The rise in cryptocurrencies

The adoption of cryptocurrencies like bitcoin (BTC) has moved more and more into the mainstream. However, visa applications shows that 2022 holds even more for the mass adoption of cryptocurrencies. No less than 25% of small businesses in 9 different countries want to start accepting cryptocurrencies this year.

Industries that accept cryptocurrency payments via BitPay in 2020 and 2021

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Number of BitPay payments worldwide in 2020 and 2021, by industry

The industry that saw the largest increase in the highest number of merchants accepting crypto payments includes sales of prepaid cards and gift cards, reaching a total of 41.15% in March last year.

One of the key factors motivating companies to embrace crypto is the ability to unlock new demographics. This study suggests that up to 40% of customers who pay in crypto are new to the business, while their transaction sizes are more than twice as large as consumers using conventional payment methods. This makes sense as cryptoacceptance is still relatively niche. The industry as a whole still has a cult core of users, who often tend to get very excited when it is possible to use crypto for transactions.

Of course, some industries lead others. Not surprisingly, gift cards top the charts, for the same reasons we’ve just discussed – a crypto enthusiast presents himself as the ideal recipient of a crypto gift card. It is also logistically easy to set up as gift cards are simply a form of credit to be used in as many places as possible. Other industries have higher barriers to entry; Financial services, for example, have significantly higher regulation in space than industries, which means adoption is slower and more cumbersome.

Crypto is at its core a new form of technology that is found virtually on the Internet. The tech industries should therefore also finish at the top – VPN / hosting and internet companies come in second and third place among the most adopted industries above.

Types of companies offering cryptocurrency payments in the UK in 2021

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Number of companies in the UK with a cryptocurrency ATM or offering crypto as a payment method in the store per. March 9, 2021, by sector

Consumer electronics companies in the UK are the type of company that accepts payments using cryptocurrencies, with a total of 44 companies across the country saying they can facilitate such transactions.

Companies that provide IT services are closely following, and currently 39 companies across the UK offer the option of paying with cryptocurrencies to their customers, adding to a total of almost 500 companies in the UK. nationwide that accepts payments in the form of digital currencies at the time of writing. .

Both of these sectors are clearly quite technology-focused, which is related to the previous section when we see that they top the crypto-acceptance charts.

Number of companies accepting cryptocurrency payments in 147 countries per March 9, 2021

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Number of companies with a cryptocurrency ATM or offering crypto as a payment method in the store per. March 9, 2021 by country

The United States has by far the highest number of companies accepting cryptocurrencies in March 2021, with a total of 5,968 companies capable of facilitating these types of transactions for their customers.

Two European nations, Italy and Slovenia, are in second and third place in terms of the number of merchants accepting cryptocurrencies, with 1,366 and 1,133 companies offering cryptocurrencies since last year.

Slovenia is of particular interest given its small population of only 2.1 million. A host of crypto companies have started up in Slovenia, where user-friendly crypto wallet apps are particularly prevalent and help promote adoption in the European country. There is even a shopping mall and entertainment complex in Ljubljana called BTC City where all companies accept crypto.

Switzerland’s position is also quite high per. per capita, which will only be improved by executive order recent news that the city of Lugano will accept Bitcoin, Tether and LVGA (a stablecoin launched by the city) as legal tender. The Swiss city aims to become the European capital of blockchain with a 100 million franc fund to support crypto companies set up as part of the partnership with Tether.

Venezuela’s appearance is also particularly noteworthy given the country’s history of hyperinflation. The narrative of inflation hedging has become prominent recently, with vulnerable currencies such as the Venezuelan bolivar providing yet another motive for citizens to seek other stocks. Russia also stands out in the chart – while the above data is not new enough to account for the recent invasion of Ukraine, Bitcoin has reached a record high against the Russian ruble (which has fallen 20% against the dollar) as Russian citizens in increasingly turn to crypto to protect their wealth.

Introduction of cryptocurrency in 55 different countries worldwide by 2020

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Proportion of respondents to Statistics’ Global Consumer Survey (GCS) who stated that they owned or used cryptocurrencies in 55 countries around the world by 2020

According to a survey conducted by Statista in 2020, Nigeria is the country with the highest percentage of users of cryptocurrency. 31.9% of the respondents stated that they owned and / or used cryptocurrencies.

The staggering consumption in the African country is partly due to the already existing prevalence of mobile-based P2P payments, which means that the leap to dive into crypto is much smaller than in other countries. Nigeria has also been plagued by inflation, which has further encouraged citizens to explore virtual currencies. It can also be difficult to get US dollars into the country, which means that crypto has provided an alternative route to sending currency abroad. The same reasons apply to the next two countries on the list – both based in Southeast Asia – Vietnam and the Philippines.

With inflation, difficult international payments and P2P payments all typical characteristics of third world countries, it is no surprise to see that the majority of the best users in the chart above are non-Western.

Sources

  • BitPay Payments – bitpay.com/stats/

  • UK companies accepting cryptocurrencies – The figures provided have been compiled by Statista using various sources.

  • Crypto Payments – The figures provided have been compiled by Statista using various sources.

  • Crypto Mode – Statista / Statista Global Consumer Survey (GCS)

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