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BTC Map Report Reveals Unprecedented Growth and Global Shift Towards Bitcoin Payments
- Bitcoin-friendly merchants saw a staggering 174% increase in 2023, as reported by BTC Map.
- Global distribution showcases concentrations in Europe, the U.S., and Latin America, while challenges persist in East Asia.
- Insights from Bitcoin leaders underscore the importance of education and user-friendly applications for navigating global adoption hurdles.
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Start TradingIn 2023, the number of Bitcoin-friendly merchants witnessed remarkable growth, marking a surge of 174%. This surge in adoption provides insights into the increasing acceptance of Bitcoin as a legitimate form of payment. The data driving this revelation comes from a post on X by Jameson Lopp.
At the commencement of the year, there were 2,207 merchants accepting Bitcoin. By the close of 2023, this figure skyrocketed to 6,126, indicating a nearly tripled expansion. It’s worth noting a minor decrease from the peak observed in September, which recorded 6,590 merchants actively accepting Bitcoin as a means of transaction.
BTC Map relies on open-source mapping data from OpenStreetMap to compile its merchant information. A crucial aspect of this growth lies in the active participation of users who contribute to the database, ensuring real-time updates and an increased count of Bitcoin-accepting venues.
Also Read: VanEck Pledges to Donate 5% of Spot ETF Profits to Bitcoin’s Development
Global Reach: Bitcoin Adoption Spreads Across Continents
The phenomenon of Bitcoin adoption is not confined to a specific region; it’s a global trend. Concentrations of Bitcoin-accepting merchants are particularly prominent in Europe, the United States, and Latin America. Notably, the Philippines stands out in Asia with a significant number of Bitcoin-friendly vendors. However, East Asia, notably China, faces challenges due to regulatory restrictions, resulting in limited adoption.
Despite the inherent volatility in cryptocurrency prices throughout 2023, the general trend indicates a growing acceptance of Bitcoin. Merchants worldwide are increasingly recognizing and integrating Bitcoin as a viable form of payment, demonstrating resilience in the face of market fluctuations.
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Start TradingChallenges and Opportunities: Navigating Global Bitcoin Adoption
Insights from a panel of Bitcoin leaders, shared at the Plan B conference in October, shed light on the challenges and opportunities in global Bitcoin adoption. Diverse cultural contexts present significant hurdles, as exemplified by El Salvador’s experience, where Bitcoin is legal tender. Overcoming these challenges requires strategic approaches and a nuanced understanding of local dynamics.
The panel emphasized the pivotal role of education in overcoming adoption hurdles. In addition, there is a pressing need for user-friendly applications that simplify the process of Bitcoin transactions, moving away from complex technologies. This dual approach can pave the way for mainstream adoption by both users and merchants, fostering a more widespread acceptance of Bitcoin on a global scale.
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The post Number of Bitcoin-Friendly Merchants Grew by 174% in 2023: Report appeared first on Bitcoinsensus.
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