This article will give you an overview of Crypto Payments over the 2020/21 period.
Key Takeaways
- Cryptocurrencies have experienced tremendous growth. The transaction value of BTC surpassed Paypal in 2020, and ETH also experienced a rapid increase.
- In general, there are three types of crypto payment gateways: Off-Chain payment, On-Chain (Layer 1) payment, and On-Chain (Layer 2) payment.
- Crypto.com, BitPay, and Coinbase Commerce offer two kinds of crypto payment products: payment gateway and prepaid card. Besides fintech players, traditional financial institutions have also started to build crypto payment networks, such as JPMorgan.
- Prepaid/gift cards and VPN/hosting industries accept the most cryptocurrency.
- The number of crypto users hits 106 million in January and 125 million in February this year, signalling a new era for crypto adoption.
- Both BTC and ETH transaction values have reached ATH this year and surpassed the peak of the 2017 bull market significantly. in 2020 Bitcoin transaction volume reached $1 trillion and surpassed PalPal’s 936 billion.
- Crypto payment volume ranged from $15.66 billion to 16.52 billion by rough estimation. Crypto payment adoption still has a long way to go.
Read the full PDF version of the Crypto Payment Overview 2020/21 here.
