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Bitcoin Market Has Grown in Europe and Latin America

BitPay, one of the world’s leading Bitcoin payment processors, recently published a Q1 to Q2 report for 2015 and they are pleased to know that there has been considerable growth in terms of Bitcoin merchants, quarterly transactions, and transactions per day.

More than 100,000 merchants from all over the world are now accepting bitcoins, and out of this 100,000, 60% reportedly use BitPay’s payment processing services.

Here are previews from BitPay’s official report:

Quarterly Transactions By Region

Bitcoin Market Has Grown in Europe and Latin America (1)

The Q2 transactions for 2015 have reached an all-time high, especially in the European and North American regions. BitPay reports this new record to be at 102,221 transactions per quarter, or about 34,074 transactions per month.

Julia Patterson, BitPay’s communications manager, says that the success in Europe is mainly due to the diversity of payment options offered by their merchants. This diversity has encouraged more consumers to try other payment options to settle their purchases from numerous stores worldwide.

“Europeans are [now] more accustomed to using alternative payment methods. Currently, there are more than 250 local payment methods used in the world,” explains Patterson. “Most European customers will use multiple payment methods in order to make purchases from multiple countries.”

Europeans turn to payment service providers to have all these different payment options in one place. The advantage of Bitcoin is that it is already an all-in-one payment solution.

Transactions By Region

Bitcoin Market Has Grown in Europe and Latin America (2)

Aside from Europe, North America has also shown sustained momentum in terms of growth. However, it is Latin America that has almost doubled its market size compared to last year.

The BitPay report states that:

“Europe, North America and the Asia Pacific region has maintained a consistent transaction volume growth of 20%, while Latin America has reached 120%, and almost doubled in quarterly transactions.”

The reason for this surge in Bitcoin transactions is that a majority of the Latin America population has limited access to banking services. Not all of them have credit or debit cards, so they took to an alternative financial solution, which is Bitcoin.

Argentina also showed great promise because its burgeoning Bitcoin market is a result of finding new ways to avoid the country’s incredibly high inflation rate, which is now at 20%.

Consumers in this region also said that they have problems using PayPal because the third-party payments solution would often freeze or block funds from entering their accounts for up to 2 weeks.

Bitcoin is celebrated as a “borderless alternative currency.” Before Bitcoin, there was no alternative to sending money out of the country without various “capital controls.”

Top Industries Using Bitcoin

Bitcoin Market Has Grown in Europe and Latin America (3)

The BitPay half year report also enumerated the top industries in the Bitcoin market. IT Services, Financial Service, Marketplaces and Gift Cards are among these top industries.

“Others” is another leading industry and it is composed of various non-traditional start-up products such as smart watches, waterproof earphones and herbal alternatives to prescription medicine.

We hope to see a sustained growth in the increase in Bitcoin acceptance and transactions from all over the world during the first half of the year.

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