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Debunking yesterday's post "there is less adoption than 6 year ago" and "fewer businesses using crypto", and all the misinformation that came with it...with actual data.
Yesterday's top post that received over 500 upvotes was titled
"***Convince me I'm wrong,There's even less adoption and use of crypto today than 6 years ago, we've taken a step backwards***".
It had several paragraphs of fluff with no real backup trying to push a narrative that there's less adoption than in 2017, fewer merchants accepting payment, fewer people using it for purchases, and "nobody is really using the technology".
When really all you needed was look at the actual data:
​
https:\/\/finbold.com\/crypto-payments-volume-in-ecommerce-climbs-over-60-in-2022-coingate-report\/ https://preview.redd.it/1d2t6miotstb1.jpg?width=1024&format=pjpg&auto=webp&s=8096311ce39bcf5ee8f19e7aa1053713f15257ce
​
Volume of crypto used for payment of goods and services. https://preview.redd.it/smzd190ststb1.png?width=470&format=png&auto=webp&s=8718650580b2fe7a86af310ed9f1446d65ed77ee
Key networks geared for payment, such as the Lightning Network, have been popping out to facilitate payment, and seeing increases, and weren't available in 2017.
https://preview.redd.it/kbbpiwrvtstb1.png?width=1450&format=png&auto=webp&s=757e501c10e019619cc0bd181369f6ced844e125
There has also been a steady growth in crypto users in general since 2017, despite the dips during the bear market.
​
https://preview.redd.it/6fqz0rbytstb1.jpg?width=1762&format=pjpg&auto=webp&s=6d5a23aa56ab4f0ca58589d6c237813474f99ed2
​
Some regions have started to turn more towards crypto for transfers and P2P payments https://preview.redd.it/dj4zsef1ustb1.png?width=1600&format=png&auto=webp&s=3235b18e09b74d250c6da6f90a0c400b26ca50e9
#
# The post also claimed that the number of businesses accepting Bitcoin was on the decline, when in reality it has vastly increased.
​
\-According to CoinmapOrg there are well over **23,000** businesses that accept Bitcoin as payment in 2023.
That's not counting the additional **44 Million** merchants that can accept crypto payments with crypto cards through the Visa network. Something you couldn't do in 2017.
Compared to only about **11,000** businesses accepting Bitcoin in 2017 (2).
Keep in mind, back in 2017, we didn't even have Paypal as a means for business to accept crypto.
https://cryptonews.com/guides/who-accepts-bitcoin.htm
(2)https://cointelegraph.com/news/bitcoin-adoption-by-businesses-in-2017
​
\-User adoption and business adoption has been on the increase. Here's the details of how that increase has looked in key cities and countries since 2019:
https://merchantmachine.co.uk/global-adoption-of-crypto-payments/
​
​
There were 15K businesses accepting crypto payments in just the US alone in 2021, when there were only around 11K total worldwide in 2017. https://preview.redd.it/ds8u2tv7ustb1.jpg?width=629&format=pjpg&auto=webp&s=a89cad4a4e51be73b2ebbe8447fd7bdaef1a9484
Keep in mind, we don't have good data of the number of businesses accepting crypto outside the US. So the number could be much higher than 23,000.
Back in 2017, we didn't have as many countries outside the US with that much adoption. We didn't have the boom in Venezuela, El Salvador, Lebanon, Turkey, etc..
Now many countries have jumped on the adoption, and have more adoption per capita than the US.
https://preview.redd.it/qgp18cwbustb1.jpg?width=744&format=pjpg&auto=webp&s=5e94a8c99b480067c7ff56faaea564f0761e1f7d
# Which major brands are accepting crypto today?
​
From Bitpay alone, here's many companies accepting crypto now. https://preview.redd.it/ot3z176hustb1.jpg?width=1312&format=pjpg&auto=webp&s=476a6a2ef1e076473b00a5374d9049992b8b14cc
https://bitpay.com/directory/
Thanks to Bitpay, Paypal, Spedn (Flexa), etc..., crypto is now accepted at more places than ever. And it's become easier for businesses to accept crypto.
