Serious Mainstream Bitcoin Adoption is Being Led by Japan
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It'ssix years after we started BitPay and nearly nine years since the Bitcoin experiment began. If you've not been living under a rock, you've seen that the bitcoin price and daily transaction count have taken to new heights this year. Still, if you're like most people, you probably don't recognize how bitcoin is quietly changing the playing field of payments.
As the world's leading bitcoin payments platform, we get a deep look into how bitcoin is solving real payment problems. To the extent we've bitcoin merchant adoption rate to solve those problems, we've seen major growth this year.
With more transaction volume, our revenues have also grown. Bitcoin merchant adoption rate revenue growth has allowed us to add several new members to our team as we develop our products for scalable bitcoin payments adoption. Now we're looking forward to more opportunities to solve big payment problems in the year ahead.
While we explore new use cases for bitcoin payments, we've continued to see growth in bitcoin spending with BitPay's merchants, from electronics sales to precious metals purchases. Major electronics retailer and long-time BitPay merchant NewEgg has more than doubled its bitcoin sales from last year. When BitPay merchants announce that they are accepting bitcoin payments, they often see an increase in new customers from the bitcoin world.
These positive side-effects will grow as bitcoin gains more new users in the years ahead. Where is all this growth coming from? But we've also seen a more than doubling in transactions going to Latin American merchants since August of bitcoin merchant adoption rate year. Here's a current breakdown of our transaction counts by merchant region.
Merchants in the Bitcoin merchant adoption rate region bitcoin merchant adoption rate receive a significant portion of our monthly transactions. We have continued our expansion into this region through our partnership with AsiaPay. Now companies like these bitcoin merchant adoption rate choose to easily accept bitcoin merchant adoption rate payments from their Asian customers by activating AsiaPay's BitPay integration. In Latin America, we have partnered with PayU to help international businesses receive cross-border settlements for credit card payments and other local payment methods in countries like Argentina.
Our business to business bitcoin billing tool gives these settlements the speed of bitcoin merchant adoption rate email and the security of the world's most powerful blockchain. In we've focused closely on bringing bitcoin's value to bear on the problems of high-value payments, which are often subject to slow bank transfer times or high processing fees and fraud rates with credit cards.
To that end, we've onboarded several real estate companies and processed several 6 and 7-figure real estate purchases this year, including a recent bitcoin merchant adoption rate which garnered press coverage from FortuneBusiness Insiderand CNNMoney.
But perhaps our favorite story came from one buyer to whom bitcoin not only gave back time — the bitcoin payment cleared in one hour instead of the several days for a traditional bank transfer — but also enough money to buy a new sportscar.
Speaking of high-value payments, there's one area which most commentators on bitcoin are likely to ignore: B2B and supply chain payments. These payments from suppliers, resellers, franchisees, affiliates, and subsidiaries happen behind the scenes and gain few headlines, but they make up a significant portion of global payments. They also represent an underserved market for financial technology. Companies still rely on outdated bank wire transfer systems involving multiple intermediaries, high fees, and inconvenient manual paperwork processing.
Bitcoin has changed that. With payments on a blockchain, businesses anywhere in the world can receive payments more quickly and more cheaply than with international wire transfers.
We deposit funds into our clients' bank accounts in just one business day. We recently profiled this killer use case with cosmetics wholesaler Bellatorra.
This company had just expanded into the Asian market when it was approached by a Chinese reseller which wished to buy wholesale with bitcoin. Now, with the help of bitcoin and BitPay, Bellatorra can reach new customers without the limitations of traditional cross-border payments:.
Some of our other international B2B clients include a Philippines-based call center, a Netherlands-based management consulting firm, several global software vendors, a data center, an advertising company, and a European video game marketplace. Our business to business billing bitcoin merchant adoption rate just for large companies. Service providers have been using it for years.
The firm is accepting bitcoin via BitPay for legal services payments from clients vetted in advance. This year BitPay's bitcoin payouts have become an important driver of volume and an essential part of some of our top clients' affiliate, employee, and marketplace strategies.
We've gained major payouts adoption particularly bitcoin merchant adoption rate affiliate marketplaces and forex platforms in so far. Many major forex platforms in Europe now include bitcoin options for account deposits and withdrawals.
Affiliate marketplaces are starting to follow suit. These businesses need to send payments to multiple international endpoints on a regular basis. Payouts via wire transfer are costly for small amounts, and other services' fees and country limitations make receiving small payouts impractical for some affiliates.
BitPay can do mass payouts much better. Bitcoin is a universal payment method which works anywhere the Internet is available. Once sent, payouts take only an hour on average to become spendable in recipients' bitcoin wallets. One of our most recent new payouts clients is major affiliate marketplace Clicksure. Here's what they had to say about their decision to add bitcoin payouts:. BitPay's bitcoin payouts provide a faster and less costly way for ClickSure affiliates to get paid out their sales commissions.
We continue to work to make the BitPay Card the best option available in the European territories. Now we're working to bring the BitPay Card to even more new markets. If you want to be notified when we come to more markets, stay tuned by subscribing to our blog updates! The BitPay and Copay wallets are important elements of BitPay's work on the bitcoin consumer payment experience.
Bitcoin adoption has soared this year, and our position as one of the most secure bitcoin wallets available has helped us remain consistently in the top US app store results for bitcoin wallets for months. We now have more than one million Copay and BitPay wallets, with several thousand new wallets added bitcoin merchant adoption rate day. We've built opportunities for user feedback into our app from its earliest days. This has paid off in helping us to hear what our users want and respond quickly.
It's also yielded some fine reviews from bitcoiners who are counting on our wallet for their bitcoin transactions. BitPay Wallet Google Play listing. We're looking forward to a great As we grow, we are putting more focus on improving our products and our customer support experience to support the rapid growth we've seen.
We know that we have a responsibility as a leader in this space to bitcoin merchant adoption rate just gain bitcoin adoption but to keep it. We've seen what it's like to delight someone with the ease and speed of the bitcoin payment experience. Now we plan to scale that experience to the millions of people who rely on BitPay products for bitcoin payments — and to the tens and hundreds of millions who will. Want more stories of how BitPay and bitcoin are changing payments?
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Bitcoin merchant adoption rate that end, we want to share some of the most exciting stories and stats from our so far. BitPay Merchants Get a Boost While we explore new use cases for bitcoin payments, we've continued to see growth in bitcoin spending with BitPay's merchants, from electronics sales to precious metals purchases. Real Estate Sellers Turn to Bitcoin In we've focused closely on bringing bitcoin's value to bear on the problems of high-value payments, which are often subject to slow bank transfer times or high processing fees bitcoin merchant adoption rate fraud rates with credit cards.
Bitcoin Solves B2B Payments Problems Speaking of high-value payments, there's one area which most bitcoin merchant adoption rate on bitcoin are likely to ignore: Now, with the help of bitcoin and BitPay, Bellatorra can reach new customers without the limitations of traditional cross-border payments: Bitcoin Payouts Become a Key Tool for International Platforms This year BitPay's bitcoin payouts have become an important driver of volume and an essential part of some of our top clients' affiliate, employee, and marketplace strategies.
Here's what they had to say about bitcoin merchant adoption rate decision to add bitcoin payouts: