Almost one million transaction payments were made with crypto last year, this is done through a single crypto payment.
CoinGate, which says it has been running since 2014 and currently has 430,000 users, said it paid 927,294 in 2022, a 63% increase from 2021. Bitcoin controls 48% of all payments made with BTC. Surprisingly, it is USDt that comes in second place, with 14.8% or more 100,000 payments. Ethereum has only 10% of this market, at least by provider, although it is the second largest crypto.
This may indicate a special kind of eth that is not trying to take over the business market, while customer acceptance is a big theme for bitcoin. Hosting providers and companies like VPNs seem to benefit the most from crypto payments and Vaidas Rutkauskas, CEO of IT infrastructure provider Cherry Servers, states:
“We have integrated crypto payments based on the needs of our customers – many of whom prefer to pay with crypto.”
From IRC servers – Satoshi Nakamoto bitcoin coins there – to VPNs, crypto has found a niche as a payment method for companies that don’t want to collect user information.
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“NordVPN and Surfshark Now Accept Cryptocurrency for Online Privacy and Payment Options”
NordVPN is the latest to accept crypto from CoinGate, with Donatas Strazdas, a spokesperson for another VPN, Surfshark, saying:
“Some of our customers take care of their online privacy almost religiously, so paying with an anonymous and anonymous currency is one of the few accepted ways to pay. job.”
However, the use of crypto has become so widespread that all merchants in El Salvador, for example, are mandated to accept it for payment. The nature of crypto up front means you don’t need a payment processor.
Trustnodes, for example, uses Coinbase Commerce’s self-hosting option, which is a source that does not require registration with Coinbase, either by the consumer or the consumer. As an open source, you can change it to suit your needs, and you can change it further to completely change it by getting a price feed from a third party money transfer and remittance service. body and address of your choice, although this you can forgive. customers who are already registered with Coinbase and therefore can pay quickly.
Some customers, however, want the convenience of insta converting crypto to fiat and Gediminas Griška, Head of Payments at Hostinger, says:
“Not only can we offer different types of cryptocurrencies for payment, but we can also control the risk of exchange by converting crypto directly to fiat, which is one of the features of CoinGate. and we and -be most grateful.”
These days apps allow you to instantly convert crypto to fiat and pay wherever contactless payments are accepted when the phone is contactless, the customer will not accept crypto. But, internet adoption has been somewhat slower than expected. In China in 2014 for example, Alibaba and other tech companies accepted bitcoin until the government banned them.
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“Adoption of Crypto currency Payment Options by Major Companies: Amazon, Google Cloud, Microsoft, and Steam”
Amazon still doesn’t accept crypto, or most airlines. For the latter, you can use AlternativeAirlines and others that act as an intermediary, allowing you to pay in crypto. For Amazon you can use a gift card that you can buy in bitcoin, but the company itself does not accept, this may indicate the desire to control a semi-monopoly, possibly including knowing the details of your credit card, data that has leverage, especially since Amazon now offers its own credit card.
However, Google Cloud has started accepting crypto through Coinbase. Microsoft is used for Steam, Stripe. For the latter, they have begun to release crypto again, but only for US companies and only when the company pays employees or customers. This restrictive approach is a bit confusing because the cost of setting up cryptographic infrastructure is close to zero.
However, the use of crypto for trading may not be high, when it comes to such giants, maybe about 20% of their customers have crypto. They may not use it, hodl, but there are times when they may need it for many reasons – such as all their balances are in the investment or savings account and the salary is not paid.
For a small corner store, these may be few transactions and even then a satisfied customer may be worth it. But for large companies with millions of customers, these benefits can translate into millions of transactions per year.
One of the main reasons why online retailers do not accept bitcoin is because of the high network fees, although this is the customer’s problem since the sender pays. Also, the Lightning Network is currently in development. He only has $87 million worth of bitcoins, but his debt is almost zero.
