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Bitcoin Payments Are Growing Faster Than Ever

January 10, 2024
x min read
Bitcoin Payments Are Growing Faster Than Ever

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

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