Cryptocurrency payments on the rise, with 63% increase in 2022

Cryptocurrency payments are on the rise, with an increasing number of retailers now accepting digital currencies as a form of payment. According to CoinGate, a cryptocurrency payment processor, the use of cryptocurrencies for online transactions has seen significant growth in 2022. The company processed a total of 927,294 crypto payments in the year, a 63% increase from 2021.

Bitcoin was the most popular cryptocurrency used for shopping, accounting for 48% of all transactions. However, altcoin payments have slightly decreased Bitcoin's dominance in the market. USDT was the second most popular cryptocurrency used for shopping, with a prevalence of 14.8%. Ethereum, Litecoin, and TRON were also popular choices among shoppers.

CoinGate also saw a 48% growth in the number of newly registered merchants in 2022, with many retailers choosing to accept cryptocurrency payments in order to improve access to services for unbanked or privacy-conscious consumers. Modern payment processors allow for quick settlements into fiat currencies, making it easier for merchants to implement crypto payments.

The frequency of paying with cryptocurrency was largely unchanged by the "crypto winter," with people shifting to stablecoins instead of free-float coins in order to mitigate the volatility of free-float coins during times of market uncertainty. The most popular argument given by retailers for accepting cryptocurrency payments is improved access to services for unbanked or privacy-conscious consumers, resulting in increased sales.

In December, the CEO of CoinGate stated that the frequency of paying with cryptocurrency was unchanged by the "crypto winter," with people shifting to stablecoins instead of free-float coins. Industry giants such as NordVPN are among the businesses that have embraced the use of cryptocurrency payments.

Overall, there are few reasons why merchants seeking creative ways to revitalize their businesses should not consider implementing crypto payments. The adoption of cryptocurrency for online transactions is on the rise, with a growing number of retailers accepting digital currencies as a payment method. The popularity of bitcoin and other altcoins is expected to continue to grow in the coming years, as more consumers turn to cryptocurrencies for their online shopping needs.