BitPay Reports Increasing Diversity in Cryptocurrency Payments

In the year 2023, BitPay has observed a noteworthy trend in the cryptocurrency payment landscape. Users have embraced a wider array of blockchain networks for conducting transactions, marking a significant shift in the crypto ecosystem.

While XRP made it into the top ten most frequently used tokens, Bitcoin (BTC), the most valuable cryptocurrency, emerged as the preferred choice among BitPay users. BTC was used for a staggering 296,689 payments, showcasing its enduring dominance. Surprisingly, Litecoin closely followed with 213,647 payments, while Ethereum (ETH) recorded a considerably lower transaction volume, facilitating 81,619 payments, nearly three times less than Litecoin.

In addition to Bitcoin and Litecoin, other cryptocurrencies frequently used for payments via BitPay in 2023 included Dogecoin (DOGE), Bitcoin Cash (BCH), and Polygon (MATIC). Stablecoins like Binance USD (BUSD) and DAI also made an appearance, whereas Tether USD (USDT), despite its popularity, did not make it to the top ten.

XRP enthusiasts made a remarkable 7,310 payments across 113 different industries, reflecting a 42% surge in transaction volume compared to the previous year. BitPay noted that the XRP community rallied, contributing to this impressive growth.

BitPay's report also highlighted the global reach of cryptocurrency payments, spanning 175 countries. Notably, the United States led the pack in terms of the highest number of payments made using cryptocurrencies.

In 2023, cryptocurrency payments found acceptance in 113 different industries. The top sectors included precious metals, sports, VPN/hosting, retail, luxury items and jewelry, automotive, internet, information technology, computer networks, and gaming.

BitPay's influence extended to attracting new sellers willing to accept cryptocurrency payments, including renowned brands such as Gucci and Ferrari. This indicates a growing recognition of cryptocurrencies as a viable and widely accepted form of payment.