​
# Business have actually benefited and seen some growth from accepting crypto.
\-User adoption and business adoption has been on the increase. Here's the details of how that increase has looked in key cities and countries since 2019:
https://merchantmachine.co.uk/global-adoption-of-crypto-payments/
​
\-Why are more businesses accepting crypto? Here's a more detailed explanation:
https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html
​
\-77% of businesses who accept Bitcoin as a payment see an increase in cross-border sales:
https://finance.yahoo.com/news/why-businesses-beginning-adopt-crypto-135740977.html
​
\-93% of businesses that started accepting crypto have reported growth:
https://finbold.com/over-90-of-u-s-businesses-accepting-crypto-see-revenue-grow-data-shows/
​
# Outside of just payment, the use of crypto and blockchain as a tech by businesses and major companies has been blooming. Along with growth of startup and projects in the ecosystem.
I would probably need to make an entire separate post to give this topic any justice.
Here's a small glimpse of companies using the tech side.
​
https://preview.redd.it/tzyht5tpustb1.jpg?width=900&format=pjpg&auto=webp&s=0649d2d8b2390ed8cab7d84fdc5032787fae6d53
​
https://preview.redd.it/3m5rwcurustb1.png?width=680&format=png&auto=webp&s=bf5adf49d78bb67d96db01cf146752248c01ea6a
​
https://preview.redd.it/j25oaq0tustb1.png?width=1450&format=png&auto=webp&s=5b385b39100421ce2977cfc554e2ffd37109b390
And looking at even just Ethereum, there's been growing developments and use by devs over the years. A growth in the use of smart contract by businesses. And the growth in project using Ethereum since 2017.
​
https://preview.redd.it/0k88cz8vustb1.jpg?width=1200&format=pjpg&auto=webp&s=64d53d571f79752e7d37a8f2c46dd1673f782ff9
This growth in tech utility is only just for one chain. There's been growth on many other chains used for their tech.
​
# Conclusion (TL;DR:) :
\-There's been growth across the board since 2017.
\-More users using crypto.
\-More adoption as a payment by more businesses, especially in key regions.
\-Not only a growth in small businesses, but a growth in major household brands jumping on the adoption.
\-More people using it as a form of payment for buying goods, especially in key regions.
\-More businesses reaping in growth and benefits from using it as a form of payment,
\-More major platforms facilitating the adoption, such as Paypal, Bitpay, Flexa, etc...
\-And we're also seeing the tech adoption by companies, startups, and developers bloom since 2017.
#cryptocurrency
Yesterday's top post that received over 500 upvotes was titled
"***Convince me I'm wrong,There's even less adoption and use of crypto today than 6 years ago, we've taken a step backwards***".
It had several paragraphs of fluff with no real backup trying to push a narrative that there's less adoption than in 2017, fewer merchants accepting payment, fewer people using it for purchases, and "nobody is really using the technology".
When really all you needed was look at the actual data:
​
https:\/\/finbold.com\/crypto-payments-volume-in-ecommerce-climbs-over-60-in-2022-coingate-report\/ https://preview.redd.it/1d2t6miotstb1.jpg?width=1024&format=pjpg&auto=webp&s=8096311ce39bcf5ee8f19e7aa1053713f15257ce
​
Volume of crypto used for payment of goods and services. https://preview.redd.it/smzd190ststb1.png?width=470&format=png&auto=webp&s=8718650580b2fe7a86af310ed9f1446d65ed77ee
Key networks geared for payment, such as the Lightning Network, have been popping out to facilitate payment, and seeing increases, and weren't available in 2017.
https://preview.redd.it/kbbpiwrvtstb1.png?width=1450&format=png&auto=webp&s=757e501c10e019619cc0bd181369f6ced844e125
There has also been a steady growth in crypto users in general since 2017, despite the dips during the bear market.
​
https://preview.redd.it/6fqz0rbytstb1.jpg?width=1762&format=pjpg&auto=webp&s=6d5a23aa56ab4f0ca58589d6c237813474f99ed2
​
Some regions have started to turn more towards crypto for transfers and P2P payments https://preview.redd.it/dj4zsef1ustb1.png?width=1600&format=png&auto=webp&s=3235b18e09b74d250c6da6f90a0c400b26ca50e9
#
# The post also claimed that the number of businesses accepting Bitcoin was on the decline, when in reality it has vastly increased.
​
\-According to CoinmapOrg there are well over **23,000** businesses that accept Bitcoin as payment in 2023.
That's not counting the additional **44 Million** merchants that can accept crypto payments with crypto cards through the Visa network. Something you couldn't do in 2017.
