Bitcoin Acceptance Soars Three-Fold Globally Among Merchants in 2023, Reports BTC Map
Summary:
In 2023, the number of global merchants accepting Bitcoin payments nearly tripled, hitting 6,126 by year's end, up from just 2,207 at the year's start, according to BTC Map data. The mapping shows higher acceptance in Central and South America, the US, Europe and the Philippines, but less in Africa, Asia, China, India, and Russia. The data, sourced from OpenStreetMap, reveals an increasing trend among businesses to accept cryptocurrencies as they see it as a way to acquire new customers.
Global Bitcoin payment approval among merchants saw an almost three-fold surge in 2023, reveals data from BTC Map, a Bitcoin merchant mapping service. BTC Map's most recent statistics show that the number of eateries, bars, stores, and service providers accepting this virtual currency reached 6,126 by the year's close, a substantial rise from the 2,207 at the beginning of the year. However, this was a slight dip from the late-September peak of 6,590 merchants.
BTC Map, utilizing open-source mapping data from OpenStreetMap, facilitates the tagging of Bitcoin-friendly businesses by customers and firms. This implies that more active user contributions to the database could also account for the increase. The mapping uncovers greater clusters of Bitcoin-embracing merchants in Central and South America and lesser in Africa and Asia. The US and Europe likewise exhibited a greater number of cryptocurrency-accepting merchants. A related survey indicated 85% of merchants viewed crypto payments as an opportunity to cater to new customers.
In Southeast Asia, the Philippines boasted the most merchants, while there were virtually no Bitcoin-ready merchants in China, India, and Russia based on the map. A previous report by Cointelegraph in November disclosed that many merchants who accept crypto assets typically sell them back to the market post-receipt. A magazine also listed the top 10 detailed crypto-related reads for 2023.
Published At
1/8/2024 8:04:03 AM
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