Bitcoin Payments on the Rise

Reuters | Medha Singh, Lisa Pauline Mattackal | Feb 28, 2023

The 15-year-old cryptocurrency has filled many roles – from source of speculation to hedge against inflation – but has struggled to find a clear identity. Now there are growing signs it’s edging towards its intended purpose: payments.

• Bitcoin payments on the rise:  The amount of bitcoin stored on the Lightning Network – a payment protocol layered on top of the blockchain – has jumped by two-thirds over the past year to hit an all-time high of 5,580 coin, according to crypto data firm The Block. Crypto payment specialists have also seen strong volumes.
  • U.S.-based BitPay said transaction volumes jumped 18% last year versus 2021. CoinsPaid said volumes in the fourth quarter of 2022 rose 32% compared with a year before.

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• Aside from bitcoin, other cryptocurrencies including stablecoins, which are pegged to the value of traditional currencies, have emerged as popular options, particularly for cross-border payments, remittances, plus in emerging markets where the value of local currencies have been hit by inflation.
• Efforts by some of the world’s largest economies, including Japan, China and India, to create their own digital currencies (CBDCs) could also choke crypto payments growth, say some market players. For others, though, growing interest in CBDCs is evidence that blockchain payments tech is here to stay.

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