The increased crypto regulatory frameworks around the world have significantly helped in the mass adoption of Bitcoin, altcoins, and the wider Web3 ecosystem. For instance, El Salvador has recorded more merchants accepting Bitcoin as a form of payment since the country adopted the flagship coin as the legal tender alongside the United States dollar.
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According to market data collected by BTC Map, merchants accepting Bitcoin as a form of payment experienced a 174 percent surge in 2023 to around 9,926 as of this report.
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From the map provided by BTC Map, it is evident that most of the merchants accepting Bitcoin as a form of payment are concentrated around Latin America, North America, and Europe. Fewer merchants in Africa and Asia accept Bitcoin as a form of payment.
Bitcoin Adoption: Number of Merchants Accepting BTC Payments Surged by 174% in 2023Regulations are claimed to be helping to increase Bitcoin adoption by businesses as payment method around the world. Is this for real, or are regulations just forcing such businesses to
officially accept Bitcoin, although they could be already accepting it informally before the approval of such regulations?
Despite the raised percentage being really expressive (174%), it doesn't translate in great numbers when we conclude there are only 9926 businesses accepting Bitcoin as payment method in the world.
In your opinion, why do you think more businesses accepting Bitcoin as payment method are concentrated in American and European continents?