Crypto payments soar: CoinGate processed nearly 1 million payments In 2022

GM, frens.

2023 is finally here and the world is a different place. The past year was filled with tremendous change and progress, from advancements in technology to the passage of new laws and regulations. The crypto world is stepping into a new era of growth and innovation, and we’re excited to be part of it.

As always, we're committed to pushing boundaries, building amazing products, and staying on top of the trends and developments that shape the industry. We’ve gone above and beyond to create a platform for all types of users, from those just getting started with their crypto journeys to the most advanced traders and businesses.

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Crypto payments soar: CoinGate processed nearly 1 million payments In 2022

2022 was a big year for crypto despite the bear market. One crypto payment provider, CoinGate reported that 927,294 payments were made using their service - that's almost one million!

It's curious to note that the number two crypto by marketcap, Ethereum, only accounted for a measly 10% of those payments compared to the 48% taken up by Bitcoin. Meanwhile USDT, a stablecoin, accounted for 14.8% of payments - clearly showing that stablecoins have their place in the crypto world too!

And while 1 million payments doesn't seem like much, considering that it's only through one provider, the potential for crypto payments to take off in a big way is exciting! The biggest credit card providers couldn't boast those numbers when they first started out, so the sky is really the limit for crypto payments.

Goobers NFT and CluCoin founder, DNP3, confessed he gambled away user funds

DNP3, a Twitch streamer as well as the creator of Goobers NFTs and CluCoin has recently gained notoriety for his pioneering attitude in accepting responsibility for losses.

In a tweet, DNP3 admitted that he gambled away user funds due to a gambling addiction, and joked that it "started with a sponsored stream and unleashed an addiction I never knew I had." He certainly wasn't expecting the type of viral attention his tweet would draw, as thousands of users weighed in with their thoughts and opinions.

Goobers NFTs, an NFT collection on ETH, made its big debut in September 2021 and swiftly pumped to the 55.25 ETH floor price by Feb 20, 2022. Less than 30 days later it had dropped down to 0.02 ETH - all thanks to DNP3's compulsive gambling.

Ultimately, DNP3 taught us a valuable lesson: taking responsibility for our errors and being truthful regarding them is paramount to learning from those mistakes. Though this might be of little comfort to users who have lost their funds.

Crypto ATMs: thriving despite the market conditions

While the wider crypto market continues to struggle in a bearish trend, the crypto ATM industry appears immune - they have discovered an exceptional way of turning this downside into their favor. It's almost as if these ATMs are instinctive in seeking out viable opportunities.

The number of Bitcoin ATMs has seen an astronomical growth rate, rising 506% from January 2020 when it stood at 6362 machines to a striking 38,601 today! Data from Coin ATM Radar, the industry-leading tracking app confirms this trend as cryptocurrency users are increasingly utilizing ATM services and operators capitalizing on such opportunities.

Also, according to a report from Grand View Research, the crypto ATM market could be worth over $5 billion by 2030. This is an incredible leap from its current value and further investigation reveals that retailers accepting digital assets as payment are key contributors to this expansion. Walmart's recent launch of 200 Bitcoin ATMs serves as proof of this.

Crypto investors may find hope in the form of crypto ATMs due to an increasing number of businesses that are investing in and utilizing these services. It will be intriguing to observe how this market will evolve over 2023 and the years ahead.

Logan Paul is accused of running a fraudulent NFT scheme

Logan Paul, well-known internet celebrity and a founder of the CryptoZoo NFT game, has answered allegations that his crypto project is a scam.

In a video shared on Tuesday, Logan highlighted that the CryptoZoo project was still undergoing development and attributed any issues to poor decisions. He went on to say that he and his manager had both lost money on the project, but he was committed to making it right.

CryptoZoo project which was launched in 2021 can now be deemed to be a scam according to Coffeezilla, the internet investigator who has made it his mission to expose crypto scams. He accused Logan Paul of creating a game based on stock images and shady marketing tactics.

Logan Paul claims that the CryptoZoo project's failure is a result of bad hiring decisions. Notably, he claimed that lead developer Eddie Ibanez had fabricated both his academic and professional credentials, including claims that he had assisted the Philadelphia Eagles in winning the Super Bowl and worked for the CIA. Another team member, Zack Kelling, also held the game's code hostage last year in exchange for a massive $1 million that he said Paul owed him and his team.

Celebrities don't seem to be as comfortable in the crypto sphere as they once were. Hyped-up projects that serve no actual purpose other than to make celebrities rich at the expense of their fans don't seem to be sitting well with the public. Who would have thought?

Research corner: Crypto winter is expected to last

David Marcus, CEO and founder of Bitcoin firm Lightspark, has been quoted saying that the crypto winter will be lasting until 2025.

"We won’t exit this “crypto winter” in 2023, and probably not in 2024 either. It’ll take a couple of years for the market to recover from the abuse of unscrupulous players, and for responsible regulation to come through. Consumer trust is also going to take a few years to rebuild, but ultimately I believe this will prove to be a beneficial reset for legitimate industry players over the long run."

He also mentioned how the market will look like in the future, and that cryptocurrency has reached a point where the days of simply creating a token out of thin air and becoming wealthy overnight are over. Instead, he argues that if crypto firms want to stay in business, they should be focusing on providing true value and actual solutions to real world problems.

In short, Marcus believes that the crypto winter is here to stay, and it will be up to legitimate players in the market to push through it. Only then can we see the light at the end of the tunnel and move away from the long, dark days of crypto winter. Here’s hoping that 2023 brings some much-needed relief.

The fun page: our weekly meme collection

That's all for now, frens.

2023 shall be the year of crypto. Or, at least that's what we hear some people sayin'. Until that finally comes true, stay safe out there.

Yours, The 🔥 Team

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