Bitcoin to dominate the sphere of crypto payments: top-3 reasons
The sector of crypto payments grows rapidly, inviting new businesses. According to statistics, more than 15 000 companies worldwide accept crypto payments. As for digital assets used for purchasing goods and services, Bitcoin heads the ranking. 92.22% of businesses accept the first crypto. The top-5 also includes Ethereum (44.2%), Litecoin (36.2%), Bitcoin Cash (32.32%), and Dash (19.78%).
Why has Bitcoin still been keeping the lead? Top-3 key reasons for the first cryptocurrency to overcome the competitors:
Reason 1. The vast majority of people draw a parallel between Bitcoin and the crypto market
The Statista recent survey on the crypto knowledge among different age groups has uncovered quite an interesting situation. On the one hand, cryptocurrencies are getting more support and influence, while on the other hand, many people understand “Bitcoin” as a synonym to “cryptocurrencies” in a general sense.
For instance, 79% of people aged 55+ know about Bitcoin, 19% – about Bitcoin Cash, and 8% about Ethereum and Litecoin. If to analyze the crypto knowledge among people aged 37+, 73% have heard about Bitcoin, 28% – about BCH, and 25% – about Litecoin and Ethereum. The difference is quite noticeable even among the younger generations: 68% of people below 20 know Bitcoin, 44% – Bitcoin Cash, 53% – Ethereum, and only 27% – Litecoin.
This said many people don’t dive into the diversity of the crypto market, and Bitcoin is considered the best solution for buying goods and services.
Reason 2. Bitcoin dominates the crypto market as well
Since the appearance of Bitcoin, it has been over 11 years, and the crypto market includes more than 9 000 digital assets. Many projects are more functional, progressive, and promising than Bitcoin; meanwhile, the first cryptocurrency is the market headliner.
Bitcoin dominance is 54.44%; this is why the capitalization of the first crypto is equal to the overall cap of the rest 9 000 cryptocurrencies. If to mention Ethereum, the dominance of the two leading digital assets is 66.48% (2/3 of the whole market).
As such, merchants are interested in how to receive Bitcoin payments, enlarging their target audience.
Reason 3. The powerful support of major players
If to look through the recent news, Bitcoin is among the most-talked-about trends. Elon Musk and Tesla, representatives of the US and EU governments, VISA and PayPal CEOs, and many other celebrities and corporations are discussing Bitcoin. Whether the news is crypto-favorable or not, it doesn’t matter. Bitcoin is the new powerful trend, and the support of major players strengthens this trend even more.
On February 8, 2021, BTC set a new record by the number of daily tweets (207 938), according to BitInfoCharts. If to compare with the previous year, the number of daily tweets was just 24 971.
What is the best Bitcoin payment gateway?
Progressive and forward-looking merchants understand that BTC is the fast-growing trend, and the number of crypto payments skyrockets, but what are the best solutions to accept Bitcoin payments? B2BinPay offers a turnkey solution that enables merchants to accept the top-5 cryptocurrencies used for payments and 14 more digital assets from around the globe. Furthermore, you may either hodl crypto or get fiat money to your bank accounts. That is the very case when innovations may sound simple.