BitPay, a leading provider of cryptocurrency payment solutions, has released a 2023 report highlighting the growth in the volume of payments processed with cryptocurrencies. The report notes that through 2023, users were using multiple blockchain networks to make transactions more often than ever before.
Bitcoin was expectedly the most common choice for BitPay users, with BTC being used for 296,689 payments. Litecoin was also frequently used in transactions — LTC was used for 213,647 payments, while Ethereum recorded much lower volume — 81,619 payments were made with ETH.
The other ten most used cryptocurrencies through BitPay in 2023 were Dogecoin (DOGE), Bitcoin Cash (BCH), Polygon (MATIC) and XRP. Stablecoins such as BUSD and DAI were also included in the list. BitPay noted that the number of XRP-based payments grew by 42% compared to the previous year’s transaction volume. BitPay noted that users from the United States made more payments than from any other country.
It is noteworthy that in 2023, companies from 113 industries resorted to crypto payments. The top ten sectors included precious metals, sports, VPN/hosting, retail, luxury goods and jewelry, automotive, IT, and gaming. In addition, BitPay has attracted new brands that accept payments in cryptocurrency, including Gucci and Ferrari.
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