Ever since Bitcoin was introduced in 2009, cryptocurrency has become a common topic of discussion and has influenced consumer choices. The medium of exchange is currently being actively traded around the clock and is increasingly gaining acceptance as a method of payment.
Last year, there was a substantial surge in the global count of merchants actively embracing crypto payments, marking a notable 300% increase, as reported by BTC Map, a prominent Bitcoin merchant mapping provider.
This surge in merchant acceptance of the top digital asset underscores a noteworthy shift in the landscape of digital transactions, illuminating a broader trend of increasing integration of cryptocurrencies into mainstream commercial operations.
Bitcoin Acceptance Soars As Businesses Go Crypto
According to the most recent data from BTC Map, the number of establishments that accept Bitcoin is rising; by the end of 2023, there will be 6,126 establishments—restaurants, bars, shops, and other services—up from 2,207 at the beginning of the year.
Shadowy Suppertaggers ftw. 🤟 https://t.co/TO0prl431n
— ⚡ BTC Map ⚡ (@btcmap) January 7, 2024
The map indicates that there are more merchants accepting BTC in Central and South America and less in Africa and Asia. The number of retailers embracing cryptocurrencies was likewise higher in the US and Europe.
The Philippines has the biggest number of merchants accepting Bitcoin in Southeast Asia. In June of last year, a Philippine-based payment fintech announced that it was enabling over 400 small companies to accept and process Bitcoin payments, thereby revolutionizing the digital economy in the country.
Based on the BTC Map data, there was not much representation in China, India, or Russia in the same southeast Asian region.
BTCUSD slightly above the $44K level today. Chart: TradingView.com
A recent survey showed that a significant number of merchants who accept cryptocurrency assets have a tendency to sell them back to markets after receiving them, suggesting that there may be a trend toward instant conversion rather than retention.
The noteworthy increase in Bitcoin-accepting retailers across the globe highlights how cryptocurrencies are becoming more and more popular in different parts of the world.
This upward trend in Bitcoin acceptance coincides with the year-round price volatility of the cryptocurrency. The overall trend suggests that Bitcoin is becoming more widely accepted, even if the data gathering depends on volunteer efforts and might not include all vendors.
The Benefits Of Accepting Cryptocurrency
Accepting cryptocurrency at the point of sale offers businesses numerous advantages. It typically involves lower transaction fees, 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.
Furthermore, embracing cryptocurrency opens up new international markets for small businesses, expanding their customer base.
Additionally, accepting cryptocurrency provides customers with alternative payment options, enhancing convenience and adding an extra layer of security for their information.
In essence, incorporating cryptocurrency into payment systems presents businesses with a cost-effective, secure, and globally accessible solution.
In the wake of the astonishing surge in Bitcoin payments and the tripling of merchant numbers to over 6,000 worldwide, it is evident that the cryptocurrency is rapidly solidifying its role as a mainstream medium of exchange.
This significant uptick not only showcases the growing confidence of merchants in adopting Bitcoin but also highlights the expanding reach of cryptocurrencies in global commerce.
Featured image from Freepik