The most up-to-date prediction suggests that Bitcoin acceptance rates among businesses will increase by 50% in the next 3 years.
This conclusion was arrived at after the RFP Council carried conducted an investigation and analyzed the results of that investigation.
Three hundred of the most influential people in the payment sector from 45 different countries took part in the survey.
Bitcoin Transactions Gaining Worldwide Popularity
According to the findings of the analysis, blockchain technology has recently emerged as a viable alternative to conventional, expensive payment systems.
The amount of transactions that take place in the bitcoin industry has seen a substantial increase. There were more than 5.5 million users of cryptocurrencies as a form of payment in the United States alone in 2023.
The payments made from company to business across international borders, digital payments, money transfers, and card payments.
These above-mentioned payments are the four most widespread uses of cryptocurrency payments that are being utilized at present.
The vast bulk of revenue comes from remittances sent by overseas workers, who are increasingly resorting to cryptocurrency as a payment method.
To steer clear of paying exorbitant interest charges when sending cash to their relatives in their home countries.
In addition to this, the increasing acceptance of Bitcoin payments through platforms such as Stipe and PayPal has also considerably boosted adoption.
In addition to Bitcoin, stablecoins such as USDT and USDC have seen substantial popularity due to the low volatility of these cryptocurrencies.
According to certain reports, the use of crypto assets to make international transactions is 80%. Compared to the use of conventional ways of payment, this one is the most cost-effective option.
A little over 97 percent of people who responded to the survey voiced their opinion. They anticipate that in the next three years, cryptographic transfers will play an important role in the facilitation of payment procedures.
More than half of the business owners questioned anticipate that most retailers will start accepting cryptocurrency payments within this time frame.
Most Adopted Region: The Middle East
According to FPC and Ripple statistics, the majority of payment firms believe shops worldwide will use more cryptocurrencies soon.
64% of Middle Eastern payment companies expect that more than half of merchants will accept bitcoin payments within three years.
After this, Europe is in second place with a score of 58%. North America came in second with a score of 51%, and then Africa came in third with a score of 51%.
On the other hand, just roughly 17% of the delegates from South America are optimistic that adoption will occur within this time frame.
This is even though adoption is rising rapidly in the Latin American region, particularly among formal and informal businesses.
In addition to this, the regulatory issue was brought up in the survey that Ripple and FPC carried out. The loss of regulatory certainty in the crypto-asset industry is seen as a “barrier” by 89% of payment organizations.
They were questioned on their opinions on the usage of distributed ledger technology as a mode of payment.
Yet, it is crucial to remember that over the past few months, certain countries’ bitcoin sector regulatory frameworks have witnessed considerable advances.
Many nations, like El Salvador and Venezuela, have developed elaborate regulatory systems for cryptocurrencies and other assets.
Countries all across the world, including Brazil, Singapore, and the southern countries of Africa, are making strides in tightening their own regulations.
The findings of the survey indicate that most business owners have a positive outlook on the prospects of this sector.
It’s possible that this is a reaction to the growing demand for availability and inclusion in more comprehensive financial services.
Also, it brought to light the fact that additional payment systems that use blockchain technology, such as CBDC. As a result, the infrastructure supporting financial transactions throughout the globe will strengthen.