Research Summary: Despite bitcoin’s notorious volatility, its importance in the modern market is growing. That is why it is important to know how the currency is impacting the business world. After all, today’s digital landscape is constantly changing and businesses will have to adapt to the popularity of bitcoin. based on our extensive research:
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approximately 15,174 businesses worldwide accept bitcoin, with about 2,300 of those businesses operating in the us. u.
Reading: How many companies accept bitcoin
There are 36,659 bitcoin ATMs available in the US. USA, from April 2022.
As of 2020, 28% of US small businesses accept cryptocurrency as a form of payment.
As of May 2022, there were approximately 260,000 bitcoin transactions per day in the US. uu.
every day more than $1 million is spent on goods and services with bitcoin in the us. uu.
Up to 40% of customers who pay with bitcoin are new customers who spend twice as much money as credit card users.
For further analysis, we broke down the data in the following ways: Industry | Location | Over Time | Users
general bitcoin acceptance statistics
As bitcoin becomes more and more accessible and valuable, we can expect more businesses to accept it. however, when it comes to the current state of bitcoin acceptance, here are the facts:
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there are 36,659 bitcoin ATMs available in the us. u.
which represents a large increase from last year. From January 2021 to January 2022, the number of installed ATMs increased from 14,038 machines to 34,219. That’s an explosive 144% growth in the number of bitcoin ATMs installed.
A big part of that is major retailers, like walmart, who have big plans in the works to introduce another 8,000 bitcoin ATMs in the next two years.
The United States holds 86.8% of the world’s bitcoin holdings.
Even more incredible is that this 86.8% is distributed almost entirely among just 12 major companies. The only other country with a sizeable amount of bitcoin holdings is Canada, which has just 9.3%.
an estimated 2,300 businesses now accept bitcoin in the us. u.
Some of the more notable American companies currently accepting bitcoin include microsoft and att, but you may be surprised at how many food companies accept bitcoin. for example, burger king, kfc, subway, and pizza hut all accept bitcoin.
When we expand to look at businesses that accept at least one cryptocurrency, the number rises to 36% of us. uu. small and medium businesses.
microsoft is the largest in the us. uu. company that accepts bitcoin.
With a net worth of over $300 billion, Microsoft is by far the largest company that accepts bitcoin. the second largest is att, who has a net worth of $266 billion.
main industries for bitcoin transactions
While you would probably expect the information technology industry to have the most bitcoin transactions, you may be surprised which industries actually have the most. While information technology is a big business for bitcoin, here are the facts about the industries that use bitcoin the most:
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The top five industries that accept bitcoin are the gaming, tourism, banking, food, and retail industries.
The largest industry being games of chance. Believe it or not, 50% of all bitcoin transactions take place in online gaming, and furthermore, many online casinos even encourage the use of bitcoin. cloudbet and duckdice are two great bitcoin casinos that offer generous bonuses for using bitcoin.
binance is currently the largest bitcoin marketplace, with approximately 1,538 active markets.
That’s almost 32 million visits per week. Since moving from China, this 4 year old company has continued to grow exponentially. Nowadays, binance plays a very important role in the exchange and transactions of bitcoins.
The information technology industry holds 66.8% of all bitcoin holdings.
While the information technology industry is not responsible for the majority of bitcoin transactions, it does hold the largest holdings of bitcoin. These holdings may be from other companies, or even from countries. this is not incredibly surprising, given the digital nature of the industry.
main locations for bitcoin transactions
if it weren’t obvious that the us. is the largest hub for bitcoin transactions, this section will explain in more detail. Here are the top locations for bitcoin transactions, based on our research:
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new mexico has the most bitcoin ATMs per person, at a rate of one ATM for every 695,000 people.
While New Mexico may not be your first thought when it comes to bitcoin ATMs, this state actually has the most relative to its population. new mexico still ranks first even though california and texas together have 35% of the bitcoin ATMs in the united states.
California is the best state for cryptocurrencies, with a 98 on the google trends 100 point scale.
California is also the most crypto-ready state, with a score of 5.72 out of 10. Just behind california are new york, washington, and new jersey, which also have high scores on google trends and crypto.
holding 22.77% of global bitcoin volume, usa. uu. trade the most bitcoins.
That equates to over $1.44 billion in bitcoin. Other top countries include Russia (16.55%), the UK (11.67%), and China (9.83%).
san francisco is the number one city for bitcoin transactions.
This city is not only home to coinbase and kraken cryptocurrency trading platforms, but also has 437 bitcoin ATMs. Other major bitcoin cities include Vancouver, Canada, and Amsterdam, the Netherlands.
bitcoin acceptance over time
As time goes by, more and more companies, cities and countries start using bitcoin. in fact, there are no signs that bitcoin usage around the world is slowing down. here are some significant bitcoin acceptance trends, based on our research:
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From 2011 to 2021, the value of bitcoin has increased from $1 to over $58,000.
In 2020 alone, bitcoin saw a price increase of over 300%. this partly explains the newfound success and acceptance of bitcoin, as many investors have become very rich from the cryptocurrency. the fairly steady growth of bitcoin has made it a popular investment.
cryptoexchange users grew from less than a million users in 2014 to more than 20 million in 2018.
and that number continues to grow, with users on every continent in the world. For example, developing countries like Nigeria and Vietnam have seen considerable growth in the number of cryptocurrency owners.
Over the course of 2021, bitcoin deposits grew by 28%.
