Coinspeaker
News
  • Business
    • Deals
    • Investors
    • IPO
    • Startups
    • Wall Street
  • Markets
    • Bonds
    • Commodities & Futures
    • Currencies
    • Funds & ETFs
    • Indices
    • Stocks
  • Crypto
    • Blockchain
    • Bitcoin
    • Binance
    • Ethereum
    • XRP
    • Altcoins
    • Token Sales
  • Technology
    • Artificial Intelligence
    • Big Data
    • Cloud Computing
    • Cybersecurity
    • Gaming
    • Internet of Things
    • Mobile
    • Social Media
    • Transportation
    • VR and AR
  • FinTech
  • Personal Finance
  • Topics
  • Work It
  • Press Releases
Guides
  • Investing
    • Bonds Guides
    • Commodities & Futures Guides
    • Currencies Guides
    • Funds & ETFs Guides
    • Indices Guides
    • Stocks Guides
    • Forex Guides
  • Crypto
    • Altcoins Guides
    • Bitcoin Guides
    • Ethereum Guides
    • XRP Guides
    • Blockchain Guides
    • Token Sales Guides
  • FinTech
  • Tech
  • Glossary
Tools
  • Coins
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • XRP (XRP)
    • Tether (TUSD)
    • EOS (EOS)
    • Binance (BNB)
    • Litecoin (LTC)
    • Tron (TRX)
  • Token Sales
    • ICO List
    • STO List
    • IEO List
  • Organizations
  • Persons
  • Events
COMPANY
  • About
  • Contact
  • Advertise
  • Partners
  • Careers
  • Privacy Policy
  • Terms and Conditions
Social
  • Facebook
  • Twitter
  • Telegram
  • LinkedIn
  • RSS Feed

© 2023 MDD Group FZE LLC ALL RIGHTS RESERVED.

About Contact Advertise
Coinspeaker
  • Business
    • Deals
    • Investors
    • IPO
    • Startups
    • Wall Street
  • Markets
    • Bonds
    • Commodities & Futures
    • Currencies
    • Funds & ETFs
    • Indices
    • Stocks
  • Crypto
    • Altcoins News
    • Bitcoin News
    • Blockchain News
    • Binance News
    • Ethereum News
    • Token Sales News
    • XRP News
  • Technology
    • Artificial Intelligence
    • Big Data
    • Cloud Computing
    • Cybersecurity
    • Gaming
    • Internet of Things
    • Mobile
    • Social Media
    • Transportation
    • VR & AR
  • FinTech
  • Personal finance
  • Guides
    • Crypto
    • FinTech
    • Investing
    • Personal Finance Guides
    • Technology
  • Tools
    • Coins
    • ICO List
    • IEO List
    • STO List
    • Organizations
    • Persons
    • Events
Bitcoin (BTC)
1 BTC = ... USD
    US Dollar (USD)
    1 USD = ... BTC
      1 BTC = ... USD
      Go to the converter page

      Bitcoin Moves from Investment Commodity to Everyday Currency, Says BitPay

      Apr 16 2015 · 07:10 UTC | Updated Jan 24 2016 · 16:15
      by Zhanna Lyasota · 2 min read

      Bitcoin is being used to pay for goods and services: the total number of Bitcoin transactions more than doubled last year.

      According to a recent BitPay research, Bitcoin has significantly shifted towards being used as an actual currency, meaning being used to pay for goods and services. The data indicated that the total number of Bitcoin transactions more than doubled last year.

      As said by Wouter Vonk, BitPay’s European marketing manager, the company expects more customers to use Bitcoin for currency as the technology becomes more established.

      “The investors are usually the first ones to hop on new technology, but as bitcoin circulates more, and as the amount of transactions increases, we should see bitcoin being used by more and more average consumers,” he said.

      At the moment, more than 100,000 retailers accept Bitcoin as a payment option. According to the report, major companies and organizations such Microsoft, Dell, Wikipedia, Twitch, Greenpeace, Expedia and PayPal accept Bitcoin.

      53 percent of companies and organizations accepting Bitcoin as means of payment, use BitPay’s payments platform, which represented $150 million in 2014. The total number of Bitcoin transactions was 563,568 in 2014 compared to 209,420 in 2013, besides, the average order value was $281 in 2014 compared to $513 in 2013.

      In 2014, the amount of transactions by industry comprised: 3,242 for precious metals, 24,128 for food delivery, 41,121 for e-commerce, 69,832 for IT services, 88,288 for gift cards.

      According to the research, North America represents 57 percent of the global Bitcoin volume, which makes it the largest Bitcoin market, moreover, the U.S. dollar led all currencies exchanged for Bitcoin in 2014. A total of $87.7 million in Bitcoin was converted to U.S. dollars, followed by $37 million converted to EUR, $3.1 million converted to CAD, and $3.0 million converted to GBP.

