Bitcoin Adoption on the Rise
The number of vendors accepting bitcoin has reached a record high of over 6,000, according to BTC Map’s data. This is a significant increase from the 2,200 vendors at the end of 2022. Despite bitcoin’s price volatility, the trend shows a growing adoption of the cryptocurrency.
Risks of Paying with Bitcoin
While using bitcoin to purchase physical goods is becoming more popular, it comes with its risks. The value of bitcoin can fluctuate greatly, as seen with the example of a $20 pizza bought at the beginning of 2023 now being worth over $50. The infamous case of two large pizzas purchased for 10,000 bitcoin that would be worth $44 million today serves as a cautionary tale.
Global Distribution of Bitcoin Vendors
Bitcoin vendors are located worldwide, but there is a concentration in Europe, the United States, and Latin America. Countries like the Philippines have a significant number of vendors, while East Asia lags behind due to China’s cryptocurrency ban.
Hot Take: Bitcoin’s Growing Acceptance
The increasing number of vendors accepting bitcoin showcases its growing acceptance as a form of payment. Despite its price volatility, more businesses are recognizing its potential and are willing to transact with it. As bitcoin adoption continues to expand globally, it will be interesting to see how this impacts the future of traditional financial systems.
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