In a recent blog post, bitcoin payments processing company BitPay outlined how the industry has changed in the past years. The company was founded back in 2011 when the cryptocurrency was still gaining traction.
Fast forward to 2015, BitPay recognizes that over a hundred thousand merchants are already accepting bitcoin, with 60,000 of those using BitPay to facilitate transactions. As of this writing, the company has merchants located across six continents and 92 countries.
Bitcoin Payments Growth
According to its data, bitcoin payments volume in Europe and North America account for majority of the transactions processed. The company has been able to partner with more merchants and payment service providers in these regions, which explains the rapid surge in bitcoin payments activity there. However, BitPay noted that traditional European payments are still localized and disjointed, leaving bitcoin as a better option for customers seeking a global payment method.
Aside from that, BitPay also noted that Europeans are more accustomed to using alternative payment methods. While consumers are open to using various payment methods, merchants will have to consolidate those