According to CoinMap, cryptocurrency acceptance monitoring resource, the number of places across the globe accepting Bitcoin (BTC) is grown by over 702% since December 2013. Areas with the most dynamic increase are the areas in businesses which already showing stronger hints of Bitcoin usage over the last five years. These businesses offer to exchange their goods and services for the number one digital asset by market capitalisation.
Perhaps the most noticeable part of the world showing a huge rise in venues accepting Bitcoin is the northern part of South America. Venezuela, Colombia, and Ecuador are leading the continent in this regard.
Global Acceptance of Bitcoin is Spreading Fast
In the above graphic, Radloff used data provided byCoinMapto highlight the rising number of venues accepting Bitcoin in the last five year period – December 31, 2013, to December 31, 2018. The graph shows the total of Bitcoin-friendly businesses worldwide in 2013 versus the figure at the end of 2018. The numbers are 1,789 and 14,113 respectively. Taking the total percentage increase of acceptance from December 31, 2013, to today to an impressive 702.35%.
Previously, there had been small hubs of Bitcoin usage that were primarily based around the capital cities of Argentina, Chile, and Brazil. Now, the areas like that of Colombia, Ecuador, and of course, Venezuela is showing a strong Bitcoin acceptance amongst local merchants.
There are still vast areas of the planet where cryptocurrency has not touched yet, however. Much Africa, the Middle East, and large areas of China show very few hot spots on either map. This presents a huge opportunity for the entrepreneurs of the region – particularly given that these areas are also those containing the largest numbers of unbanked citizens.
For many of cryptocurrency’s original proponents, the people living in many of the parts of the world with least BTC acceptance are those that would benefit most from a currency completely removed from the potentially authoritarian governments of the world:
Global Bitcoin Acceptance is Not the Same Thing as Bitcoin Adoption
Such a dramatic surge in the number of venues accepting Global Bitcoin is certainly encouraging for those of us with a vested interest in BTC adoption. However, it is important to not get too excited by the figures shown by CoinMap.
The simple reason for this is that they give no real indication as to the actual usage of Bitcoin. Just how many BTC transactions each of the companies shown across the planet by CoinMap have accepted in total remains a mystery.