Cryptocurrencies, such as Bitcoin and Ethereum, have been gaining popularity as a form of payment in recent years. While still a relatively small percentage of overall transactions, the use of cryptocurrencies as a payment method is on the rise.
One trend in the adoption of cryptocurrencies as a payment method is the increasing acceptance by merchants. In the past, only a select few merchants accepted cryptocurrencies as payment, but now, more and more companies are beginning to see the benefits of accepting digital currencies. This includes major companies such as Microsoft, AT&T, and Subway, as well as small businesses in various industries.
Another trend is the growth of cryptocurrency-based debit cards, which allow individuals to spend their digital assets just like they would with traditional fiat currency. These cards are linked to a person’s cryptocurrency wallet and automatically convert the digital assets to the local currency at the point of sale.
In terms of statistics, a 2019 survey by one of the cryptocurrency exchange found that 36% of US online merchants would consider accepting cryptocurrencies as a form of payment. Additionally, a 2020 survey by Chainalysis found that around 2% of all Bitcoin transactions were used for online purchases, a figure that has been steadily increasing in recent years.
While the adoption of cryptocurrencies as a payment method is still in its early stages, these trends and statistics suggest that it is a growing trend that is likely to continue in the future. As more merchants and consumers become familiar with digital currencies and their benefits, we can expect to see even more widespread adoption of cryptocurrencies as a payment method.