 | Yesterday's top post that received over 500 upvotes was titled "Convince me I'm wrong,There's even less adoption and use of crypto today than 6 years ago, we've taken a step backwards". It had several paragraphs of fluff with no real backup trying to push a narrative that there's less adoption than in 2017, fewer merchants accepting payment, fewer people using it for purchases, and "nobody is really using the technology". When really all you needed was look at the actual data: https://finbold.com/crypto-payments-volume-in-ecommerce-climbs-over-60-in-2022-coingate-report/ Volume of crypto used for payment of goods and services. Key networks geared for payment, such as the Lightning Network, have been popping out to facilitate payment, and seeing increases, and weren't available in 2017. There has also been a steady growth in crypto users in general since 2017, despite the dips during the bear market. Some regions have started to turn more towards crypto for transfers and P2P payments The post also claimed that the number of businesses accepting Bitcoin was on the decline, when in reality it has vastly increased. -According to CoinmapOrg there are well over 23,000 businesses that accept Bitcoin as payment in 2023. That's not counting the additional 44 Million merchants that can accept crypto payments with crypto cards through the Visa network. Something you couldn't do in 2017. Compared to only about 11,000 businesses accepting Bitcoin in 2017 (2). Keep in mind, back in 2017, we didn't even have Paypal as a means for business to accept crypto. https://cryptonews.com/guides/who-accepts-bitcoin.htm (2)https://cointelegraph.com/news/bitcoin-adoption-by-businesses-in-2017 -User adoption and business adoption has been on the increase. Here's the details of how that increase has looked in key cities and countries since 2019: https://merchantmachine.co.uk/global-adoption-of-crypto-payments/ Keep in mind, we don't have good data of the number of businesses accepting crypto outside the US. So the number could be much higher than 23,000. Back in 2017, we didn't have as many countries outside the US with that much adoption. We didn't have the boom in Venezuela, El Salvador, Lebanon, Turkey, etc.. Now many countries have jumped on the adoption, and have more adoption per capita than the US. Which major brands are accepting crypto today? From Bitpay alone, here's many companies accepting crypto now. Thanks to Bitpay, Paypal, Spedn (Flexa), etc..., crypto is now accepted at more places than ever. And it's become easier for businesses to accept crypto. Business have actually benefited and seen some growth from accepting crypto.-User adoption and business adoption has been on the increase. Here's the details of how that increase has looked in key cities and countries since 2019: https://merchantmachine.co.uk/global-adoption-of-crypto-payments/ -Why are more businesses accepting crypto? Here's a more detailed explanation: https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html -77% of businesses who accept Bitcoin as a payment see an increase in cross-border sales: https://finance.yahoo.com/news/why-businesses-beginning-adopt-crypto-135740977.html -93% of businesses that started accepting crypto have reported growth: https://finbold.com/over-90-of-u-s-businesses-accepting-crypto-see-revenue-grow-data-shows/ Outside of just payment, the use of crypto and blockchain as a tech by businesses and major companies has been blooming. Along with growth of startup and projects in the ecosystem.I would probably need to make an entire separate post to give this topic any justice. Here's a small glimpse of companies using the tech side. And looking at even just Ethereum, there's been growing developments and use by devs over the years. A growth in the use of smart contract by businesses. And the growth in project using Ethereum since 2017. This growth in tech utility is only just for one chain. There's been growth on many other chains used for their tech. Conclusion (TL;DR:) :-There's been growth across the board since 2017. -More users using crypto. -More adoption as a payment by more businesses, especially in key regions. -Not only a growth in small businesses, but a growth in major household brands jumping on the adoption. -More people using it as a form of payment for buying goods, especially in key regions. -More businesses reaping in growth and benefits from using it as a form of payment, -More major platforms facilitating the adoption, such as Paypal, Bitpay, Flexa, etc... -And we're also seeing the tech adoption by companies, startups, and developers bloom since 2017. [link] [comments] |
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