Global merchant listings for Bitcoin payments nearly tripled in 2023, as reported by Bitcoin merchant mapping provider BTC Map.
The latest data from BTC Map show an increase in Bitcoin-accepting venues, with numbers climbing from 2,207 at the year’s start to 6,126 by the end of 2023, covering restaurants, bars, shops, and other services.
This marked a minor drop from the September high of 6,590 merchants.
BTC Map, leveraging open-source mapping data from OpenStreetMap, enables businesses and users to tag locations accepting Bitcoin payments. This rise in merchant numbers could partly be attributed to users more actively adding businesses to the database.
The expansion of Bitcoin vendors is a global phenomenon, with a notable concentration in Europe, the United States, and particularly in Latin America. The Philippines stands out in Asia with hundreds of vendors, while East Asia, especially China, shows limited adoption due to regulatory restrictions.
This trend towards increased Bitcoin adoption comes amidst the cryptocurrency’s price volatility throughout the year. Although the data collection relies on volunteer contributions and might not capture all vendors, the general trend indicates a growing acceptance of Bitcoin.
In October last year, crypto.news reported on a panel of Bitcoin leaders at the Plan B conference discussing the challenges and opportunities of global Bitcoin adoption.
A significant issue highlighted was the challenge of onboarding new users and merchants, especially in diverse cultural contexts. For instance, in El Salvador, where Bitcoin is legal tender, there are still hurdles in getting merchants to accept Bitcoin payments.
The panel underscored the importance of education in overcoming these obstacles. They emphasized the need for user-friendly applications, moving away from complex technologies to facilitate mainstream adoption.
