Bitcoin-accepting stores surge by 174% in 2023: BTC Map

Crypto payment adoption: The adoption of Bitcoin for transactions saw a major uptick in 2023, nearly tripling from the previous year, as indicated by BTC Map, a Bitcoin merchant tracking service. By the close of 2023, the tally of restaurants, bars, retail outlets, and services accepting Bitcoin stood at 6,126, compared to a modest 2,207 at the onset of the year. However, this figure marked a marginal reduction from the high of 6,590 recorded in September.

Using open-source mapping insights from OpenStreetMap, BTC Map facilitates businesses and individuals in pinpointing venues that welcome Bitcoin payments. This surge might also be attributable to heightened user engagement in updating the database.

Higher adoption in South America

Geographically, concentrations of Bitcoin-accepting vendors were more common in Central and South America. Conversely, Africa and Asia demonstrated fewer such establishments. The United States and Europe led in the global count of crypto-friendly merchants.

In Southeast Asia, the Philippines emerged as a frontrunner, while minimal Bitcoin acceptance was observed in nations like China, India, and Russia. Additionally, a November report by Cointelegraph highlighted a prevalent practice among these merchants: converting received cryptocurrencies back into traditional markets.