The 15-year-old cryptocurrency has served many functions, from source of speculation to inflation hedge, but has struggled to establish a distinct identity. There are increasing indications that it is progressing toward its intended purpose: payments. The development of crypto payments has continued apace, even if it has gone somewhat unnoticed due to market volatility," said Richard Mico, U.S. CEO of Banxa, a payment-and-compliance infrastructure provider. According to crypto data firm The Block, the amount of bitcoin stored on the Lightning Network - a payment protocol layered on top of the blockchain - has increased by two-thirds in the last year to an all-time high of 5,580 coin. Crypto payment specialists have also reported high volume. BitPay, based in the United States, reported that transaction volumes increased 18% last year compared to 2021. According to CoinsPaid, volumes increased 32% year on year in the fourth quarter of 2022.
