2021 data, showing a decrease in the use of Bitcoin probably because of the increasing number of altcoins in the crypto market.
Other cryptocurrencies leading in crypto spending are Tether’s USDT, Ethereum, Tron, and Litecoin.
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