“Bitcoin Is No Longer King” — Outcomes for 2022 in CoinsPaid Report
The structure of the cryptocurrency payments market has undergone significant changes in 2022, as have many other aspects of the market. Key trends in the crypto payments industry were given by CoinsPaid analysts.
The team of CoinsPaid, which includes the largest crypto processing service CryptoProcessing.com, prepared a big report with the results of the past year. The paper cites key trends observed in the cryptocurrency market and their impact on the crypto payments industry.
Among the key trends highlighted in the report are:
- The cryptocurrency payments industry proved to be virtually unaffected by current market sentiment, as crypto does not need to be stored to make a payment. This is possible precisely through services like CryptoProcessing, which allow businesses and individuals to take advantage of cryptocurrency payments in the form of low fees, cross-border, and speed, while using automatic conversion and conventional fiat currencies.
- Cryptocurrency is no longer a tool for the dark web. In advanced economies, less than 5% of people use cryptocurrency to pay for financial transactions on the dark web segment of the World Wide Web.
- “Bitcoin is no longer king.” Transaction volume in BTC is falling compared to transaction volume in USDT. While USDT accounted for about 37.85% of transaction volume in Q2 2021, compared to 33.58% of BTC transactions, USDT accounted for 43.60% of total transaction volume in Q2 2022, compared to 22.99% in BTC. Data is given on the basis of CryptoProcessing internal statistics.
Among other trends, there is an increase in government initiatives to regulate the cryptocurrency sector, as well as a qualitative change in the perception of the industry by ordinary users, which contributes to the global acceptance of cryptocurrencies.
Businesses are also getting a chance to see the benefits of cryptocurrency payments. For example, 77% of merchants that support payments in crypto or stablecoins noted an increase in cross-border sales. Other business benefits include crypto “immunity” to chargeback fraud and a reduction in commission costs from an average of 3.4% to 0.8%.
Representatives of CoinsPaid also cite Bloomberg research, according to which the total number of people who regularly use cryptocurrencies reached 900 million by the end of 2022. On this basis, it is concluded that the current decline in crypto capitalization is a “crypto winter, not a crypto apocalypse.” Consequently, it is still relevant for business representatives to include innovative FinTech products in their work. The more so that CryptoProcessing by CoinsPaid offers not only financial preferences, but also a “cure for operational headaches.”