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Cryptopayments - the current state of adoption

  • Merchants

    • Service providers and retailers are increasingly accepting cryptocurrency payments.

    • This is especially true for digital services like hosting and software as accepting payments and integrating digital asset platforms is typically not a problem.

    • Merchants may likewise profit from accepting crypto payments and working with digital asset platforms because of the absence of chargebacks or illicit activities related with these transactions.

  • Volumes and adoption

    • Cryptocurrency payments are already being used in a lot of real-world transactions. All around the world, the volume of cryptocurrency transactions increased to $15.8 trillion out of 2021, up 567% from 2020.

    • While those figures fail to measure up to worldwide Gross domestic product, standard acceptance of crypto for payments isn't an issue of if, yet when and how.

  • Mainstream adoption examples

    • Dubai's retail giant has cooperated with digital asset platform Binance to accept cryptocurrencies at its 29 shopping centres and 13 hotels - this shopping centre had 175 million visitors in 2021.

In summary, in terms of the adoption cycle for crypto payments, we are somewhere close to the early adopters and the early majority part. The majority of people will not yet choose cryptocurrency over fiat for everyday transactions.

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