Cryptocurrencies became an extremely popular asset in 2023. They have not only been supported by crypto investors but also by many institutional investors as the skepticism around cryptocurrencies has changed, and they are now considered viable investments.
Furthermore, we have seen increased usage of crypto as well as an increased volume of crypto transactions which means that they trust in cryptocurrencies in general, and blockchain has surged dramatically.
Overall, there has been mass adoption of crypto, and this article will provide an overview of crypto adoption in 2023.
Governmental Support
Governments are supporting the widespread adoption of crypto by creating policies that regulate cryptocurrencies and support crypto usage. For example, in El Salvador, Bitcoin is accepted as legal tender. Bitcoin is not charged the VTA tax in the European Union.
In addition, Argentina accepts BTC for its public transit fees. If we also see other countries around the world that are open to the benefits of the currencies and crypto exchange markets.
Businesses Accepting Crypto Payments
Businesses that accept crypto payments play a huge role in the adoption of crypto. They create an environment where cryptocurrencies can be utilized on a daily basis in exchange for products and services online and also offline.
This is important for the value of cryptocurrencies because trading enhances their utility. For example, after the bull cycle in 2023, there was a spike in the number of online casinos like NetBet that decided to accept crypto payments. So you can make deposits with your BTC and play your favorite casino games with Bticoin.
The change brought forward more opportunities for online casinos to expand their demographic by connecting with a new audience of crypto users. Also, there are online casinos that offer Bitcoin promotions and offers that are appealing to crypto casino players.
Over the years, there have been a lot of businesses, both offline and online, especially famous brands, that have supported Bitcoin and other cryptocurrencies. Naturally, after the most recent bull cycle on the market, there are many businesses, in general, that support crypto transactions.
Some of the more popular brands are Burger King, Subway, OkCupid, Shopify, Twitch, Tesla, Square, and many others. In the future, we expect this trend to become more prevalent with governmental support. It would be much easier for anyone to make purchases offline and online with their crypto funds.
Blockchain-Based Solutions
Blockchain technology is the main innovation behind the success of the crypto market and the mainstream adoption of crypto. Thanks to blockchain technology, there is a surge of new cryptocurrencies on the market and blockchain-based solutions that can be applied to other business sectors.
Blockchain technology is designed as a decentralized system for recognized crypto transactions and was primarily created for Bitcoin. Its design offers complete transparency, which minimizes errors and fraud, and it also offers complete anonymity for the crypto users.
The main advantage is that crypto transactions are processed over the web with minimal fees. But, since it’s a peer-to-peer based and distributed technology, there is a spike in blockchain-based innovations
For example, blockchain-based solutions can be applied to supply chain management – IBN has created such solutions that enhance the transparency of the movement of products in the supply chain for brands like Carrefour and Walmart.
Otherwise, blockchain-based solutions have been adopted in finance, healthcare, and even the public sector. It is still in the early stages of development but demonstrates the potential to revolutionize the way we do business.
Daily Crypto Transactions
The volume of crypto transactions has significantly risen because there is a large number of crypto exchange sites where you can invest in different cryptocurrencies and exchange them for traditional currencies and vice versa. Online trading sites are an important part of the equation because they are based on high-end technology, which makes online trading less complicated for new online users.
Namely, the trading market is decentralized and consists of many different trading platforms which allow you to invest in crypto. It is a major factor that propelled the rise of crypto because it allowed anyone with a crypto wallet to buy cryptocurrencies of their choice from online trading sites.
This is an important sign of crypto adoption because, due to different tech advancements, there are plenty of options for every crypto user to find a reliable online trading platform and invest in various cryptocurrencies. It’s worth mentioning that some cryptocurrencies are only available on certain platforms, which is why the number of online trading sites is important for overall crypto adoption.
Crypto Trust Funds
The setup of the crypto trust funds is an important step for trading, in general, because it makes the cryptocurrencies easily accessible to accredited institutional investors who are able to invest larger sums of money into cryptocurrencies, and also crypto trust funds are designed to take care of the storage of crypto which is important for well-established investors. Some examples are the Grayscale Crypto Trust Fund, MicroStrategy, Pantera Captial, and others.
Final Thoughts
For the adoption of cryptocurrencies, the most important step is the support from the government because they can make it more difficult, based on government regulations, for crypto adoption to flourish in certain regions and countries. But, also, they can promote the adoption of cryptocurrencies with their policies.
For instance, it is estimated that around 8% of BTC on a global scale is owned by governments and corporations.
That being said, crypto is still far from being supported globally, and governments around the world can be wary of crypto due to tis decentralized nature. We expect that to change in the future as there is rapid development in the crypto market and the rise of blockchain-based solutions.
When it comes to the acceptance of cryptocurrencies by businesses, this is already happening, not just among famous brands, btu also brick-and-mortar stores and small online businesses. It is one of the latest and most exciting trends in the crypto market which shows how cryptocurrencies have become important for the business sector, and it is a positive development for the adoption of crypto. Lastly, the implementation of blockchain-based solutions and blockchain networks in different businesses is another sign that shows that the crypto world, as well as blockchain technology, has reached a better status in the business sector.