      Only 3 percent of worldwide transaction volume takes place in South America and Africa. These markets are expected to post rapid growth due to a large migrant population and lack of access to financial services.

      “We see bitcoin being used in emerging markets as a supplement to the current banking and monetary systems,” Vonk explained. “Bitcoin breaks down the barriers to financial tools that many people in emerging countries are facing.”

      The top emerging country in 2014 was Brazil, with 406 percent merchant signup growth from the previous year. India comprised a 212 percent growth while Indonesia grew 199 percent.

      Check out the infographic bellow in order to perceive the information vividly.

      next
      Bitcoin Moves from Investment Commodity to Everyday Currency, Says BitPay
      Zhanna Lyasota
      Author Zhanna Lyasota

      Zhanna has a background working for an American multinational food and beverage company as well as at a number of translation agencies serving similar top multinational corporations. She enjoys discovering new cultures as well as learning new languages. She is also a lover of all things fabric and floral ,especially if they are design-related. Zhanna is a graduate of Belarusian State Economic University with a major in Intercultural Business Communications.

      Share:
      Created with Sketch.
      Subscribe to our telegram channel. Join

      Related Articles

      By Bhushan Akolkar August 29th, 2022
      Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency news, Ethereum News Bitcoin Price Tanks Under $20,000 after Fed’s Jackson Hole Meeting
      By Bhushan Akolkar August 29th, 2022

      Following the Jackson Hole meeting, strong liquidations took place in the crypto market. Bitcoin and altcoins have seen a greater fall last weekend.

      By Bhushan Akolkar November 25th, 2018
      Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News Cryptocurrency Market Massacre Continues, Bitcoin Falls Below $4000
      By Bhushan Akolkar November 25th, 2018

      Cryptocurrency bloodbath continues as the overall market cap slips below $120 billion. In just last 12 days, crypto markets lost a whopping $89 billion.

      By Sofiko Abeslamidze October 17th, 2018
      Altcoin News, Bitcoin News, Cryptocurrency news, News Potential of Crypto in Action: Bitcoin User Moved $194M in BTC with $0.1 Fee
      By Sofiko Abeslamidze October 17th, 2018

      For those still skeptical about the abilities of digital currencies to revolutionize a financial realm, the superpower of cryptos has found a vivid proof.

      Top Cryptocurrencies
      • Bitcoin Icon Bitcoin BTC $23 847 3.22%
      • Ethereum Icon Ethereum ETH $1 673 5.68%
      • BNB Icon BNB BNB $330 7.07%
      • XRP Icon XRP XRP $0.42 2.80%
      • Cardano Icon Cardano ADA $0.41 6.18%
      View All
      Top news
      Bitcoin Leads Market Momentum as Altcoins Turn Green
      Bitcoin Leads Market Momentum as Altcoins Turn Green

      February 2nd, 2023

      Fed Announces 25 Basis Points Rate Hike, S&P 500 and Crypto Rally
      Fed Announces 25 Basis Points Rate Hike, S&P 500 and Crypto Rally

      February 2nd, 2023

      Gold Demand Hit 11-Year High in 2022 as Central Banks Scrambled for Acquisitions amid Global Economic Downswing
      Gold Demand Hit 11-Year High in 2022 as Central Banks Scrambled for Acquisitions amid Global Economic Downswing

      February 1st, 2023

      Euro Zone Economy Pops Higher Than Expected in Q4 2022
      Euro Zone Economy Pops Higher Than Expected in Q4 2022

      January 31st, 2023

      Asia Chipmakers See Shares Slide amid Abysmal Samsung Quarterly Profit
      Asia Chipmakers See Shares Slide amid Abysmal Samsung Quarterly Profit

      January 31st, 2023

      News
      • Business
      • Markets
      • Crypto
      • Blockchain
      • FinTech
      • Technology
      Featured Sections
      • Coins
      • IEO List
      • STO List
      • ICO List
      • Organizations
      • Persons
      • Events
      • Guides
      • Glossary
      Featured Links
      • Story of the day
      • Editor's Choice
      • Videos
      • Infographics
      • Work It
      • Press Releases
      Guides
      • Crypto
      • Investing
      • Financial technology
      • Tech
      • Glossary
      Connect with us
      • Facebook
      • Twitter
      • Telegram
      • LinkedIn
      • Pinterest
      • RSS Feed
      About us
      • About
      • Contact
      • Careers
      • Advertise
      • Partners
      • Sitemap
      • Privacy Policy
      • Terms and Conditions

      Copyright © 2023 MDD Group FZE LLC All rights reserved.

      Reproduction in whole or in part in any form or medium without express written permission of MDD Group FZE LLC is prohibited.