According to the cryptocurrency monitoring by CoinMap. The Demographic data shows that the venues where bitcoin is accepted around the globe has increased by 702% since December 2013. The areas with the most suprising surge in the performance of business in offering the exchange of goods and services are the reason for the market capitalization of one digital asset and all the hints direct to Bitcoin (BTC) usage over 5 years.
The most dramatic usage of Bitcoin are seen in the venues such as Venezuela, Colombia, Northern parts of South America and Ecuador.
Acceptance Rate is moving fast.
The CEO of CoinShares highlighted the fact about the number of venues accepting Crypto and specifically Bitcoin. So far Bitcoin has been considered as digital gold, but the rise in the acceptance rate is surely making it as a well established currency and thus a better way of exchange of goods and services.
Ryan Radloff, CEO of CoinShares Tweeted Yesterday:
The heat map shows the acceptance of Bitcoin around the world. As compared to December 2013, the number went from 1,787 to 14,113 Bitcoin friendly businesses. Additionally, more than 200 venues have started accepting Bitcoin in their Businesses which adds up to the acceptance growth to make it 702.35%.
— Ryan Radloff ⚡️ (@RyanRadloff) February 12, 2019
The hottest heatmap of the venues which were already accepting Bitcoin includes much of Central Europe, the UK, South Korea, Japan, Taiwan and US. Previous articles specifing the advancements in the regulation of cryptocurrency is a valid proof that these venues are reallly getting onto making an decentralised economy through Cryptocurrency. The heatmap shows a very different picture in terms of acceptance for these venues after 5 years.
Almost the entire north of the continent is colored in red specifying the tremendous bitcoin use. Previously there have been small hubs of bitcoin usage prominently centred in the capital cities of Argentina, Chile, and Brazil. Now Colombia, Ecuador
There are still few untouched venues on the map which includes much Africa, the Middle East and the large areas of China whch shows very few hotspots. Yet previously we have known that China has been one of the best contributors of market volume of Cryptocurrency. This gives a huge opportunies to the Local Entrepreneurs given that these are the potential regions for a surplus amount of Unbanked Citizens in the future.
Its an Irony that the people living in the venues where Bitcoin and other Cryptocurrencies have been completely removed by the Government Authorities are the ones who are benefiting the most out of it.
Acceptance is not same as Adoption
The Dramatic surge explains that the people are ready to use the technology but they still dont understand what it is. The Technology is certainly made for the usage in the forseen future.
As the CEO of Binance said:
We are at the Beginning of the Beginning.
What do you think about the future of these areas. How Can they have better adoption and Acceptance. Let us know in the Comments Below.