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The Boom of Cryptocurrency Payments and the Rise of Bitcoin

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crypto payments online

Nowadays, we can use multiple options to pay for our bills, purchase different items online, and send money to our friends and family. Although some of us still use our credit cards, we also have access to many various e-wallets, such as PayPal, Skrill, Neteller, ecoPayz, and more.

Besides those options, there is something that’s getting more and more popular by the day. That’s the different types of cryptocurrencies. Even if you are not tech-savvy, you probably heard of this word many times. A cryptocurrency is basically a virtual currency that is safeguarded by cryptography. Consequently, it is really difficult to counterfeit it, which makes it extremely popular for online payments.

One more reason why some people use cryptocurrencies is that most of them are decentralized. Moreover, they are based on blockchain technology. This is a database (a collection of information), which stores the info in groups, which are known as blocks. Each block can hold a certain amount of information. Once it gets filled up, it “chains itself” with another block full of information.


How many people use cryptocurrencies?

bitcoin ethereum transactions per day

Even though people were sceptical about using cryptocurrencies a few years ago, nowadays, things are different. Most big online shops realized the potential of Bitcoin and other cryptocurrencies, so they finally included them as a payment option.

Today, there is an average of 300 000+ Bitcoin transactions per day. This means that there are more than 208 transactions a minute, which is really impressive. However, Bitcoin is still expensive compared to other cryptocurrencies, so most people prefer to use it as an investment.

If we look at the second-most popular option (Ethereum), we will see more than 1.2M deals per day. In other words, people use this cryptocurrency around 833 a minute.

Besides paying for different items online, some people use cryptocurrencies for all sorts of other things, including online betting. Some bookmakers and casinos know that, which is why they often have special rewards for their customers that use cryptocurrencies. If you want to learn more about them, check the following paragraph.

The best betting websites/casinos where you can bet using cryptocurrencies

If you like online betting, you probably know that there are loads of gambling websites that you can choose from. Even though they have many differences, there is one thing that you can find on almost every betting website, and that’s multiple payment options.

In addition to the usual deposit and withdrawal methods available on every site, some operators allow their clients to use different cryptocurrencies. You can even find several online casinos where you won’t be able to use anything else apart from cryptocurrencies.

Of course, Bitcoin is still the most popular option, but this doesn’t mean there aren’t any other cryptocurrencies available. You can also find things like Ethereum, Tether, Litecoin, and even Dogecoin. These options are becoming more popular, so we expect most gambling websites to offer at least some of them in the future.

Check the table above if you want to know more about the different betting operators to use cryptocurrencies.


Which countries use cryptocurrencies the most?

Since cryptocurrencies allow people to make safe transactions, they are common in almost every country worldwide. However, there are certain states that use cryptocurrencies way more than others.

According to a survey held in 2020, Nigeria is one of the countries that uses cryptocurrency the most. Besides the fact they are secure, people who live there prefer these types of currencies because they have to pay considerable fees when sending money across borders if they use a different payment option.

Other countries that should be mentioned here are Ukraine, Russia, China, Venezuela, and the U.S. The fact that China and Russia are on this list might be surprising. After all, both of these countries are not friendly towards cryptocurrencies.

Another exciting country on this list is Venezuela. We expected it to be among the most popular places for cryptocurrencies because it has an ongoing hyperinflation crisis that started in 2016.


The rise of Bitcoin

bitcoin price rise

Although many cryptocurrencies were invented in the last couple of years, Bitcoin continues to be the most popular option. That shouldn’t come as a surprise because most people around the world think that this is the only cryptocurrency.

Another thing that makes Bitcoin a lot more appealing than its alternatives is its price. As of late 2020, this cryptocurrency is worth more than five times as much as the next one on the list (Ethereum, but it could be another one in the future). In 2017, all Bitcoins in the world were worth around 300 billion USD. Unsurprisingly, this made the currency appealing even to investors who were sceptical about it.

However, 2018 was not the best year for this cryptocurrency because the Bitcoin market crashed. Fortunately, it has been doing well since then. That’s why in January 2021, one Bitcoin was worth $41,973, and there are more than 18.6 million of them in circulation worldwide.


Why do we think cryptocurrencies will continue to be famous?

Even though most cryptocurrencies are highly volatile, we expect them to continue to be popular in the future. The idea behind most of the currently-available cryptocurrencies is to allow people to make payments using something that’s not controlled by a person, a company, or any government. Needless to say, this has a massive effect on the popularity of most cryptos, especially Bitcoin.

Since almost every cryptocurrency is going up in value, the demand from institutional buyers will also increase. Some people believe that some cryptos can be a hedge against inflation. This role is usually given to gold, so people always buy it whenever the market crashes.

Nowadays, you can use different cryptocurrencies to purchase things online. However, most of the places that accept things like Bitcoin and Ethereum may have additional fees. This is prone to change because there will probably be new technology that would allow us to make quicker and cheaper transactions.

As stated by some sources, there were more than 5,500 different cryptocurrencies in June 2020. This is a clear sign that we will use way more cryptocurrencies in the future.

Expert Efirbet

Published on 04 February 2021, last edit on 08 February 2021
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