According to a report by the World Economic Forum, 10 percent of global GDP will be stored on blockchain by 2025. In 2016, global venture capital investment in blockchain technology reached $1.4 billion. And according to a study by Juniper Research, the value of cryptocurrency transactions will quadruple to $20 trillion by 2024. So it’s safe to say that blockchain is here to stay.
But what does that mean for the payments industry?
For starters, it means that more and more payments are being made with blockchain. In fact, according to a report by MarketsandMarkets, the blockchain payments market is expected to grow from $2.9 billion in 2019 to $19.9 billion by 2025, at a CAGR of 38.2 percent.
What’s driving this growth?
There are a few factors. First, blockchain provides a secure and transparent way to make and record transactions. This is appealing to both businesses and consumers who are looking for a more secure way to pay.
Second, blockchain payments are fast and efficient. They can be made 24/7 and are typically processed within minutes. This is a major advantage over traditional payment methods, which can take days or even weeks to process.
Finally, blockchain payments are becoming more and more accessible. Thanks to the rise of cryptocurrency, anyone with an Internet connection can make a blockchain payment.
So, what does the future hold for blockchain payments?
It’s hard to say for sure. But one thing is certain: blockchain is revolutionizing the payments industry and is here to stay.
Other related questions:
Q: What percent of remittances are crypto?
A: There is no definitive answer to this question as it largely depends on the country or region in question. However, a 2017 study by the World Bank estimated that around 5 percent of global remittances were made using cryptocurrency.
Q: How many transactions are made with Bitcoin?
A: There is no definitive answer to this question, as the number of transactions made with Bitcoin is constantly changing. However, according to data from Blockchain.info, there were approximately 16.5 million Bitcoin transactions in the month of November 2017 alone.
Q: What percentage of Bitcoin is used for purchases?
A: There is no definitive answer to this question, as it largely depends on how one defines “purchases.” However, a recent study by the University of Cambridge estimated that around 6% of all Bitcoin users are using the cryptocurrency for payments.
Q: What percentage of businesses accept crypto?
A: There is no definitive answer to this question as it largely depends on the specific business and its location. However, a recent study by CoinDesk found that around six percent of businesses in the US accept Bitcoin, while another study by PwC found that nearly one in four businesses in the UK are considering accepting cryptocurrencies in the future.