365Crypto
BitPay, a leading crypto payment service, had a busy year in 2024, handling 608,000 transactions. Litecoin led with 201,165 payments, followed by Bitcoin’s 130,250 and Ethereum’s 56,356, according to the company’s year-end report.
Crypto Goes Beyond Just Holding
Last year, crypto wasn’t just for investing—people spent it. Payments for luxury goods, jewelry, electronics, and even precious metals jumped by up to 205% compared to 2023, showing that users are putting their digital assets to work.
U.S. Is Crypto’s Biggest Market
Most of BitPay’s transactions—over 76%—came from the United States. The platform allows businesses to accept crypto payments while converting them into regular currency, making it easier for merchants to get on board.
Adoption Is Growing, but Slowly
Using crypto as a payment method is still catching on. Between 2021 and 2023, it accounted for just 3% of retail transactions. Stablecoins, which are tied to traditional currencies, are helping push adoption thanks to their steady value.
Stablecoins Are on the Rise
With a total market cap of $206 billion, stablecoins like Tether and Circle’s USDC dominate the market. While critics say these centralized coins stray from crypto’s decentralized roots, their convenience makes them widely used for payments.
Easy Terms:
- Stablecoin: A cryptocurrency that keeps its value tied to a fiat currency like the US dollar.
- Decentralized: A system with no central authority, making it more transparent and secure.
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