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 <p class="paragraph">Cryptocurrencies are more than just an investment product for price speculation in the short, mid, and long terms. Actually, the different use cases – like crypto payments – bring value and organic demand for the cryptocurrency market to grow healthy.</p> 
 <p class="paragraph">Notably, a report published on January 10, 2024, by CoinGate evidenced this growth, with 4 million transactions processed. In 2023 alone, the platform recorded over 1.29 million crypto payments, or one payment every 24 seconds.</p> 
 <p class="paragraph">CoinGate is one of the leading payments intermediaries in the industry, registering outstanding numbers since its foundation.</p> 
 <p class="paragraph">In this context, 2023 was the most relevant year for the segment, holding one-third of all CoinGate’s transactions. The 1,294,058 crypto payments are 40% superior to 2022’s 928,517 numbers, reported by Finbold one year ago.</p> 
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  <img decoding="async" width="1024" height="568" src="https://cdn.thebittimes.com/images/2024/01/10/f8678c965b206faee67b96157c8922d6.webp" alt class="wp-image-148350" srcset="https://cdn.thebittimes.com/images/2024/01/10/f8678c965b206faee67b96157c8922d6.webp 1024w, https://cdn.thebittimes.com/images/2024/01/10/f8678c965b206faee67b96157c8922d6.webp 300w, https://cdn.thebittimes.com/images/2024/01/10/f8678c965b206faee67b96157c8922d6.webp 768w, https://cdn.thebittimes.com/images/2024/01/10/f8678c965b206faee67b96157c8922d6.webp 1122w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Payments in crypto over the years. Source: GoinGate
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 <h2 class="wp-block-heading" id="h-bitcoin-and-usdt-lead-crypto-payments-on-coingate">Bitcoin and USDT lead crypto payments on CoinGate</h2> 
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 <p class="paragraph">Meanwhile, the volume spotlight goes to Bitcoin (BTC) and Tether USD (USDT). Both dominated 35.6% and 25.4% of all payments made on the platform, respectively.</p> 
 <p class="paragraph">Interestingly, Bitcoin’s dominance fell from 47.8% in 2022, an already lower ratio of 2021’s 54.8%. On the other hand, USDT grew from its 15.1% dominance after CoinGate delisting Binance’s stablecoin BUSD.</p> 
 <p class="paragraph">In particular, USDT outperformed BTC in November and December with 36.5% and 39.1% dominance, respectively</p> 
 <p class="paragraph">Litecoin (LTC) was another protagonist in CoinGate’s 2023, with 9.5% of all crypto payments. Followed by Ethereum (ETH) with 9.3%, Bitcoin’s Lightning Network with 7.8%, and Tron (TRX) with 7.1%.</p> 
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  <img decoding="async" width="1024" height="568" src="https://cdn.thebittimes.com/images/2024/01/10/bdb6568b11dee5f761d8dff9346101eb.webp" alt class="wp-image-148351" srcset="https://cdn.thebittimes.com/images/2024/01/10/bdb6568b11dee5f761d8dff9346101eb.webp 1024w, https://cdn.thebittimes.com/images/2024/01/10/bdb6568b11dee5f761d8dff9346101eb.webp 300w, https://cdn.thebittimes.com/images/2024/01/10/bdb6568b11dee5f761d8dff9346101eb.webp 768w, https://cdn.thebittimes.com/images/2024/01/10/bdb6568b11dee5f761d8dff9346101eb.webp 1122w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Popularity of crypto in 2023. Source: CoinGate
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 </figure> 
 <p class="paragraph">Additionally, Binance’s <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> service made 8.2% of all transactions after Binance Pay’s implementation in March. CoinGate also mentioned a relevant growth in <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-friendly merchants using its services.</p> 
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  <p class="paragraph">“The horizon of 2024 is already promising new opportunities and challenges. We’re excited to continue our journey, focusing on innovation and customer satisfaction, as we strive to make <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a>s a norm rather than an exception.”</p> <cite>— CoinGate report</cite>
 </blockquote> 
 <p class="paragraph">In conclusion, the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="dofollow" title="payment" href="https://thebittimes.com/tag/payment.html">payment</a> provider foresees a bright future for people and merchants using <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies worldwide. 2024 might present itself as another relevant year of growth and adoption, which could positively impact <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency investments.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/record-breaking-year-for-crypto-payments-in-2023-coingate-report-tbt76157.html">https://thebittimes.com/record-breaking-year-for-crypto-payments-in-2023-coingate-report-tbt76157.html</a></p>

Record-breaking year for crypto payments in 2023 – CoinGate report

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