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Over 6,000 Merchants Worldwide Now Accept Bitcoin as Its Adoption Increases Tri-Fold

Expanding the Bitcoin in-person merchant network on a global scale

In 2023, the adoption rate of cryptocurrency drastically changed, as evidenced by the tripling of in-person merchants accepting Bitcoin. Data from BTC Map reveals a significant jump, with over 6,000 vendors globally now embracing Bitcoin transactions. This surge reflects a growing trend in cryptocurrency adoption, making Bitcoin a more practical option for everyday purchases. Notably, Latin America shows a keen interest, with a substantial number of these vendors located there.

While the previous year concluded with approximately 2,200 Bitcoin vendors, BTC Map's recent data highlights a near threefold increase to 6,300. This expansion, fueled by user-reported data, suggests a wider acceptance of Bitcoin despite its notorious price volatility. Even with the possibility of some vendors being overlooked, the evident growth trajectory indicates a more Bitcoin-friendly commercial environment emerging.

The risks and reach of Bitcoin transactions

Despite the growing acceptance of Bitcoin, using it for physical goods poses inherent risks. An illustrative example is the fluctuating value of Bitcoin – a $20 pizza purchase at 2023's start could have escalated in value significantly, mirroring the infamous incident where 10,000 bitcoins were exchanged for two pizzas, now worth millions. Such volatility underscores the caution needed when transacting with Bitcoin for everyday items.

Geographically, Bitcoin vendors are not evenly distributed. Europe, the United States, and Latin America lead in adoption, with the Philippines also marking a strong presence. However, East Asia, particularly China, remains a stark contrast, devoid of vendors due to stringent cryptocurrency regulations. This uneven global distribution highlights the diverse responses to cryptocurrency integration, reflecting varying economic and regulatory approaches