Bitcoin is finding adoption for payments. And it’s happening faster than ever.
What’s happening:
- Bitcoin is becoming increasingly popular as a payment option for merchants and retailers globally, seeing an enormous influx of new businesses supporting payments through the Bitcoin Lightning Network
By the numbers:
- There are now 6000 active merchants accepting Bitcoin as a payment option globally
- That represents year over year growth of approximately 174%
- There are currently 5000 merchants globally accepting payments on the Bitcoin Lightning Network
Why it matters:
- Seeing payment integrations grow is a stark rebuttal to the many critics of crypto who have argued that Bitcoin has no true value aside from speculation
- In many parts of the world where access to banking is limited, Bitcoin is capable of playing an important role in helping democratize access to payments and the ability to transact
- Bitcoin network transaction fees are typically significantly lower than the transaction fees charged by credit card companies and traditional payment processors
Going deeper:
- The Philippines has seen enormous growth in small businesses adopting Bitcoin Lightning Network for payments after Bitcoin payment startup Pouch helped hundreds of local companies integrate Bitcoin into their operations
- Italy, Chile and Mexico are amongst some of the most active countries for Bitcoin payment adoption outside of North America
