Corcoran, Padraig  ORCID: https://orcid.org/0000-0001-9731-3385, Liu, Anqi ORCID: https://orcid.org/0000-0002-9224-084X, Chen, Jing ORCID: https://orcid.org/0000-0001-7135-2116 and Spasić, Irena ORCID: https://orcid.org/0000-0002-8132-3885
2025.
A spatial analysis of the use of Bitcoin as a medium of exchange.
Financial Innovation
11
, 127.
10.1186/s40854-025-00871-z
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Abstract
We present a spatial analysis of Bitcoin-accepting merchants using BTC Map, a global crowdsourced dataset built on OpenStreetMap, to provide ground-level evidence on Bitcoin’s payment ecosystem. While prior research emphasizes macroeconomic drivers, our analysis of approximately 11,000 merchants shows that local adoption is more strongly shaped by community dynamics and sectoral niches. Acknowledging quality variance in crowdsourced data, we focus on verified regional clusters. We find a global concentration of adoption in the hospitality sector, localised clusters driven by grassroots initiatives rather than national policy and significant presence in alternative healthcare and IT services. These findings highlight the limits of top-down interventions such as El Salvador’s legal tender law and underscore the role of social networks in sustaining adoption. By contrasting spatial micro-level evidence with national studies, this work positions merchant data as a key lens for understanding Bitcoin’s evolving role as a medium of exchange.
| Item Type: | Article |
|---|---|
| Date Type: | Published Online |
| Status: | Published |
| Schools: | Schools > Computer Science & Informatics Schools > Mathematics |
| Publisher: | Springer Open |
| Date of First Compliant Deposit: | 25 November 2025 |
| Date of Acceptance: | 6 November 2025 |
| Last Modified: | 26 Nov 2025 10:41 |
| URI: | https://orca.cardiff.ac.uk/id/eprint/182564 |
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