Digital Transactions
Bitcoin has struggled for years to win breakthrough adoption among sellers large and small, even though some major, e-commerce companies like Overstock-com, Newegg.com, and Microsoft Inc. have accepted the digital currency for at least a decade. But Bitcoin’ spotty acceptance may be masking some important advances among smaller and lesser-known merchants with physical storefronts. Some 9,926 brick-and-mortar sellers globally were accepting the coin as of the end of 2023, a 174% increase in that number over 2022, according to a report that appeared early Monday.
The report, from an online news site called Coinspeaker, were collected by a group called BTC Map, a merchant organization that tracks the acceptance of “sats,” shorthand for “Satoshis,” or fractional bits of Bitcoin, around the world. The data is not broken down by merchant type. The importance of sats as a medium of exchange lies in the fact that a single Bitcoin trades in the tens of thousands of dollars. Early Monday, its price stood just shy of $45,000, delivering an $880 billion market capitalization.
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