In the year 2019, an anonymous person Satoshi Nakamoto come with an idea of bitcoin to address the inefficiencies in the traditional financial system such as double spending and the hefty transaction processing fees. Initially, Bitcoin was launched as an alternative to the traditional monetary system, but it has soon managed to capture public traction.
Leveraging the power of distributive ledger technology, Bitcoin proves itself as the revolutionary technology. Over a couple of years, many new cryptocurrencies were launched using the blockchain protocol, but the Bitcoin still remains the leading cryptocurrency with the largest market share. As of today, no other crypto coin has managed to capture a substantial market share.
The performance of crypto assets predominantly Bitcoin in the last few years makes them highly lucrative to the retail investors. Bitcoin yield surpassed any other financial instrument such as equities, bonds, CFDs, and commodities. In the year 2017, Bitcoin investors earned a whopping return of 127%.
Unfortunately, Bitcoin’s growth is hamstrung by the legal constraints even in some European countries there is a severe restriction on the Bitcoin. On the flip side, some countries are capitalizing the tremendous potential of Bitcoin. For instance, the Public Republic of China Publicly allowed Bitcoin in its premises.
Has Bitcoin ever been able to revolutionize the traditional financial system? No one can precisely address this question right now because Bitcoin is always subject to speculations. According to the world’s leading consultancy firm PwC, we’re currently working with the behemoth fintech startups that are recently working on Bitcoin.
Places Where Bitcoin was Adopted as a Medium of Payment?
Many industries immerse themselves in the crypto landscape since late 2013. In 2014, a well-reputed Utah-based online retail store Overstock.com incorporated bitcoin in its default medium of payment options. Since then, corporate giants like Microsoft, Amazon, IBM, Google, and Netflix starts accepting Bitcoin as a medium of exchange for product or service.
You can post-book your hostel room prior to going for a holiday trip or can book your freight ticket using Bitcoin. Needless to say, Bitcoin is growing at a dizzying pace even at the grass-root level. Some crypto enthusiasts strongly believe Bitcoin has massively disrupted the traditional transaction processing systems such as PayPal and Wireshark. According to statistics revealed by the Statista, Bitcoin transactions surpassed PayPal transactions in some regions.
Bitcoin ATM startup Coinme’s collaboration with the Coinstar, a leading crypto exchange has played a decisive role in the massive adoption of BTC. As a result of this strategic alliance, many technical experts strongly believe that more than 90% of US citizens can exchange their crypto coins with cash.
The Wall Street Journal Report stated that Bitcoin is highly feasible for those countries whose local currency is massively depreciated due to macroeconomic uncertainty. As the supply of Bitcoin isn’t controlled by any central regulatory authority such as a central bank or a government, therefore, it is not prone to major economic disruption such as hyperinflation, stagflation, contractionary monetary policy, or a recession.
Businesses Accepting BTC
At the moment you can find about 5500 companies accepting Bitcoin as a payment in our directory.
Shop and markets – 2200
Internet services – 1128
Offline services – 950
Tourism, Traveling, Renting – 307
Crypto services – 1365
Business services – 726
Web marketing & development – 306
Gaming – 113
Bitcoin Adoption Analytics by Cryptwerk.com
Here are the statics gathered by Cryptwerk regarding the surge in BTC adoption:
• Bitcoin is ranked #1 amongst all the crypto coins
• There are more than 121 payment gateways for Bitcoin
• The popularity of BTC escalated 91.4% since the past few couples of years.
• 5456 merchants accept BTC as a medium of transaction.
Bitcoin mass adoption map
You can observe the growth of mass adoption by using our Bitcoin map, where we collected all merchants accepting BTC.
By our statistics we can mark these countries, where Bitcoin is really popular.
2. United Kingdom
4. Russian Federation
Despite the legal constraints, the popularity and adoption of Bitcoin still persist. The main caveat in the widespread adoption of Bitcoin is scalability, but many solutions have been proposed by various crypto experts and blockchain developers to overcome this issue.