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According to a recent report, Bitcoin adoption among merchants is expected to increase by 50% in the next three years. This is the result of a survey conducted by the Ripple and Faster Payment Council, in which 300 leading payment companies from 45 countries participated.
Increased interest in bitcoin payments worldwide
According to the report: Blockchain technology has emerged in recent years as an alternative to expensive payment systems. The number of transactions in the crypto industry has grown significantly – more than 5.5 million users of crypto payments are expected in the United States alone in 2023. And this is in the middle of a bear market.
The top four use cases for crypto payments include remittances, cross-border B2B payments, card payments, and digital payments. Remittances account for the lion’s share, as foreign workers use cryptocurrencies to avoid high transaction fees when sending money home to their families.
In addition, PayPal and Stripe’s acceptance of Bitcoin payments has grown significantly. In addition to Bitcoin, stablecoins such as USDT and USDC are popular due to their low volatility. According to reports, using stablecoins for cross-border payments is 80% cheaper than traditional payment methods.
About 97% of survey participants believe that crypto payments will play an important role in accelerating payments in the next three years. More than half of the executives surveyed expect most merchants to adopt encrypted payments within this time frame.
Who is leading the race for adoption?
According to Ripple and FPC data, most of the payment companies believe that merchants around the world will use more cryptocurrencies like Bitcoin in the near future. As can be seen in the graph below: According to the survey results, 64% of representatives of payment companies in the Middle East believe that more than 50% of merchants will accept payments in cryptocurrencies within the next three years.
Europe follows with 58%, North America with 51% and Africa with 51%. In contrast, around 17% of Latin American representatives believe that the introduction will happen within this period. And this despite the fact that the adoption rate in the Latin American region is increasing in both formal and informal companies.
The issue of regulation was also discussed in the Ripple and FPC survey. For the majority of payment companies surveyed (89%), the lack of regulatory clarity in the crypto-asset sector is a “barrier” to using blockchain technology as a payment method.
However, it is important to remember that there has been progress in the regulation of the cryptocurrency sector in some countries in recent months. Countries like Venezuela and El Salvador, for example, have created a comprehensive legal framework for crypto assets.
In addition, countries around the world are making progress with regulations – including South Africa, Brazil and Singapore. The survey found that companies’ “optimism” about this market stems from a “growing need” for “wider access to and inclusion in financial services”.
He also points out that other payment methods based on blockchain technology would improve global payment systems – such as central bank digital currencies (CBDC), although this is controversial among experts.
Should you buy Bitcoin now?
According to analysts, it could be profitable to buy Bitcoin in the long term. For those who are more risk-averse, forecasts see better risk-return potential for Fight Out Coin (FGHT): The move-to-earn cryptocurrency is developing a blockchain-based wellness ecosystem where users are rewarded for their achievements with cryptocurrency. and beyond modern sensors, all training progress can be transferred to a digital avatar. In the current presale, 1 FGHT costs 0.02610 USDT, in 3 days and 19 hours the price will increase.
Text credit: Bitcoinist
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