The role of cryptocurrencies in the up-to-date economic system is strong enough, and the impact of digital assets on routine financial processes becomes even stronger. As of today, crypto holders may purchase a set of things without fiat, from a cup of coffee with a cake to a luxury Lamborghini sports car. Crypto payments fall into the category of modern trends.
The growing popularity of crypto payments: merchants are at the cross-roads
The world is standing at the threshold of crucial ongoing changes that are inevitable, and those changes are about to simplify our lives. The popularity of crypto payments is rapidly gaining momentum, as both merchants and consumers get a bunch of benefits. Low fees, no limits, secured transactions, and many other pros led business owners to add such a payment option.
In 2020 the number of crypto-accepting companies almost doubled, experiencing 94% growth. The year 2020 continues the same tendency, involving more and more corporations to accept Bitcoin as payment API, opening new horizons for consumers.
Most business owners and holders understand Bitcoin payments as a synonym to crypto payments in general; meanwhile, there arises a question of whether merchants should ignore other digital assets.
Bitcoin dominance on the crypto payment market
The primary purpose of Bitcoin is to replace fiat money, serving as the alternative payment option. Such a fact explains the growing popularity of the first crypto. According to statistics, 91.79% of all crypto-friendly businesses have connected API Bitcoin payment, accepting the first cryptocurrency.
While talking about the overall market situation, Bitcoin dominates there as well. Bitcoin equals 46.2% of the overall market capitalization. By the way, the crypto market now consists of more than 11 100 issued coins, stablecoins, and tokens.
This said, with the acceptance of Bitcoin payments business owners cover more than 91% of the market. Should you take other cryptocurrencies into account?
Which other cryptocurrencies do merchants prefer?
While talking about digital currencies accepted by more than 10% of crypto-friendly companies:
- Bitcoin (accepted by 91.79% of businesses);
- Ethereum (45.25%);
- Litecoin (37.04%);
- Bitcoin Cash (33.07%);
- Dash (20.29%);
- Dogecoin (19.88%);
- XRP (18.50%);
- Monero (13.92%);
- Ethereum Classic (12.56%);
- Zcash (11.54%).
The list includes 10 digital assets that are rather in-demand for crypto-payments. What should a merchant do? Is it necessary to connect the Ethereum payment API and then software for other digital currencies to cover the largest audience of holders? In fact, the situation is much simpler. High-end payment gateways support a wide range of digital assets; this is why a business owner gets an all-in-one solution.
The importance of multi-asset payment gateways
The sector of crypto payments is a fiercely competitive one, and companies need to provide their customers with ultimate solutions. A wide range of digital currencies to accept is among the best ideas for progressive merchants. Such a solution enables business owners to attract as many clients as possible.
Imagine the situation when a company accepts Bitcoin only or top-5 most in-demand currencies; meanwhile, a customer doesn’t want to spend those digital assets, preferring long-term investment for those coins. He (she) needs a Litecoin payment API or a gateway for TRX, EOS, BNB, etc. Short-sighted companies lose customers in this situation.
B2BinPay is an award-winning crypto payment gateway that supports more than 800 coins, stablecoins, and tokens. With the exceptionally low fee of 0.5% and no hidden payments, this solution pushed businesses to new peaks, opening new horizons for business owners.