8PAY price prediction: What is 8PAY?
By phenn
Updated
8PAY, created by Italian cryptocurrency entrepreneurs Benedetto Salanitro and Mattia Russo, is designed to help websites take payments in cryptocurrency, whether for a single purchase or as part of a subscription service. So how does 8PAY work? Let’s see what we can find out, and also examine some 8PAY price predictions that were being made as of 4 November 2022.
BNB/USD price chart
8PAY explained
Since cryptocurrency is, as its very name suggests, a form of currency, albeit not a traditional, fiat one, it is, perhaps, to be expected that people might want to pay for things with it. As it stands, though, it can be difficult to find places that accept payment in crypto, and even then, it can be complicated to access the means of payment and then carry out the transaction.
Programs have thus appeared on the blockchain that help people and businesses both make and accept crypto payments. The idea is that, ultimately, by doing so, they will help crypto to get the holy grail of widespread mainstream usage and acceptance and help develop the oft-hyped stage of the internet known as Web 3.0.
8PAY is one such platform. It is designed to help websites take payments in cryptocurrency, whether for a single purchase or as part of a subscription service.
As the system’s whitepaper says: “Cryptocurrency transactions, recorded on a public ledger, provide instant auditability, avoiding the possibility of dispute between buyer and seller. As a result, there is no requirement for a third party to arbitrate on whether a crypto payment has been sent and received – the blockchain reveals everything. Moreover, cryptos provide instant settlement compared to wire transfer, and do not require clearing houses, further reducing friction.
“Single, recurring and on-demand payments are all facilitated via the 8pay protocol, making cryptocurrencies suitable for everyday use.”
The document goes on to say: “Completing a payment through 8Pay follows a process similar to that of a traditional payment portal like PayPal. When the user clicks on an embedded button, visits a short url or scans a QR code, he will be redirected to 8Pay-hosted checkout pages where he’ll be prompted to sign in using MetaMask and, after reviewing a summary of the operation, complete the process by signing a transaction.”
Every blockchain-based platform needs to have its own native cryptocurrency, and 8PAY has its own eponymous token. This crypto can be staked in order to earn rewards, with stakers also able to take part in votes on changes to the 8PAY network.
The 8PAY cryptocurrency is based on the on the BNB Chain (BNB), formerly known as Binance Smart Chain, meaning that it is a token, rather than a coin. You might see references to such things as an 8PAY coin price prediction, but these are, technically speaking, wrong.
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8PAY price history
8PAY price history from launch to present - Credit: Capital.comWhile past performance should never be taken as an indicator of future results, knowing 8PAY’s price history can give us some very useful context when it comes to either making an 8PAY price prediction or else making one of our own.
8PAY first came onto the open market in early April 2021 and, on 6 April, it traded at more than $1.30. There was a notable decline after this, with the token soon dropping to below $0.50. Although there was a freakish spike in the early Autumn, with it reaching an all-time high of $476.13 on 4 September, it fell back down again to close the year at $0.05904.
While 2021 had been one of crypto’s strongest years so far, the same could not be said of 2022, and 8PAY has experienced several slumps. Although the price first rallied to $0.1064 on 5 January, it soon fell back down again and reached a low of $0.02885 on 26 February. It recovered to $0.04789 on 3 March, before a series of market crashes saw it drop to $0.007233 on 19 June. A recovery to $0.01079 on 7 Augustmwas followed by a drop to an all-time low of $0.005289 on 15 September. In early November, however, the news that 8PAY had integrated with the Shopify online shopping service gave it a boost, and it wast trading at $0.003095 on 4 November 2022. At that time, there were j ust over 60 milliom 8PAY in circulation out of a total supply of 88,888,888. This gave it a market cap of around $1.8m, making it the 1,251st largest crypto by that metric.
8PAY price predictions
Let’s take a look at some of the 8PAY price predictions that were being made as of 4 November 2022. Price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often wind up being wrong. Also, you should remember that many long-term crypto price predictions are made using an algorithm, which means that they can change at a moments notice.
CoinCodex had a somewhat downcast short-term 8PAY price prediction for 2022. The site said that it thought the token could fall to $0.027283 by 9 November and continue to decline to trade at a low of $0.021838 by 5 December. Perhaps surprisingly, the site’s technical analysis was, despite its gloomy forecast, bullish, with 23 indicators sending positive, upbeat signals compared to just six making bearish ones.
CoinsKid made an 8PAY token price prediction that said the crypto could potentially close the year at $0.0284 before reaching $0.0441 in November 2023 and $0.0698 a year from then. The site then went on to make an 8PAY price prediction for 2025 that saw the token potentially start the year at $0.0755 before possibly hitting $0.1154 in November and $0.1425 in December. The forecast suggested that 8PAY could get to $0.1459 in November 2026 before reaching $0.1611 the following month.
DigitalCoinPrice said that 8PAY could potentially trade at $0.0278 this year before possibly moving up to $0.0441 in 2023 and $0.0589 in 2024. By 2025, the site suggested that the token could possibly be worth around $0.0715 before creeping up to $0.0764 in 2026. The year 2027 could see 8PAY stand at an average of $0.085, the site suggested, before it potentially got to a flat $0.10 in 2028 and close the decade at around $0.12. The site then made an 8PAY price prediction for 2030 of $0.15, before suggesting it could trade at around $0.19 in 2031.
Finally, WalletInvestor was far more gloomy when it made its 8PAY crypto price prediction. The site said that it expected the token could be in for a very tough 12 months ahead, with it arguing that the 8PAY price could collapse to a mere $0.000643 by early November 2023.
When considering an 8PAY token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. Never trade with money that you cannot afford to lose.
FAQs
Is 8PAY a good investment?
It is hard to say. While the news of its Shopify team-up has boosted the price, we don’t know if it can build on that going forward. A lot will depend on how the crypto market as a whole performs.
Remember, you should always carry out your own thorough research before making an investment. Even high-market-cap cryptocurrencies have proved vulnerable to the current bear markets. Investors should be prepared to make losses, and never spend more than they can afford to lose.
Will 8PAY go up or down?
It is difficult to tell. While sites such as DigitalCoinPrice and CoinsKid were pretty bullish when it came to what they thought might happen to 8PAY, the likes of WalletInvestor and CoinCodex were more cautious, not to mention bearish, in their assessments of 8PAY. Remember, price predictions very often turn out to be wrong, and prices can, and do, go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether 8PAY is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in 8PAY?
Before you decide whether or not to invest in 8PAY, you will need to do your own research, both on 8PAY itself and other payment solution coins and tokens.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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