With many media sources once again proclaiming the death of Bitcoin, it can be easy for many to just give up on the cryptocurrency. The problem with that idea is the mainstream media has predicted the ‘death’ of Bitcoin several times now. The digital currency has weathered the storms and has proven the naysayers wrong in the past.
One of the better indicators of whether Bitcoin is doing well is its usage. With all of the doom and gloom surrounding it, it is surprising to see that the currency is actually doing well. Importantly, more offline and online merchants have begun to adopt it as a medium of exchange, a good sign that Bitcoin is starting to make inroads in the world’s economy.
What the numbers say
This is not all supposition. Solid facts back Bitcoin’s increasing prominence. One of the great things about Bitcoin is that the whole system is transparent. Based on blockchain technology, this has made the entirety of Bitcoin’s transaction history available to the world at large. This means people can check the exact Bitcoin usage numbers. Blockchain.info collects all of this data in a form that people can access easily.
One of the data points to look at is the amount of user transactions that the system processes daily. In late January 2015, the daily transaction amount was at around 88,000. Taking a look at last month’s daily transactions, it is easy to notice that the amount is more than double that, with transactions reaching a daily high of 236,175. That is an incredible surge in a growth in just a year. If the trend continues, people can expect to see Bitcoin transactions reaching half a million a day.
The other data point that should be of interest in Bitcoin’s performance is the total number of transactions processed. Checking the convenient chart provided by Blockchain.info, people can see the number of transactions in the system around February 2015 was at 58,177,154 since the first ones made in 2009.
A year later, the amount of transactions recorded has skyrocketed to a stunning 106,673,818. That is nearly an 85-percent growth, almost equaling the number of transactions made during Bitcoin’s initial stage of growth from 2009 to 2015. This means, in one year, Bitcoin has seen a staggering amount of development in terms of adoption and usage.
The big and small adopters
Many analysts point out that the other barometer of Bitcoin’s acceptance would be business accepting it as a medium of exchange. This has already begun as international companies have begun to use it in their dealings. Overstock and NewEgg are just two of the bigger names that have started to price and sell their goods in Bitcoin. Other companies are following their lead.
Large companies are just one measuring stick for adoption. Smaller businesses are also taking up the banner. In truth, small- and medium-sized shops often find Bitcoin a better option for digital payment than credit cards, which have higher barriers of entry and crippling transaction fees. People can now pay for coffee or pizza slice with Bitcoin with just a flash of their QR code.
Bitcoin may be facing another crisis right now, but Bitcoin usage is still going strong and is even increasing as time passes. Smart Bitcoin holders would hold on to their wallet because with Bitcoin it seems that the sky is the limit, especially in the years to come.