Can Crypto get the share of world trade!

World trade volume touching the figure of $32 Trillion annually where USD has biggest share in it as payment method. Although barter trade , domestic currencies and other payment methods also exist like crypto and other products but fiat payment still highest source of payment.

Crypto as payment method

The total value of the global cryptocurrency market is around $1.8 trillion USD. This value is constantly changing and can be affected by a wide range of factors, such as market trends, regulatory developments, and company news.

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From total market cap, Bitcoin has still 46% dominance but the stable coins under exchanges has huge share like USDT $82 billions, USDC $31 billions and BUSD 6.6 billions.

According to a report by Chainalysis, the United States is the country with the most cryptocurrency usage as a payment method. The report, published in January 2022, found that the US accounted for 27% of global cryptocurrency transaction volume, with an estimated $22 billion in transactions in 2020. Other countries with significant cryptocurrency usage as a payment method include Russia, the United Kingdom, Japan, and Brazil. However, it is important to note that the use of cryptocurrencies as a payment method is still relatively limited, and adoption is growing slowly but steadily.

The readiness of the world to accept cryptocurrencies as a payment method is a complex and multi-faceted issue that depends on a variety of factors.

There are many benefits to using cryptocurrencies as a payment method, including increased efficiency, security, and reduced transaction costs. Cryptocurrencies also offer a degree of anonymity and privacy that can be attractive to users who value their financial privacy.

On the other hand, there are also many challenges and obstacles to widespread adoption of cryptocurrencies as a payment method. One of the biggest challenges is the lack of regulatory clarity and oversight, which can create uncertainty and risk for both users and businesses. Additionally, many people are still unfamiliar with cryptocurrencies and may not understand how they work or how to use them for transactions.

Despite these challenges, there is evidence that the world is becoming more open to the idea of using cryptocurrencies as a payment method. For example, a survey conducted by Blockchain.com in 2021 found that 52% of respondents were open to using cryptocurrencies for everyday purchases, and 42% had already used them for at least one transaction. Additionally, many businesses, including major retailers and online marketplaces, are beginning to accept cryptocurrencies as a form of payment.

Conclusion.

while the world may not be fully ready to accept cryptocurrencies as a payment method yet, there is evidence that attitudes are shifting and that adoption is growing. As more people become familiar with cryptocurrencies and regulatory frameworks become more clear, it is likely that we will see continued growth in the use of cryptocurrencies for everyday transactions. So I am hopeful that by soon or later crypto has all the potential and capability to get good enough share in world trade as payment method.

Cheers,

Amjad

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Lead image: Pixabay