The World Trend of Bitcoin Payment
Updated: Sep 12, 2019
Cash notes? Throw it away. Purse? Keep it at home as a collection. Debit card? Apply a cryptos-compatible one for storing your Bitcoins (BTC) to pay for your lunch! The trend of digital currencies has been swept the world tremendously in the last decade. The exposure of BTC is unavoidable and becomes more and more important in the financial world. The acceptance of BTC payments is increasing alarmingly as lots of merchants and businesses are willing to accept BTC. In this article, you’ll find out the development of BTC payments and what are the BTC-friendly cities that you don’t even have to carry your banknotes.
Data is extracted from Coinmap and finder.com
The chart shows the Bitcoin payment acceptance rate according to different countries. As you can see America takes the leading position of the payment acceptance market. Believe it or not, a lot of retails and restaurants in the USA are already accepted BTC as payment a few years ago. Some well-established US companies like Expedia and Microsoft are welcome their customers to pay Bitcoin to settle their bills. This trend will keep increasing as lots of merchants, even banks, start dipping their toes into the cryptos market. Although the US is the pioneer of the market, other countries like Switzerland, Brazil and Argentina are still dominating because of the relatively low population compared to the US, the ratios are low respectively. Besides, it is worth taking note of the “Others” category. In fact, there are numerous countries in this category that accept BTC as payment and they both range from approximately 0.1%-0.001% due to their country's size and population so, their portion is relatively lower. For example, Singapore has 5.612M of population with about 66 business accepts BTC payment , whereas the US has 327.2M population with 3393 business accepts it, now we can find that:
In this equation, we can find out the ratio of BTC payment acceptance in Singapore is 1.13 times higher than the US. It implies that small countries like Singapore also have the capacity and maybe more Bitcoin-friendly than the big country.
Data is extracted from Coinmap and finder.com
The above chart shows different industries that accept Bitcoin payments. Shopping & Services, cafe & restaurant and others occupy over 80%. Others are including mobile service, marketing and law firm and hair salon.
One example is KFC Canada. Customers can buy fried chicken with BTC via BitPay on the internet. Bitpay, is like the worldwide online payment system Paypal which supports wireless money transfer. It has over 8 years of experience of supporting BTC payment online. It renders effectiveness and liquidity for BTC as it committed to facilitate the cryptos payments. There are also some BTC debit cards supported by Visa, Master and UnionPay in the market which allow users to settle their payments anywhere and anytime as long as the merchants accept these three mass-adopted payment means.
Another clear statistic is derived from Blockchain wallet users. Blockchain wallet is one of the most popular wallet app and it indicated a skyrocketed increase of 1,580% in the past 5 years. This crazy increasing number of the blockchain wallet users implies the market acceptance level is enhancing, not to mention the emerging number of users of cold wallets, exchanges and other devices.
We learnt the landscape of BTC payment and the trend of that is going to be flooded into our financial world. Now, let’s find out what places are the BTC-friendly cities and decide how many banknotes you're going to carry to these cities.
Los Angeles (LA), USA
LA, known as the city of film and angel, is the home of some wealthiest Hollywood stars and the capital of entertainment around the world. It also possess over 140 BTC ATM and over 800 business that accept BTC payment. If you want to buy daily necessities, just go to Target; if you are a bookworm, just go to BookMonster using your BTC wallet to pay the bills. There are also many social events like meetups about cryptos for you to engage and get yourself familiar with the market.
New York City (NYC), USA
By crossing over to the East Coast of America, you will find the most influencing financial hub in the world, New York City. Exhausting, diverse, challenging, inspiring, ect, you can find many stunning words to describe this city which never sleeps. As its leading position of the financial hub, Wall Street and business tycoons won’t just stay in situ and they already have 120 ATMs and more than 500 business accept BTC payment. Besides, there are a lot of crypto startup giants like CryptoLabs, LedgerX and HYPR headquartered there. The New York City Economic Development Corporation (NYCEDC) has also launched its NYC Blockchain Center to operate the city BigApps Blockchain Challenge which boosts and fosters the growth of cryptos payments.
Vancouver, known as the multiracial and safest city in the world, is the first country to establish regulations on the digital currency and launch the world’s first ATM. It possesses about 50 ATM and over 80 businesses accept BTC payment. The regulation delivers a clear structure and framework to cryptos business on their strategy building and operation which allow investors and customers trade in a decent environment.
Others BTC-friendly cities like Amsterdam, London, Madrid, Vienna, Berlin, etc have already approved BTC payment.
Not only BTC, but also other major coins like Litecoin, Etherum and Bitcoin Cash are becoming popular and vital gradually in the payment world. Although BTC is not a universal payment mean and still at the growing stage, we are seeing a cutting-edge technology penetrates into our daily life by creating a low transaction fee, high security and high speed payment mean that grants effectiveness to the business deals.
Written by Alice Yiu
Client Service Executive@Genesis Block
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