How did crypto market turbulence in 2022 affect crypto payments?

In 2022, the cryptocurrency market as a whole experienced a lot of turbulence. 

This led many cryptocurrency traders and investors to begin speculating about what the future of cryptocurrency payments might look like due to the consequences of the historical events, and how companies will accept crypto payments.

Author: Milko TV

How did crypto market turbulence in 2022 affect crypto payments?

Today, we will be diving into everything you need to know surrounding what happened and how the future of crypto payments will change moving forward.

Key Points:

  • The cryptocurrency space has experienced a lot of market turbulence.
  • The fall of centralized cryptocurrency exchanges such as FTX has left a hole in the space decentralized alternatives can fill.
  • Users now want to conduct direct payments from one cryptocurrency wallet to another without involving an intermediary.
  • NOWPayments is a non-custodial crypto payment gateway where the funds can go directly to user wallets, and the integration is free, with low fees. 

Why was there crypto market turbulence in 2022?

When we look at 2022 as a whole, this was a huge year for cryptocurrency-related events which would ultimately reshape the way people think about making cryptocurrency payments.

At the beginning of the year, a majority of users would opt in towards using centralized cryptocurrency exchanges (CEXs), mainly due to the fact that they are simple to use. All users had to do was enter their email address, connect a credit card and buy crypto directly. The exchange would handle their wallet, and if they ever forget their password, they can just reset it.

Why was there crypto market turbulence in 2022?

However, this also meant that the CEX had full control of the user’s cryptocurrency wallet’s private keys. Furthermore, these exchanges need to have liquidity in order to facilitate the trades. If their reserves crash, or if they lack liquidity, user funds are the risk.

The collapse of the FTX exchange was one of the key reasons why the crypto space saw a high level of market turbulence, as users began losing trust in centralized solutions and began looking at non-custodial, decentralized options, such as decentralized exchanges (DEXs).

Does market turbulence affect the crypto payment industry?

The market turbulence has affected the value of numerous cryptocurrencies. However, one of the key ways in which it impacted the broader cryptocurrency payment space is that users are now far less likely to trust centralized solutions to manage their currencies.

Does market turbulence affect the crypto payment industry?

They will likely aim to find non-custodial cryptocurrency payment gateways, where the funds will go straight from the wallet of one cryptocurrency owner, to another cryptocurrency owner, without the need to get exchanged through a centralized intermediary.

This development through FTX, as well as other exchanges, will ultimately pave the way to true decentralization. Today, more than ever before, there are numerous Decentralized Applications (dApps), all of which shape Decentralized Finance (DeFi), and there are countless cryptocurrency wallets for users to pick from, ones that actually allow them to have full control over their cryptocurrencies, and full ownership over their private keys. 

Why you should accept crypto payments with NOWPayments

As the crypto market evolves, so will the payment solutions. NOWPayments is a cryptocurrency payment gateway developed with the future in mind. 

NOWPayments offers a non-custodial cryptocurrency payment gateway where the funds go directly to the wallets of the users. The integration of NOWPayments to any website is fully free, and it has some of the most competitive and low fees in the crypto space at just 0.5%.

Why you should accept crypto payments with NOWPayments

Additionally, NOWPayments stands out due to the fact that it features a 20-minute rate freeze as a means of avoiding any income losses. 

Additionally, the service supports over 150 different cryptocurrencies, which means that business owners, as well as users, are not limited in any way when it comes to what cryptocurrencies they can use in order to conduct payments.

How to accept crypto payments

NOWPayments as a cryptocurrency payment provider offers numerous products that help it differentiate itself from other gateways. 

There’s the accept payments feature, where anyone can implement cryptocurrency payments into any major Content management system (CMS) solution, such as WooCommerce, Magento 2, WHMCS, OpenCart, Ecwid, Zen Cart, Shopify, and many others.

Then there are tools such as the Donation Tools, which allow anyone to accept cryptocurrency donations through the easy-to-use donation widget, where all they have to do is input an API key to the code snippet and embed it to a website.

Additionally, NOWPayments also supports the Mass Payouts feature, in which anyone can get crypto payments to the masses and send rebates, freelance commissions, affiliate rewards, employee payrolls, or any other type of payment they need to do on a massive level through a single API.

Another service is known as FIAT processing, where business owners can receive crypto from customers globally and make FIAT settlements to their bank accounts directly. 

Note that FIAT processing is completed using Switchere, an instant exchange service.

If any business owner aims to leverage these services, this is what they need to do, step-by-step:

  1. To start setting up the crypto payment provider, navigate to the official NOWPayments crypto payment gateway website, and create an account.
How to accept crypto payments with NOWPaymentd
  1. Now users can select what cryptocurrency wallet address they will use for the service. This is important, as all future payments will be sent to this wallet.
Add your crypto address
  1. Each user can now generate an API key, which is fully unique and can be embedded later on into the page. These API keys will also need to feature what kind of payments will be sent or received to them.
Add API key
  1. All that’s left to do is to implement NOWPayments to the website in some way. One of the simplest ways to do this is to use a plugin, and anyone can find all of the available plugins here. Developers can also implement the API manually through the code directly. 
Shopify crypto payments
  1. Begin accepting cryptocurrencies. That’s all there is towards setting up the NOWPayments payment gateway for cryptocurrency, and now, every user will be able to send cryptocurrencies directly from wallet to wallet.

NOWPayments allows a much higher level of security and lets users use over 150 different cryptocurrencies.

Conclusion

We have gone over everything you need to know about the crypto market turbulence of 2022 and what kind of an impact it left in the crypto space.

Make sure that you are prepared for the future direction in which cryptocurrency payments are going, and establish a non-custodial gateway to your website, so you can begin crypto payment processing with ease through NOWPayments.