Compared to only about **11,000** businesses accepting Bitcoin in 2017 (2).
Keep in mind, back in 2017, we didn't even have Paypal as a means for business to accept crypto.
https://cryptonews.com/guides/who-accepts-bitcoin.htm
(2)https://cointelegraph.com/news/bitcoin-adoption-by-businesses-in-2017
​
\-User adoption and business adoption has been on the increase. Here's the details of how that increase has looked in key cities and countries since 2019:
https://merchantmachine.co.uk/global-adoption-of-crypto-payments/
​
​
There were 15K businesses accepting crypto payments in just the US alone in 2021, when there were only around 11K total worldwide in 2017. https://preview.redd.it/ds8u2tv7ustb1.jpg?width=629&format=pjpg&auto=webp&s=a89cad4a4e51be73b2ebbe8447fd7bdaef1a9484
Keep in mind, we don't have good data of the number of businesses accepting crypto outside the US. So the number could be much higher than 23,000.
Back in 2017, we didn't have as many countries outside the US with that much adoption. We didn't have the boom in Venezuela, El Salvador, Lebanon, Turkey, etc..
Now many countries have jumped on the adoption, and have more adoption per capita than the US.
https://preview.redd.it/qgp18cwbustb1.jpg?width=744&format=pjpg&auto=webp&s=5e94a8c99b480067c7ff56faaea564f0761e1f7d
# Which major brands are accepting crypto today?
​
From Bitpay alone, here's many companies accepting crypto now. https://preview.redd.it/ot3z176hustb1.jpg?width=1312&format=pjpg&auto=webp&s=476a6a2ef1e076473b00a5374d9049992b8b14cc
https://bitpay.com/directory/
Thanks to Bitpay, Paypal, Spedn (Flexa), etc..., crypto is now accepted at more places than ever. And it's become easier for businesses to accept crypto.
​
# Business have actually benefited and seen some growth from accepting crypto.
\-User adoption and business adoption has been on the increase. Here's the details of how that increase has looked in key cities and countries since 2019:
https://merchantmachine.co.uk/global-adoption-of-crypto-payments/
​
\-Why are more businesses accepting crypto? Here's a more detailed explanation:
https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html
​
\-77% of businesses who accept Bitcoin as a payment see an increase in cross-border sales:
https://finance.yahoo.com/news/why-businesses-beginning-adopt-crypto-135740977.html
​
\-93% of businesses that started accepting crypto have reported growth:
https://finbold.com/over-90-of-u-s-businesses-accepting-crypto-see-revenue-grow-data-shows/
​
# Outside of just payment, the use of crypto and blockchain as a tech by businesses and major companies has been blooming. Along with growth of startup and projects in the ecosystem.
I would probably need to make an entire separate post to give this topic any justice.
Here's a small glimpse of companies using the tech side.
​
https://preview.redd.it/tzyht5tpustb1.jpg?width=900&format=pjpg&auto=webp&s=0649d2d8b2390ed8cab7d84fdc5032787fae6d53
​
https://preview.redd.it/3m5rwcurustb1.png?width=680&format=png&auto=webp&s=bf5adf49d78bb67d96db01cf146752248c01ea6a
​
https://preview.redd.it/j25oaq0tustb1.png?width=1450&format=png&auto=webp&s=5b385b39100421ce2977cfc554e2ffd37109b390
And looking at even just Ethereum, there's been growing developments and use by devs over the years. A growth in the use of smart contract by businesses. And the growth in project using Ethereum since 2017.
​
https://preview.redd.it/0k88cz8vustb1.jpg?width=1200&format=pjpg&auto=webp&s=64d53d571f79752e7d37a8f2c46dd1673f782ff9
This growth in tech utility is only just for one chain. There's been growth on many other chains used for their tech.
​
# Conclusion (TL;DR:) :
\-There's been growth across the board since 2017.
\-More users using crypto.
\-More adoption as a payment by more businesses, especially in key regions.
\-Not only a growth in small businesses, but a growth in major household brands jumping on the adoption.
\-More people using it as a form of payment for buying goods, especially in key regions.
\-More businesses reaping in growth and benefits from using it as a form of payment,
\-More major platforms facilitating the adoption, such as Paypal, Bitpay, Flexa, etc...
\-And we're also seeing the tech adoption by companies, startups, and developers bloom since 2017.
#cryptocurrency
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