The cryptocurrency industry experienced much bullish news throughout 2021, ranging from
Ripple (XRP), Bitcoin (BTC), and Ethereum (ETH). Despite capital appreciation, there is one more
feature of cryptocurrency to expect in 2022: the rising demand for cryptocurrency payments.
What once was just a conversation among cryptocurrency geeks is now a more desired option
for financial firms and corporations. 2021 brought in financial institutions with other traders
and investors, uniting them under one decentralized roof.
More importantly, cryptocurrency gateways experienced a rising trend in 2021. For example,
CoinsPaid mediated over 2.7 billion euros worth of transactions in 2021.
Furthermore, Stripe, a company with a market capitalization of $94 billion, created a
cryptocurrency team to experiment on the “future of Web3 payments.” Despite worries from
traditional cryptocurrency investors, CoinsPaid CEO Max Krupyshev sees this participation as an
opportunity rather than a threat.
AMC Theaters also expects to start accepting crypto payments by the end of 2021. However,
the biggest problem cryptocurrencies would need to work on is the mining fees people need to
pay.
For example, a movie-goer would need to pay 20%-25% extra than the original price just to
transact with cryptocurrencies. Krupyshev recommended including more cryptocurrencies like
XRP, a currency perfect for smaller payments, to address this issue.
Another challenge cryptocurrency would need to address are recurring card payments,
especially in the United States.
Since the payor needs to initiate the transaction, CoinsPaid created the first Plug-and-Pay tool
to allow automatic payments in the platform.
