Global Bitcoin Adoption Hits 650 Million Users and Growing

Initially intended as “peer-to-peer digital cash,” Bitcoin (BTC) has mostly been regarded as a store of wealth. But according to a recent research co-authored by the Bitcoin scaling company Breez, the cryptocurrency is making a significant resurgence as a mode of payment.

This change is being driven by a layer-two scaling solution called the Lightning Network. Lightning is assisting Bitcoin in regaining its usefulness for routine purchases by facilitating quicker and less expensive transactions.

Lightning Network Expands Bitcoin’s Reach

According to the report, Bitcoin is now accessible to over 650 million people worldwide. Lightning Network integration spans various industries, from retail and luxury goods to global remittances. The report states, “Lightning transforms Bitcoin into the scalable medium of exchange initially envisioned.”

Unlike traditional Bitcoin transactions, Lightning enables microtransactions and pay-per-use models. Consumers can now pay for digital content, a single coffee, or even small remittances across borders with minimal fees.

The 650 million adoption figure comes from user bases of major Bitcoin platforms, including Coinbase, Binance, and peer-to-peer networks like Paxful. Binance alone accounts for nearly 260 million users.

In regions with unstable monetary systems, Bitcoin is proving especially useful as digital cash. The report highlights Pick n Pay, a major African retailer, as an example of successful Lightning integration.

“Lightning payments are currently the fastest payment method at the till, comparable to ‘tap-to-pay’ card payments, with lower fees than credit or debit cards,” said Carel van Wyk, founder of MoneyBadger, which facilitated the integration.

Lightning also streamlines remittances. “The same way [someone] pays for a cup of coffee in New York City is the same way [they] can now casually send $10 back home to Nigeria,” said Bernard Parah, CEO of Bitnob.

While stablecoins dominate as a stable medium of exchange, the report argues they still depend on centralized fiat systems. Bitcoin, in contrast, remains decentralized and resistant to devaluation.

Despite Lightning’s growing adoption, many Bitcoin holders still see it as an investment. The report acknowledges this dual role, stating, “Bitcoin is already a viable currency. Now. Today.”

With increasing real-world use cases, Bitcoin may serve as digital gold in some regions while thriving as digital cash in others.