How Widely Adopted is Crypto Payments?

Cryptocurrency can be traced back to the 1980s and there were several attempts to launch a digital currency. Digicash was the most notable of the early efforts in the 1990s but 2008 saw the introduction of the first modern cryptocurrency, with the initial release of Bitcoin in January 2009. Since the release of Bitcoin, we have witnessed the introduction of many cryptocurrencies but how widely adopted is crypto payments today?

How Common is Cryptocurrency Around the World?

If we look at the Statista Global Consumer Survey of 2020, over 30% of respondents in Nigeria said they used or owned cryptocurrency. 21% of those surveyed in Vietnam said they owned or used crypto and 20% of people in the Philippines used or owned crypto. As we move down the list, the percentage of the population decreases, with 16% in Turkey, 11% in Switzerland, 9% in India, 7% in China, 6% in the United States, and 4% in Japan. These numbers will have changed in 2023 but this information gives a clear picture that not even a quarter of people surveyed in most countries used or owned crypto in 2020. However, that has not stopped businesses accepting crypto as a payment option.

Online Gambling

One of the most innovative industries in terms of adopting crypto payments is online gambling. We now have online gambling websites that have been created purely with crypto in mind. Some of the world’s leading online casinos, such as Casumo online casino, have yet to take the plunge but there are ways to play using crypto. For example, Casumo accepts Neteller and it is possible to transfer cryptocurrency to Neteller and then use Neteller as a deposit method to play casino games. There are many online casinos and sportsbooks that accept crypto deposits, some which exchange crypto to a FIAT currency and others that allow gambling using crypto coins.

Online Shopping

There have been several major brands who either currently accept crypto payments or have done in the past. Microsoft is a good example, and you can top up your Microsoft account using crypto. Virgin Galactic, Norwegian Air, and CheapAir have been accepting crypto payments in the travel industry while Pizza Hut, KFC, and Burger King have all accepted crypto for orders, mostly in Venezuela. So, while the acceptance of crypto by the fast-food chains has been limited to one country, it could be a sign of things to come for other nations. Twitch, which is an online streaming platform owned by Amazon accepts Bitcoin as a payment method and some American Football and basketball teams are now accepting crypto when purchasing tickets and merchandise, with the Miami Dolphins and Dallas Mavericks being two good examples.

It is fair to say crypto payments are yet to be widely adopted. There are millions of online stores that have yet to add crypto to their payment methods. However, as we move into a digital based world and more people own crypto, that is sure to change as companies want to attract as much business as possible.

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