March 27, 2024
Bitcoin acceptance surges, 174% growth in 2023
Bitcoin News

Bitcoin acceptance surges: 174% growth in 2023

The count of businesses globally accepting Bitcoin payments experienced a significant surge in 2023, according to data from BTC Map, a Bitcoin merchant mapping provider. The number of restaurants, bars, shops, and services listed as accepting the digital asset reached 6,126 by the end of the year, a notable increase from 2,207 merchants at the beginning of 2023. Despite a slight dip from the peak of 6,590 merchants in late September, this growth showcases a substantial rise.

BTC Map relies on open-source mapping data from OpenStreetMap, enabling businesses and users to identify locations where Bitcoin payments are accepted. It’s worth noting that the increase may also reflect users actively contributing to the database by adding businesses accepting Bitcoin.

The map highlights concentrated areas of BTC-accepting merchants in Central and South America, with fewer in Africa and Asia. The United States and Europe exhibit higher numbers of merchants accepting cryptocurrency. In Southeast Asia, the Philippines stands out with the most merchants, while China, India, and Russia show minimal representation on the map.

A previous report in November revealed that some merchants accepting crypto assets tend to sell them back to markets after receiving them. This dynamic raises considerations about the practical use and circulation of cryptocurrencies in the broader economy.

The data from BTC Map indicates a growing trend of businesses embracing Bitcoin payments, demonstrating increased adoption and acceptance across various industries and regions. As the cryptocurrency landscape continues to evolve, monitoring such trends provides insights into the real-world integration of digital assets into everyday commerce.

Image by fabrikasimf on Freepik

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