The turn of the 21st century brought with it a revolution in digital transactions. Cryptocurrency, popularly known as “crypto,” has reshaped the way we understand and engage with the financial landscape. An analysis of transaction data for the first half of 2023 released by Crypto Desk, a leading crypto exchange platform, underscores this profound shift in financial dynamics. Today, we will explore Crypto Desk’s comprehensive report, diving into the transaction volumes of different types of coins and tokens shaping the crypto space.
What is Crypto Desk
Crypto Desk is a pioneering platform based in the UAE that facilitates the buying and selling of cryptocurrencies. Catering to both beginners and expert traders, it offers a secure and swift means to exchange between fiat and cryptocurrencies — including when you plan to sell Bitcoin in Dubai or buy Bitcoin in Dubai.
Which are the cryptocurrencies used for transactions?
The Crypto Desk report provides invaluable insight into the most used cryptocurrencies for transactions in the first half of 2023. These digital currencies, in order of usage volume, include Tether (USDT), Bitcoin (BTC), Ethereum, US Dollar Coin (USDC), Binance USD (BUSD), and meme cryptocurrencies Dodge and Shiba.
Tether (USDT), making up a solid 30% of all transactions, holds the top spot. As a stablecoin, USDT’s value is pegged to a reserve of real-world assets, the US dollar. This mechanism curbs the volatility commonly associated with cryptocurrencies, thereby making it a popular choice among traders. Its stability encourages a sense of security, making it an ideal choice for those looking to avoid the roller-coaster of crypto prices.
US Dollar Coin (USDC), another stablecoin, accounted for 10% of the transaction volume. By maintaining a value tied to the US dollar, USDC provides the best of both worlds. It provides the flexibility and potential of cryptocurrency transactions while reducing the risk associated with price volatility. This combination makes it a trusted choice for many users — contributing to its growing popularity.
Binance USD (BUSD), a stablecoin issued by the renowned cryptocurrency exchange Binance, also represents 10% of the transaction volume. BUSD has carved a niche for itself in the digital landscape by offering a simple and seamless way to move money around. Its 1:1 peg to the US dollar assures users of its stability. Consequently, it fosters a sense of trust among its users.
The original and most recognized cryptocurrency, Bitcoin (BTC), stands firm with 25% of all transactions. Despite the rise of stablecoins and various other cryptocurrencies, BTC remains a potent force in the crypto space. Its decentralization, coupled with robust security, makes it a compelling choice. Additionally, its widespread global acceptance contributes to its sustained usage, ensuring its place in the quarter share of all transactions.
Coming in at 15% of transactions is Ethereum. Its influence extends beyond its role as a digital currency. Ethereum is the foundation for a plethora of decentralized applications (DApps), pushing the boundaries of what crypto can achieve. What’s more, its ability to handle complex contracts, coupled with the versatility of the Ethereum network, contributes to its appeal to traders and developers alike.
10% Dodge and Shiba
In an unexpected turn of events, meme cryptocurrencies Dodge and Shiba have captured a combined 10% of transactions. These currencies, born out of internet culture and driven by strong online communities, have taken the crypto world by storm. Moreover, despite their inherent volatility, their popularity has skyrocketed, primarily driven by social media and enthusiastic supporters.
The transaction report released by Crypto Desk offers a detailed look at the current landscape of cryptocurrency usage. It highlights the growing acceptance and utilization of various digital currencies, with a notable lean towards stablecoins like USDT, USDC, and BUSD. Further, the data also underscores the ongoing relevance of cryptocurrencies like BTC and Ethereum in digital transactions.
Furthermore, the rise of meme coins like Dodge and Shiba paints a picture of a vibrant and dynamic crypto landscape, driven not only by financial considerations but also by community and culture. As we move into the second half of 2023, the information provided by Crypto Desk will undoubtedly serve as a cornerstone for understanding the evolving patterns of crypto usage. The fascinating world of cryptocurrencies continues to surprise and intrigue, and it’s exciting to consider what the future might hold.