According to the statistics from the BTC Map, more than 6,300 stores will accept Bitcoin payments in 2023, nearly triple the number at the end of 2022.
As Bitcoin reaches new highs in “fiat diving countries,” people are using cryptocurrencies to fight against inflation.
In addition, the adoption rate of cryptocurrencies has increased due to high inflation.
Have you ever used Bitcoin for payment in real life? According to the statistics from BTC Map, in the past year, over 6,300 stores have accepted Bitcoin payments, almost three times the number at the end of 2022.
With the rebound of Bitcoin in 2023, the adoption rate of Bitcoin by merchants is gradually increasing.
According to supplementary information from BTC Map, the stores that are willing to accept Bitcoin payments are spread all over the world, but most of them are concentrated in Europe and the United States. In addition, in Taiwan, the north, central, and south regions combined, there are also 64 merchants willing to accept Bitcoin payments (BTC Map lists them, but it seems that they have not been verified by users for actual cryptocurrency payments).
In terms of payment methods, the most commonly used one is on-chain payments, followed by Bitcoin Lightning Network payments.
As Bitcoin’s value becomes more widely known, more and more countries are willing to accept BTC as actual assets. For example, under the leadership of Javier Milei, the “Bitcoin fanatic president” of Argentina, the government issued its first cryptocurrency policy in December last year. It approved and confirmed that Bitcoin and other cryptocurrencies can be used as currencies in commercial contracts.
In 2023, six countries, including Turkey, Egypt, Nigeria, Argentina, Lebanon, and Pakistan, are currently facing high inflation rates. In view of the continuous devaluation of the fiat currencies they hold, the citizens of these six countries are actively turning to invest in cryptocurrencies to protect their wealth.
According to Chainalysis’s 2023 Global Cryptocurrency Adoption Index report, Argentina, Nigeria, Pakistan, and Turkey are all among the top 20.
Cryptocurrencies such as Bitcoin and stablecoins have long been seen as an important choice to fight against inflation. The data further strengthens this view. The growth of the cryptocurrency market not only represents a transformation in local financial behavior but also a direct response to current economic difficulties and unstable currency values.
Further reading:
Bitcoin reaches new all-time highs in these 6 countries! Fiat inflation runs rampant in Turkey, Lebanon, Argentina, Egypt, Nigeria, and Pakistan.
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