© Reuters
Investing.com – Acceptance of cryptocurrencies such as as a method of payment appears to be on the rise, as the latest report from crypto payment service provider CoinGate shows.
In 2022, transactions increased by 63% compared to 2021, reaching 927,294. Obviously, the bear market that prevailed throughout the year did not have a negative influence on the payment of goods and services with cryptocurrencies.
While , the industry flagship, accounted for 48% of all transactions, 14.8% of purchases were settled with , 10.9% with , 9.6% with and 5.8% with .
However, it is possible that the bear market has had an influence on the choice of cryptocurrencies by buyers. In 2022, the number of bitcoin transactions decreased by 7.6% compared to the previous year, while the stablecoin USDT saw a rise of 12.5%.
In bitcoin payments, the Lightning Network is playing an increasingly important role, as transactions have increased by 97 percent on an annual basis. This is due to both the increased speed of transactions and the significantly lower costs.
By Marco Oehrl