This corresponds to a global growth rate of cryptocurrency users of 15.7%, which has fueled an increase in bitcoin transactions, exchanges, and deposits.
the number of bitcoin ATMs in the usa. uu. has increased 6,284% since 2016.
From just 536 bitcoin ATMs in 2016, the machines have gone from novelties to everyday pieces of technology. With major retailers like Walmart developing plans to install thousands more Bitcoin ATMs in the coming years, we can only hope that this meteoric rise continues its trajectory.
bitcoin ATMs in usa uu. 2016-2022
bitcoin user statistics
Considering the fact that a bitcoin is currently worth over $50,000, you may be wondering how bitcoins are spent. well, here are some prominent bitcoin spending stats:
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approximately 40% of customers who pay with cryptocurrencies are new customers.
Furthermore, these customers typically purchase in amounts twice as large as credit card users. With that in mind, cryptocurrencies provide access to a tech-savvy, high-paying clientele.
The use of cards with cryptographic links exceeded one billion dollars in the first half of 2021 alone.
The use of crypto-linked cards continues to reach an all-time high. This increase in spending clearly correlates with the fact that 93% of US and Canadian consumers plan to use cryptocurrencies or other new payment technologies in the next year.
frequently asked questions about bitcoin
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can a small business accept bitcoin?
yes, small businesses can accept bitcoin or any other cryptocurrency. the first step to accepting any cryptocurrency payment is to create a branded cryptocurrency wallet as well as register with a bitcoin exchange like coinbase or gemini. this will allow you to convert any payments you receive into cash or other forms of currency, if you wish.
The next step would be to add an easy access checkout button/window to your website, if you have one, or a qr code to your store. this will allow your customers to easily pay with bitcoin.
does bitcoin still have a future?
yes, bitcoin still has a future, albeit an uncertain one. many large banks, such as citi, have expressed concern about the volatility of bitcoin. Made especially apparent by the currency crash in 2022, bitcoin still has issues with custody, security, and capital efficiency that need to be addressed.
However, many big banks have also noted that bitcoin is on the cusp of mainstream acceptance. In the end, this is extremely impressive given that the concept of digital currency is a very new part of our modern economy.
what are the risks of accepting bitcoin?
There are some risks involved in accepting bitcoin. First and foremost, bitcoin is an investment. that means that while it is immune to inflation, it can also be extremely volatile. Between 2021 and 2022, the value of bitcoin fluctuated from over $60,000 to around $30,000, then rose back up to $58,000, before plummeting to its current value of just $20,000.
That means that if you plan to hold onto your bitcoin payments, rather than exchange them for other currencies, you risk your payments losing value.
Another risk of bitcoin payments is that they are irreversible, which means that if your customers don’t trust you, they will be much less likely to buy. given, this is more of a disadvantage for the buying party.
And finally, the last risk that comes with bitcoin transactions is taxes and regulations. This largely depends on the country you are in, but for example in the US. uu. bitcoin transactions are subject to capital gains tax.
Why do companies accept cryptocurrencies?
Companies accept cryptocurrencies for some important benefits. These include:
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See also: Is Bitcoin Mining Profitable in 2022 – Forbes Advisor
Improved transaction fees: Have you ever been annoyed when PayPal charges you extra for an instant transfer? well, due to the lack of a central intermediary, bitcoin has little to no transaction fees. this means that businesses that choose to use bitcoin will have to pay far less transaction fees than those that allow credit cards, for example.
Merchant Protection: Because cryptocurrencies like bitcoin are decentralized, this protects merchants from fraudulent chargebacks. in this way, all transactions are comparable to cash transactions, since they are final.
More sales potential: Since bitcoin is easily accessible from most countries, it makes it easier for businesses to open up their customer base. Instead of dealing with outrageous additional fees, international buyers will have just as much access as domestic buyers.
Which countries use cryptocurrencies the most?
These are the top 10 countries that use cryptocurrencies the most, based on the number of cryptocurrency owners:
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india: 280.8 million crypto owners (20.45% of the total population).
united states: 46 million (13.74%).
Pakistan: 26.4 million (11.50%).
nigeria: 22.3 million (10.34%).
vietnam: 20.2 million (20.27%).
China: 19.9 million (1.33%).
brazil: 16.6 million (7.75%).
Russia: 14.6 million (10.10%).
Indonesia: 12.2 million (4.45%).
South Africa: 7.7 million (12.45%).
conclusion
As bitcoin becomes more and more popular, we can expect more businesses to accept its use. Even today, there are already 15,174 businesses around the world that accept bitcoin, and approximately 2,300 of those businesses operate in the United States. In addition, there are also more than 36,000 bitcoin ATMs available in the US. uu., and that number continues to grow.
Due to these trends, 28% of US small businesses now accept cryptocurrencies, which is not surprising given that the US. uu. it has become a major hub for bitcoin in particular. in fact, as of 2022, usa. uu. it hosts 86.8% of the world’s total bitcoin holdings, as well as 22.77% of the world’s bitcoin transactions.
With that in mind, if you’re looking to move into bitcoin yourself, remember that some locations are better than others, and every benefit also comes with risk!
references
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investopedia. “10 cities that are bitcoin hotspots”. accessed June 24, 2022.
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cnbc. “Visa Says Cryptocurrency-Linked Card Usage Exceeds $1 Billion in First Half of 2021.” accessed June 24, 2022.
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See also: The 6 Best Crypto Wallets for Most Investors, According to Experts | NextAdvisor with TIME
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