Bitcoin useless? Remarkable growth in merchants accepting payments in BTC
Dimitri Mouëllic
6/27/24
The year 2023 has seen a remarkable expansion in the number of Bitcoin (BTC) accepting merchants worldwide, according to data provided by BTC Map. The number of establishments accepting BTC almost tripled from 2,207 to 6,191 businesses, reflecting a 180% increase in one year. However, these statistics, while striking, need to be treated with a degree of caution. They are based on community data and could underestimate the real take-up of BTC if not all businesses were taken into account.
Although Bitcoin is already 15 years old, it continues to face major challenges.
Its volatility remains a major obstacle, as does the tendency of BTC holders to favour long-term storage over day-to-day use.
Even though the number of merchants accepting Bitcoin is increasing, these adoptions are mainly concentrated in North and South America and Europe, highlighting regional disparities, with a much smaller presence in Africa and Asia.
The future of BTC use could depend on technological advances such as the Lightning Network, which aims to facilitate daily transactions in Bitcoin.
Currently, many merchants immediately convert BTC into local currency, with solutions such as Bitpay underlining the need for stability for more widespread adoption.
In addition, the alternative of altcoins for everyday spending is a possibility, but raises questions about their acceptance and integration by the general public.
In conclusion, although the increase in the number of merchants accepting BTC is remarkable, challenges remain for its widespread use. These challenges, linked to its volatility and the long-term holding habits of BTC holders, call for technological solutions and increased stability for wider and widespread adoption of this cryptocurrency as a common means of payment.
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