Bitcoin is growing. Even though the price isn’t even at 50% of the all-time high, bitcoin’s popularity and usage are definitely going up. Statistics show, that bitcoin daily active addresses, have increased to over 1 million.
"nOboDY uSeS BiTcOin"
— Kevin Rooke (@kerooke) June 15, 2019
It’s interesting to note, that the last time bitcoin daily active addresses were above 1 million, was back in November 2017. The price then was $9300 and the median tax fee $3.23. On June 14th 2017, the bitcoin price was $8200 with a median tax fee of $1.33.
Of course, as many people quickly pointed out, bitcoin daily trading and usage are two entirely different things. Some skeptics were quick to point out that mixers are a result for the large bitcoin daily active address increase. Even if that turns out to be true, it still means that people ARE using bitcoin way more than before.
Bitcoin daily active addresses increasing mean adoption is…decreasing?
Some people can even argue that bitcoin adoption is decreasing. In order to settle this issue, experts have tried to approach the situation from a few angles:
Bitcoin’s price quickly grew over the last few months. The bear market finally ended and investors began to see the light. However, it turns out that most of the bitcoin whales, didn’t use their coins even during the height of the bull market back in 2017.
Bitcoin fees are also growing at a very quick rate, so why are people still saying bitcoin adoption is decreasing?
Deals are made left and right with many global financial institutions and companies investing heavily into blockchain and crypto. Institutional investor interest is also growing and everyone who seems to think that bitcoin adoption is decreasing are simply…wrong.
The world is adapting and evolving, slowly. Bitcoin adoption is not something that will magically occur overnight even if bitcoin’s price reaches $100K or more. Back in the early 2000’s, 99.9% of the world’s population did not have an e-mail.
Less than 20 years afterwards, the situation is entirely different. The same will be said about cryptocurrencies in the near future.
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Tags:active bitcoin addressesbitcoin adoption truthbitcoin daily addressesbitcoin daily usebitcoin whales