Since its introduction in 2009, cryptocurrency has become a popular topic of discussion and has started to influence consumer choices. Bitcoin, the most well-known cryptocurrency, is now actively traded around the clock and is increasingly being accepted as a method of payment.
Last year, there was a significant increase in the number of merchants worldwide who embraced crypto payments. According to BTC Map, a leading Bitcoin merchant mapping provider, there was a notable 300% rise in merchant acceptance of Bitcoin.
Bitcoin Acceptance Soars As Businesses Go Crypto
The latest data from BTC Map reveals that the number of establishments accepting Bitcoin is on the rise. By the end of 2023, it is projected that there will be 6,126 establishments—restaurants, bars, shops, and other services—that accept Bitcoin, compared to 2,207 at the beginning of the year.
The map also indicates that there are more merchants accepting BTC in Central and South America compared to Africa and Asia. The US and Europe have a higher number of retailers embracing cryptocurrencies as well.
In Southeast Asia, the Philippines has the largest number of merchants accepting Bitcoin. A Philippine-based payment fintech announced last year that it was enabling over 400 small companies to accept and process Bitcoin payments, revolutionizing the digital economy in the country.
However, China, India, and Russia have limited representation in terms of Bitcoin acceptance in Southeast Asia.
A recent survey suggests that many merchants who accept cryptocurrency tend to sell them back to markets immediately after receiving them. This indicates a trend towards instant conversion rather than retention.
The increase in Bitcoin-accepting retailers worldwide demonstrates the growing popularity of cryptocurrencies across different parts of the world. This trend aligns with the year-round price volatility of Bitcoin and suggests that it is becoming more widely accepted.
The Benefits Of Accepting Cryptocurrency
Accepting cryptocurrency at the point of sale offers several advantages for businesses. Transaction fees are typically lower, often less than 1% of the transaction value, compared to the higher costs associated with credit card processing.
Cryptocurrency transactions, like cash, are final, protecting merchants from chargebacks and payment fraud.
Additionally, embracing cryptocurrency opens up new international markets for small businesses, expanding their customer base. It also provides customers with alternative payment options, adding convenience and an extra layer of security for their information.
Incorporating cryptocurrency into payment systems presents businesses with a cost-effective, secure, and globally accessible solution.
Hot Take: Cryptocurrency Continues to Gain Momentum in Mainstream Commerce
The significant increase in Bitcoin acceptance and the tripling of merchant numbers worldwide to over 6,000 clearly demonstrates the growing confidence of merchants in adopting Bitcoin. It also highlights the expanding reach of cryptocurrencies in global commerce. As more businesses embrace cryptocurrency as a method of payment, it is evident that it is rapidly solidifying its role as a mainstream medium of exchange.
Featured image from Freepik
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