Global fintech and funding innovation ecosystem

Bitcoin Payments on the Rise

Reuters | , | Feb 28, 2023

The Block and Reuters Crypto payments on the rise - Bitcoin Payments on the Rise

The 15-year-old cryptocurrency has filled many roles - from source of speculation to hedge against inflation - but has struggled to find a clear identity. Now there are growing signs it’s edging towards its intended purpose: payments.

  • Bitcoin payments on the rise:  The amount of bitcoin stored on the Lightning Network - a payment protocol layered on top of the blockchain - has jumped by two-thirds over the past year to hit an all-time high of 5,580 coin, according to crypto data firm The Block. Crypto payment specialists have also seen strong volumes.
    • U.S.-based BitPay said transaction volumes jumped 18% last year versus 2021. CoinsPaid said volumes in the fourth quarter of 2022 rose 32% compared with a year before.

See:  Lyn Alden Analysis: A Look at the Lightening Network

  • Aside from bitcoin, other cryptocurrencies including stablecoins, which are pegged to the value of traditional currencies, have emerged as popular options, particularly for cross-border payments, remittances, plus in emerging markets where the value of local currencies have been hit by inflation.
  • Efforts by some of the world’s largest economies, including Japan, China and India, to create their own digital currencies (CBDCs) could also choke crypto payments growth, say some market players. For others, though, growing interest in CBDCs is evidence that blockchain payments tech is here to stay.

Continue to the full article --> here


NCFA Jan 2018 resize - Bitcoin Payments on the RiseThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Bitcoin Payments on the RiseFF Logo 400 v3 - Bitcoin Payments on the Risecommunity social impact - Bitcoin Payments on the Rise

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Bitcoin Payments on the Rise




 

Leave a Reply

Your email address will not be published. Required fields are marked *

two + 15 =